Showing posts with label Entrepreneur. Show all posts

Second Income

The life of an entrepreneur is not an easy one and this everyone will agree with me. He/she is responsible for each and everything in their venture including finance. As we all know expenditure just keeps on mounting and sales/income generated just do not match up. You are taking out funds which you have parked for various different uses and still there is shortfall. In this situation if you are the only earning or the major earning member then the shortfall also gets felt at home.

In this scenario how would it be if you had a second income? Now I know what you are thinking, that first of all you barely have any time to complete work for your venture, family and friends have been relegated to a back seat and in that do something additional! Second income is always welcome, but where to find the time and what work will you get?

For this, you need to introspect and bring out some other talents that you have. For eg, you may be very good at say teaching some language, check out if some coaching class is willing to let you take a weekend batch, that can give a small additional income. Or you are good at computers and have patience, on weekends if you can teach some senior citizens, this will help them in keeping in touch with their loved ones whom they miss and you get to earn. This list is endless, so you need to find that talent and make use of it.

As far as I am concerned, besides my business, I am very passionate about motivating others. In my 20+ years of experience in business and corporate life of close to 10 years, I have gone through my fair share of ups and downs and the tough years have made me a very strong woman with a do not say die attitude. So not only do I share my practical learning's but pass on my strength and motivate at the same time. This I had been doing for quite some time and recently got paid for it! Though the amounts were small, but every drop matters!  

Since childhood I was crazy about acting, but brought up in a conservative family it was out of question. This desire had remained just that a desire! But the Universe heard me and I got opportunities to act. In the last 1 year I have acted in 3 ads, links are at the end of the blog. Acting paid quite well and I am looking forward to continuing.

What happens in this is that, our other passions can not only generate some much needed cash but it also rejuvenates us. When I am motivating others, I am listening too and that motivates me also. This also becomes like a much needed welcome break and we come back with a fresh vigor, ideas and perspective. Plus you have met so many other people, made friends and connections which you never know can help in your venture and get some additional business too!  All in all, no harm done, only caution is not to get carried away and neglect the main venture.


So go ahead and arrive at your answers. I wish you all the very best and if you have any query please do write to me.

Honda Mobilio
Epson 3D Home Theatre Prokectors
Practo

Image courtesy Pixabay 
Business, Entrepreneur, Income,
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Keeping Commitments

Keeping commitments for an entrepreneur with all the upheavals that he/she faces is many times very difficult. So what exactly is happening in their life? Are they doing it deliberately to trouble someone or did they just forget/overlooked thinking there is enough time at hand!

Till an entrepreneur grows really big and has a big team he/she has to perform the duties from that of a peon, sweeper to a CEO! In all of this you may say it’s ok or like they say in Hindi,’Chalta Hain’. But this chalta hain can have many repercussions for the entrepreneur and others.

Eg-Entrepreneur.Let’s take the phone bill, the due date gets missed and late payment charges are Rs100/-.One can say it’s ok,it’s only 100 bucks not a big deal! But at the end of the year it will total to Rs 1200/-.Now think how many other due dates have been missed and how many late charges would you be paying? And pray where are these funds coming from? They are either pure profit or capital, what an unnecessary waste!

Now if you always pay on time and once in a while get delayed, one can always request the company and they will waive off!

Eg- Others. You delay salary inspite of having funds and you rationalize saying it’s ok, just late by a few days, what does it matter? But you never know that salary may mean life and death for your staff. School fees, rent, groceries etc,you never know,so why delay?


Hence even though these may fall under mundane jobs, pay attention and deliver on time. When one learns to keep commitments in these small matters, it brings discipline in the more important spheres of business also. And in the words of my mentor,’ Light that spark within you and soar away to spectacular performances’
Bills, Capital, Commitments,
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I want to start some Business


I want to do something, start some business, can you tell me what to do?
This question I read and hear often enough. As a status on Facebook in many of the groups every few days this question is there. The standard answer most people give is they themselves are doing some business and hence tell the person how good their own business is and how much money they can make from it.


So, is this how one start some business? I don’t think so! There are certain parameters an aspiring entrepreneur needs to follow.

1. What exactly are you passionate about? Introspect and arrive at the decision.
2. When you are passionate about a particular field and do business in it, it will not feel like work at all.
3. When you have arrived at the decision, do research, talk to people who are in the same or similar industry, so that you get an overall idea about that industry.
4. Then talk to friends, family, colleagues and other people to find a gap. This gap can be the niche you can operate in.
5. A niche segment will draw customers for that product only. This will help to focus all your energy and resources into giving the product and customers the best. Test the product among friends and family and find out if they would be willing to pay hard cash for it.
6. Put together numbers and check if you can do it from own resources or you would need to borrow.
7. Will it need your full time commitment or can you do it part time and carry on working so that a salary comes in to run your house.
8. If you plan to quit your job, keep funds to run the house for a year and some emergency before resigning.
9. Are you willing to devote literally 24/7 time to your business with rarely time for long/short vacations and hardly any time for socializing? Getting success in business is sheer hard work and toil. There are more downs than ups.

The life of an entrepreneur is very tough, but it really is fun, you will find strengths in you which you never believed you had.

So go ahead and arrive at your answers. I wish you all the very best and if you have any query please do write to me. I would love to read about your own experiences, do write in and share with us.

 Image Courtsey Pixaby
Business, Cash, Customers,
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