DARE - Because Entrepreneurs Do

Everyone wants to be an entrepreneur; so why do we see so few entrepreneurs around?

That’s because most of the ‘wannabe entrepreneurs’ are busy making a plan – a fail-safe plan. A plan to rule-out any chance of failure (at-least most of it). A plan to guarantee success (at-least increases the chances).

I. Here is how a typical fail-safe plan looks like:

1. Start with an amazing idea
   With research and planning, take it to a level where you have calculated every possible outcome. Understand your idea inside-out or outside-in for that matter.
   
   
2. Get some credentials
   A degree from a prestigious college/university would do the trick. 
   But the not-so-lucky ones can opt for a short stint (as in 2-5 years!) with a ‘prestigious’ corporate.
   
   
3. Soak-up some experience
   Work in corporates for as long as you can and soak up all the knowledge out there in the world (You love to learn, right?)
4. Network. Network. Network.
   Joining a prestigious B-school gets you guaranteed CXO pals (lots of them!).
   Working with MNCs, gets you network with all kinda people (suppliers, customers, associates etc.).
   Attending events and relevant social gatherings can connect you to completely un-connected people.
   
   
5. Funds
   A high-paying job after a prestigious college degree, is sure-shot way to save some money to fund your business.
   Also, while you are working, keep looking for investors to get you started.

On the face it, it might seem to be the right (or may be even the best!) way to go, but this kinda plan misses-out on just one thing: EXECUTION! And without execution every fail-safe plan is nothing but a safe ‘fail-plan’!

A fail-plan, because this way you might fail to do a start-up but you will not loose out on anything else, so pretty safe! Right?

II. If you are wondering, why this fail-safe plan is a fail-plan, here’s why:

1. Start with an amazing idea

Problem

There is nothing called an amazing idea. Ok, may be there is. But start-ups are more about execution and not so much about the idea. Idea is just that… an idea. An idea to start with!

Also there is no end to how much planning you can do. You can spend years in planning and not do anything about it.

Solution

Execution of ideas is the key. Execute fast. Learn faster.

[Bonus Fact: Very few start-ups succeed with the same idea they started with.]

2. Get some credentials

Problem

Studying at a prestigious college or working with a big corporate, does have its own benefits. But these benefits have a very high opportunity cost. Years of time and lacs of money.

Start-ups are all about customers. And customers give a damn about your credentials. All they care about is their problems, that you intend to solve through your service or product.

Solution

The better way to build up credentials would be by investing that time and money in your start-up, and offering your service to your customers. By the end of that period, you would have served some real customers. And that would be the real credentials.

3. Soak-up some experience

Problem

Working with a corporate kinda organization might teach you a lot of stuff, but it cant teach you anything about start-ups, let alone how to do one.

Working with bigger organization, can sometime back-fire. It might (just trying to be polite. Read ‘does’) condition your thought process and create just another corporate guy starting just another corporate firm.

Also getting out of a corporate comfort zone, is not as easy it might seem.

Solution

The only experience that could be much help to an entrepreneur is that of a start-up: running one or working with one.

The amount of experience/learning you will gain from running a start-up (even if you fail), is phenomenal

4. Network. Network. Network.

Problem

Can’t deny the importance of networking with people. But do you really need to delay your start-up plans for your networking plans?

Solution

I am damn sure that you will network with more and the right kind of people, by running your start-up than by working in a corporate or attending a prestigious B-school.

5. Funds

Problem

• Money is surely the life-line for any start-up. But take my word on this: You need way less to get started than you think.
• Working to save money is not a very good idea, as the people who may have tried it would know: It just doesn’t happen.
• Looking for investors even before you have taken the plunge or before you have even started, is nothing but asking someone to fund your failure. That investment just doesn’t exist. It’s a myth.

Solution

• Take out all your savings (That includes your PF too!). You got to have the maximum skin in the game.
• Then reach out to your family & closest friends for the same. That increases your chances of success too. You won’t just play-around with their money. Will you?
• Last but not the least: Start small.

III. If your plan seems more or less like the fail-safe plan, you can safely assume that you won’t be doing a start-up. Really.

Here are 6 quick reasons (in particular order) to support my view:

• With time you will be gifted with many more responsibilities to take care of. Family, EMIs, Your lifestyle etc.
• If you are not planning to sit idle, you will be killing your start-up dream by increasing the opportunity cost.
• Age also invites social pressure to achieve something.
• The fire in the belly, is really a fire and needs continuous fueling to keep it going.
• How about sleeping tonight in someone else bed or using someone else washroom or working from someone else’s desk? That’s comfort zone!
• It’s not difficult to see, that corporates want the smartest chaps (read entrepreneur material) to work for them. But it difficult to see that the B-schools are also part of this huge conspiracy to condition your mind to do that.

Interestingly, it turns out that the fail-safe planners have more risk appetite than the real entrepreneurs. They are risking their start-up dream! What about you?

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