Dare To Dream

While virtually everyone in corporate jobs, and even an increasing number of college students, at least vaguely, dream of becoming entrepreneurs, not many give shape to their thoughts. The desire gets overwritten by the comfort of a salary routine. Only a fraction of such people rises above the resistance, and start planning for their own ventures seriously.
For others, it is a mystery how these entrepreneurs dare to risk it all. The world belongs to those who dare.
This blog will decode the various facets of entrepreneurship.

Sunday, October 23, 2016

Top 5 Myths of Entrepreneurship

Don’t become an entrepreneur for the wrong reasons:

Mahul Brahma

1.      Being your own Boss: Everything comes at a cost. So does being your own boss. And it is not a bed of roses. Once you become an entrepreneur you become the jack of all trades for your startup. From HR to Finance to Business Development to Sales to Marketing to Corporate Communications to Administration, every bit of the company is your responsibility. From mending the coffee vending machines to executing the clutter-breaking idea, it is all a part of the day's job for an entrepreneur. And remember, no one will pat on your back or tell you encouraging words when you achieve your initial successes and no one will console or encourage you when you hit the failures. Being your boss means you need to be your own motivator. 

2.      20-something Billionaires: Don’t let Facebook, Whatsapp, Apple tales take you to a fairyland. The story lies in what is untold. They never started the companies with the target of becoming billionaires. The started these companies because they believed in an idea, an idea that they thought was strong enough to dedicate their life to. Leaving institutes like Harvard or Cal Tech and starting something in the garage takes a lot of guts, and it is that guts that makes an entrepreneur. being an entrepreneur is not a back up option -- in case you do not end up with the plump offer, you start your own company. These people took a leap pf faith and kept pushing themselves, even today, after they have become billionaires. They still are equally motivated as they were on the first day. The failure stories in start ups are in thousands, some take the easy way and take up a job, the others try harder and correct their mistakes.   

3.      Ideas are bulletproof: Even a million-dollar idea can crash-land if it is not backed by a proper business model. Have faith in your idea but be open to address the faults. At the end of the day, remember it is a business and not a work of art. There has to be a great idea to begin with. You need a clutter breaker. But the real challenge comes after that. How do you make your idea viable, how do you think your idea can make money, be sustainable and create value in the same time. This is where you need to understand the crucial role played by a business model. This model is a result of market research -- understanding the need of the market/customers, and pricing. This is a blueprint of to how your idea can become a business.   

4.      Start-up is the quick route to success: Starting your business is nor a short cut to success. It needs more patience and diligence. The labour pains of failures can make you abandon your plan. Neither can becoming an entrepreneur be treated as a back-up. You are bound to fail if this is the case. The road of an entrepreneur is much more challenging than that of a professional. The problems that a professional faces is more of a uni-dimensional nature, pertaining to his line of work. For an entrepreneur the attack can be from any direction, HR/Finance/Administration/Sales/Clients/Media/what have you. It is easy for a professional to quit a job than for an entrepreneur to quit his own company. An entrepreneur can't be a quitter. And at the end it has more dividends, always.  


5.      It is a one-man show: You are only as good as your team. A leader has to understand the needs of co-workers and walk with them. Be inclusive. Every entrepreneur knows that he/she needs a set of like-minded people with a trust in his/her idea. Otherwise, why will someone take such a huge risk, risking his/her career to jump with you for your idea? You need to sell it well. You will have to make them your partners, and lead them towards a better future. It is your responsibility to align the future of the company with theirs', every individual needs to feel like a worthy stakeholder. Although you see just one face, but if you delve deep, you will always see a core team and a set of dedicated professionals who bring in the best of what the company can get.  

So, once you have clarity in why you want to become an entrepreneur, you will know if you have it in you or not. 

  

1 comment:

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