04-05-2024
Six questions to ask yourself when you embark into entrepreneurship
by Rajesh Nair
You look at your idea and feel those goose bumps of purely being enamoured with the product or service. You sleep less and dream more and nothing can come in between you and business success. While the excitement of ‘starting something’ is often too overwhelming and in some sense a little romantic, one has to be realistic … In the frenzy of excitement, it is often good to remind ourselves of a few seemingly minor aspects but have large bearing on your onward journey. Here are the six questions :-
- Are you ready to maintain exemplary discipline?
One of the first things a lot of jobbers do is to think that they are now masters of their time. In a recently TiE Meeting, a senior entrepreneur reminded us that from the first day on his business, he still woke up early, got dressed and walked into his office – a makeshift office in the guest room. As entrepreneur, time is never yours any more,he remarked!
- Are you ready to ask for work?
Most of us feel extremely awkward to ask our friends, batch mates, relatives for work. One needs have the courage and conviction to do this. It is vital, during the initial days
- Are you ready to receive feedback and to work on it?
No one gets the product and service right, the first time over. You have to listen and work on the gazillion comments and feedback. Your ability to positively and constructively look at changes will be crucial for your journey.
- Are you still keeping the fall back option?
Your business venture has to be like a bullet fired – ‘No option to stop it and get back to work! ‘This is easier said than done but a lot of empirical research says that people with plan B, C, D are not as likely to succeed as the one with only a plan A.
- Are you ready to forgot your monthly pay check?
Behavioural scientists say that the monthly pay slip is more addictive than drugs, alcohol and cigarettes. The addict group is more than all the others put together. The security that the first of the month brings you and the unconscious smile you conjure, is not easy to lose.
- Are you hoping for better work life balance?
A good percentage of new ventures are people who leave main stream careers to have ‘more time at home!’ There is a difference between a sabbatical and entrepreneurship. An entrepreneur has not distinction of work and life … it is all just life!
These questions are more than a look in the mirror. Answer them to your satisfaction , before you take the plunge !
