10 things you should know before starting your startup

10 things you should know before starting your startup

10 Things you should know before starting your startup. You can contact us as startup coach Hemant Deshpande for more information. Starting a startup or a business venture requires long-term technical, should keep this thinks in mind before getting started with their startup journey. Starting a business is like climbing a mountain; it may look daunting from the bottom, but focus on taking it one step at a time a nd you will soon reach your goal.

startup idea

 

Scary, exciting and a learning experience it is, to launch a startup. The vibe of being the boss, taking those critical decisions, the rigorous planning, all sum to be a life-changing concept. So do you have the idea which can make a difference? Do you believe in the leadership skills you possess? If the answer to these questions is a big ‘YES’, you are at the right place. So where do you start and how do you start? You need to jot down few major points which you have to know before launching your own startup. These can also be mentioned as the basics of business.

 

  1. Do something you like: This is a major point because this is the very reason you want to take all these risks. To invest in something you enjoy makes you go that extra mile. Years down the line you should have the same zeal for work as you have in the starting.
  2. Make your business model: Every successful business needs a practical approach. There are various steps to keep in mind for making the ultimate business model for your startup. You should know the pros and cons of launching a startup.

So how is it a good idea?

good idea

  • You learn to deal with them and in turn, you become more reliable and versatile.
  • The values of hard work and ownership will be instilled deep in you.
  • The work environment. Imagine strolling into your ‘office’ in your jeans and round neck tees. Cool! Isn’t it?
  • Listen, learn and get inspired. It has been found that people launching their own startups have high zeal and motivation and have an inspiration from the top innovators in the sector.

3. Study your competition: For any business to flourish, you need to compete. Compete at local and non-native level. So, you should have a clear idea of the market you’re about to enter and the main players in the market.

4. Ask questions, get answers: You should have a clear knowledge about your field of work. Ask yourself some basic questions like ‘How is this idea marketable?’, ‘How to take this forward?’, ‘What is the ultimate aim of this project?’. Once you have the answers to all your questions, you’re good to go.

5. Funding: For a business to establish, the capital investment is a vital factor. You should present your idea to the investors in such a way that it creates a spark among the customers. You should be able to convince them why and how this can prove to be a profitable affair.

6. Legal Advice: It is normally suggested to get a legal counsel about your business because even though you might draw a foolproof plan to avoid any legal troubles still a preventive approach might come in handy in order to avoid any hindrance in the development. This is necessary for a long-term working of the company.

7. Network: Seek advice from your friends, other entrepreneurs, and mentors. You should be well connected with the people around who are familiar with the market situations and have a good experience in this sector. Resources are required at various stages of the project and they should be able to provide you with different scenarios and real-life problems related to your work.

8. Demand for product: This is a crucial step in the demand-supply equation should be satisfied for a successful run. The demand is influenced by various factors such as the price of the final product, the population around the region and the consumer’s income.Furthermore, the price depends on the availability of raw materials, the manufacturing cost, the processing charges and the vicinity of the final market. The needs of the people can be better understood by conducting few surveys and interacting with the general public to understand their problems and finding appropriate solutions.

9. The 5- year plan: It is the basic economic planning to develop, execute and monitor the difference made. You should understand everything needs time and patience to prosper and proper outlining should be made about the direction you want the business to advance. 5 years is the general time space given after which you can decide to bring about a change in the plans or to stick to the existing ones.

10. Know the general terms: There are few terms used in the market which you should be well aware of right from the beginning of the process.

  • Liabilities: This can be defined as the financial debt of a company that might arise during a business run. These are the future sacrifices and settlements you are obliged to make due to your past transactions.
  • Assets: These are the economic resource you own or any particular thing that has a potential to generate income. These provide future benefits and increase the value of the firm.
  • Cash flow: It is the movement of funds in and out of the company which includes the income and expenses. This should be properly tracked to avoid any discrepancy.
  • Bonds: These are fixed deposits you make for a specified amount of time for which you get annual interests. Beyond the maturity period, you get back the loaned amount with interests.

Once, you have learned all these basics of business, get a suitable name for the company and kick start your career. But keep in mind, you should be ready for anything and everything and the world are yours to capture. Good luck!

teamwork

 

Things You Should Know Before Switching Careers

Things You Should Know Before Switching Careers

Things You Should Know Before Switching Careers. Are you looking to switch or change your career? You will need these tips before switching your career. Make the right decision before switching your career.

