Starting and running a business is never easy. It takes a lot of hard work, dedication, and commitment to make it a success. But, what happens when your business does not work out as you had hoped? What do you learn from the experience?
In this blog post, we will discuss the personal experiences of running and establishing a new company/business.
The writer of this post was a crucial part of a company called Frozen Creation, which was founded by one of their close friends. They worked as an operations manager there.
Unfortunately, due to personal and technical issues, Frozen Creation had to stop all operations last year. But, the writer considers it a great experience that is helping them a lot in their current job role.
So, what did the writer learn from working on Frozen Creation? They have six major learnings that they want to share with us:
- Ask for your money: The first and most important thing is to ask for your money. The more you put the revenue generation part in the back seat, the more you will sabotage your business. Ask or do the work only on your pay scale, don’t decrease or increase it according to the market.
- Do not oversell and underdeliver: Make sure to analyze the capacity and the position of your team before taking on any project. Underdelivering the work is not professional at all.
- Hire experienced people: As a new business, it will be best to hire experienced people. Yes, they will cost you more than newbies, but you cannot afford to make mistakes when you are new. Once you find your core members that can lead other people, then you can invest in interns.
- Be the most hardworking person in the team: You can’t expect anything from your employees if you are not working yourself. Employees tend to look up to the higher authorities for motivation and work. If you are a manager, CEO, or founder of the company, then you must be the most hardworking person in the team, which will inspire other people to work hard as well.
- Don’t start a business with close friends or family: Don’t start a business or a company with a person who is close to you like friends or cousins. No doubt that they will be easy to work with initially, but things can go wrong sometimes, and at that time, you will find it difficult to communicate with them. Less communication will start creating toxicity between you and the other employees as well.
- Register your company or business as soon as possible: Make sure to register your company or business as soon as possible. We didn’t register our company earlier because we thought that there is no point in spending money on it and, who cares whether we are registered or not? But, we were wrong! We missed out on a few big projects just because we were not registered. Plus, if you are a startup in India, then the Indian government provides many schemes and incentives if you are registered.
Working in a startup or a new business is always very useful in terms of knowledge, experience, and learning. According to the writer, one should not miss out on such opportunities.
From the writer’s personal experience, they learned that starting and running a business requires a lot of hard work, dedication, and commitment. One of the most important things is to ask for your money and make sure that you do not oversell and underdeliver. You should also hire experienced people and be the most hardworking person in the team. Additionally, you should avoid starting a business with close friends or family and register your company or business as soon as possible.
In conclusion, running and establishing a new company/business is a challenging and rewarding experience. The writer’s personal experience has taught them many valuable lessons, and they hope that by sharing their experience,
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