21st August, the world marks World Entrepreneurs' Day. I am reflecting on my journey as an employee, a consultant, and an entrepreneur. It is perhaps the most exciting ride one can ever board, but that's not for everyone.
As LegalWiz.in's primary target market remains to be #smallBusinesses and #Startups, our commercial success is a direct function of how much of the youth is willing to dive into the journey of entrepreneurship. With the hope of creating the next big #innovations and #Unicorns out of #India - all Incubation Centers, Policymakers, and Motivational Speakers are aligned to project the best that is out there for us. Much like your family physician who would want you to stay healthy, but their income still depends on how often you fall sick.
However, it is almost a moral responsibility of the stakeholders in the ecosystem to discuss the unpopular side of the story. If you are planning to start a new venture, consider this before committing to the #StartupLife
You are entering a high-risk, high-reward game:
"90% of the Indian Startups fail in the first 5 years" is what most studies conclude. While we all admire the growth of a few, there is enough of the bloodbath that often goes unseen. Make sure you have the skillset and risk appetite to sustain and grow!
Being a Startup Founder is a lifestyle choice:
The founder's lifestyle is not the same as the "Silicon Valley" life seen in the movies. It comes at a cost. While you remain focused on chasing your passion, you will somehow end up sacrificing on work-life balance, social life, and at times peace of mind. Well, that's all part of what you sign up for. If you can still enjoy that, there is enough adrenaline rush in that hustle too.
Investment is not just money:
Most founders would take the cost of running a startup as the money being invested. There are enough avenues to manage those resources. In my opinion, the most substantial investment is of time. You spend the prime years of your career chasing your ambitions. It is easy to go "all in". Chasing passion often doesn't allow you to draw boundaries. Hence, keeping yourself disciplined and taking rational calls are important.
Everyone has a plan until they get punched in the face:
The most famous quote by Mike Tyson, and how relevant it is here! We all think our products and services are the game changers. We all build exceptional plans and build fancy financial models with numbers almost too good to be true. The secret sauce of success is still in execution. The only superpower and competitive edge that startups have over large corporates is their ability to pivot. If you see yourself failing, can you fail fast?
Is my problem, the world's problem?
Most of us are obsessively in love with our products and solutions. In some cases, just to realize that the problem we are trying to solve is not even a problem of plenty. If there is one mistake that I wouldn't repeat if I were to startup again is that I wouldn't aim for a perfect product. I would rather create MVPs, roll them out in the market, seek validation, and improvise!
Your family could be your biggest strength or weakness:
Well, as a founder, you still expect yourself to be socially present for your family. Startup hustle is just a part of your life, a substantial one but still just a part. Mental health is extremely critical while you navigate through the early phase. Make sure your career goals align with the lifestyle obligations you have towards your family. You can cruise through all the difficulties if you have your family and friends by your side. Also, being part of startup communities where you find founders going through the same hustle helps a lot. It provides an exceptional comfort where you can vent out, without being worried about anyone being judgemental.
Finally, not everyone is an entrepreneur and it is ok not to be one!
There are various career paths where you can achieve success. If you don't find yourself ready yet, please don't rush. Say, success is a function y=α+βX. Your β is a linear but comfortable reward. You may find plenty of examples where people contribute significantly to the success, without actually owning the organization - often known as "intrapreneurs". Your α is the abnormal return, positive or negative, that you are willing to create for the risk you ride.
I shared my thoughts with Rest of World sometime back and wanted to leave a link here for your reference. I believe it was an interesting read curated by Itika Sharma Punit
With all the caveats, founding a business is an exceptionally fulfilling journey. If you believe to be cut out for the ride, there isn't anything as thrilling. Wishing all a happy World Entrepreneurs' Day. Go and change the world, for a better tomorrow! 🙌🏻
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