On an average, a person switches his career at least once in his lifetime. And this can turn out to be a life-changing experience for many. So, the first question which arises before making such a decision is ‘Why do you want to change careers?’. The answer to this question is a vital part of the whole switching process and varies from person to person. These can be narrowed down to few major reasons:

 

  • Career Development: Some people consider their job tedious and keep looking for better prospects right from the tender stage of their career. They get stuck with the current profession due to lack of opportunities to advance.
  • Stress level: People complain about the work overload at their workplace. This can lead to high level of stress and discontentment. In an article in ‘The India Times’, the survey reveals that around 60-80% working professionals in India complain that they suffer from high level of stress.
  • Career Burnout: This is one of the most important factors contributing to this cause. Burnout refers to the condition when you have to drag yourself to work and the job doesn’t provide you with joy or satisfaction. This can result in higher levels of stress and ultimately affect your physical and mental health.
  • Salary: A good paycheck can result in a better lifestyle and better standards of living. Therefore, the total income is a common reason why people opt to change profession.
  • Stagnation Problem: When a job provides you with a decent paycheck, which takes care of all your needs and amenities, a tolerable work environment and various benefits and compensation, this makes you stay put to that particular job without considering any more further prospects. You adapt to the situation and your will to learn or change declines. With the ever-changing employment industry and with the advancement in technology, stagnation can be a major threat as these changes can result in making you obsolete. Therefore, it should be properly monitored and when it’s time to change, CHANGE.

 

 

carer switch guidance

 

After reading all these points, you should now be able to identify the major cause why you want to change your profession. When you detect the problem, half of the work is done. CONGRATS!

The next stage in this process is to know about the current status in the employment industry and the most sought-after skills for the field of work you are interested in.

 

If you are looking for any career advice before changing your careers then you can avail our Career switch guidance service. Get coached by Hemant Deshpande Today.

The current market situation has an important role to play in the employment sector. When you have decided to bring a change in your career for the good, you must focus on your passion and interests, as the same mistake should not be committed twice, right? So begin by having a considerable amount of information about the trend in the job market.

 

career switch

 

 

  • According to an article published in Forbes, the unemployment rate is expected to dwindle in the financial year 2017-18.
  • Another survey in ‘Business News Daily’ shows that the ratio of unemployed Americans to open jobs stands at 1.4 to 1 in 2016 as compared to 6.6 to 1 during the recession in 2009.
  • It is also predicted that in the coming years, the main focal point will be on automation of industries, which might result in the formation and eradication of various job opportunities.

These data suggest the bloom of employment sector in some areas.

So, you should always be ready for the changing market and develop your skills accordingly. Your creativity and analytical skills will be tested more. Teamwork is kept ahead of individual brilliance nowadays so inculcate in you the values of hard work and leadership.

A term which is commonly used in such cases is a liability. Liability can be considered as any specific factor reason which has the potential to act as a barrier to the advancements in your career. Now how can this problem be solved? It is advisable to blot down the points which you might consider a liability in your future career and take small steps every day to conquer those drawbacks.

When you have taken all these points into notice, one question which might arise in your mind is ‘Is this enough?’ Due to the unstable job market, you can never be sure. So is this really enough?

career change counselling

 

One way to make sure you are ready for any circumstance is to develop various unrelated extracurricular skills in yourself. Even if you are assigned to a data entry job, it never hurts to learn one or two computer languages. This can later prove to be a significant factor when looking for a job.

In an independent survey held in 2012, it was observed that India has second largest workforce after China. This means that you have to go through high competition in the employment sector during the transition period. So how do you stand out in the crowd? This is where all your unique skills come in handy. The aim is to focus on any specific area of interest and try to gather all the knowledge regarding the topic. This can put you one notch ahead of others when appearing for the interview.

 

before switching your career

 

When trying out a different career option, your years of experience in one particular field should not go waste. This can be assured by making sure that you don’t start from fresh. Try out a field where your passion and your experience can be put together to create magic. Do not be afraid to step out of your comfort zone. Have a backup option in case the plan doesn’t work. But anyway, at some point in life, it is worth a try. So when you realize it is time, do not hesitate to make the detour as life is unpredictable and full of opportunities. The overall agenda should be to find the right physical and mental balance and a harmonious life- work experience.

 

Career Change Myths…Busted!

Career Change Myths…Busted!

Career Change Myth: I’m too old to make a career change.

Reality: Without changing your perception of what you are capable of, you’ll never make a successful career change. Unfortunately, while younger employees are often expected to explore different career paths, older employees are not encouraged to do so. And if you’ve progressed up the corporate ladder to an enviable position, friends and family may be shocked you would consider leaving success for uncharted waters. With this much pressure to stay put, it can be easy to allow your dream job to remain only a dream. Some serious soul-searching is needed to understand how and why you want your career to change, so you’ll have the conviction to stand up to others’ disapproval.

Remember, age is just a number!

Myth: If I make a career change, I’ll be starting over at the bottom.

Reality: Not necessarily. You’re not the newbie you were when you entered the workforce. You’ve gained an impressive array of skills, plus you have professional wisdom and perspective acquired through experience. The key to bypassing entry-level status is to market these assets in your next job/career. The skills that made you successful may be transferable to your dream job/career. Believing and convincing yourself, and your stakeholders, puts you leagues — and salary grades — ahead of younger competition.

