“How to Start Your Own Business – Real Lessons from People Who Failed in Business”
To truly understand how to start your own business, we must first shed light on those individuals who have failed in their business ventures, suffered heavy losses, and eventually had to shut everything down—only to return to their old lifestyle.
Many people, driven by sudden excitement, hearsay, or motivational videos, get inspired and end up investing lakhs of rupees to start a business. But such decisions taken in haste, influenced by others’ opinions, often prove to be disastrous. Their businesses don’t survive, they incur losses, and eventually shut them down.
Most of these entrepreneurs are ordinary individuals—people who lose their parents’ lifelong savings in a flash, without any solid planning. Some even take loans or borrow money to start a business. And when they fail, they are left with nothing but regret. Ironically, they then begin doing what they should have done before starting the business.
To cover their business losses, repay loans, bring back smiles to their disappointed parents’ faces, and escape the judgment of those around them, they return to their old jobs or careers. They become more obedient to their parents, agree to work regular jobs, cut down all unnecessary expenses, and start saving every penny. Observers may think, “He’s doing the right thing now.” But the truth is—he is no longer working for himself, but to repay debts. He’s putting in the effort, but the real beneficiary is the lender.
Had he followed the same disciplined approach before starting the business—saving diligently and cutting unnecessary expenses—his financial situation would’ve been entirely different. Every rupee he saved would’ve belonged to him and not gone into debt repayment.
In reality, business begins with saving.
The very essence of business, to me, is profit. And if you are saving your hard-earned money by avoiding unnecessary expenses, that is profit too. I consider saving money the first step of any successful business journey.
If you have learned how to save money, then you’ve already cracked half the strategy required for running a successful business. Every major business in the world started with this same principle—understanding profit and loss begins right here. If someone can’t manage to save money, it doesn’t matter how much they have or whose son they are—even if they are the heir to a large business empire, they can lose everything.
Those who ignore the strategy of saving money are often the ones who fail in business. They are the ones who face heavy losses.
So, our first strategy must always be to save money and create profit—this is the core root of any successful business. If you don’t know how to save your money from being wasted, that’s the first thing you need to learn. And if you’ve already jumped into business without learning this, then trust me, your phase of failure has already begun.
One of the biggest reasons why people fail in business is making impulsive decisions based on others’ opinions or temporary motivation.
Yes, motivation is good, but decisions should always be taken with a calm and logical mind. When decisions are taken emotionally, we tend to overlook important details.
For instance, someone may spend lakhs to start a business, only to realize later that better alternatives are already available in the market. That’s when their business starts to decline. They mistakenly believe the problem is poor marketing, so they spend even more on marketing. But even if their product reaches the audience, the presence of better options in the market kills the demand for their offering.
A smart entrepreneur always thinks through everything before starting a business. They begin by asking themselves important questions:
Am I making this decision in excitement, or with a calm and calculated mind?
Can I offer something better than my competitors?
Why would people buy my product?
Will this business actually be profitable?
Do people genuinely need my product or service?
And most importantly: Is there a real need for my product in the market? That’s the most crucial question. Smart businesspeople know that business is not about selling; it’s about helping—about fulfilling people’s needs.
Let’s consider a simple example. Suppose someone manufactures matchboxes for 50 paise each. The company itself doesn’t deliver matchboxes to every customer directly, yet the business thrives. Why? Because there’s another entrepreneur who understands the need, buys matchboxes from the manufacturer, and distributes them to retail shops. That distribution business becomes a profitable model because it fulfills a need.
Another example: Imagine there’s no ATM facility in your locality. If you set up an ATM there, it will fulfill a pressing need. The community benefits, and so do you—your ATM business will run successfully.
Consider companies like Zomato and Swiggy. They recognized that people wanted food delivered to their homes. They solved a problem, and today they’re not only helping millions but also making massive profits.
These examples show us one golden rule: Every successful business is built around meeting people’s needs. The need is the opportunity.
Whether you’re starting a business in a small village or a large city, whether it’s a small venture or a big one—your focus must be on solving real problems and meeting real needs. If you can successfully address people’s needs, your business will never fail.
That is the biggest secret to successful entrepreneurship.
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Disclaimer:
The information shared in this article is for educational and motivational purposes only. Starting a business involves risks, and individual results may vary. Readers are advised to conduct thorough research and consult financial or business professionals before making any investment or business decisions.