Last updated on January 3rd, 2020
How I Discovered the Entrepreneur in Me: Ron Malhotra
Entrepreneurship comes with many challenges, particularly for those who are starting new. But not everyone is well prepared to take them on. Most of the business owners bring down the shutter early, and a few others do not last for long. The statistics regarding the failure of businesses is worrisome even in the US and other developed countries. The fault lies in the new entrepreneurs not knowing the pitfalls in advance to avoid the mistakes that others made.
Considering that the increasing numbers of new businesses close early, Designhill — a leading platform for freelance graphic designers and design seekers — thought it fit to address this issue with the help of experts. The marketplace has started a series of webinars on different business-related topics to help business owners make sound financial decisions.
In this series, Designhill conducted a free webinar on “How to Finance Your Business” on dated June 12, 2019. In the 1.5-hour-long webinar, the guest speaker Ron Malhotra explored — How I Discovered the Entrepreneur in Me. Ron is the Managing Director of Maple Tree Wealth Management and the founder of The Successful Male. He is an award-winning wealth planner, author, influencer, and global speaker on wealth creation.
Ron Malhotra spoke on a range of issues pertaining to the financing of businesses. He elaborated on topics related to seeking outside finance, how to know if a business is sustainable, how to speed up entrepreneurial success, and mistakes business owners make.
Check Out The Webinar Video
In this blog, we share what Ron advised on how he found out that he was born for entrepreneurship and what qualities a new business person must hold.
Here we give you the excerpts from the part of the webinar where Ron Malhotra shared his experience of starting his business career.
Tips To How To Finance Your Business
01. The Toughest Intellectual Sport
Entrepreneurship is like a tough intellectual sport that tests everything you have. You can’t become a successful entrepreneur unless you deserve it. To earn it, you have to go through many ups and downs. You also have to bounce-back and bounce-forward over and over again. You have to be ok with uncertainty, people doing the wrong things, lying to you, technology, money, and other issues.
02. Be Prepared For Uncertainty
For many years I was unemployed. I do not come from a business background. So, one of the things I realized when I got into the business was how hard it was. I found a lot of respect for business people who have made it big, like the guys who made hundreds of millions. They definitely deserve our respect because it is tough even to get seven figure earning.
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03. Business Is The Toughest Endeavor
So, I realized that of all the endeavors related to sporting, and entertainment, etc., entrepreneurship based endeavor is the toughest. Even the statistics prove it. There are a huge number of people worldwide that fail at entrepreneurship.
You have to know it at the outset. If you already know that you are going out in the ring to fight the toughest match of your life and going to get knocked-out a few times, then there are no surprises. So, you will not get discouraged and disillusioned when tasting failure.
04. Have These Four Entrepreneurial Values
I had to figure out how money works. So, first, I decided that I was going to specialize in financial planning. I actually ended up finishing up my degree. It was not that, I was not academic. But I had not found the things that I was passionate about.
You have to have passion for this game; otherwise, you will give up. Like some people end up taking help from banks like Capital Finance and others to fulfil their passion. I also gave up so many times until I found the thing that was entirely in line with my purpose, passion, values, and strength. It is only when you find these three values that you keep going, in spite of all the challenges and setbacks.
05. Passion Is The Key
I know some people say that purpose, passion, value, and strength do not matter. But that is not the case because we are emotional creatures. No matter how intellectually tough you have become, the fact is that if you are not emotionally vested in your business, you are not going to go through this entire journey. So, I firmly believe that you should have a passion. After all, business is just an extension of your personal vision.
So, the reason why I could accomplish a lot more was that I finally discovered what I was passionate about. After that, hard work was not an issue. I am lazy in many areas, but when it comes to money and business, I am extremely diligent and disciplined. Research also shows that any time you embark in any activity of your passion; you will always be disciplined and organized in those areas. This is something the new entrepreneurs need to understand.
If you have the issues regarding discipline and organization, it may be because the model you have chosen is not in line with your purpose, passion, values, and strength. A lot of people feel guilty that they are not disciplined and organized. That is because they have not found your passion yet.
From the above account, it is clear that Ron Malhotra advises entrepreneurs to have passion for what they do and face the challenges.
Once you start a business, you need to market and promote it. At this stage, you can outsource your design work to a graphic design platform like Designhill. This site lets you have access to dozens of graphic designers. Many of them will work on your brief to come out with unique design concepts for logos, business card design, and such other graphic design works.
During the webinar, Ron Malhotra shared his experience of entering the business world. He advised new entrepreneurs first to have a passion for business. Then they should be prepared to face challenges and uncertainties. He also was of the view that the entrepreneurs should have a purpose, value, and strength to run a business successfully.