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Hi, I'm Chander Dhall, CEO of Cazton and today we are in Colorado. What a beautiful scenery right there.
So today I'm gonna talk about, the most important things that no one tells you when they start their business.
No 1. Loss is inevitable
No matter what you do, a lot of times you're gonna end into losses that you have not accounted for.
There are gonna be times, when the clients are gonna file bankrupcy and you're not gonna get paid, there are times when clients can delay payments even for months, but you are gonna have to pay your own employees. There are times, when we are gonna hit a recession or the industries you work with might have a slowdown.
And there are gonna be times when no one's gonna buy your stuff, even for months. A lot of these kind of situations come and go.
But they hit you really hard in the initial years of your business.
No 2. You Risk Everything
Yes! a lot of people tell me, I'm gonna start a business and what's the worst case? I'll lose all the money. I can start back again 5 years later, get another job.
That's not true. When you start a business, you can lose anything.
Imagine a guy who started a business at the age of 31 and lost all the money by the age of 40.
That's 10 years of his life going towards working 14 to 16 hours a day, and it's not easy. So you risk everything.
No 3. You never take time off
Don't get me wrong. I've started multi-million dollar businesses and I've been successful.
But let me tell you this. You never have a vacation. Look at me. Right now, its sunday. I woke up at 04:00 am in the morning, got lot of work done.
Now I've been in Colorado, filming a video with a beautiful scenery.
The only thing you can really do, is on your vacation you only work 8 hours.
Remember, 75% of the VC funded startups fail. And how many actual startups, get the VC funding? The number's pretty small. The success ratio is pretty small. And for someone like me, who started all my businesses with zero funding from anyone else has started them all alone. It just wasn't easy.
Now lastly, I really don't want you to be discouraged. The idea of the business was not to discourage you, but to give you a realistic picture of what it takes to start your own business.