I found my first post about Entrepreneur which I just pasted read by a lot of people. So, I tried to put second article related to entrepreneurship.
It is the analysis of Wall Street Journal Article “How to Decide if Entrepreneurship is Right for You“ by Colleen DeBaise
Starting business is like bringing up your child, nurturing and fostering it with devotion of all your emotions. The Key idea of your business is your new born child. You had emotions attached with it and you are going to grow it till you reach your dream. So, Idea must be innovative or creative enough to work it in all situations. You should be mature enough to offer possible commitments for your only dream.
“In my childhood, I liked cakes and chocolates. So, I am going to start cake manufacturing company? “No company starts with childhood dreams of bizarre imaginations. One has to analyze all factors before you start thinking about an idea itself. Following questions would help generally to let you know whether you on right path.
1. Am I passionate about my product?
Let’s face it. It is the starting point of your long journey. Idea is no more visible to the outside world. It has just appeared in your heart and mind with confidence of “I will do it”. So, Dream yourself holding the chair of CEO of your own business. Have enough pride for what you do. Say yourself. “Mind your own business.” Unless you do, you won’t be able to exert all possible efforts. You will be thinking about IT returns, balance sheets, dealing and attracting investors, land deals etc.
2. What is my tolerance for risk?
It is said that when you start any journey, you must know when and where you want to stop. Never let any disturbance fade your enthusiasm. Colleen DeBaise has given words of inspiration by Ina Garten, owner of Food network program “Barefoot Contessa” in NY. She inspires entrepreneurs saying that “be willing to jump off the cliff and figure out how to fly on the way down.” If you fear risk taking, entrepreneurship is not the right path for you. So, start with the end in mind.
Even if you have necessary passion and desire to achieve success, it is not sufficient. Entrepreneur must have ability to accept failures. Path that is chosen you is absolutely not an easy one.
3. Am I good decision maker?
On your way, if you are alone, only you will be responsible for your decision. Hence, this thought must appear in your mind. Most of the businessmen are good at one thing from below. One, they should be able to dynamic to be surrounded by good people. People sometime turn treacherous. So, you should cunning enough to parry any sort of deception. You may need to fight with people playing dirty trick with your business. You can refer how Richard Branson fought with British Airways to survive his own Virgin Atlantic in the book “Dirty Tricks: British Airways’ Secret War against Virgin Atlantic”
4. Am I willing to take numerous responsibilities?
My views here are some different than expressed by Colleen DeBaise. Business Management is comprised of different principles branches like Marketing, Finance, and Human resource. It is not required to be excellent in all. It is better to have enough knowledge of everything. Jack of all would only dirty your hands where you dip in.
Most beautiful skill lies in dealing, inspiring and nurturing your people who work for you in their different sides of business management. They must work for your business thinking as if it is of their own.
5. Will I be able to avoid burnout?
One obvious question that will appear in mind is “how many hours a day do I need to work in my business” Answer is 36 hours a day and 16 months in year. Actually, when you have set the target, yourself has to plan and decide that within how much time you are gonna reach there. You are topmost employer for your company. All other mangers, executives, salesman lies below your position in the hierarchy.
Working twenty four hours a day may dismantle the vitality, creativity, enthusiasm and efficiency. This type of burn out leads to downfall of your own business. So , Nurture hobbies, try to be with your own people who are more supportive.
I would like to put few inspiring 30 second speech by Bryan Dyson, CEO of Coca Cola.
“Imagine life as a game in which you are juggling some five balls in the air. They are Work, family, Health, Friend and Spirit and you’re keeping all of these in the air.
You will soon understand that work is a rubber ball. If you drop it, it will bounce back. But the other four balls – Family, Health, Friends and Spirit – are made of glass. If you drop one of these; they will be irrevocably scuffed, marked, nicked, damaged or even shattered. They will never be the same. You must understand that and strive for it.”