Starting Your Own Business / Professional Practice - Part 1

A person starting his own business is often cautioned against making such folly. If you fail, there are thousand monkeys to come around and scream "I Told You So!" on your face. If you succeed, there are thousand pigs calling you greedy and money minded. Your failure is attributed to your lack of wisdom and foresight, and your arrogance of not having listened to the sagacious lazy bum. Your success is, of course attributed to unethical means, greasing the palms of the high and mighty, and sale of your soul to the devil. 

I am not ignoring the fact that there are people who are genuinely interested in your life, and would be by your side, rain or shine. They share their views matter-of-factly and heartily wish you on your success, and steadfastly support you during periods of distress. All without making any hurtful wise ass comment, unlike the loathsome bums, who will be waiting to scavenge on your failures.

The group of bums who, like the agony aunt, are always ready with an answer to all your existing problems and future problems, even if you don't have one. Every time you ignore them you run the risk of being spoken badly about on your back, and more so if either fail in your endeavour or succeed beyond their imagination. This is when the uncharitable remarks will start. You'd be accused of falsifying your tax returns, bribing the people around, doing dirty works and literally pimp your way up. The assertions are not only cheap, they border on slanderous accusations only to discredit your success, with the sole intention of putting you down. 

One should recognizes the fact that the such people haven't got an iota of idea as to the basis and reasoning behind your success and wealth. To understand this, one has to understand not just business, finance and valuation, but the rationale behind why do people work, and what motivates people to set up business, and what are the considerations in a business transaction, and how the entire business idea transforms into a business model and then the business itself. One should also understand what it means to create a value and creating livelihood to thousands of people. One shouldn’t forget that almost all the business idea starts from a desire to excel in a field and make good the abilities that we humans are endowed with.

Why do people work?

If someone thinks that it is only for money, they should probably be reminded of their ignorance. Money is a motivation, but not the only or sole motivation. Admittedly, with money we can be financially independent and have a control over our life. With money you have more resources at your disposal to direct it the way the life should progress. But the substantial reasons aren’t money or money related. Even if it is, there is nothing to be ashamed about, the way the now irrelevant Communists would make you believe.

People like to be productive. Men and women, endowed with all the abilities the nature can offer, would like to put to use that productive ability to create new things, improve existing things, eliminate inefficiencies, make a difference to people around them, make them happy, and touch their life in the most pleasing way as is possible.

People do feel obliged to supply their skills and abilities to those who need it. In the trade off, if you can make money, then so be it. If more people need it, and you provide your services to whoever is offering the best value for your services. It costs money even to just exist.

People get job satisfaction when their work pays them enough to fulfil their most important needs. People get satisfaction when the work they do pays them fairly, for the contribution he or she has made. A satisfying job gives a sense of personal achievement by presenting them with new challenges and helping people grow and be creative.

People desire to work because a satisfying work makes them feel good about themselves. People can see themselves gaining experience, expertise and status, and being acknowledged by their colleagues and superiors. A good and satisfying work gives people a social life and a socially and economically protective environment.

To work is both a responsibility and a desire. To work is both a pleasure and divine proposition. Work gives me rewards. Work gives me status. Work gives me satisfaction. Work gives me hope. Work gives me happiness. Work gives me a purpose for a life. The most depraved human being is the man without a purpose. And I never wanted to be one, and never was.

Why should one do business rather than work under the directions of someone else?

Most businesses are borne out of passion and conviction about the ideas of its promoter. Great business ideas are the ones that promoters are absolutely in love with, and that makes them work harder and smarter, and would definitely want to make a success. And in channeling ones efforts towards that goal, one is better prepared if the one who is ideating is fully in charge of its implementation as well. Being in business not just ensures that there is little lag in the implementation of the idea, it also ensures that the end result is the one that was envisioned at the beginning.

Being absolutely in charge of things helps you nurture your ideas from a vision to something truly elevating and inspiring. Being your own boss gives you that luxury of consistent support, which is just what any great idea needs. Heck! Even an ordinary idea to become something truly remarkable needs such support and nurturing, and not the constant acidic idea killers. Working under someone else’s directions, though risk averse, can kill any great idea, more so if that someone else isn’t involved in the germination of the idea and wouldn’t be a certain companion in the entire process. If that boss turns out to one parasite, to reap rewards on your ideas, you can happily say good bye to your own progress.

Being in business also creates better value for your ideas and your support group. With better idea, comes better returns. With better returns, you pamper yourself with little luxuries that you have always aspired for. With higher income at your disposal, you are empowered to do good to the society, helping out the needy and deserving. With the accumulating wealth, you leave behind hope and a responsibility to your progenies to carry on the same productive and helpful path.

[To Be Continued]