Rashmi Bansal, author of the bestselling books Stay Hungry, Stay Foolish and Join the Dots, tells Manavi Siddhanti a few home truths about running a business.
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| Rashmi Bansal |
Rashmi Bansal likes to tell it like it is. So she got to the point, and her first book Stay Hungry Stay Foolish sold over 3 lakh copies and was translated in 8 languages.
Her blog is now flooded with queries, and her second book, Join the Dots, is flying off the shelves, too. But never a dull moment for this bright spark! While editing JAM(Just Another Magazine), she has already penned another winner; I Have A Dream.
That’s why, we thought she’d be a great source to give you guts you forgot in your cubicle.
How important is it for an aspiring entrepreneur to go to a business school?
AWell, if you want to be an entrepreneur, an MBA can both help you and harm you. An MBA helps you create a knowledge base, boost confidence and create a beneficial network (especially if you go to one of the top B schools).
However, an MBA also makes you risk-averse. You constantly compare your status in life with that of your batchmates. And if you have an education loan to repay, it can make things difficult, since the initial years are tough for an entrepreneur.
So there is no black or white answer-if you have the confidence in yourself, you don’t need an MBA; simply take the plunge. If not, then do MBA and then see if you are still keen on making your own path.
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A management degree or not, do you think it’s a good idea to first take up a job in the sector you want to venture in?
AYou can definitely take up a job in a particular sector, with the clarity that you are here to learn and develop a network. Keep a horizon of two to three years, because it is sufficient for your purpose. In fact, if you stay too long you will get tangled in the corporate rat race.
If you had to share just one key piece of advice for a young entrepreneur, what would it be?
ABe passionate. Whatever you choose to start, fall in love with it. Eat it, breathe it, live it, until you stumble upon your ‘success formula’.
Was there an epiphany in your life that changed the course of your thinking/action?
AYes, it happened during my study at IIM Ahmedabad we went through a long-running course called ERI (Exploring Roles and Identity), where we go to a beautiful beach or hill station and spend four to five days exploring ourselves.
At the end of it, I realised I had to follow my passion of writing and not take up a corporate job. Subsequently I dropped out of placement and charted a different career path.
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Power Tips from Stay Hungry, Stay Foolish |
| • Be passionate about your chosen field, and view monetary gains as a valuable by-product • Choose partners who share your values and attitude • Find a mentor/Godfather who believes in you, the entrepreneur and offers support at some point • Let your setbacks and failures power you through to bigger things • Remember that it takes an average of six to eight years for a business to stabilise • Be willing and able to adapt and make mid-course corrections • A lot of exposure in the early stages helps you prepare for the final phases • Strong emotional and often financial support from spouse and friends is always a plus • Luck! |
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