Do you Really Have What it Takes to Start your Own Business ?

According to several studies, millennials are an ‘entrepreneur generation’, with many 20-35 year olds wanting to start their own companies. Think you’re part of the ‘millennipreneurs’ crew? Then you need this guide to starting your own business—straight from the experts!

Our Entrepreneur Experts:

1. Pooja Roy Yadav Founder, NIMAI

2. Sheena Agarwal Founder, AGASHE

3. Vishal Dhawan
Founder and Chief Financial Planner, Plan Ahead Wealth Advisors

4. Shilpa Jain
Owner, F1Fx Facilitate Learning

5. Neha Khullar
Designer, Neha Khuller Designs

FIGURE OUT THE ‘WHY’
“When I decided to start NIMAI, there was absolutely no other player in the market—I wanted to start the first curated multi-designer jewellery brand. It was a unique idea,” says Pooja, adding, “Take the plunge only if you feel like you’re better than everyone else, and what you plan to create will fill a gap.” Shilpa agrees, with one addendum: “You need to have foresight. If you’re impatient by nature, you are not cut out for this.” Neha maintains that the biggest ‘why’ is to be your own boss. “No matter what you tell yourself, even the best boss doesn’t give you the creative freedom you’ll give yourself.”

TO BE THE HE PERFECT ENTREPRENEUR...
“You have to be great at communication, people skills, and good at delegating tasks—don’t micromanage. Find people you trust and let them take the reigns from time to time,” says Shilpa.
“Know your market inside out. Passion is pointless without research,” adds Pooja. “I attended multiple jewellery workshops from Central Saint Martins to London College of Fashion, (both in London) before I even thought about putting the wheels on NIMAI.”

GET READY TO SACRIFICE
“Your business becomes the forefront of your life. There’s no way to avoid that,” says Sheena. “I know that I get a lot less time at home, but you can’t contest that in the early stages.” For Neha, the sacrifice was choosing risk over a sure thing. “I gave up a promising job opportunity at Ernst & Young to take my chances.” Vishal also mentions how important it is to prep the fam for what’s coming. “The work-life imbalance and lifestyle changes will definitely be taxing for your family and friends, so it’s critical to put everything on the table in advance.”

GET THAT CASH FLOWING
“When you’re kick-starting, the cardinal rule is—overestimate expenses, underestimate revenues. You will invariably find that revenues will either be lower than planned, or money due could be delayed,” says Vishal. Shilpa also agrees one must prepare for rainy days by “having at least two years worth of living expenses backed up. Also, count on start-up costs (you can’t escape ’em)—you’ll need at least 25-30k per month just to run the show.”

PROFIT DOESN'T COME EASY
“Oh, it’ll take at least two years before you actually make any real money,” Pooja says. “In our case, it was after that we started breaking even. We’re hoping to turn a profit soon, though.” Vishal advises against setting unrealistic deadlines. “What you think of as a challenge could be setting yourself up for disappointment,” he warns.

To PARTNER UP OR NOT TO PARTNER UP
“My husband is my partner—and I think we make a great case for couples working together,” Sheena says. “We never look at anything the same way, and that brings the much-needed perspective to every decision.” “But not having a partner is a great way to keep your autonomy,” says Pooja. “I get my support externally, but still make all my own decisions.”

BE A PERFECTIONIST
“When you do set up, you need to be a stickler for perfection,” says Neha, “and it often delays the entire process. It takes a huge toll on me. You eventually succumb to understand that it won’t be exactly right. But I try.” Vishal agrees, saying, “Taking extra care to make sure everything is perfect—and I mean everything (fire-proofing the building, employee insurance, keeping your books right)—will be painful, but totally worth it.”

The Game Plan
Research, Research, Research: “An idea is cute, but know every bone in that idea’s body (and its market) before you jump into it,” says Pooja.
Isolate Your USP: “How is your product different from others like it, and how will you get people to see that difference?” asks Vishal.
Identify Your Target Market: “You can’t get a product or service right until you’re 100% sure who you’re selling to,” says Shilpa.
The Resources You’ll Need: “Capital, employees, infrastructure—where is it all going to come from, and are you getting the best deal possible?” Vishal says.
If All Else Fails: “Do you have savings? Family money? What’s your failsafe? Make sure you can handle any kind of emergency or setback,” Sheena says.