Do you want to become an entrepreneur?

There are millions of ideas to choose from. Thousands of new businesses are created each year in India using those ideas. And hundreds of them fail every month. This post is NOT about them. This post is about those few who succeed.

In the yesterdays most of the youngsters, when asked, used to say: “I want to be a doctor.””I want to be an engineer” or “I want to be a pilot.” When APJ became the president of India, everyone started claiming that he wanted to be a rocket scientist. People would study for sixteen years, join a company under a boss, study for another two years and then again join a company under another boss. But today, the scenario is different. Today, everyone wants to be his own boss. Today, everyone wants to start his own company.

Reasons?

Well there are many.

• First, you get to choose your own hours.
• You can work a flexible schedule and have your own independence.
• You are your own boss.
• You make your own decisions.
• And you can deliver to others what you think is missing presently.

But are all the reasons acceptable?

Do you want to be an entrepreneur?

If yes, NEVER expect these things:

• Getting quick rich: Most businesses lose money in the first couple of years and coupled with the hours you will be putting in; it’s quite likely you will be making less than minimum wage for the first few years at least. Furthermore, on average, newborn entrepreneurs make between 50K to 1L every year which isn’t exactly enough to make you rich.

Do you still want to become an entrepreneur? If yes, read on..

• Working less hours: In the beginning you’ll likely be working more hours than ever before. Since you’re now in charge of sales, business development, new product development, marketing, advertising, accounting, administrative duties and of course everyone’s favorite, janitorial duties. And these are just some of the joys of being an entrepreneur. Only a few percent, who have large capital backup, hire someone else initially. So as CEO/Owner, you get to wear all these hats which, I am sure results in more hours than you have ever worked as a salaried employee.

Do you still want to become an entrepreneur? If yes, read on..

• Working flexible hours: If you’re working 80+ hours a week, which seems the average of the entrepreneurs that really are entrepreneurs, that doesn’t give you a lot of opportunity for flexible hours since you’re pretty much working every waking minute. There are many problems you have to face and solve when you take up a new business. Sometimes you have to work all night because you have promised your client that the product will be available the next day. Sometimes you have to leave the most important private matters at sake because there is some problem at some other city which you have to resolve by any means. Being in the process of creating something new demands something else in return and you have be passionate about leaving this. But once your business is successful, which will hopefully be several years after you’ve started it, being an entrepreneur can offer flexibility in hours worked, but there’s definitely not much flexibility for the first few years.

Do you still want to become an entrepreneur? If yes, read on..

• NEVER Going bankrupt: Business is everything about money. If you think that way then I am sorry, you are mistaken. Business is all about TAKING RISKS. It is estimated that 55% of the small scale businesses fail at the end of 5 years and a disheartening 70% after 10 years (Source: Small Business Trends.) . The most important thing about entrepreneurship is never to give up and just keep going. If you are the type who gives  up easily, it is almost guaranteed that your business will fail. You will give up when it gets tough, and it definitely will.

Did you reach this line? Are you ready to never expect the above things?

If yes, then you are ready to be an entrepreneur.