Myth: This old dog can’t learn new tricks.

Reality: Says who? Of course there will be a learning curve to any new career you try. But isn’t having a new professional challenge part of why you seek this change? The goal is to find a career that taps into your innate strengths and interests. As for the aspects of the job that may intimidate you (such as becoming tech savvy), accept that getting proficient in these skills may be frustrating and difficult, making mastery of these challenges more gratifying.

Read more: www.hemantdeshpande.com/career-change-coaching/

Work-Life Balance

Work-Life Balance

Work-Life Balance has become one of the most talked about topics for today’s working professionals. For everyone work-life balance means a different thing so it is difficult to define it.

Wikipedia defines it as “Work–life balance is a concept including proper prioritizing between “work” (career and ambition) and “lifestyle” (health, pleasure, leisure, family and spiritual development/meditation).

Let’s also define what work-life balance is not.

Work-Life Balance does not mean spending just an equal amount time at work and outside of it. Trying to schedule an equal number of hours for each of your various work and personal activities is usually unrewarding and unrealistic. Life is and should be more fluid than that.

Your best individual work-life balance will vary over time, often on a daily basis. The right balance for you today will probably be different for you tomorrow. The right balance for you when you are single will be different when you marry, or if you have children; when you start a new career versus when you are nearing retirement.

There is no perfect, one-size fits all, balance you should be striving for. The best work-life balance is different for each of us because we all have different priorities and different lives.

However, at the core of an effective work-life balance definition are two key everyday concepts that are relevant to each of us. They are daily Achievement and Enjoyment, ideas almost deceptive in their simplicity. Understanding a fuller meaning of these two concepts takes us most of the way to defining a positive Work-Life Balance. Achievement and Enjoyment answer the big question “Why?” Why do you want a better income…a new house…the kids through college…to do a good job today…to come to work at all?

Most of us already have a good grasp on the meaning of Achievement. But let’s explore the concept of Enjoyment a little more. As part of a relevant Work-Life Balance definition, enjoyment does not just mean “Ha-Ha” happiness. It means Pride, Fulfillment, Happiness, Celebration, Love, A Sense of Well Being …all the Joys of Living.

Achievement and Enjoyment are the front and back of the coin of value in life. You can’t have one without the other, no more than you can have a coin with only one side. Trying to live a one sided life is why so many “Successful” people are not happy, or not nearly as happy as they should be.

Something worth thinking about?

In case you are struggling with work-life balance for some time and it is negatively affecting your health, relationship with spouse and children, your overall well-being and leaving you frustrated each day then better to seek external support such as a Life Coach or a Counselor to bring your life back on track.

Credit: This article is inspired by an article on the same topic written by Jim Bird, CEO of worklifebalance.com

 

7 steps to choose…What do you want in 2016?

7 steps to choose…What do you want in 2016?

What is the necessity of Goal Setting?

Not sure about what do you want in 2016? In your Career? In your Life? No worries.

You are not alone. We’ve all been there. It’s easy to get stuck and confused when none of your options stand out clearly.

One job has more interesting work, but the other job offers a better salary.

How should I prioritize my time and effort? Work, family, hobbies, social commitments?

Career change is on mind but not sure if it will work out?

The best options may be less than obvious and it drives you crazy. Sounds familiar?

Unfortunately, failing to make decisions in a timely matter can have negative repercussions.

For example, if you are bored and frustrated with your current job/career, what is the point in delaying your next move? Being in this kind of situation for long drains you off all your energy, enthusiasm and aliveness. Right?

These 7 steps will help you get closer to your decision:

1. Know your values. Those who are well in-tune with their values have a much easier time making decisions. It’s much more challenging to make a choice when you’re unclear and lack a stable view of yourself and what’s important to you.

2. Do Goal Setting. Goals are like magnets They will attract the things that make them come true. Does a particular possibility bring you closer to reaching your goal? The more your decisions are based around your goals, the more likely you are to accomplish them. Keep your goals fresh in your mind.

3. Collect the information you require. Wise decisions require good information. Most of us either fail to gather enough information or we’re forever stuck on this step. 

  • Knowing yourself and your goals can dramatically reduce the amount of time needed to navigate your information-gathering efforts.
  • To know yourself, scientific Psychometric tests can help a great deal. Because it all starts with Self Awareness.

Analyze the information but don’t get paralyzed, meaning don’t get stuck with this step. This is a great pitfall for many.

4. Examine your fear of failure. It’s common to shun actions that may result in failure. Ensure you’re not basing your decisions too much on the likelihood of success. 

  • Avoid allowing a little uncertainty to prevent you from fully living your life.

