![]() When I launched my property-management venture, I nearly was indicted for stealing my employer's clients! Quite a few former employees have fallen prey to litigation brought by previous employers. A fair number of legal firms represent clients who manage property, and this can present a tricky scenario. Check up on the law so you stay clear of litigation.Ĭarefully worded contracts provide protections for both parties. Making a jump between vaguely related or unrelated industries may have side effects. Those new to a business often have the initial problem of convincing customers, partners and even top talent to trust them. My background in law and qualifications made people trust me and take a chance. Soon, though, I was thinking about a full-grown property-management business. At first, I was drafting a few documents and agreements here and there. I soon found that door stayed open for the same reason. I made my second start because my law degree opened up an opportunity in property management. I'd gone off on a tangent for my first attempt and started a cloth-printing and sales business. This isn't a general rule, but it sure helped me. Related: You Can Embrace Failure but Don't Expect a Hug From the Business World When You Do Start in familiar territory. Whatever you do, don't tie yourself down for the foreseeable future - even if you're dead sure your business will be a gold mine. Apply for government-backed startup grants or appeal to family and friends in a position to help. Locate great funding ventures, and take loans only at reasonable rates. Another large chunk came from partners who believed in my business vision.ĭon't get so desperate to break out and do your thing that you skip doing your financial homework. In fact, 80 percent came from my savings and income. I took a wiser approach the second time around. The saddest part? Even though the business didn't work out, it still was my responsibility to repay the loan in full. It took me two years to pay off that debt. My first attempt at entrepreneurship started with a $125 loan at a 10 percent monthly interest rate (quite apart from the principal sum). Some loans exert such steep interest rates that any first profits will be useless - and may remain so for many years. No matter how badly you need money for your startup, avoid loans that will shackle you for the next 10 years. Regardless of whether you're able to secure outside funding, your own savings can serve as a cushion for you and your business. They usually require more funding than you anticipate. New businesses never turn out the way they look on paper. Don't let go until you see some proof of success. You might need to hold on to this anchor for a while longer than you want. You must prepare for entrepreneurship by researching your next moves. You don't become an entrepreneur simply because you have an idea. I share them here in the hopes they can help others who are looking for more meaning in their career. It was only much later that I was able to define the actions that would make my leap of faith a success. The two had found themselves in a situation similar to mine and were dissatisfied with their jobs - one at McKinsey & Company and the other at Yahoo. I got out of my depression after reading the story of Urbanladder, a furniture company started by Ashish Goel and Rajiv Srivatsa. It led to an epic failure and a whole lot of debt. I began my first foray into entrepreneurship during this period. It meant getting up early, rushing my prayers and rituals, and making a 9 a.m. I quickly discerned I wasn't quite cut out for the 9-to-5 lifestyle. While working toward my law degree, I clocked time as a legal intern. My transition from employee to business owner has turned out very well, but the path wasn't always so clear.
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