Becoming An Entrepreneur: 3 Questions
In addition to the professional and personal development company that you founded, I understand you’re in the process of starting a real estate investment company.
What are the greatest challenges in starting companies from the ground up?
For those people who are considering starting their own companies, do you have any suggestions or things to keep in mind with respect to going out on your own and starting your own venture?
I would encourage anyone who has an interest in becoming an entrepreneur to do so, especially nowadays with companies and the market the way it is.
It’s actually better to go out on your own and do what you want to do.
That being said, there are some serious challenges.
Becoming An Entrepreneur: Who, Why, How
First, you have to know the three questions that I always ask.
They are who, why and how.
Becoming An Entrepreneur: Who
– Who is very important. Ninety-five percent of all businesses that start, fail in the first year.
One of the major reasons is because of partners. You have to be very selective on who you partner up with.
I made the mistake of partnering with friends just because they’re my friends. That didn’t turn out the way I wanted it to turn out.
Luckily, it wasn’t too much of an investment. At that point, we worked things out. But not everyone is that lucky.
Becoming An Entrepreneur: Be Selective of Who
Be very selective in who you partner up with and choose to take on with you.
At the end of the day, it’s your company. Whatever they do, your company name is on the line. The buck stops with you in that sense.
Becoming An Entrepreneur: Why
– The second question would be why, as in why you’re doing it.
You have to ask that question. You have to know your goals and beliefs.
Becoming An Entrepreneur: More Than Money
Money alone is not going to be a good reason. Sure, we all want to be financially independent.
We all want to create a life for ourselves and security for our families.
At the same time, you can’t just expect to say, “Okay, I’m going to start a business doing something I hate that makes a lot of money.”
That’s all you’re going to be doing. You’re not going to be working 9:00 to 5:00 if it’s your business. You’re going to be working from 9:00 to the next morning at 9:00 again. You’re always working.
Becoming An Entrepreneur: How
– The last thing is how. You want to know how you’re going to get there. You want to have a plan laid out.
Becoming An Entrepreneur: Create a Plan
Things aren’t always going to go according to plan, but you want to at least have a general plan of how you want things to fall.
Once you get that plan in action, you will have to make adjustments here and there.
As long as you have a plan of where you want to go, how you want to get there and have patience, that’s where you want to be.
Becoming An Entrepreneur: Team of Advisors
You want to create a power team of advisors, people who are selective in their own circles and experience.
They will be able to advise you as far as where you want to be.
What steps did you take before becoming an entrepreneur? Drop us a line in the comments section below.
The above is an excerpt from Jasbina’s interview with Dhru Beeharilal.
The entire interview transcript is at: Dhru Beeharilal NetIP (Network of Indian Professionals) Interview – Being True to You
Listen to the entire interview on: Intersections Match Talk Radio – Jasbina’s Lifestyle Show