Pursuing Passion and Accomplishing Dreams!

It is a joy to see many people here in India, especially youngsters starting up their own businesses rather than just settling down in a stereo type job. It is also sad to see that unemployment is still a major threat to our modern society. Even though it is encouraging to see a significant rise in the number of individuals who want to be independent and try to follow their own dreams, they are choked by the pressures of not getting a regular income, managing resources and delivering efficient results on time. To add to the list there’s also the pressure of proving oneself among family, friends and relatives, who constantly dish out advice without understanding what you need or what it is that you actually do.

Below are some of the common challenges a creative startup company encounters:

1. Minimal/ Zero Knowledge about Branding:

The first step for a creative startup company is to get their brand designs done. Budding designers have become a common sight; you can find one in almost every other home. Many startup companies are approached with bright ideas and a need for creating a powerful brand. If a professional designer is not employed by the agency to do the creative work, in the long term it will prove to be problematic. Even well established clients state their logo is available only in JPG format. A good branding agency will design a brand understanding the important aspects of branding, positioning, distribution and marketing.

2. Balancing Resources & Business

The first step for a creative startup company is to get their brand designs done. Budding designers have become a common sight; you can find one in almost every other home. Many startup companies are approached with bright ideas and a need for creating a powerful brand. If a professional designer is not employed by the agency to do the creative work, in the long term it will prove to be problematic. Even well established clients state their logo is available only in JPG format. A good branding agency will design a brand understanding the important aspects of branding, positioning, distribution and marketing.

3. Don’t put your nose in everything:

‘Since I’m the boss now, I can showcase my authority and question my employees about every single thing they do.’ This kind of attitude will not only land you in trouble but cause your employees to leave the firm. As the head of your firm, you will provide knowledge where applicable and be open to learning new things. Continuous learning & keeping up to date with new trends & ideas out there are keys to success. It is good to keep things direct and minimal. Determine the output you want, measure the results and find ways to improve. There’s a lot more to leadership than just exercising authority.

4. Establish Boundaries

When you start your own business, your friends and family consider your monetary investments or buying of new assets as squandering. They always assume you are free and will want to while away their time in your office. Establish ground rules & make sure the office premise is used only for work related purposes. Do not encourage your friends to use your office or work resource for any other purpose apart from work. Always remember you are responsible and you cannot expect them to understand your difficulties and how hard you strive to keep your business running and to maintain your resources.

The balance between resources and business can also be affected if you invest too much on creating assets, for example renting unnecessary huge office space, procuring unwanted machinery, hiring expensive personnel whom you may not be able to utilize to their maximum capacity. All this will lead to no funds for promotion which in turn will hinder new business flow. All investments need to be of critical importance & utilized to their maximum capacity to ensure profitability.

5. Maintain proper accounts

Maintaining proper accounts is imperative to running an effective & profitable business. The monetary side of business is extremely crucial & accounting is the key to keep the business running smoothly.

“I know accounts, but it is hard to find the time for it. What can I do?” was a question from a leading law firm owner. My simple advice was to hire an accounts person. As an entrepreneur you will have to deal with a lot of essential things, so it is better to hire a numbers expert who can effectively finish the work soon, rather than you sitting & punching numbers for hours. Your time is valuable! You will reap double fold if you invest your time into things you are good at & that which is your primary business skill. Be sure to maintain petty & personal accounts.

Have control over every single penny that comes in and goes out. After all making money is one of the fundamental reasons to running a business, isn’t it? If you want to be an efficient business person, it is mandatory to be good at it or its best you don’t become one.

2 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *