3 Costly Mistakes that New Entrepreneurs make
“You won’t find this information on Google because this is from our private case studies”, says Sachin Sharma, Managing Director, Success Wealth Happiness Coaching.
#1 – Relying on business to generate enough money to quit the job
I’ve lost count of how many times I’ve heard this strategy…
“I know my idea is good. I know it will work. I’ve talked to many people and they all think that I should go ahead with it. The only problem is time right now. I’ll continue to do what I can after work and over the weekends. Once I start making same amount of money as my salary, or even 80% of it, I will quit my job and go full time…”
I know tons of people who are working on their business idea this way.
I have yet to come across the first person who has successfully done it!
Please don’t take this statement as if I’m trying to discourage you. I’m not.
My personal mission in life is to help as many business owners as I can, to be successful. Why? Because I believe that it is a noble cause to create a sustainable and flourishing business. Because it is that channel which fulfills dreams of so many in the society. Without successful entrepreneurs, where will everyone else go to find work, fulfill their dreams and support their families.
I’m sharing this with you so that you can take a pause and evaluate this strategy for your own situation.
Don’t follow something just because others are doing it. Then it’s like superstition!
Sachin’s comments, “Here is a new angle to evaluate if this strategy will work for you or not… Your constraint is TIME. Your time is been bought by your employer already. Instead of seeing your business as your Savior from your job situation, work on freeing your time first. Do something to reduce your dependency on work for money first. Then create your business.
It is okay to aim for Financial Freedom from business. Now aim to achieve a milestone before this goal – Financial Stability.”
#2 – Think of Passive Income as something that they can ONLY make from Network Marketing
Passive Income is that which you earn without actively spending your time on earning it. For example, interest earned on fixed deposit or dividends from shares or rent from property.
The term Passive Income is widely used by Direct Marketing Industry.
I acknowledge that. But it doesn’t mean that they own this concept.
Please don’t close your ears when you hear Passive Income. You are not doing any favor to yourself by doing that.
Sachin’s comments, “The sooner you understand that Time is NOT Money in business, the sooner your destiny will change. Work on creating many small Passive Income Sources by experimenting with as many options as you can.
If all these small income sources can generate enough money so you can work 3 days instead of 5 without compromising on your lifestyle, then those 2 days you can start investing in your business idea.”
#3 – Think that without funding they can’t succeed in business
In my opinion, this is perhaps the most common belief among those wanting to start business, “You need money to do business and I don’t have it.”
Let me ask you a question, “If you are not confident enough yet to spend a little of your own money on your own idea to get just 1 paying customer, then what right do you have to expect an investor to see the potential and give you that money?”
Learn the art of taking $10 and converting it into $12.
Prove that you have a great idea that takes X amount of money from one end and produces Y amount of money from the other end, where Y is more than X.
If you are not there yet then what exactly are you pitching to an investor?
Sachin’s comments, “Many years ago, when I first thought of the program Becoming Trustable Confidant in 90 days, I created a 4 page PDF document describing the Value Proposition. Then I channeled all my energy and focus on getting my 1st client. When the 1st client signed-up, I started creating the program as I delivered it. I created the full product while I was delivering it (happy to explain how I did it if you ask me).
Then I created a book out of that content and eventually I created Business Inception Camp.
Not every business has to wait for funding to start. All you need is a paying customer who understands the value proposition.”
Would you like to learn business with me?
I’m a businessman.
I’ve 7 businesses and in the process of adding 2 more. I only work 3 days a week!
I’m always interested to explore in what ways I could be part of your Entrepreneurial Journey that will be mutually beneficial.
I even have an option in which I offer you my Mentorship for FREE.
If you have decided to go in business and ready to explore if I can be of any help then let’s have a chat.
Please pick a time that suits you from here and we’ll see how we go from there…