Set Up a Business: How To
Here is our next caller. Welcome, caller.
Caller Two asks Aakash Patel, Founder and President of Elevate, Inc.: Hi, thank you. Aakash, thank you for your time today. I was curious about your business.
You mentioned when creating it how it really stemmed from friends coming to you for your insights and advice. You created a business out of that.
I was curious about how you learned about the appropriate legal aspects of starting a business and what advice you might have for others who want to start their business, what you learned the easy or hard way that you would like to share.
Set Up a Business: Research
I use Google a lot, to be honest with you. I Googled a business plan and copied and pasted one.
Set Up a Business: Consult Professionals
I also had to contact a couple of lawyer friends. I had to contact friends in the State Department to file a corporation.
I didn’t know how to do invoicing. I called my banker. I utilized four or five friends who weren’t experts in the field but who were getting there. I knew they were up-and-comers.
I asked them a couple of questions. If one didn’t know the answer, they would connect me with someone else.
Set Up a Business: Take Your Time
It took a good two months to figure out the process. Once you figure out the process, it’s cookie cutter. I advise anyone who is about to launch a business to take a couple steps back.
Articulate exactly what you want to achieve. Ask your friends for feedback.
My way of asking was, “Hey, friend. I’m going to start this. Would you hire me? Would you pay me this much?” I had a lot of rejections. You have to be prepared for failure. Not everyone will want to hire you.
I figured once I got my brand and logo together, they would hire me. That wasn’t the case.
Set Up a Business: Trial and Error
It was a lot of trial and error internally with a focus group. Make your closest friends the focus group.
Bring in one or two people who you are not close to, assuming that you trust them and they trust you. Down the line, it will be lucrative for both of you.
Thank you very much.
What advice do you have for people trying to set up a business? Let us know below in the comments section.
The above is an excerpt from Jasbina’s interview with Aakash Patel
The entire interview transcript is at: Aakash Patel NetIP (Network of Indian Professionals) Interview – Entrepreneurship: How He Did It, How You Can Do It, Too
Listen to the entire interview on: Intersections Match Talk Radio – Jasbina’s Lifestyle Show