I was speaking at a college on starting up and entrepreneurship.
WHY DO YOU WANT TO START YOUR OWN BUSINESS?
Here are the answers I got –
-For money – to buy fancy stuff
-For fame – people will know me
-For independence – so that i can take vacation whenever i want
This just made me realize that entrepreneurship has become such a fad.
People are jumping on this fun yet dangerous path of being an entrepreneur – and setting themselves on failure right from day 01.
I plan to change this. Show the truth. Share my experience on running a business.
Hopefully create a positive impact on the life of one person.
THE ANSWER I WAS LOOKING FOR IS — VALUE!
The whole fucking point of a business is to create value.
The more value you create, more money you can make.
The more value you create, more fame will come to you.
The more value you create, more people will join you in your mission and you can someday be independent.
It’s all about value.
If you’re creating value for one unique individual, you’re an advisor or consultant.
If you’re creating value for many unique individuals, you’re B2C company such as Uber.
If you’re creating value for one unique business, you’re a service provider.
If you’re creating value for many unique businesses, you’re B2B company such as Infosys.
No one category is better than the other. It’s all about what opportunity you uncover, and how good you are at into converting that opportunity into business.
So, before thinking of starting a business here, you must think what is the value you’ll be providing and to whom. Go, talk to that person or business. Ask them if they have a genuine need for your value proposition and are they willing pay for what you plan to do. If yes – that’s your business.
PS – Video on this topic coming up soon. Subscribe to my youtube channel here – https://www.youtube.com/user/goonjanmall