Financial knowledge becomes important as consumer preferences and financial goods are constantly changing. Earlier, Cash was used for most regular transactions; today, it is rarely flashed—especially by younger shoppers. Now many people like to buy online because it gives them more chances to use and overextend credit—an all-too-easy way to rack up debt.

Considering this thought in mind, a young mind from New Delhi, Mohtasham Qutub Khan has started Askyourbudget, where users get lots of knowledge about the Economy, Market, and industrial sector. Ask your budget like startups helps in making financially responsible decisions—decisions that are integral to our everyday lives. Financial Knowledge impacts families, as they try to balance their budget while buying a home, funding their children’s education, and ensuring an income at retirement.

 On our Talk @ jugaadinnews entrepreneurial forum, we have asked Mohtasham Qutub Khan, Founder of Ask Your Budget, some questions regarding his motivational Entrepreneurial journey. Let’s know how he turned into an entrepreneur and established the Ask Your Budget.

1.    How did you get your idea or concept for the AskYourBudget?

Mohtasham Qutub Khan: I followed my gut. I have been fortunate to be a part of several serious startup ventures before starting at AskyourBudget. Each of them came to me as an invitation to join, or from my own deep concern about something that I feel needs to be fixed. At the end of the day I believe, whether the idea is mine or someone else, no matter that idea is good or bad; it’s an entrepreneur’s ability to see a problem with society that others don’t. Then your commitment and hard work become your life and startup.

2. What is unique about your Business Ask Your Budget?

Mohtasham Qutub Khan: As more and more transactions are going digital. Mortgages, savings, retirement, pensions, even banks are completely digital now. This was unapproachable 10 years ago. We at Ask Your Budget, aware the visitors about the financial things in a precise as well as in a detailed manner; so that they can utilize the financial knowledge gained through us in formulating their budget policies.

3. How do you market your business, and which tactics have been most successful?

 Mohtasham Qutub Khan:  Every business has its nature and uses different tactics to market it. As we are in the startup stage, we use every marketing business strategy to market Ask your Budget. Some of the marketing techniques that we use are, conduct market research, analyze user’s interests, providing useful financial information, nurture loyal customers, and Monitoring & reviewing.

4. What risks and sacrifices do such an enterprise demand?

Mohtasham Qutub Khan: Every young startup faces various challenges during its journey and I believe all these challenges make a successful entrepreneur. Technology changes, unpredictable market demands, changing economies, and complex financial instruments are some of the risks that Ask Your Budget kind of enterprise demands.

5. How do you define success?

Mohtasham Qutub Khan: According to me, success is achieved when we make realistic and concrete goals. Meeting monthly obligations and fulfilling basic needs while saving some for the future, you are successful. This financial stability is a great way to succeed.

6. Do you believe there is some sort of pattern or formula to becoming a successful entrepreneur?

Mohtasham Qutub Khan: To become a successful entrepreneur, Passion alone will not work. You have to take your idea as an opportunity to change the market scenario and to provide the solution to the problem that you have seen before launching and entering the field. Any idea can be successful if you strive for it, live for it and die for it.

The 6 steps that can work for a successful entrepreneur are

1. Find an idea
2. Confirm that the Idea is an opportunity for you today.
3.  Go through a risk mitigation process 
4.  Assemble a team who can help you with the execution.
5. Pilot the plan
6. Re-evaluate

7. What is your favorite aspect of being an entrepreneur?

Mohtasham Qutub Khan: I love being an entrepreneur so much! As it gives me the freedom to work on my own schedule, an opportunity to work where I like and I can generate my right kind of circumstances and destiny.

8. If you had one piece of advice to someone just starting out, what would it be?

Mohtasham Qutub Khan: Don’t blindly invest your time and money in any business. There are certain aspects which you need to look at like Market Need, Current and Past Trends, Revenues, and more. You’ll be prepared to create financial stability and do the things you want with your money if you study and apply simple finance and economic concepts. It’s easy to fall victim to common traps if you don’t have the financial knowledge.