One major disaster area is the fact that we get influenced by others, their work, success and in the process we fail to devote time to actually dig deep and find out if the project we are about to start, makes business sense? leave alone our own interest and inclination to be in that field
First up is to address a situation when we want to start our business – we see 2 windows, a) we have our own ideas that we have been working on, which to me sounds very promising, and b) is that we try to imitate friends, or other successful businesses assuming that it must be a winner
There is another extreme situation that I have witnessed in South Asia, people investing tons of money (own & borrowed) into businesses such as textile spinning at a time when hundreds of textile units were being shut down due to uneconomic market forces, but just because textile was region’s backbone of economic boom once, so that was good enough reason to pump in money without seeing rational in the new scenario – end result, new companies being shut down, or people with deep pockets dish out more money to sustain, banks shying away so its a pretty scary situation to be in
My advise to upcoming SMEs and our new generation, is to gain value from past experiences – which is to read history, how families, individuals had started their businesses years ago that have become giants today! they all started very small, and with their own ideas and vision – please never try to borrow someone else’s dreams and desires as they would never fit into your own mindset and today’s fast changing economic conditions
As much as we want to get benefited from history, we need to appreciate that things are much different today, in the positive sense of course. In the early days, people had to do all the work on their own, now we simply outsource either to our machines or 3rd party contractors, so its only fair that the time being saved, must be put to good use to research our ideas, focus on coming up with a sustainable business model, that must not die prematurely against competition or lack of quality or better priced products.
My request to all teachers, parents, guardians is to please encourage children express their inner desires, ideas, get them involved in group discussions, be patient, be good listeners, also share your knowledge, wisdom to provide much needed balancing act in a positive manner rather than giving kids an impression that we are being critical, because we must not burden them with our own desires as to what we want them to be. Children are naturally gifted, our job is to nurture their talent by giving them opportunities to ask all kinds of questions, express their mind, share their ideas so they are able to gain knowledge, grow in confidence, maturity before they step out in the real world
To all aspiring youths, dare to dream, never lose hope, never stop trying 🙂