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The author is the Founder & Chairman, Aatman Innovations Pvt. Ltd.
Entrepreneurship is not an adventure sport that one can just pursue on a whim. You are also surely aware of the price that must be paid for indulging in such an adventure; but if you assume that becoming an entrepreneur is akin to an adventure sport, well, you may just be putting your life at stake. It is not my wont to instil false hopes by making futile motivational statements, for such statements may seem appealing, but they bring disastrous consequences in their wake. That is why I would never flippantly say, ‘Go ahead and become an entrepreneur…what’s stopping you?’ or ‘March forth bravely and realise your dreams.’ As everything I say is rooted in psychology, the psychologically correct action before taking a step forward is, you must check your capability. And if you feel that you are falling short in terms of your capability, then you must first focus on honing it. March forth you must, but only when you’re fully capable of reaching your destination.
Moreover, one cannot deny that a person has only one life to achieve whatever he wants to. Indubitably, everyone desires to make progress and carve a magnificent life, but to that end, one cannot put one’s life at stake and act recklessly. This means, firstly, it is necessary to have a balanced thinking. For, the entire game of life is psychological; if the mind is ready, there is absolutely nothing that is impossible to achieve. Therefore, if you wish to become a successful entrepreneur, it is imperative to prepare your ‘mind’. And to that end, one must grasp the basic difference between being an intrapreneur – an employee and becoming an entrepreneur. Undoubtedly, everyone has to work for a living; and without working, one cannot hope to carve a splendid life, as Nature simply does not permit that. And there are only two types of work one can undertake – either work as an employee or become an entrepreneur. If you’re an employee, your responsibility is limited only to your work. Whereas, for an entrepreneur, the onus of all the people
working for him rests on him. The second key difference is, as an employee you are required to follow instructions, while an entrepreneur issues a set of instructions for his employees to follow. Essentially, as an entrepreneur, the scope of your responsibility increases a thousand-fold. So, till the time your mind is not fully prepared to take on this responsibility, do not embark on the adventure of entrepreneurship. Moreover, preparing the mind is not difficult, as a few days of contemplation will prepare it in any case. But even when the mind is ready to accept the responsibility of becoming an entrepreneur, do not be in a haste to take the plunge. As stated earlier, this is not an adventure sport which you can attempt casually. So, after the mind is prepared to take on the responsibility, ensure that it also understands that an employee takes home a fixed monthly income, whereas an entrepreneur has to face the uncertainty of both gains and losses. So, prepare your mind for these ups and downs too. This is crucial, otherwise a weak mind will seek an escape route on experiencing the first fluctuation in fortune. And this would certainly be more dangerous. But once the mind is prepared to face the ups and downs, it will remain resolute. And to be successful in today’s competitive world, resoluteness is imperative, especially because in the present times, the big fish is leaving no stone unturned to devour the smaller fish. Therefore, before venturing into entrepreneurship, it is absolutely essential to prepare the mind to face all ups and downs resolutely.
Now, once the mind has firmed itself to accept the responsibility and to resolutely face all eventualities, you are ready to become an entrepreneur. However, before you undertake any major step, I will urge you to equip yourself with a few more measures that will help you become a successful entrepreneur. Because a two-year delay in taking your first step is acceptable, but when you do take the first step, you must ensure that you are fully prepared to attain your goal. Falling, floundering or losing your way halfway (to your goal) is pointless, and to search for another job in such a scenario is surely inadvisable. Therefore, it doesn’t matter even if you take your time in taking the first step, but it is important to do so resolutely.
Therefore, keep in mind the additional points stated below, and I assure you, no one can then stop you from becoming a successful entrepreneur.
1) You must have extensive knowledge of the field
Entrepreneurship is not a lottery that one can simply hope to win. It is, in fact, a scheme that grants a reward for capability. Therefore, it is imperative to know all the ins and outs about the field that you wish to pursue. Remember, one conducts business to earn a profit, and every business holds a secret that generates profits. It is this secret that brings in the earnings, not the business. This is precisely why, for instance, not all pharmaceutical companies are profitable. The one who has grasped the secrets of the pharmaceutical business is the one who can earn profit from it. So, before embarking on the adventure of entrepreneurship, if you wish to know the business secret, it would be beneficial to first secure employment in that field, but do not take a plunge without gaining that experience.
2) You must have robust management skills
Never be in a haste to become an entrepreneur. First, prepare both your mind and brain adequately. Indeed, to become an entrepreneur and a successful one at that is also a psychological battle, just like all other battles of life. Hence, only the one who proactively arms himself psychologically as much as possible will win this battle. Therefore, if you aspire to become an entrepreneur, start training yourself psychologically from today itself. Do not worry if this process takes a year or two, but jump into the battlefield only when you are psychologically poised to win the battle effortlessly. And one of the prerequisites of becoming a successful entrepreneur is to be an expert in management, as an entrepreneur is required to keep a hawk-like vigil and effectively manage all the aspects of his enterprise. Indeed, in the absence of robust management skills, one’s psychological skills are rendered useless. So, before undertaking any venture, sharpen your management skills. As an exercise, you can start managing multiple tasks at home and office.
Remember, practical knowledge always outshines ‘academic degrees’. To sum it up, take your first step towards becoming an entrepreneur only when you are confident about your management skills. Otherwise, you are bound to suffer a setback at the very outset.
3) The knowledge of Accounts and Legalities is crucial
Becoming an entrepreneur is a huge responsibility. To dispense salaries to your employees on time is your foremost responsibility. Additionally, one has to tend to multiple tasks and transactions, not to mention the numerous tax-related disputes that have to be tackled. And since all your efforts are directed towards earning money, it is imperative to have complete control over money. And that is not possible without the knowledge of accounts and legalities. Oftentimes, it is the lack of knowledge in these two areas that causes many established businesses to collapse. Therefore, it is always advisable to gain adequate experience in accounts and legalities before moving forward.
In essence, life is an opportunity to march ahead, but in this quest, one should never lose miserably. Every work in life is psychological and entrepreneurship is no exception either. So, of course, become an entrepreneur, but forge ahead only after you have fully prepared yourself psychologically. And once you have taken the first step, dive headlong into it. No one can then stop you from becoming a successful entrepreneur. And with this, I extend my best wishes to you for an interesting and fruitful journey ahead.
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Views expressed above are the author’s own.
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