Guidebook to become a successful entrepreneur

BANGALORE, INDIA: We all might have heard the proverb 'Rome was not built in a day' and there is a huge possibility that we all have come across such a situation in our lives, one way or the other.

Well, one needs to take risks in life to be successful in whatever area she/he is interested in. All successful entrepreneurs would have learnt this lesson the hard way.

Those who want to venture into some kind of business and dream for a long successful career have to go through tough times in life. Your friends, your family and the entire society might try to discourage you from taking what they feel are unnecessary risks in life, but you have to be patient and keep your calm and composure.

Infosys co-founder N.R. Narayana Murthy's life is the best example. We all know that Murthy became the now 'ubiquitous' NRN not overnight. He had to go through all sorts of experiences in life, but the difference here is that he successfully faced all problems with mettle to build the now world-famous software firm, and thereby put Bangalore in the world's outsourcing radar.

To put it simple, you need to be goal-oriented and have to work hard towards that goal. You need to spend wisely and reduce expenses if you really want to be 'someone' in life. Everyone wants to make money. Some are simply employed with some company and draw a monthly salary. They are the ones who don't want to risk their lives.

 

There are some others, who want to make money by running their own business. They spend less and invest their hard-earned money in their business. All successful entrepreneurs have the self discipline to build their business.

You need money to make money. This means one has to invest money in his business. About one-fourth of all startups fail within two years, for the life of the business depends on you during these early years. If you must depend on the business, it will probably fail. It is hard to make profits in the early years of the business, because you are re-investing your money back in it.

Most of us spend money on entertainment. We go out with friends to dine and booze at nice restaurants, we go for movies, buy cars and bikes, and play games, etc. But, we have to keep in mind that many of us can come up with cash for our online business by not eating out or boozing once a month. It is no big deal as lots of us are spending huge bucks on weight loss products.

If you want your business to grow, you must feed it. You must spend money to make money. Even if it's a small amount, it will still grow some. You cannot win the lottery without first buying a ticket.

All successful entrepreneurs spend a certain amount each month on their business. You would say they are making money, so they have to spend. But actually you start out investing a larger percentage of your profits, then you will later on reap rewards as your business grows.

Most people, who start an offline business, usually invest a large amount of capital before they see any money coming in. You have to continually re-invest your money.

That's where an online business is unique. You can start with very little capital and invest as you learn. You do still have to invest some money and time, or you will not grow.

You must read and do some research before you spend. There are lots of ways to throw your money away, if you are new and not careful. There are also many ways to receive valuable information online that's Free. One way is by reading free articles by those who are successful.