Friday, March 1, 2019

how to start a business

how to start a business


How To Start A Business With No Time, Money Or Skills - Forbes

Posted: 19 Feb 2019 07:44 AM PST

For as long as I can remember, I always knew I wanted to start my own business. When I was growing up, I worked for my grandparents (who were entrepreneurs themselves) and I immediately fell in love with the small-biz hustle. I even experimented with a few ventures of my own throughout my childhood (some of which were more successful than others!).

But as the end of high school loomed ever closer and I started planning for my future, the inevitable self-doubt settled in. I had no skills, no money, no ideas and no clue where to start; how the heck could I, a rebellious 18-year-old, build a real business?

One of my first business ventures was selling hockey cards and turning a tidy profit.O2E Brands

If you've ever dreamed of starting a business, you've likely asked yourself these same questions. I remember that feeling so well: wanting something so badly but doubting whether you have what it takes.

Well, you know all those boxes you need to tick off before you can start a business? Forget 'em! Here are four things you don't need to become a successful entrepreneur.

Time Is What You Make It

I've never been a great student. In fact, I never technically graduated high school. But my parents insisted I needed a degree to be successful, so I (miraculously) talked my way into business school.

Despite my ADD tendencies and my reluctance to listen to authority, I truly tried to keep my head down and focus. There was just one thing I couldn't get my head around: business students spend so much time in class learning about running a business that they don't have time to actually start one.

For me, this also meant I had no way to pay for my education. So instead of getting a part-time job like any rational person would do, I decided to start a junk hauling business as a way to put myself through school. Eventually, I got so busy growing my little company that it didn't make sense to finish my degree. I dropped out to pursue my passion for entrepreneurship, and it's safe to say it was the best decision I could've made.

If something matters to you and you want it badly enough, it doesn't matter if you don't have time — you'll make time for it. But if you keep waiting for the right time to start a business, you might end up waiting for the rest of your life.

Ideas Are Overrated

Even though I always knew I'd be an entrepreneur, I definitely didn't plan to become a glorified garbage man. I had no idea what kind of business I'd create until it happened.

I was in a McDonald's drive-thru contemplating how to pay for school when an old junk truck rolled by. It was one of those magical moments when everything clicks together and your whole future flashes before your eyes. I knew then and there I was going to start a junk removal company.

Another person wouldn't even have noticed that junk truck. Just like no one questioned why pizza was the only food you could have delivered until companies like DoorDash came along. Or why you had to wait on a corner for a taxi until Uber revamped the industry.

When it comes to starting a business, passion and perseverance are more important than the idea itself. Start looking at things differently and asking how you could do them better. Ideas are out there everywhere but you have to open your eyes to see them.

No Money, No Problem

They say money is the root of all evil but it's also the reason most businesses never get off the ground. And it's not just because people don't have money to get started — it's because they think it's too hard to raise capital so they don't bother trying.

Starting a business was never meant to be easy. It takes commitment, a willingness to fail and a lot of personal sacrifice. I used every dollar I had to buy my first junk truck, a run-down pick-up with plywood sides that I built myself. There are people in our franchise system who literally sold everything they had to raise money to invest in their own businesses.

And that's really the key ingredient: investment. To reach your goals, you need to be ready to invest money, time and effort. You can't expect everything to be easy breezy (fun fact: it hardly ever is). Start with what you have, work hard to earn the rest and, as long as you stay focused on your vision, the money will eventually follow.

Work Hard And The Skills Will Come

Before I started 1-800-GOT-JUNK?, the only business experience I had was the car wash I ran when I was 11 and my illegal candy-running operation when I was at boarding school. Things like hiring, bookkeeping and marketing — basically, Business 101 — were completely foreign to me.

If I had toughed it out and finished my degree, maybe I would've developed more of the hard skills people say you need to run a business. But then I would have put off actually becoming an entrepreneur. In my experience, building a successful business isn't about being book smart; it's based on the skills you can't teach like work ethic and integrity.

So the next time you think you don't have the resources or the skills to start a business, think about where you'd be today if you'd started a year ago. Then think about where you'll be next year if you start now.

Mohnish Pabrai’s Q&A Session: How To Start A Business - ValueWalk

Posted: 17 Feb 2019 12:00 AM PST

Mohnish Pabrai in a Q&A session with JNV Kottayam Dakshana Scholars delved into how to start a business; Why is India poor? Etc.

how to start a business

Mohnish Pabrai's Q&A Session: How To Start A Business

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Transcript

Well pleasure an honor to be with all of you again. Been a year exactly since we saw each other. Somehow. We only meet on December 24th. Merry Christmas, Happy New Year. Are you ready for the day test. All right. What happened in the. KPP Viking's we got no or very few people are right who cleared from this class. 3 and what about the other class. Is that the dumb class the stupid class the other one. And this is a smart class. I won't tell them that. OK. No. How come only three. What happened.

All right so why don't we do this we'll run a question and answer session. So first question.

Sir. Do you think that apart from providing basic science education, our education system lacks the necessicity of providing us education on business and economy.

Right. So do you want to start a business.

Yes sir.

So please have a seat. Since it is not in the CBC curriculum to teach you how to start a business. The CBC curriculum is designed to give you Chaki piso jobs. OK I am here to teach you. How to Start a business.

What do you say. Maybe in 10 or 15 minutes maybe you might take limbered more. We'll clear all your finals on how to start a business. Is that OK.

All right so. So the way to start a business is very simple. So first. Rule. Is. You don't need any money.

To start a business. So.

No one no money needed. Is that good. That's good right. No money man. The second is that. After you finish 18.

Or 19 you'll get a lot of job offers. Take the job you like. Ok or even take the job you don't like. Somebody will be paying you. OK. It's important to get paid so you take a job and let's say for example you are getting paid. Maybe 10 x Shamila once they get like 8 to 12.

By them you'll graduate which will be about 40 years five years from now. It will be a little bit more than that. Maybe you would one like a month. You don't need that much money to live. So you might be saving maybe even more than half of it. OK. Save the money. OK. The second thing is how many hours a day in a week. How many hours in a week. Raise your hand. 168. And. How many hours. Please have a seat. Tom the hours you don't need to stand up. OK just answer. These are not the normal rules of your normal teachers. OK. So and how many hours. When you take a job. Are you required to work every day eight hours. And how many days a week. Raise your hand.

No. So how many. How many days a week. When you take a job how many days a week are you required to work six days six days is up for the loser employers. Or the government of India. Sit down five days for private sector correct. It's from the private protocol 5 is like if they join Accenture. Five days. So if you join Infosys. Five days. So eight times five is how many hours 40 hours. How many hours are left. OK. So if you live. Very close to where you work. Right. Like 10 minutes away for example how much time will use be spending commuting back in from.

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