Setting up a business may be the most difficult stage, but making it run on daily basis is even more challenging. Since the initiation of industrialization, competition has been rising. So, it becomes all the more difficult to stay active and growing throughout. The previous experience from employment combined with passion to work as an entrepreneur would help a business sail.
Following are the key points on the subject matter:
- It is recommended to start a new business after one has already been in employment in same sector for at least 3 years. This will ensure saving of funds as well as a cushion of future employment, in case business falls. On top of it, it can also make client base for service sector. The previous on job experience would help the entrepreneur in avoiding mistakes.
- There may be a scenario wherein an entrepreneur already has well established business but now is willing to venture into a new industry. In such cases, it is better to do some case studies of already established businesses and take guidance from professionals before investing. This is important because we know that different kind of business face different challenges. Hence, one may be pro in one industry but may be naïve for another one.
- It is of course an individual’s choice whether they are willing to go for job first or would like to directly go for new set-up. However, passion to work is the key. If there is internal motivation, then no external factor can stop you. One can easily overcome the obstacles then.
It is also true that more and more work would lead to even richer experience which will in turn lead you to the path of success. So, there is no one fit for all.
