A lot of times, I hear or am part of a conversation that carries great advice or instills inspiration. This keeps me coming and writing something for this blog. Following is an advice someone, who has been successful (after a few attempts), was giving to a young entrepreneur who is just starting off. (both of them are in the IT profession and, of course, both of them are in Pakistan thus the 50k figure makes sense here).
Let me share it with you (unedited)
1. If you are making 50,000 PKR / month from you job, make sure that you cover this bare-minimum from your venture. If you can’t achieve this, go and do a a stable job, and shout at your HR Manager, Finance Manager and CEO
2. Once you have your basic “Rozi Roti” set, think of making something big. For initial 1-2 years, if you can make 3x of your current salary, you are safe so making around 1800 to 2000 $ a month is a good target.
3. Start with services and then slowly move towards products. Less aggressive but make sure you survive through product development life-cycle
Agressive route is to worry about funds for 1 year, and then fully indulge in your own product but make sure you earn / get profitable after 1 year ( till you can breath without a stable job ).