Startup eSeries: Successful Entrepreneurs Can Help You Save Time and Money - Common Sense Living Newsletter
 
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Startup eSeries: Successful Entrepreneurs Can Help You Save Time and Money

Entrepreneurship
Life
Oct 04, 2014

 

During my own stint as an entrepreneur, I read a lot about entrepreneurship. I subscribed to magazines and e-letters, bought books on business and management, and attended many seminars to learn what was happening in the startup space. I also actively networked at many forums and generally put the word out about my business.

Today I have easy access to the immense wisdom written over a decade by our wealth coach Mark Ford. His articles and books on entrepreneurship and wealth building have propelled many into starting their own businesses, making extra income through various creative and easy means, and finding the financial confidence we all crave.

Here, for example, is what Mark has to say to entrepreneurs:

Source: iQoncept / Shutterstock
"About half the entrepreneurs I know went into business for themselves. They had reasons other than the desire to become wealthy. The other half were people that wanted - simply and purely - to get rich quickly by whatever means necessary. Needless to say, the second group was less apt to maintain their wealth over the long haul.

If you're a new entrepreneur-or soon-to-be one - here's some advice: People from both of these groups will try telling you why you will fail. When people tell you such reasons, pay attention to those who have actually succeeded in business. They might be trying to dissuade you from competing with them. But they might be trying to save you time and money."


It's for this reason alone that Common Sense Living created the Startup eSeries. To bring to you ideas and tips from smart and successful entrepreneurs who can help you rev up your own entrepreneurial journey... And by telling you 'what to do' rather than 'what not to do'.

Taking off from what our entrepreneurs have said in the previous letters, here's a quick checklist of what you could keep in mind before you start your own business:

Do you have a clear idea of what you want to do?

It's important to fine tune as much as possible the raison d'être of your venture. This will become your USP and define how you position your services and brand in the future. In one short line describe exactly what your business sets out to do. This is your elevator pitch and can be used wherever you go to introduce your enterprise.

For example, in the feature How to Shout Out Loud to Make Money, blogger Harsh Agrawal of ShoutMeLoud said, "When I started, my aim was to make a noise about blogs and how people could use them as effective tools to display their skills and make money online."
Have you done your research?

For many entrepreneurs, their enterprises are an extension of what they are already doing but sometimes in a new format. For still others, it's a new business idea altogether. In either case, as an entrepreneur do as much research as you can in your chosen field.

Himanshuu Chandrakant Sheth of Earth to Sky Photosafaris describes his own experience in Travel, Shoot and Earn: "I spent almost two and a half years only doing recces because I didn't want a substandard program. I wanted people to just enjoy photography and not worry about things like the quality of the hotel or if their equipment was safe. During the trip, they should think and live photography."
Are you keeping expenses low?

In the early days of your enterprise it's prudent to keep expenses low, especially when you're trying out a new idea. You will initially even do most of the work yourself, but this will ensure you're not spending too much before you're earning.

As young entrepreneur Neha Sethi of Sweetish House Mafia says in the story Making a Fortune Selling Cookies: "I made my logo myself on PowerPoint, not even on any design software. I haven't even used a publicist so far. People have endorsed the product on their own. In fact, even my investments were low initially -- just the print on the Nano and a few kitchen appliances."
Are you giving your customers a unique experience?

Businesses are determined by word of mouth, and word of mouth is the result of an excellent customer experience. So put your customer on top of your priority list.

Natasha Tuli and Amit Sarda of Soulfower describe the importance of this aptly in The Couple Who Create Soul-ful Experiences: "We believe, it's not important for the customer to be loyal to the brand but the brand to be loyal to the customer -- By giving them the right product, price and service. We want to create a 'wow' experience and have realized that some of our best brand ambassadors are our consumers."
Does your business excite you enough?

When you start out you're full of enthusiasm. But soon the enterprise becomes like a regular job, one that you have to keeping working at every day. So as an entrepreneur, make sure your venture is one you're passionate about. Don't just start a business, start something that adds meaning and value to your life.

Kainaz Messman Harchandrai of Theobroma in A Millionaire Baker's Recipe for Success sums it up well: "There hasn't been a single day that I've been bored. I get up every morning and I'm excited to go to work!"
Do you have a growth story?

All ventures face the ultimate test when it's time to scale up; when they have to replicate their success, expand their product base or enter new markets. And for this the venture needs constant funding, either through a positive cash flow or through angel investing or venture capital.

In How to Incubate Your Dream Venture, Ateet Sanghavi of Purple Ventures gives an investor's perspective when he states that: "An entrepreneur always needs to be in a fundraising mode because that will ensure growth. You cannot afford to sit back and feel satisfied. Investors want to hear a growth story."
Have you made your 'ask'?

Be it marketing and promoting your venture, using social media to showcase your services or simply networking and spreading the word on your business, the more you 'ask', the more you will get. At a networking forum I attended recently, the only agenda was to give entrepreneurs 3-5 minutes to make their 'ask'. Figure out what your 'ask' is and make it known wherever possible.

Rushabh Turakhia shares how he spread awareness of his social enterprise Your Turn Now in his story YOUR TURN NOW to Make the World a Richer Place: "I interact, network and ask. Like it has often been said, 'ask and you will get'. I also focus on meeting people, connecting with them and building relations."
This was a quick recap of what our featured entrepreneurs have been saying about starting businesses. They've all taken the plunge by following their passion, standing by an idea, putting in hours of hard work and adding dollops of courageous risk-taking.

If you have entrepreneurial dreams too but just don't know where to start, take a look at the Wealth Builders Club India, created especially by Mark Ford for the Indian market. It will give you loads of extra income ideas applicable to the Indian market, ideas for investment in areas other than stocks, and a dedicated series on How to Start a Business, Mark's favourite way to accelerate income. To learn more about the Club, click here.

 
 

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1 Responses to "Startup eSeries: Successful Entrepreneurs Can Help You Save Time and Money"

sandeep

22 Nov, 2014

i need lost of more n more knowadge

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