Five ways to glide into your own venture

You’ve finally decided to quit your job and become an entrepreneur. But make sure you plan it well. ET gives you a few tips.

Build a Cash Reserve

Entrepreneur Meeta Wasan, who runs Doon Consulting in Gurgaon, says it is important to have cash flow arrangements for at least a year. “Even if you are lucky to get clients early on, you will need that much time before you collect receivables,” she adds.

Keep Good Equations

Ensure that you maintain work ethics and decorum till you are in your current job. You never know when your boss and co-workers come in handy with references or hiring you back.

Balance your Time

It’s important to learn to balance one’s time between work and personal responsibilities. “In the initial stages this can be very difficult,” says Wasan.

Be Organised

Always keep a diary and a calendar within reach, and not depend on an “overloaded memory,” says Wasan.

Keep an Open Mind

"It’s easier to take a risk early in your career,” says Hitesh Bhagia of IIM Kozhikode’s 2009 batch who has co-founded Homeveda Media Labs. “If you are well qualified and have the right attitude, you should succeed. Even if you don’t, in the worst case you will go back to the same old job where things won't change much in two to three years. It’s aworthwhile gamble,” he adds.