D. Muthukrishnan, Founder of Wise Wealth Advisors
When I started this business, the initial fear of failure was very difficult to overcome. For any successful start-up, the initial days are always difficult. So when I quit my job at a BPO, I was hesitant to put in capital to start a new venture.
I had a passion to be financially independent and help others achieve the same. Even while I was working, my colleagues used to seek my advice on many aspects of personal finance. So when I quit my job at the age of 34, starting a new chapter in my career as a financial adviser was a natural choice for me. But I was not sure whether I will be able to survive in this profession which had a lot of risks. Client acquisition was a hurdle and soon I began doubting my decision.
One of my clients who was also an entrepreneur shared with me one of the rules of a businessmen. He said, “Stick to the business for the first 1,000 days and then decide the future.” He advised me that every entrepreneur faces certain struggle and one must be patient enough to face such problems. For a start-up, the ability to survive for the first three years is crucial and helps you in deciding the future of the company.
His advice helped me overcome the psychological pressure when I started my own company.
Hemant Rustagi, Wiseinvest
One of the biggest challenges which IFAs face is hiring the right talent and retaining them. When I started my own company, I wanted to hire a few people to help me in the business. On discussing this with friends, I was advised to focus on employee satisfaction. Satisfaction does not necessarily mean giving good packages or incentives. According to me, giving employees a chance to grow, learn and evolve in the business helps you keep them happy. This was one of the best pieces of advice I got and I still believe in it.
Everyone focuses on acquiring new clients or client retention, in this process; one tends to ignore the people who are working for you.
Employee satisfaction is very important since they remain with you during your good as well as bad times. When the business is not doing well, your employees give you strength. By following this advice, I am blessed to have employees who have been with me since inception.
