There are so many instances when one comes across a person who is always talking and thinking about starting his own business but it keeps going on for years and the person is still working as an employee. What are the things which stop an individual from starting his own business? He may be thinking wether enough people would be interested in buying his product/service. He may think he is not very good at selling things. It could be countless other things.
An individual may have numerous reasons for not starting his own business, which he is planing to do for a very long time. But the sole reason for this is the fear of failure. An entrepreneur may be thinking what will happen if he is not successful in his new business, how will he meet his daily expenses? Fear as an emotion has served an important purpose in the evolution of mankind as because of fear only we keep ourselves away from physical harm. But fear of starting a new business can be overcome by converting the psychological state of inertia into state of momentum. It is a proven scientific fact that more energy is utilized to move any object than to keep it running. Same is true with the fear of failure of your new business.
Many individuals in their late thirties or early forties have a very negative outlook about the life they lived till then. They are of the view that their life has been a total disaster. They do not earn as much as their neighbor or they do not have a luxurious four-wheeler. But they do not realize that they themselves are responsible for their lives. The most important thing to do to prepare to succeed is to learn how to do it. We all know how to fail. One can fail by doing nothing or by doing stupid things. But the path to success is found by finding out exactly what you would need to be successful and ensuring that those needs are met. An entrepreneur need to arm himself with the required facts and knowledge to move forward on the path to success.
First thing to do is to find out the basic needs of the customer. Then you have to figure out how to meet these needs. The best way to do this is to work through a business plan. Any online available business plan template takes you through the process of writing a business plan of your own.While working for a good business plan, the gaps in your knowledge will be filled as you undertake research work and it will also provide the details of the business activities required to be performed to start and run a successful small business. The final business plan may be turned into a reference document to understand the present position of your business and what was envisaged originally.
An individual fear failure because failure makes him a bad person, a “loser” that others look down on. The other reason for fear of failure is that we could lose all or most of our money and/or other possessions if we fail in a new business. But both of these are misconceptions.Failure doesn’t change our genes or our personality. Though it may affect some people’s attitude or behavior towards you, but failure is not a negative in itself.An individual can be calleda loser only if he allowshimself to be. The famous saying that it’s not being down but it’s staying down that makes you a loser should always be remembered.
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If you want to have full control over your business with limited liabilities, then OPC is the best choice to start with. But ensure that you convert your business structure (within six months) to the private limited company after crossing an average turnover of 2 crores over three consecutive years or has a paid-up capital of over 50 lakhs.
When two or more people agree to do business together and both might be from same family or same association. Once partners are engaged in a business, each partner is personally liable for the actions of that business, including the obligations of the other partners There are no shields against personal liability.
If you don’t want to take responsibility or liability for another partner's misconduct, incompetence or negligence and also want to limit your liabilities for the debt and losses. If you want to enjoy tax benefits, then LLP might be the best option to go with. It’s the most flexible type of business structure to start with.
It’s the most renowned legal structure for business. The financial liability of the shareholders is limited to the their shares in case of any defaults, bankruptcy and/or any suits or recovery by banks/creditors. This simply means that personal assets of the sahreholders are kept seperate from the Company itself. Private limited company has more credibility as compared to other business structures available.
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