“I want to be my own
boss” is a thought that has definitely crossed the minds of most corporate
managers at some time in their careers. When you look at all the work you put
in at work, working 12 hour days, the thought of doing all this work for
yourself would definitely have crossed your mind. Over the years, younger
managers have also started to get attracted to the excitement and opportunities
of the world of startups.
This thought had often
crossed my mind as well before I set out on my own and founded Guardian
Pharmacy in India.
It was in 2003 when I
was 46 years old that I took the decision of quitting the corporate world after
25 years and take the plunge into the world of entrepreneurship. I had worked
for ITC Ltd for 17 years and then in the world of aerospace for 8 years before
I quit. Everyone thought that I had taken leave of my senses when I walked out
of a high paying high profile job. I was convinced that I was taking the right
step.
Yet most people
hesitate to take this giant step of becoming an entrepreneur for one reason or
another. Giving up what one has today, including a regular monthly pay cheque
and the perquisites that come with the job to pursue a “dream” definitely
appears to be an intimidating challenge for anyone who is contemplating
changing his status quo. On the other hand, for people who have made this
change, the realisation is why they took so long to take this step!
Most people have a
great idea in their minds. Once you have crystallised your thoughts and decided
to take the plunge, here are some thoughts from my own learnings.
It is never too late or
too early to make a start.
Getting over one’s own
fears and anxieties is possibly the biggest challenge that you will face. There
is no right or wrong age when you can start a business. Remember that Colonel
Sanders of KFC took the plunge when he was sixty five!
Ensure that you have
the support of your family
Your family will be the
biggest stakeholder in your decision. You will invest not only the resources of
your family but also most of your time, a large part of which also belongs to
your family. Ensuring support from one’s family helps every entrepreneur to
take the plunge faster. If the home front is solidly behind the venture then
the entrepreneur can press ahead to tackle the challenges with renewed vigour.
Be prepared for a
complete lifestyle change.
An entrepreneur’s job
is a lonely one. Days will blend into nights and weekdays into weekends. No job
will be too small or big and what you take for granted as a corporate manager
will be a challenge you will have to address personally. No question of asking
someone why the lights are not switched off or why the coffee machine is not
working or why the toilets have not been cleaned. Yet, the fruits of your
efforts will be visible at the end of each day.
Find out what is your
calling and stay the course.
Once you have made up
your mind on what you want to do, take a plunge with 100% commitment. Write out
a realistic business plan for yourself. Part time entrepreneurial ventures have
never succeeded. Invest in your own dream and not the dreams of others.
Once you have started
your journey, you will be confronted with challenges that you would never have
imagined. Yet, no challenge will be insurmountable. Many ventures with high
potential have failed because their promoter gave up when he was so close to
seeing success. Many others have failed because the promoter started out with
an outstanding idea but changed course based on a new whim.
The new buzzword in the
Startup business is “pivoting” – if the business is not working, start doing
something else. As a Startup Entrepreneur, you have definitely not reached the
stage of pivoting.
Funds will be a
challenge when you start.
A family investing its
savings into a business is a strong message of confidence for any banker or
private equity investor. Manage cash very carefully.
Costs have a habit of
running out of control and revenues will generally lag behind what you may have
planned for when you wrote out your first budget. As long as you are doing what
you had thought you had set out to do, you will start to see light at the end
of the tunnel, sooner than later.
Getting a strong
management team and empowering them is essential.
Finding the right
talent for a startup and empowering your management teams for success will be a
challenge. Good professional managers will not agree to join a startup easily.
At the same time, you, as the startup entrepreneur will not be able to afford
such high cost managers. Therefore, it is necessary to draw upon skills of
friends and family and part time managers to start any new enterprise. The
promoter is also human and will make a lot of mistakes. This is when a good
management team comes in and takes charge.
The going will be very
tough and challenging for the first few years and very often I did sit back and
think whether I had taken the right decision. However, looking back, I don’t
think there could be any other path I would have wanted to take. Remember the
fruits of all the hard work will be very sweet though you may have to wait for
a long time for these fruits.
If becoming your own
boss is your dream, there is no date as good as today to make a beginning.
In conclusion, this
quote from Colonel Sanders says it all. "Believe. Dream. Try. Succeed.
Age, No bar!"
*******************
The author is the founder Chairman of Guardian
Pharmacies and the author of 5 best-selling books, Reboot. Reinvent. Rewire:
Managing Retirement in the 21st Century; The Corner Office; An Eye for an Eye; The
Buck Stops Here - Learnings of a #Startup Entrepreneur and The Buck Stops Here
– My Journey from a Manager to an Entrepreneur.
Twitter: @gargashutosh
Instagram: ashutoshgarg56
Blog: ashutoshgargin.wordpress.com |
ashutoshgarg56.blogspot.com
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