Sahil Sharma

I am a post graduate in management. And have 4 ears of work experience

I want to start my business and therefore would like to understand what is required to be in business. What few points should I keep in mind before leaving my job?

by Sahil Sharma
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RE: I am a post graduate in management. And have 4 ears of work experience

Aparna M Venkatesan
Aparna M Venkatesan
Verified Career Expert
PhD Management And Organizational Psychologist
  • Hosur

Starting a business is crucial to one's life and career decision. Most importantly you should know the grounds of your business before you step into it. You did not mention what sort of business you are planning to start with? There are a few points that you should keep in mind before you start with a new business.

1. Are you an entrepreneur really? Ask yourself if you would like to live as an entrepreneur. An entrepreneur is someone who runs his own business. So this also indicates that you will be the boss of your own work and would not work for someone else. But on the flip side, you will have no regular work timings. You will have your own designed work timings, meaning there is no 9am to 5pm office schedule for you. You set up your own time to finish your tasks and had to stay up late evenings to complete your work. For someone who wants to do work only from 9-5 everyday, it may be unsuitable. If you can put in that extra time in the evenings and weekends then go for it.

2. Know your business: It is highly essential for you to know, what your business is all about. I know some people who just dump in some money in unknowing fields and later run into loss. Please dont put yourself into that state. You should know, learn, understand and be informed of your business nature. Once you have indepth knowledge on what you are going to do then you are the king of your business.

3. Know your customers: KYC as commonly called. You should know who are your customers that will buy your products. This also explains that you should have in depth knowledge on what your customers expect from your product. Before launching your product, it is good to do a customer survey to understand your customers expectations and needs from your product and please be ensured you meet them all.

4. Know your competitors: Understanding who your competitors are is also essential to run your business because to keep you on the go in the market you should be offbeat with your competitors. Do a study on your competitors, know what they do, what they dont do and try to do better things to them and also try to cover up those things they dont do.

5. Develop your marketing strategy: Finally you need to devise a very good marketing strategy to bring in and help stay in the market and you should use the right strategy suitable for your product. Hope this helps. My best wishes to you.

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