This is not my advice but I came across a video on Youtube shorts. This advice was given by Dr. A. Velumani PhD who is an Enterpreneur who made over 5000 Crores. This was great advice and I thought I should somehow remember it and try to implement it. That's why I thought of documenting it and sharing my thoughts on this.
Dont burn your father's money into business
Many Entrepreneurs are either new to business or are just starting a huge inherited capital. In such a situation, people may not have experienced the pain of earning money and might end up burning a lot of money without knowing the real value of the money. I believe this advice is given to people who start their business with overconfidence and their father's money as their initial investment.
Don't burn investors' money into business
People might look for investors to invest in their business or project. Most of the money invested from the investors goes to improving the business. If the money is utilized well, it will give the right fruit. If the money is not utilized very well, then people might end up burning that money too. Not just personal money but if people burn investors' money too, then again it may not give a successful business. More than personal money or inherited money, entrepreneurs should be careful with investors' money and handle it with care.
Create your own money, put it into the business and you will never lose it
If we invest our money into business, we know the effort we took to earn that money. Hard work always pays. With the hard-earned money, we will know the importance and we will not lose it very easily. This is one of the biggest reasons why it is recommended to do any experiment with our own money instead of our investor's money or father's money.
There are only two kinds of people on this earth. One is successful and another is the one who did not focus
From the above statement, more than the business or growth ideas, I understand that focus is the most important thing. I'm able to easily relate to some of the things that happen in my life too. Today I might have some interest in something but gradually if I don't handle my interest very well, I might lose focus and my area of interest might gradually change too.
Business is a Marathon race. Don't run it like a 100 Meters race
This is another valuable advice. Many people want to get rich as soon as they enter the business. One of my friend's father started a quarry business. During the first 5 years, they had a huge loss in the business. They did not get anything and were losing a lot of money. The debt was continuously increasing but after the 6th year started, within one year, they were able to get all their investment back and make a lot of money. From this example, I understand that business is not a 100 meters race. Sometimes we might have to walk instead of running. But taking it slow will give great success in the long run.
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Posted Using InLeo Alpha
Posted Using InLeo Alpha
