what are the basics of setting up a business?

How do you start your dream business?

here is the answer for that.

Everyone has a dream to have a rich lifestyle with lots of money and freedom. But they don’t know how.

It is a well know fact that around 70% of millionaires in the world today are self-made entrepreneurs.

Even though you are placed in a good job, in a huge company, at some point of time you will feel bored and stressed just because of job.

These are they 3 kinds of people who must take some effort start their own business immediately ,if they want their life to get better:

  1. People who work for 50-60 hours a week and get a salary which won’t even last up to the end of the month and start a new month being broke
  2. People who earn enough money with their current job and feel unsatisfied with what they do.
  3. People who are frustrated with the life,facing all the restrictions around them, being bullied and being criticized by people around them (they eventually end up being successful).

Literally anyone can start their own business if they follow the following procedures. Here are the basics of setting up your own business and be your own boss.

Follow your passion:

First and foremost step of starting a business by which you wanted to succeed in life is to identify what you are interested about. No one born dumb or stupid. It is situation around you and stupid old stereotypes which makes you feel that you are good for nothing.

 

“Everyone is a genius. But if you judge a fish by its ability to climb a tree,it will live its whole life believing that it is stupid”

 

Know what you are good at. If you are loving it,then obviously make that as your passion. It doesn’t matter whether it is chopping vegetables, cleaning your room or making your bed. If you are good at it and love to do that work all day, then definitely it is going to pay you someday if you make it as your business.

Some people are lucky enough set their own passion. It means that they have already chosen the field on which they have to start their own business. But once you’ve found your passion, you are good to go and start you business.

Mindset:

This is most important part of becoming an entrepreneur which most people don’t care and give least importance. That’s where they fail.

To be honest Mindset matters a lot.

This is the secret step on which almost every successful entrepreneurs firmly step into and reach such heights. Really starting a business isn’t a easy job. It requires money, people, fame etc etc.. but if you master the art of mindset, all those requirements will magically get fulfilled.

Make a research for yourself. Take a list of your favourite entrepreneurs ( comment down below, so that we could learn about them too :D), take a look at their life history. You can notice that they all had nothing when they started their company but they were able to achieve success just by having a firm mindset which they didn’t give up till the end.

You can also try the power of mindset by fixing your mind to achieve some temporary goal for week or two.

If you achieve it, it means that you have a strong willpower. If you didn’t, you have to thrive to achieve it. Just give it a try.

Acquiring knowledge about the field of business:

And this is the part which you have teach yourself according to the passion and the field you chose. But we could give some tips to acquire knowledge about your field. They are

  1. Surf through the internet and join forums or communities related to your business
  2. Check out whether there are competitors for you. It means look whether is there anyone who have chosen the exact same niche which you have chosen and know what they are doing.
  3. Obviously everyone has a favourite teachers or professors. So just interact with them and learn many things than you do in classroom.
  4. Books. Even if you can’t follow the above tips, you must start the habit of reading, if you really want to successful.

Finding a mentor:

This is an optional step, but we prefer this because having a personal mentor keeps you stay motivated. It is not necessary to have a paid mentor, you could even ask your mom,dad or friends to be your mentor.

If you’re not interested in having any of them as your mentor, you could be one for yourself. Self-talk makes you more brighter and wiser.

Finding a business promoters or business incubators:

 

Business Promoters or Business Incubators are institutions who help you with the initial stages of procedures to start a business. They take care of setting up workplace, recruiting people and registration process.

If you are planning to start a start-up company you could go for Business Incubators.

Here are some results we found in Quora related to choosing best business incubators

Funding your business:

Generally people don’t have ready cash to start a business. There are literally hell lot of ways to fund like business like Bootstrapping (self-funding), crowdfunding, approaching venture capitalist, etc. Hey we are peakfetchers right?, we always give you best suggestion about what to choose.

The best thing you could do for funding your business is approaching your friends and families. Explain them about your business and earn as much money as you can. If possible prepare an agreement for every single person you got money from, so that they don’t have trust issues.

Next step:

Now everything is set to go. So what’s next? Now you have to join some more people with you whom you think is the right person to take care of business activities and have same level of seriousness about earning money as you do.

So these are the steps which almost everyone did to start their business. Everything is simple if you believe it is simple. As we said before Mindset matters a lot. If you set your mind achieve something and be successful in life you will do it for

Thank you so much for reading our article, comment down below if you have any questions related to entrepreneurship and we’ll make it as a post ;D

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