Storytelling in day-to-day business

|
  • 0

Storytelling in day-to-day business

Sunday, 08 November 2020 | SANDEEP DAS

Storytelling in day-to-day business

Hacks for Life and Career aims to bridge the gap in terms of what Corporate India needs and tries to help us become ready to face the world professionally and personally, writes SANDEEP DAS, as he hands out tips to starting one’s own business

The decision to take the ultimate plunge to build your own firm is never an easy one. The decision can be spurred in a moment of realising a path-breaking idea or an intense desire for individual freedom driven by a stifling corporate culture. Whatever the reason, the path is akin to a game of thorns where the entire world seems to queue up against you. This chapter intends to serve as a primer for aspiring entrepreneurs to help them navigate through the initial days before the real battle begins!

Build a Great Product at the Right Place, Time and Cost

It is a no-brainer that you need to have a potential idea that solves a genuine pain point for end consumers. The pain point is termed as genuine if at least a million consumers feel it (not just a few consumers on 80 feet road, Koramangala, Bangalore) and are ready to pay for it. By paying, it implies an amount that makes unit economics positive. While this idea of yours is getting prototyped, it is advisable to not rock your existing job or source of stable cash flow. The disruption to your steady cash flow is advisable only when your great idea has successfully been piloted.

Stay Fully Involved, Stay Foolish

Although it is important to stay fully committed and passionate to your start-up, it is sensible to be legally sound and protected. The business structure of your start-up needs to be agreed upon at the very start to avoid unforeseen future debacles. The most primitive version is the sole proprietorship model where you are the eventual owner with every revenue and cost item hitting your personal wealth. As a consequence, you are individually liable for all losses to your firm. This structure is advisable for freelancers who do not have significant cost liabilities while operating your businesses. A safer version of a business structure, termed by some as the greatest invention of the previous century, is the limited liability partnership model. As the name suggests, the model guarantees you access to the entire revenue and profits while limiting your losses to the invested capital. As a result, your personal wealth that is not invested in your company is deemed safe.

Get a 21st Century Garage Space to Start Work

While entrepreneurs in the previous century were famous for working in their garages before making it big, the 21st century has made it easier for aspiring entrepreneurs to get a physical space. The ever-mushrooming co-working spaces (e.g., WeWork, Innov8), with desks and rooms for rent with all other services taken care of (e.g., internet, cleaning, security, cafeteria, parking), are an extremely attractive proposition for aspiring entrepreneurs. The cost of such services is fairly reasonable with an individual desk costing between 8,000 and 12,000 a month while a dedicated meeting room costing between 15,000 and 20,000 a month.

The Paperwork Is Not as Messy but Necessary

Registering your company is a necessary evil. It involves obtaining a DIN (director identification number), filing the certificate of incorporation at the MCA website, obtaining a permanent account number, tax account number, registering for Goods and Services Tax (GST), blocking the company name among other steps. In case a patent is involved for your product, it involves a few more days. To be reasonably practical, the entire process of registering your start-up can take around three weeks including the time you require to get the documents ready.

Make Your Friends on Social Media Jealous

Even before you have decided to take the plunge and register your firm, a social media presence to test the concept and user interest can be of great help. In terms of effectiveness of media, Facebook is passé while Instagram is the new king of commerce. Not to forget, leveraging LinkedIn for understanding end user traction is picking up. More than product testing, a following of at least 10,000 people on your product pages is a handy start. To pay for followers or likes is not advisable, they rarely end up subscribing to your product. An organic following is always advisable in the beginning before driving up an audience by paying for them.

In conclusion, as exhilarating as it may sound, starting your own firm is a very difficult job, both emotionally and physically.

An excerpt from Hacks for Life and Career: A Millennial’s Guide to Making it Big by Sandeep Das, published by SAGE Publications India/SAGE Response

Sunday Edition

CAA PASSPORT TO FREEDOM

24 March 2024 | Kumar Chellappan | Agenda

CHENNAI EXPRESS IN GURUGRAM

24 March 2024 | Pawan Soni | Agenda

The Way of Bengal

24 March 2024 | Shobori Ganguli | Agenda

The Pizza Philosopher

24 March 2024 | Shobori Ganguli | Agenda

Astroturf | Lord Shiva calls for all-inclusiveness

24 March 2024 | Bharat Bhushan Padmadeo | Agenda

Interconnected narrative l Forest conservation l Agriculture l Food security

24 March 2024 | BKP Sinha/ Arvind K jha | Agenda