Did you know that a platform like Twitter made no revenue during the first 3 years? Imagine starting a business and for the first 3 years you are making no profit. Sounds pretty much disturbing right?
Welcome to the world of business! A world where reputation and credibility comes before profit. A world where you are always welcomed to offer services, products and advice for creating profits but requires you to be kind enough, not to get greedy and wait enough to see the seed turning into a fruit.
Not every idea or product is a success. You have to figure out what works for you. For figuring out, you have to experiment well with what you're into and what you can sell. Sometimes you know that things will work for you, sometimes you need to sit back and take a leap of faith.
COST IS IMPORTANT
Rare are the businesses that start with minimal costs and becomes profitable from Day 1 of operations. Running a business is a long-term call. You can decide whether you're working for s specific goal; as in buying that car, getting stuff, buying a house OR you wanna play long term.
If you have short term goals, then doing a business might not be a right option for you.
One always gets greedy when numbers start popping out. Only a patient person can observe it from the far and let the vision execute seamlessly. Otherwise, you'd be soon exhausted of resources and have to take another call of action to run the business.
Rare are the businesses that start with minimal costs and becomes profitable from Day 1 of operations. Running a business is a long-term call. You can decide whether you're working for s specific goal; as in buying that car, getting stuff, buying a house OR you wanna play long term.
You cannot play on abstract. Planning the cost of operations is extremely important. Likewise, the distribution of cost is also important. You have to allocate the cost for various functions as per the need.
INVEST. INVEST. RE-INVEST.
Do you know that Flipkart's server crashed on its 1st Big Billion Day Sale? Same has happened repeatedly for brands like WhatsApp, Myntra, Zomato and even Instagram. There was a time when their resources were not able to handle the traffic they were getting from the internet.
In this technology revolution, starting a business is easy. Maintaining and running it smoothly creates a key difference. All the basic resources required for setting up a business are easily available. Once you get running, start investing and researching in your key resources.
This brings a major cost difference as you'd be able to scale up your business if you upgrade your resources. Till the time you'd keep extracting profits and not upgrading resources, you'll stay at the same place and subsequently be taken over by market.
You have to be patient enough to let it flourish. Build a brand rather than pure stuff and numbers. At any given day, a brand has far more value than just a business.
You've been an amazing reader. Have a great day ahead!
