Entrepreneurship will appear interesting and even fairly romantic to an extent when we look at it from outside. There is poetry and pathos, and it looks like high drama. But often what we miss are the difficult parts. An entrepreneur looks at one’s own product or service and feels proud about it. S/he who sleeps
Entrepreneurship will appear interesting and even fairly romantic to an extent when we look at it from outside. There is poetry and pathos, and it looks like high drama. But often what we miss are the difficult parts. An entrepreneur looks at one’s own product or service and feels proud about it. S/he who sleeps less and dreams more, feels that nothing can come in between them and business success.
While the excitement of ‘starting something’ is often too overwhelming, one has to be realistic. Even in organisations like TiE, where we promote entrepreneurship, we often remind youngsters to think twice whether it is in tune with their attitudes and aptitudes. But often we also find it difficult to articulate what those attitudes are.
In the excitement, it is always good to remind ourselves of a few seemingly minor aspects which may have a substantial bearing on our onward journey as an entrepreneur. Here are some of the questions that need to be answered in this regard:
Are you ready to maintain exemplary discipline?
One of the first things a lot of individual entrepreneurs do is to think that they are now masters of their time. At a recent TiE meeting, a senior entrepreneur reminded us that from the first day of his business, he has been waking up early, getting dressed and going to his office – a makeshift office in the guest room! As an entrepreneur time is never yours any more, he remarked.
Are you ready to receive feedback and work on it?
One may not get the product or service right at the very first time. You have to listen to the comments or feedback and work on it. Your ability to positively and constructively look at changes will be crucial for your journey.
Are you ready to ask for work?
Most of us feel extremely awkward to ask our friends, batch mates or relatives to source work for us. One needs to have the courage and conviction to do this. It is vital particularly in the initial days.
Are you still keeping the fall back option?
Your business venture has to be like a bullet fired – No option to stop it or rewind! This is easier said than done but a lot of empirical research says that people with plan B, C or D are not as likely to succeed as the one with only one plan.
Are you ready to forgo you monthly pay check?
Behavioural scientists say that the monthly pay slip is more addictive than drugs, alcohol and cigarettes. The security and confidence that the first of the month brings you and the subsequent smile it sparks is not something one can easily forgo.
Are you hoping for better work-life balance?
A good percentage of new ventures are the result of people leaving mainstream careers to have ‘more time at home!’ There is a difference between a sabbatical and entrepreneurship. The answers to these questions are important for understanding yourself better. Answer them honestly before you take the plunge!