Entrepreneurship is always going to be a great career move! It will be a source of a happy, remunerative engagement option.
Seize the untapped potential
There are so many possibilities! You can be a Corporate Entrepreneur, a Social Entrepreneur, and/or join your Family Business! You may be itching to start a new venture from scratch in domain areas like education, healthcare, training & skill enhancement, and many more! It could be virtually any sector that creates positive vibrations in you.
There are numerous ways to get engaged with your business, all at your convenience. Like most people, you can work full-time, part-time, or organize such a model where you simply invest but stay away from day-to-day business operations.
What gets me thrilled about entrepreneurship is that there is no barrier to entry. Tech enthusiasts can become “TECHNOPRENEURS,” middle-aged mothers with semi-independent children can become “MOMPRENEURS”, educators can become EDUPRENEURS, and so on. There are endless opportunities since the vast ocean of entrepreneurship will always have uncharted spaces to explore. You can build a viable business around any one idea which you like or love!
Above all, I get excited about the young graduates (irrespective of their specialization) jumping in headlong into the foray of entrepreneurship or intrapreneurship. It is great if you are from a business family and are either interested to expand the family business or keen on marking your own identity with an independent venture of your own.
Frankly, I would even include the non-graduates and “not so qualified” individuals. Someone who is neither qualified nor has a family business to fall back on can also opt for entrepreneurship. They will have to start small, taking baby steps, and growing slowly in stages by adding various modules to their basic business idea – one by one.
Although anyone can become an entrepreneur, a small percentage of the population build the resolve to work on their business idea while the vast majority becomes employees. There is nothing good or bad or right or wrong about this. It is just the way it is! Indeed, we need both entrepreneurs and managers (employees) to perform complementary activities and contribute to the growth of an economy.
According to me, Entrepreneurship is a willingness to take risks both personal and financial in a calculated manner to ensure that the odds remain in your favour!
Here’s my advice!
- If you are coming out of your colleges or universities, you must give a fair chance to entrepreneurship. You could have a stable plan of working for a few years, accumulate some money, gain relevant experience, and then try to stand on your own feet.
- Alternatively, you can go for your business straight-away without working for any organization. Both options have their merits and demerits.
For the Professionals:
- If you already boast of a professional degree, start with a full-time job with a reputed business organization. This kind of beginning is popularly known as the ‘corporate entrepreneurship’ model. Here you lead a stable, financially independent life earning and learning at the same time. After you have done this job for about 5 to 7 years – you can talk to employers for feedback and their impression of you. More importantly, you can negotiate your long-term association with them. Such discussions can often open doors for a more lucrative future for you. You may be offered better incentives, commission on sales, profit sharing, E-SOPs and even an opportunity to head an independent business unit or branch as an intrapreneur!
Being an intrapreneur as we all know, means working as an entrepreneur where you have no investment and share zero risk.
For the underqualified:
- If you are the son/daughter of a businessperson but do not have the benefit of good education or exposure, you can safely opt for the family business. What you could also do is start a new business with suitable support and linkages from the parental business. As you go along, you can also do some part-time courses and acquire additional skills needed for your business!
For the Unemployed:
If you are moderately qualified and cannot secure a great job, there is no point in going for a job that only makes your ends meet. Whereas many may think that such persons are not so lucky – my feeling is exactly the opposite. It is like having a blank slate and writing your destiny – remembering all the times that sky is your limit!
What should you do?
- Start your own business right away and build the dream business module by module, slowly and in stages.
- With a small capital in form of equity raised from your parents, family, friends and by working part-time or through crowdfunding etc.
- Avoid taking secured loans from banks or DFIs till you learn the art and science of earning and handling money.
- Work on 100% equity (with few unsecured loans from family, friends, credit cards etc.) for a period of 12 to 18 months. Then go for financial assistance from banks and DFIs.
- Try to gain ongoing support from a professional well-wisher (ideally a formal paid mentor with payment linked to enterprise sales turnover). This will act as a check valve and prevent the business from suffering bad decisions, ill-informed actions and inappropriate strategies!
If this excites your imagination, send me an e-mail on email@example.com and we shall take it forward from there.