Recently, I met an aspiring entrepreneur, who is willing to start Natural Mineral Water at his own place in the Uttarakhand. He does follow my YouTube channel. He was very prompt to even meet me at the Delhi Drink Technology Exhibition. In the very short time which was available, we discussed about his water source and next steps to follow. I suggested him the steps. He took the logical course of action correctly, however lacked the exact details about product and the standard details. Standard meaning, those set by the regulators.
Another one of those many incidences occurred when an existing plant owner asking me remedies about the water quality. Having started a plant, he should be having a properly graduated person who understands water quality. Another source is the Plant Supplier, from whom he procured machinery from. Most of the times, entrepreneurs overlook the technical aspects of the plant and hurriedly place orders with wrong set of suppliers.
The importance of getting prior business knowledge
As a business owner, you are not expected to have detailed knowledge of the design details, but should know these basics like what are the standards to follow, who are the regulators, and how to appoint vendors, the key factors to look into. You can get this from the internet, or visiting places, exhibitions. Also look for trainings if available. This mindset is important.
Why entrepreneurs skip this major step
They don't skip. They think that they are doing the right thing. Majority of the would be business owners do their own DIY, and somehow are very excited to see the machines on floor, not just on the screen. And they love to visit poly places too ( incl me ). Hence they start visiting existing plants, machinery suppliers from across the country. At each step their thinking space gets corrupted by foreign thoughts. Having met a supplier having supplied 100s of projects, they get impressed and unconsciously start following their advice. Similarly, the also follow the advices of existing plant owners.
Take as opinions, not advices
No harm meeting and talking to people, however, these are not the ones who will be responsible for your ROCE Return on Capital Employed. Profits in other words. Hence take information. Seperate advice from the core discussions. But don't judge on that.
Maximum Mistakes Occur Here
This is the most critical point, which can turn the game. Hence as a business owner, you also need to develop this gene. Visiting and meeting people will help you to check ground realities. But keep them as reference material. After this, first check legal obligations in details. This is unskippable step.
And it's a sure way to stay long term in this business.
