Starting your own business

Guys, I think I already discuss this topic sometimes ago but today I would like to share what I discussed with one of my friend yesterday. He is still working with one of the corporate company in Malaysia for more than 10 years now. And yesterday I walked-in into his office to discuss few matters on the current business that I have with his company. While discussing, I noticed via his body language it told me that he have something to ask me. Suddenly my guess is true, he changed the topic and asked me, “What do you think if I quit my job and take care of my business fulltime?”.

Then he told me that he had already been running a company with couple of his friends to do some business but of course not related to his current work. But the business need him to attend for few meetings during office hours and he felt that it is not right for him to divert his time from his 9-5 job to attend to the meetings on behalf of his own company. He felt that he is not sincere to his current employer. What a noble guy to have such a feeling or principle on what is right and what is not. So I told him, “Dear friend, just ask your gut feelings out of it. If it says you have the will power to forgo your current job and concentrate fully to run your business, by all means go for it.” To me it is all in our mind. But I told him to get ready of some important matters. I said, “If in the difficult times or the hard times or the early days of your business, and you forsee yourself could sustain your style of living for at least a year or so, then you are ready to jump into the band wagon of the business world.” This is to me is no. 1 item in your check list.

To do your own business you need a preparation too and let’s start out with a few questions about you, your resources, and your abilities:

  1. I can afford to quit my job and live on next to nothing for at least a year or two
  2. I can work part time and get my business going on the side until it takes off
  3. I have good credit so I can easily get funding for my business for inventory, salaries, etc.
  4. I am good at managing my time
  5. I like to train and manage others and I am good at managing people
  6. I always take responsibility for my own success or failure
  7. I have a network of contacts I can use to get supplies and services
  8. I have good negotiating skills
  9. I am willing to take risks to achieve my goals
  10. I know the value of a Business Plan and how to write one
  11. I am willing to work very long hours, including weekends and to forgo vacations to get my business up and running
  12. I can quickly jump from small tasks to larger planning issues
  13. I communicate and work well with others
  14. I can do my own bookkeeping and accounting
  15. I have the personnel, partners or resources to fill in the blanks where I don’t have the skills to do the job myself AND I will be able to afford to pay these people.
  16. I can communicate my passion for my business to bankers, lawyers and customers alike
  17. I am a good sales person
  18. I like to work hard
  19. I have enough assets or money to invest a reasonable amount in my own business
  20. I am good at problem solving
  21. I am not afraid to learn new things
  22. I know how to set goals and measure results
  23. I accept setbacks and keep on trying
  24. I can work on a ‘shoe-string’ and I am great at managing money
  25. I understand the importance of marketing and know the difference between marketing and advertising for a small business vs. a large corporation
  26. I am a good God given servant.

If you were able to say ‘YES’ to more than half of these questions, you have starting from a position of some strength. If you were able to get 75% of the items above, you are likely to do well in your business, provided you choose the right business type and the right location.

Are you ready to become your own boss? Be Your Own Boss: The first tip.

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5 Comments so far

  1. Pushparajan on August 20th, 2008

    I am a real estate agent need good earning. And I have a system in home I would like make money from systems. Tks

  2. roslimh on August 21st, 2008

    Hi Pushparajan,

    Are you saying that you are a real estate agent and now working from home? If yes, ok, a good start but hope you could answer those tips above with ease.

    All the best.

  3. Rohazli on August 24th, 2008

    Abg Rosli, nice tips, as always..As for me, considering the current condition, still far from it (the financial side of course…) but everyday I pray may Allah bless me with the strength to actually uphold the motivation inside me now…think those are the thing that keep me going right now instead of all the problem I face in life…btw, I keep all those criteria as a pre-req to start a business on a serious note…tqs again

  4. roslimh on August 25th, 2008

    Keep it up especially on motivation and the prayers. I just want to highlight here that when I first jump into doing my own business, I have just enough money to start and survive for a year and with the devine help from Allah, I manage to pull through and follow the business flow. To me everyday is a learning process and I will never stop learning. I am not rich but I am thankful for the “rezeki” in doing businesses may it be conventional and online. Alhamdulillah.

  5. […] before you jump into the bandwagon or before you quit your job, consider to read this first, on starting your own business from home. Working from home can be a fun, exciting, and rewarding experience. Best of all you get […]

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