I always thought of starting my own Earth moving equipment business. My idea is very simple. I raise capital somehow and then start leasing out the equipment. Business is all about making money work. One should always keep in mind that business might make you rich but not necessarily fulfill your potential as an engineering graduate (I am one). The business itself might not be as glamorous as a less paying reputable job. You might be aware of the famous samosa forward in whats app.
For example, take my own business idea of Earth moving equipment. I have to calculate a lot of things in prior to get the number of trips and the charge per trip in order to make profit. Assuming everything goes well and I get a lot of money on every trip but in the end I will be the guy who leases out some jumbo monster trucks but the thing I like is to drive them, anyway that’s another story. Once the money flows in making it work is another task. For that you invest the money on new trucks and the maintenance of the existing ones and so on you expand the business. Most business have to be careful in this stage as the cash flow slowly becomes complex as company grows.
To get into business one has to identify an idea. Some quick mental techniques to do so is to prepare a list of services you use just out of necessity but feel irritated. Say for example I always feel irritated to shift my books to wherever I stay especially the heavy ones. So I buy a kindle which is lighter in weight and the best part is all I need to carry is that single gadget.
Another way of identifying business is to look for value leakage in a particular service. The same four seater car comes at a wide range of 2 Lakh to 80 Lakh and more. In order to establish a car business, one has to identify the untapped range in the pricing. Like, what if I make a car for 5 lakhs or 50 lakhs. In this kind of ideology, a price war starts when one moves from a particular pricing segment to the other. A company which manufactures normal cars want to expand business by releasing a new car in the luxury zone but with far less price. One has to be aware and try to avoid predatory pricing. Predatory pricing is a phenomenon of offering a low price to win the price war but it will put the loser out of business and lead to monopoly which in turn might leads to a premium high pricing. This can be better understood with reference to Enron scandal which involved frequent blackouts due to privatization of electricity supply.
Assuming everything is going very good then mind shifts on to the way you are treated in society. The mind always wants the next level in life in all matters. For example, give a hungry person a crumb of bread it will bring happiness. Do it on a regular basis the person demands or expects a hike say like two crumbs of bread or a comfortable shelter. So it is inevitable that even if you have money it will ultimately about fulfilling your potential in life. No matter what, you will have to bridge the gap between the two voices in your head to unison, only then you can be happy. Everyone want to achieve their bread crumb no matter what you are doing. Whatever the task you are doing you extract only a particular aspect from the task. The summation of all such collection of tasks will provide you with the fulfillment.