New age Business tips

For my 'young friends' who want to get into business:

1. Business means making money, stability and a responsibility.

2. Don't expect a AC cabin, beautiful secretary, fancy board meetings, private jets, page 3 interviews & parties in few months of your business. It happens only in movies. 

3. Never do a business in which you have no knowledge and completely dependent on a third person to run it. Don't invest everything you have. Keep aside 50% and do business only with the rest. So even if you loose you are not on roads. Pay loans on time to avoid accruing interests. Save a portion of your profit as a 'security' in emergency. Have short term plans to reach your long term plan. Long jump has short fall. So take small steps.

4. Learn to delegate but closely monitor so that you can pull up or change strategies before you hit the rock bottom

5. Expand as much as you can monitor. A safe business is better than a huge unmonitored business

6. Business needs sacrifice of few personal things and choices

7. Don't get attracted by 'fad '. Check if a business will run on long term

8. Preferably don't pull in friends as partners unless you have clear terms and conditions between you in written and a high level of understanding and transperancy.

9. Don't compromise on quality and service you offer if you want to stay in the market. Always keep reasonable margin of profit. Your stock moves fast.

10. Don't get carried away by short term success stories as few are true, few fake and few fortunes has a crime behind

11. Consider yourself to be the worker and not the boss when you work

12. Personal expenses and lifestyle should not be adapted into your business. Remember every penny in running your business is investment and spend it wisely

12. Hand over finance management to the most critical, conservative and knowledgeable person, an elderly is preferable from earlier generations.

13. If you enjoy hardwork then get into business. If you relax your business will also relax.

14. Be pessimistic while assessing and optimistic while executing.

All the best👍🏻

( I am a post graduate in human resource management and a masters in " corporate & securities law" with business background. These suggestions are out of my experience and education and you can trust me. Not copied and pasted😊)