Entrepreneur and Entrepreneurship, Entrepreneurial journey for everybody There were times when only a class of people had the privilege to own or run a business, but now there is so much hype around entrepreneurship that percentage of people interested in starting their own business has increased.
Entrepreneur and Entrepreneurship
The question to start a startup is always questionable in itself, because nobody knows the destiny of a startup, looking around, it seems that everybody wants to start a starting up a business as many of you wants to get out of the rat race, have financial freedom, retire earlier and enjoy life to the fullest.
Although there are many good start up business ideas if put into reality will definitely turn into great business and start your entrepreneurial journey but nobody can tell the business will run for sure or not. Entrepreneurship is not just about doing business or just about initiating a startup; it is about showing true strength over weakness to endure the success and failures, sacrificing pleasures, doing things without knowing the results, believing in integrity, commitment to continue no matter what the results are. That’s what entrepreneurship is and will be.
How to know: There is no sure way of knowing what’s in store for future but if you really believe in your idea then you should really take a balanced risk. Now the question arises is what is a balanced risk, I would say a balanced risk is where the stakes are not too high and if by any chance the business doesn’t do well then your family and assets are not at risk.
I myself pondered upon this question and my personal experience is if you are in a job then slowly built your startup business parallel with your job with time and growing business you will gain confidence that now your business can bear the weight of your living and other expenses. Only then will be its time to full-time switch to the business this way you can endure the hard times of bearing expenses of both your family and your business.
I would really suggest that never put at risk the future of your family, as they came first and the startup secondary. Have you ever seen a trapeze artist performing, and then you must have seen that how the artist is takes the well calculated risk to switch from one trapeze to another one.
The risk factors in Entrepreneur and Entrepreneurship
: The risk factors associated with a startup is way to high that is why job has its own charm, sticking to a 9 to 5 boring job at-least gives you a monthly pay check and will provide security to your family. I may sound negative by giving job and its pay check more value against the bliss of owning and running a startup but I would say I am been objective than rather been unrealistically optimistic. Here comes the value for research and analysis.
Weighting the pros and cons of starting a business, doing the risk analysis. You don’t have to be a scientist to conduct the research, check the market around your idea, product or service. See what would be the best and minimum startup cost you have to invest, do financial planning for at least minimum of 3 years in advance.
Surviving the incubation period for any startup is crucial and that’s when the guts are tested and not after that. Incubation period will help you design and re-design your startup as you will evolve as an entrepreneur yourself. Savings from the job will help in this crucial time period.
What about job commitments: If you already have job commitments and still you want to pursue the path of entrepreneurship than be assured that it will take most of the things from your life which you may have enjoyed earlier like family time for socializing thus think logically before starting your entrepreneurial journey
As a startup owner after starting entrepreneurial journey your most of the time will be consumed by the startup itself, you will also have to invest on your health, may be exercising and taking care of yourself. Health is very important to entrepreneurs, committing to brutal hours, managing day to day stress while keeping the enthusiasm high. Entrepreneurship individually is a lonely road where one has to make many sacrifices related to personal preferences.
Even if you have made many sacrifices you will never be sure if you will get the desired results or not. Continuing a job with the responsibility of the startup will make things difficult. If you will succeed you will enjoy the fruits and if not then you know what can happen.
Personal thoughts on entrepreneurial journey: When I thought of writing this article I wanted to make sure that I shouldn’t sound pessimistic or negative but reality is reality we should accept things as they are and not as we want to see them.
There are more failure stories than success ones. If it was that easy than everybody would have done it and might had created success in his entrepreneurial journey.
On a closing note, if you really think that you are passionate enough about your idea for the startup and really want to embark on this journey to become an entrepreneur then stay true to yourself, first make startup business plan, research, decide and then fully commit money for start up business.