My Own Business Journey

What is Business:

"A Business is Simply an Idea to make other people's lives better"
~Richard Branson~

Source

The main purpose of doing business is to make a profit. It can have different mechanisms. Sometimes we make new things and sell them which makes a profit. Just like Apple company makes and sells mobile phones and makes a profit. And sometimes we earn profit by providing different types of services. As communication companies earn profit by providing internet service. The activities involved in producing and selling goods or services that people need or want to make a profit are called business.

Before starting any business, a market survey should be done to see what is the current demand in the market. People will definitely buy what they need.

That's why I like Richard Branson's definition of a business "A business is simply an idea to make other people's lives better".

Every man in this world is either doing his own business or is a part of someone else's business. Therefore, instead of working hard for others, we should do our own business.

We should always keep in mind that "No one gets Rich by just collecting Salary Alone". We must do our business to fulfill our dreams.

"ٰ If you don't build your dream, Someone will hire you to help build theirs".

~Dhirubhai Ambani

Steps to Create Own Business:

Starting your own business is not a difficult task. To start your own business, Think about the business you want to do. For example, what product do you want to make and sell or what service do you want to provide to people?

Conduct market research that will tell you if there’s an opportunity to turn your idea into a successful business. It is possible that the business you are trying to do is not needed in the market, i.e. there are no customers of your business OR many people are already doing such business in your area. So, after gathering all information you should select the best business to start.

Make a complete plan about the structure of your business and how you will run it and also about the growth of your new business. This plan will help you to satisfy your workers and convince other people to invest in your business.

Figure out how much money you will need to start your business. If you do have not enough money to start your business then borrow money or take a loan from a bank. So, gather money before starting a new business.

My Own Business Journey:

I was very fond of doing my own business since my childhood. But our home conditions were not such that I could start my own business. My parents insisted that I study in college and university, get good grades, get a good job and help them meet household expenses. If I used to start my own work, my father used to be very angry with me that if you start trying to earn money from now, you will lose interest in studies and your grades in school will not be good. Due to which you will not get admission in a good college. And if you don't get admission in a good college, you won't get a good job. Your future will be ruined.
My father himself has worked all his life and he believes that the advantage of a job is that you know in advance how much money you will get on the first date. There is no risk of loss in a job and there is always a risk of loss in business. When the job ends, a pension continues to be received in old age.

Despite living in this environment, I had a lot of passion for doing business. I used to make and sell paper envelopes as a child. But according to the wishes of my parents, I continued to focus on my studies. Immediately after completing my studies, I got a very good job in the Government Department. Now my parents were very happy. Then I saved some money from my salary and started doing business with it.

First time in my life invested 50,000 rupees in an engineering workshop as a sleeping partner. At that time, I was working at a power plant in Karachi city. I myself was the supervisor of the engineering workshop in this plant. My colleague's brother had a private workshop in Karachi city. A company gave him a contract to manufacture some parts. Company was decided that when the finished product will be handed over to them, then the company will pay them. He didn't have the money to buy the raw materials to make the parts. This workshop owner made an agreement with me that if I buy the raw material for him, he will give me Rs.5,000 out of the total profit and keep the rest.

I bought him the raw material and he manufactured the parts from that raw material. After selling the parts to the company, they gave me Rs 5,000 and kept the rest themselves. The company liked his parts and the company made a contract with this man that you would make so many parts and give them to us every month. The man would take money from me every time and give me 5,000 of the profit, which went on for 10 months. Then this man got his money and started buying raw materials with his money. In those 10 months, my 50,000 doubled to 100,000. This was the first business in my life in which I got a lot of profit.

After the first success, I started the Edible oil business. I bought the distribution of Kisan Oil Company. But in this business, I did not profit. I could not run this business because it required me to quit my job and devote myself full-time to the business. In the first business, I was the sleeping partner and the other man handled all the work. So that business continued. This Edible oil business sold the same amount of oil to another distributor and took money from him. No profit and No loss in this business.

After that I started a poultry farm business. I invested 250 thousand rupees in it. A friend of mine had a poultry farm, I bought and kept my chickens in Cross's poultry farm and made my friend a 50% share in the profit. I made a profit of 80 thousand in this business in about 5 months. I was a silent partner in this business as well.

I also took a Suzuki pickup and put it in TCS courier. In this business, I used to get 2300 rupees per day. I was responsible for the fuel of the vehicle and the salary of the driver. I used to save 15 thousand rupees per month in this business. Then the driver went out of the country for a job. As I couldn't find another driver, I sold that vehicle, thus the business ended after six months. In these six months, I saved 90 thousand Rupees.

After that I started real estate business. A real estate business requires a lot of money. So I took a loan of 4.5 million rupees from the bank. On top of which I had to pay 10% annual profit. I bought some shops and some plots with this money. One of these shops was worth 2 million and I was getting 25,000 rupees as rent per month. Some plots and shops were on installation. I also got a lot of profit in this real estate business.

Conclusion:

If I review my entire business journey, I have made a total profit of around 2 million rupees. I have also repaid my loan of Rs 4.5 million and now I have Rs 2 million for investment. Now my interest is more toward cryptocurrency. Because a lot of profit can be earned in a short time. But if there is a loss, it is also very high. It is certain that "Investments with higher potential returns also carry higher risk." Please advise me on whether I should invest my money in crypto or not. If want to invest in crypto, in which coin and when to invest because I don't have much experience with crypto.

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