Talking about fear, you may want to read my blog on 8 ways to break the barriers!

5. Keep the long-term in mind. We overestimate the short term and underestimate the long term future. You may choose the easier option today with the intention of straightening things out down the road. However, it’s generally harder to change course once you’ve gained momentum.

On this point, you may want to read my blog on Midlife crisis? No, it’s a wake up call!

6. Consider the risks. Managing risk isn’t just for investments. All decisions carry some element of risk. Consider what’s at stake before making a final decision. Also consider that the biggest risk is not taking any risks.

7. Set a deadline. We’re all used to deadlines, whether they relate to a project at work or choosing a vacation destination.Give yourself a reasonable deadline and stick to it.

8. Choose. I am glad you are on the 8th step and the most important. If you’re still stuck after applying all the other suggestions, just choose something. All the options are likely to produce a similar outcome. Pick one and begin taking action.Failing to choose is choosing to fail. 

  • No progress can be made without a clear and committed decision. Even flipping a coin is infinitely more effective than failing to decide. Be confident and make a decision!

When you fail to decide what you want, you’re ultimately stuck with the simplest option available.

If you don’t make your own decisions, someone else will.

If you have been struggling with important life issues for long, like career change, business growth, self image and habits, relationships, I strongly recommend hiring a Life Coach.

A good Life Coach provides you with the necessary support to develop Clarity in your own mind, plan of Action, becomes your Accountability Partner,removes barriers by working with you on your Habits and Beliefs to achieve the Results that you want.

Now, what are you waiting for? 

Midlife crisis? No, it’s a wake up call!

Midlife crisis? No, it’s a wake up call!

The term “Midlife Crisis” was coined by a 48-year-old man. A Midlife Crisis refers to the tendency of people in early middle age to undergo an emotional exploration of self-identity.

One of the most frustrating consequences of Midlife Crisis is that if you dare to take on a new habit in your 40s, people will assume you’re having an identity crisis. But in your 20s, you could have taken on a new habit every year, and people would just think you’re crazy. And that’s normal for people that age :)

In my personal view, there is some merit to this Midlife Crisis discussion. People begin to reflect on their accomplishments. They begin to think about where they’ve been and where they’re going. This is an important development stage.

For those who have been building their careers for the last 20 to 30 years, there may be the sudden realization that retirement is nearing, and that if they’re ever going to pursue their true passion, they’d better get cracking. The feeling of “running out of time” may motivate some people to make drastic changes to their career and life.

You will know what I am talking about, if you have read my previous article: Adventure called sabbatical…

Your Mental Age

There is a tendency in society to ridicule individuals over a certain age for “not acting their age.” But several studies have shown that people have a mental age that can be decoupled from their physical age.

In one famous Harvard experiment, individuals over 70 were asked to live in a “time capsule” house that contained memorabilia from the previous 20 years. These individuals became mentally sharper, and exhibited greater joint flexibility. The individuals in the control group exhibited no change.

The point is this: you’re only as old you think you are. The more you “act your age,” the older you’ll become mentally.

The Past is the Past

It’s normal to fantasize about what you could have accomplished if you knew then what you know now. Hindsight allows you to see how easy everything could have been if you had avoided this or that. But if you live in the past, you’ll miss out on the blessings that surround you now.

Besides, do you really envy the young? The young aren’t as carefree as you might think. Do you remember being that way when you were young? Nor do they have access to limitless opportunities, maturity or freedoms.

It’s easy to idealize youth, but individuals in all stages of life have challenges. At least you have the benefit of experience.

Go Easy on Yourself

From the moment you were born, society has presented you with expectations. Most notably, you’re expected to have achieved success by a certain age. But success is relative.

If you were born poor, you would surely be considered successful if you retired a millionaire. If you were born wealthy, on the other hand, the same might be considered a mediocre result.

If you let society’s expectations control your life, you might feel obligated to believe certain things about yourself. But you can’t afford to give up your power. Only you can decide if what you have accomplished is enough.

If, after critically analyzing your own accomplishments, you decide you want more, then go after it. But avoid letting anyone else make that decision for you.

I had written an article about this subject a few months back. If you haven’t read, here’s the link: Living inside out!

It’s All Relative

If you spend some time around a nursing home, you may have the great fortune of hearing someone in their 90s say something like, “I’d give anything to be 70 again!”

Everyone is living longer, and there are 60-somethings that are rediscovering their life passions after retirement. Some of those individuals are even going on to enjoy successful new careers.

Onward!

One closing thought: the man who coined the term “Midlife Crisis” was Elliott Jaques. As mentioned, he was 48 at the time. Between the age of 48 and 86 he published 12 books. Oftentimes, people do their most original work after the age of 40.

Embrace your Midlife Crisis and create the life you want. Go for it with all you have got!

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