Myths of Entrepreneurship

Rajagopal writes :

MYTH: I don’t need to work harder than now.
REALITY: You’ll definitely need to work harder. Its your reputation and finance at stake in the venture.

MYTH: I’ll be my own boss.
REALITY: A resounding NO! Every one of your client is your “boss”. In the early stages of the venture you can’t afford to choose your clients. So you end up managing multiple ‘bosses’ with varying demands.

MYTH: I can pay myself what I’m worth.
REALITY: The market will decide that for you. If there is no business value in your startup, you can’t continue paying yourself or your employees.

MYTH: I will be selective in whom I deal with.
REALITY: Well….to some extent you can. But building a long-standing business means you will need to put up with unreasonable demands by clients and you will need to sacrifice short-term comforts
for long-term goals.

MYTH: I can do what I want and like to do.
REALITY: You need to be a jack of all trades. You can’t pick and choose your tasks. You will need to have the savvy to recruit people better than you, to do what you either don’t know how to do or you hate doing.

MYTH: I’ll be free!
REALITY: The grass is always green on the other side. Freedom is a relative term. I equate freedom with ‘peace of mind’. One doesn’t necessarily need to be an entrepreneur to have peace of mind.

MYTH: If I’m good, the world will recognize me and my efforts and will reward me.
REALITY: By being an entrepreneur you are just in the ‘boxing’ arena. Whether you will be a success or not in your endeavor is dependent on multiple interacting variables; viz., market, economy, luck, industry trends, technology, demographics, competitors….. There is no formula for success in anything in life, much less in entrepreneurship.

Elitism

Tom Peter’s -Talent Fatal Flaw :

At one time it was the executive parking lot that was coveted, and over time, many organizations moved to open parking. A story appeared in the New York Times last week about Bob Nardelli, former CEO of Home Depot, and how he used to provide daily catered lunches for the company’s officers on the executive floor, free, while the talent, aka “worker bees,” ate in the cafeteria. This separation of leadership from the people who do the work is a fatal flaw for an organization. It sends the wrong message—it reeks of elitism.

India the Superpower? Think again

Fortune writes :

Sorry: India is not a superpower, and in fact, that is probably the
wrong ambition for it, anyway. Why? Let me answer in the form of some
statistics.

  • 47 percent of Indian children under the age of five are either malnourished or stunted.
  • The adult literacy rate is 61 percent (behind Rwanda and barely ahead of Sudan). Even this is probably overstated, as people are deemed literate who can do little more than sign their name.
  • Only 10 percent of the entire Indian labor force works in the formal economy; of these fewer than half are in the private sector.
  • The enrollment of six-to-15-year-olds in school has actually declined in the last year. About 40 million children who are supposed to be in school are not.
  • About a fifth of the population is chronically hungry; about half of the world’s hungry live in India.
  • More than a quarter of the India population lives on less than a dollar a day.
  • India has more people with HIV than any other country.

(Sources: UNDP, Unicef, World Food Program; Edward Luce)

You get the idea.

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HBR – Breakthrough Ideas for 2007

Good Thought

Seth Godin’s – Just One more thing ?

If you had an hour with your team or your boss or a prospect, how many things would you tell them?

Do you have a laundry list of ten or twenty or fifty ideas you want
to share? Six things you want them to do? A dozen changes that are
important?

One reason that blog posts have become such a powerful way to spread
ideas is that a typical blog post is about just one thing. One.

Why not give that a try? Use your time, all your time, to sell just one thing. Go deep. Sell. Then stop.

Start-up Vs Corporate

Compromise ?

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