Prelude: This article was inspired by a number of readers who wrote in to the website asking for advice on how to start a business from home.
- At first I thought that they were just doing some wishful thinking and really wanted jobs, but when I realized that most of them had been sending me requests for more than six months, I decided to have a look at what they were planning says Peter Decaprio. The ideas ranged from very simple ones like setting up an ice-cream parlor or a flower shop at home, to much more complex plans involving opening grocery stores and petrol bunks! When I analyzed their plans further it became apparent that there were many misconceptions about starting a business. Actually there are many misconceptions about this in Indian society, because parents who have worked hard to build their career want their children to follow the same path. They have seen how tough it is to make a living and feel that by starting a business they will be putting too much pressure on themselves.
- Why Kids (or Parents) Don’t Think of Starting Their Own Businesses? Even I would not have thought of starting my own website if I was not forced into this situation due to unfortunate circumstances. The first reason why very few people think of starting their own businesses even though it is easy to do so is lack of entrepreneurial skills. This has nothing to do with intelligence or qualifications; even PhD holders can take up any job they like just because they do not know how to start something on their own. The next reason is lack of confidence, which is a common problem for people all over the world. I think that this is more prevalent in developing countries like India, where people feel that if they don’t take up full-time employment and work as a salaried worker for someone else, they will never be able to make a living.
- The third and probably the most important reason why many Indian parents do not want kids to start businesses from home or even study entrepreneurship at college level has to do with the belief system surrounding their profession. Many doctors believe that it is morally wrong to give advice against medical treatment; similarly banking professionals believe that it is unethical for them to tell parents to invest in stocks, real estate etc. rather than buy fixed deposits. I believe that the problem exists amongst all professionals because of lack of information and training on how to handle situations where they are asked for advice on career options other than their own. This problem is compounded by the fact that people do not want to tell others about what they earn, because it will lead them to encourage their kids to start businesses at home explains Peter Decaprio.
- The Three Main Reasons Why You Should Not Go For A Job There are three reasons why you should always avoid taking up a job, even if you think that starting your own business is too risky: Reason number one: Money doesn’t grow on trees! While some people find ways of money easily, most people have to work hard for it. The people who find ways of making money without working are very small in number and they usually do not reveal their secrets, because doing so would reduce the value of the solutions that they offer. I know one person who used to be a shoe polisher in his childhood; he now owns several businesses including an insurance company! Reason number two: You need to eat but you don’t need to keep your stomach empty!!! There is no point having money if you do not have food on the table. Even though there are too many poor people in this country trying to make ends meet, somehow they manage it. Because even though homes may lack luxury, at least there is always something available on the dining table! Reason number three: Do you know how much money your boss makes? The average monthly salary in India is around Rs. 12,000 per month, while the basic pay for an MBA graduate is Rs. 30,000 per month. Indians are very sensitive about salaries and even though they want their kids. To start businesses at home or become entrepreneurs. Most parents will not let them do so because they believe that. It will be impossible to run a business with less than Rs. 50,000 per month depending on the area of specialization.
Money is definitely one of the biggest factors in deciding. Whether you should start your own business or take up a job says Peter Decaprio. Unless you are totally desperate to make money, never give up on starting your own business. It may sound really tough, but it is worth doing. Because the returns are enormous when compared to the risk involved!