The job market has become very competitive, forcing most people to turn towards self-employment.
As much as flexibility and freedom matters, starting and developing a business comes with its own shares of responsibilities and risks.
Bilal Junaid, founder of a Silicon Valley venture capital fund and holder of a Bachelor’s degree in Mechatronics engineering, shares some of the rewards and pitfalls of starting a business.
Bilal is a top investor and entrepreneur in technology who runs his own fund which has deployed millions across various companies in Asia, the US, and Europe.
One of the benefits of his business is that he can work wherever he wants as long as he has his computer with him. As Bilal puts it, he is a digital nomad with no geographical limitations.
Travelling helps one become open-minded, experience new cultures and also be more creative.
In order to run a business, one must be financially disciplined. Try to minimize spending, especially during the start-up process and also be willing to make sacrifices. Bilal says he has learned to balance between his business and personal life. He sets aside time to do his personal stuff and also time for his business. Having your own business gives room to unleash your full potential and try new things.
The business world is unpredictable; there are booms and busts as an entrepreneur; failure should never be an option even when you see losses or experience stagnant economic growth. Learn to treat failures as growth curves and also opportunities to help learn new things. To endure in this field, one must be a risk-taker; there are those decisions that, as much as they will impact the business, also support the growth of the company.
When starting a business, find something you are passionate about; this will be your motivation to keep you going during the hard times. Owning a business, of course, requires a lot of hard work and effort to succeed.
Everyone wants to be successful but underestimate the time and effort it takes. For Bilal to be where he is, it has taken him time, courage and resilience. His advice to aspiring entrepreneurs is to take one step at a time and never give up on their dream.
Considering the points laid out by Bilal, operating a business has its own shares of ups and downs, and it is up to you as an entrepreneur to learn to use them to your advantage.
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