Tuesday, 8 March 2016

3 things you should know when starting a new venture

Happy Women's Day!

Hope you're making the most of our 'flat Rs. 200/- off' sale that ends tomorrow, March 9th!

On this day dedicated to celebrating women, I've been quite introspective (all thanks to zillion inspiring posts on social media) about how these past 9 months of running my own business has been. While, truth be told, there a lot of issues I've faced as a woman entrepreneur in a male-dominated industry, there are many things in general that I think we all face in the start-up world. 
So this women's day, in the spirit of equality, I'd like to share some roadblocks I faced on my entrepreneurial journey with all of you, Venusians and Martians alike.

"Turns out those finance lessons I thought I'd never need were the most vital ones. Damn." 

I've never had to make much sense of finances, taxes or government rules or regulations in the pre-biz era, so I had to learn all of it the hard way... and there's still a seemingly long way to go. Ensure you have concepts, costs, estimates, laws and all that jazz all clear in your head to the extent possible. Being 100% prepared in business in impossible, but getting close enough is what can make the difference. 

"So, tell me where you see yourself 5 years from now?"

All those inept interview questions kinda, sorta make sense in the business perspective. It's important to have a goal and stick to it. Entering such a new area of work, I faced as many opportunities as challenges, and they aren't any easier, my friend! There are a lot of things you could do, there are a lot of places your business could be, but don't fall into the 'jack of all trades, master on none' hole. It's important to figure out a USP, a key proposition, and do things that match it. 

"I'm going to retire and live off my savings... What I'll do the second day, I have no idea."  

If you're a young entrepreneur, chances are you don't have a lot of money saved up either. The first year of business will have as many unprecedented costs, as the number of hair on your head (and even with that stress-induced bald patch, it's quite a lot. Trust me). It's not only important to maintain clear accounts of your business, but also ensure you have savings or a second income for your personal expenses. 
I ran out of a large chunk of savings from my previous work a couple of months into the business, and all the revenue from the business had to be invested back into growing the venture. Sometimes saving money is tougher than earning it. But work hard at it until you are safely earning enough to fund, both, your personal as well as business goals.  

There's been a lot of struggle in a lot of areas of running the business, but it has all been absolutely enriching and rewarding. The learning curve in a start-up is fantastic

Are you working in a start-up or running one? Do share your thoughts and experiences in the comments section with me! 

Shoe love, 
Dev B
Shoe Designer, Entrepreneur

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