- April 12, 2016
- Posted by: adminplanthy
- Category: Others
“To be or not to be” this was the dilemma which Shakespearean character faced in “Hamlet” 400 years ago. Today, many corporate executives face the same dilemma, though in a different context. It is in the context of entrepreneurship. Let me use this platform to share with you the biggest motivators and fears in undertaking this journey.
Starting with the positives:
Job Security & Freedom – First and foremost motivating factor is job security and freedom?
- Imagine one day you reach your office. As usual, you swipe your card, but it is not working. You check with security or reception when you are told that sorry sir / ma’m you have been fired. Please collect your pay- cheque and leave the office immediately. A security guard brings all your belongings from your desk and all off a sudden you are unemployed. Was this possible if you were an entrepreneur?
- As an entrepreneur, you can never be fired. You are your own boss.
- You may face losses, your business may shut down over a period of time, but you can’t get fired overnight. Therefore, to me entrepreneurship means lot more job security and freedom to do whatever I am passionate about
Income Potential – Freedom and Passion along cannot fill your stomach. So let’s look at the income potential.
- One of the biggest positive about entrepreneurship is that you can reap the benefits of all your hard work. Not just your hard work, but also the hard work of all your employees and vendors. There is simply no way that you can earn so much by being an employee.
- I studied the compensation of Founder and that of a recruited CEO in a leading Telecom Company.
Role Annual Salary Net Worth Founder 4 Million $ 7 Billion $ CEO 0.2 Million $ 16 Million $
Economic Impact – The third and often overlooked motivating factor for becoming an entrepreneurship is Economic Impact.
- All of a sudden, you become a job creator as opposed to job seeker. Our education system is designed to produce only job seekers. But unfortunately India needs more job creators than job seekers.
- Imagine if Narayan Murthy had grown up the corporate ladder in Patni Computers, would it have been possible to create more than 150,000 jobs in Infosys today. Imagine if Larry and Sergey had decided to become professors instead of forming google, world would have been deprived of over 50,000 high paying jobs. Not just creating jobs, you are also solving many problems that make people’s life easy.
Well friends, it would be unfair to paint such a rosy picture and not warn you of the disadvantages of taking this decision.
- First and foremost, Your Regular Monthly Salary will be replaced by Irregular and Unpredictable Cash Flows.
- Since, there are no defined office hours and you will have limited resources initially, your work schedule will become very erratic and stressed.
- Lastly, as an entrepreneur, you will not have any established brand name behind you. So acquiring customers will be extremely difficult. All your assumptions can go for a toss.
After comparing the advantages and disadvantages, you will have to decide if you can realistically handle the responsibility of running your own business. One quotation that sums it all goes like this “Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.”