Entrepreneur #ToBeOrNotToBe- Four questions to ask before you #startup

A B-school is an amazing place and it is in some way the right place to meet a lot of people who think similarly and many who think differently. B-schools open up several opportunities and sometimes so many of them, that its hard to find a focus area. I have met several people who want to be entrepreneurs and having started my journey a few years back here is a quick 101 on "To be or not to be an Entrepreneur". 

1. Why do you want to be an entrepreneur?

1. Its super cool these days
2. I want to make a lot of money
3. I enjoy the journey and the process of creating something new
4. I have an idea that can change the world

Yes, this is the starting point! Is it worth to forego 2-3 years of salary and a comfortable lifestyle for the money you may make later in life? Entrepreneurship gives you the confidence to take risks and you learn a lot of important life lessons, but it is far from cool.  However, if this is what you want to do, it helps to start early, fail early and reboot! Finally, if you have an idea, continue reading. 

2. Which phase of your life you are in?

1. Just out of college?
2. Have several years of work experience but no responsibilities
3. Experienced; With family obligations and/or responsibilities
4. Self sufficient with responsibilities 

Do remember Entrepreneurship is a long term commitment. Think of at least 3 - 5 years and trust me it really helps to know your skin in the game. Do you have the financial means to make it for at least 2-3 years, if things don't go your way? As Benjamin Franklin said “By failing to prepare, you are preparing to fail.”

3. What skills do you bring to the table?

This is a very important question and a lot of people think the answer is passion. Well yes that is an ingredient, but think about the hard skills that will take you through the daily grind. 

1. I know the ins and outs of this domain (think verticals: finance, procurement, sales, marketing or something else that is critical to this business) 
2. I am a techie (and that is at the heart of what we plan to do)
3. I have a prototype of a product/service that will change the industry 
4. I have the data (hard facts, not assumptions) to support the relevance and need for my idea

Are you ready? If not, you know the steps to be there!

4. Finally, do you have a team?

1. Yes!
2. No. Then take this as your first test - speak to a lot of people about your idea and see if you can get a team that is as excited as you are.

Your team is your first follower/customer in the sense that they endorse your idea. However don't let an unsuccessful attempt deter you. Persistence pays! I am also a big fan of 1 man shows, people who get things done by themselves and eventually create an ecosystem are true leaders in many ways. Watch this to understand what I mean.

Conclusion

First of all the idea here is to outline a 4 step process that will help you evaluate if Entrepreneurship should be your plan A. And if you find that the answer is yes, then you now know where to start from. In case you feel you are not ready yet, it is nothing to get disappointed. There are several other startups looking for passionate co-founders and members, and that is an excellent way to start your journey.

Do share with all having a passion for Startups and feel free to revert for questions, discussions, suggestions and any other related issue.

ABOUT THE AUTHOR:

Ashish Poddar is currently pursuing his MBA, from the Indian School of Business, Hyderabad. He has around 10 years of experience in the startup ecosystem; after working for a startup building products in the Financial Technology domain, he ventured out on his own and setup an online platform for delivering quality teas. He is passionate about startups, likes reading history, biographies and follows Amish Tripathi. Reach out to him by clicking the FOLLOW button on Linkedin, on Twitter @ashishpoddar13 , and on Facebook, facebook.com/ashish.poddar.393