There are few ways to do it . First and the foremost thing to ask yourself, before taking this step would be “Why do I want to start a business?” Is it because I don’t like my job or because I want my business idea to work so badly that I can’t stand not working on it anymore? Or both?”

If it’s the job, then you may not be ready for the leap , spend more time thinking and debating around this idea with people and most importantly,with yourself. Switching jobs ,career or a break might be the answer.

Behind every successful business , usually the primary motive from your deepest gut  is an obsession towards providing a particular type of service or creating a product or solving a problem that you deeply care about. Many a times , the drive of the founder comes from a deep need to eradicate a particular problem from the society or community or from some kind of a crisis (personal,identity or otherwise)  that has haunted him/her for a significant period of time. Although there are multiple elements around the reasons founders have around starting a business , most of them revolves around the below parameters.

1)The deep desire to solve a problem ,create a product or provide a service to help others around.

2)Passion or deep love for the work or craft , to realise or express true potential.

3)Obsession about reaching your goal/s .

Obsession has been been proven to be the most crucial characteristic of successful founders because usually the road is bumpy and the entrepreneurial journey usually calls for unusual levels of persistence,faith,flexibility,sacrifice,persistence and the ability to bounce back from failures and uncertainties repeatedly.

The entrepreneur often goes through the pain of acquiring some of these qualities through struggles and challenges that he/she encounters along the way as he/she realizes soon enough that the circumstances of a typical upbringing doesn’t allow us to acquire and master these life skills. So if the underlying desire is not strong enough ,the likelihood of you giving up is very high.

Along with the challenges, every step forward in the business world brings with it a sense of joy, satisfaction, self worth and fulfillment that is unlike anything you have experienced before and it acts as a fuel that propels you further .

At a fundamental level, an entrepreneurial journey is a journey of self realization where in the person gets to explore and learn about his inner strengths, weaknesses, passions and use them to have an impact on the world around him/her and possibly leave a legacy. Successful business building portrays great strength of character, discipline, emotional intelligence and the capability to think and act independently.

The drive for starting a business could also be material and financial goals like financial independence, vacations, homes, cars etc. however even though this could be one of the drives, success is hardly ensured by a mere material motive. When the challenges and uncertainties takes a toll, a mere material or financial drive doesn’t take you far, it must be accompanied by an obsession or deep love for the work and the vision.The stronger the obsession,the longer you stay (it could also be an obsession for money by the way).

Outside the philosophical and psychological standpoint, the most crucial resource that an entrepreneur will need that will eventually determine his success is money .

Ideally,start working on the business along with your job until you are able to generate consistent income comparable to your job. If your job doesn’t permit you enough time to work on the business, consider switching to another job with more free time so that you can use the extra time to work on the business. Eventually when the business demands even more time , you can consider switching to a part time job or quit your job to work full time on the business (this decision will depend on the income you are able to generate from your business). Also, you must be increasingly clear about whether you want to run a business or be self employed. For people who are extremely skilled at something such as web development, content creation, event management etc, they might consider self employment, freelancing over business building. It could also be self employment eventually leading to business building  or at times, a healthy balance of both. Business typically involves working in a team unlike self employment and a running business means that your presence or involvement is not always mandatory for successful functioning of the business, however in self employment  there is no progress or income generation in your absence.

Below are some of the things a person should be prepared with , before starting a business full time.

1)Enough capital to go without any earning for 6 months to a year at least.

2)Enough capital to build the business.

3)Willingness to manage money well and spend money very carefully and smartly. Always be saving some money , have this consciousness at the back of your head,always.

4)If possible, build one or two alternative revenue streams on the side that will provide the necessary financial backing until the business picks up.

5)Be flexible to change the approach if things do not fall in place,be it business model,lifestyle,revenue streams, clients, products, colleagues.

6)ANTICIPATE in advance ! Always plan for the worst. Have Plan B , C ,D ,E ,F.

7)Discipline and tremendous mental endurance to handle failures, criticism and at times loneliness, fear and anxiety. Always remember, however bad it seems, it is temporary and usually it is not the situation that is bad , it usually is your distorted view of the situation, choose to not get overwhelmed , find a way out by finding an alternate perspective. Train your brain to look for opportunity and growth in every challenge and setback , and have patience. Become a student of positive mental attitude and relentlessly expose yourself to knowledge on self help, personality development, business, motivation, finance in the form of podcasts, books,online videos,tapes,seminars, trainings etc and more. Some of the best leaders to learn from would be Anthony Robbins, Steve Jobs, Elon Musk, Robin Sharma, Simon Sinek, Tim Ferriss, Pat Flynn , James Altrucher etc .

8)Protect your mindset by controlling what goes in there. Cut off the trivia like television,newspapers,gossips and stay away from negative and disempowering mindsets,people,naysayers,movies.You might not be able to eradicate all of them completely, but do your best because everything that goes up there either makes you more productive or comes in your way and filling your head with junk will hamper your clarity,ability to think,memory,mental alertness,positivity and eventually your happiness.

9)Polish your mind and take care of your body. Engage in spiritual and meditative practices on a daily basis to still your mind so that you can effectively deal with the stresses and strains so that you can stay on the game. Regular physical workout and even journalling has been proven to be among some of the most crucial and common practices of successful business people as these practices enhance bodily functions therby increasing the level of happiness, positivity and mental clarity.

10)Last rule and the RULE OF THUMB : NEVER GIVE UP, and i mean never,even when you get bloodied and knocked down. This is the single most important skill you will need to succeed. Dont worry about other skills, they are just labels and you will aquire anything you need to along the way , if you are not willing to give up.

These are some of the aspects to consider before starting a business and also while working on it.Whatever may be the result,you will come out of the whole experience as a much better person , better equipped to effectively deal with life’s situations,make better decisions,being happier and to live a great life .

Although the journey isn’t that easy,it is full of excitements,revelations,surprises and definitely worth a lot.Entrepreneurship taught me how to live.

Cheers,

Monjyoti

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