📣 For more lifestyle news, click here to join our WhatsApp Channel and also follow us on Instagram
Tags:
Journalism of Courage
“Life is all about choices. You can spend the next 5 years of your life waiting for a couple of promotions in your job or you can use those 5 years in building your own company. Does not take a genius to guess who will be the first CEO if you build your own company. Promotions and pay-hikes will not disturb you. Profits are more profitable than salaries.”
During travel around the country to conduct workshops on entrepreneurship, I come across thousands of people who have great business ideas but are unable to execute those ideas. I completely understand their fears because prior to becoming an author and a professional speaker I worked in a management consulting organization for about four years. I know what goes on in the mind of an employee and how difficult it is to overcome the burden of social and family expectations. All I want to share through this piece is that it is possible and you should learn how to tackle fears:
What if I do not get my family support? Do not expect approval from others on your business idea. There is a reason why only you can see your dream. You may take inputs but seeking too much validation may kill the idea. Your friends and family begin to respect you only after they see other people respecting you for what you are doing. No matter how bad it may feel initially but that is the bitter truth.
Your family and friends have seen you during your lows and stupid behaviours, how can you expect them to start treating you like a genius as soon as you start your business. Besides, your family is not the market where you will get real feedback about your business idea. Imagine if the only people who were buying my books and attending my seminars were from my family? Your family will always be biased-positively or negatively towards your actions. Go out and reach out to the real market, you will not make any money at home.
How can I leave my job, I have got bills to pay? Job you hate is too big a price to be paid for the bills you need to pay. Trust your instincts and skills. Trust me, barring a few exceptions entrepreneurs do not default on their bills. In fact, business is the only way to create financial freedom. Do some pilot testing for your business idea. Save enough money to take a break from your job for about 12 months. If you are a sincere entrepreneur, you will figure out a way during this time. It is amazing how enterprising we get, once we step out of our comfort zone.
I do not have capital: If you are in the non-tech or services business you will not need a lot of capital immediately. Start with your personal money. If you do need a lot of capital, then make a plan to raise money. Prepare a business plan and start pitching it to the venture capitalists. There are millions of people who have millions of dollars lying idle with them. All they are looking for is a smart person with a smart business idea. Work on your business idea pitch and viability. If you are in India where the funding is available in huge amounts, this is the right time to take the plunge.
I do not know anything about business: Thank God you did not feel this when you were learning to walk or speak, or swim or drive or any other skills. Business like any other skills is learnable if you are willing to invest your time and attention. How many business books and seminars are you willing to attend to learn the nuances of business plan and business models? It took you 20 years of learning in formal education system before you become employable for the job you are working in. Therefore, atleast spend a couple of years studying about the business you want to start-up.
What if the idea fails? Nothing works the very first time, earlier you understand this better it would be for you. Study your industry and find out what you need to know and do to make your business successful. Write down the things you will no longer do and things you will regularly do for your business success. And remember fear of failure is imagination gone wrong so try to use your brain for visualizing success. Every time your mind tells you it will not work, counter it with images of success and wealth. There are no miscarriages in entrepreneurship; there are only abortions. Fear is simply imagination gone wrong. No failure is permanent in life. You will not starve if the idea does not work, so start using your imagination to visualize positive results rather than creating self-sabotaging scenarios.
What if it takes a lot of time? It takes anywhere between 3-5 years to create a sound business model especially if you have not done any prior research in your business. If you come from a family full of salaried workers then it takes time to break old-conditioning. Patience is important when it comes to entrepreneurship. As Warren Buffet says, “You cannot get a baby in one month by making nine women pregnant.” You may enjoy the process but in the end you will feel impotent and physically exhausted. Time will anyways pass. The question is after 3-5 years will you be an entrepreneur or an employee.
Become an entrepreneur for what it takes to be an entrepreneur. Ever since I became an entrepreneur, I have become much more disciplined and creative in life. Your creative juices begin to flow once you experience autonomy and have a vision to chase. Remember the biggest risk is to not take any risk at all.
Siddhartha Sharma is the bestselling author of 5 books- 60 Keys to Success, The Millionaire Entrepreneur, Love Your Mondays and Retire Young, Thank God It’s Monday, and Mom I Got the Job. His seminar, workshops and books have transformed over a million lives. He is the CEO of Success Monks and can be reached at his Facebook Page- http://www.facebook.com/Siddhartha.successmonks
