Need to Learn Before Starting Your Business( A big Mistake))


Hi, I am Abhijit 57 years old. I will share my mistake with the people so that you can learn something from my mistake

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Need to learn before starting your own business
  After class XII examination I joined in Indian army. I served there for long 15 years. I had to leave the job due to my health crisis. By God grace, I got back my health after two years. Then I thought that one day I would face a financial problem if I did nothing. So I started business investing my money. I started with rubber business, as our state is the second largest producing state in India. I got a lot of profit in the rubber business. I was gaining profit in my business. It was growing. Then I started another business, I bought a Maruti car and rent it. Again I got a profit. I was very happy and I thought that my decision was right leaving my military job. I bought five cars including my personal car.  I was going to become a crorepati. My respect in society increased a lot.
  Now  I dreamed big. I started another business to increase my bank balance. I loved to see my bank balance increasing. I opened a car washing point. And I recruited two labours for washing cars. Here I didn't get a profit due to an improper place. Due to the lack of time, I could not check them. I doubted that my labours had cheated me. But I run the car washing business looking at my reputation. Because it did not affect me much. I was getting profit from two sides–one from rubber business another from the car business.

      One day one of my friends proposed to me to open Id Batta(Bricks manufacturing business)sharing with him. My friend was ready to provide his paddy land for that business. We made an agreement that I would invest money and my partner would give his land.70 %and 30 % share was done between us. In an agreement, there were many provisions. But I could not explain it in detail.  We started a business without learning that was my big mistake. I asked the owners of the Id Batta about the business but they did not tell me in an open-minded. By the way, we started a brick manufacturing business. We brought labours from outside. We produced Bricks and began to sell them.

       We could not produce quality bricks because our labours were not expert in it. There were other reasons too. So we could not compete with others. The sell of our bricks was very less. On the other side, every Monday I had to pay the wages to the labours. I suffered a great loss. I tried my level best to run the business but I could not run it. I reduced money to invest in rubber business and l sold my three cars and closed my car washing business to run my new business. Eventually, I had to close the Bricks making business. I suffered a great loss. I invested for that business more than Rs.74 lakhs. I lost all my money. All my bank balance got dried up.
  I focused on my rubber business again. But due to lack of capital, I could not get much profit. On the other hand, my expenditure increased as my daughter was studying in medical college. And I expensed a lot to get my son's marriage. I became Zero Patti.
     I had experienced the behaviours of the society towards me. Earlier if I go to the market, the shopkeepers were crazy to take me in their shops. But now they avoid me. They didn't want to give things without cash, even the value of that thing was Rs. 50.
    The readers may consider me fool. But I am sure that there would be many people who had suffered a great loss in their business starting a business without learning. So friends before starting your own business, you have to know the following things–
1. Select Your Type of Business, and Consider Its Effects on Your Taxes and Liability.
2. Ask Yourself “Who Is My Competition?”
3. Understand Your Target Audience
4. Choose Your Company’s Name
5. Brand Your New Business
6. Develop Your Overall Web Presence
7. Prepare a Business Plan
8. Find Sources of Funding
9. Licensing and Legal Documentation
10. Find a good mentor.
       I have learnt from my experience that if you want to do business more than one, your all business should be linked one after another. Otherwise, there is a chance to lose your business.
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