Are you Ready to be an Entrepreneur? - Risks & Commitments
Entrepreneurship - Risks and Commitments!
Now, Entrepreneurship involves a lot of commitment (financial and emotional) and responsibilities.
All the commitments come with something called as – risk taking.
You might be wondering ‘What is risk taking in entrepreneurship’?
The simple answer is – You need to take the risk and fulfill your commitments to help your business survive -> thrive -> succeed.
The nuanced answer depends a lot on your readiness to be an entrepreneur – A topic we are going to discuss in this answer ‘in detail’.
Entrepreneurship is challenging, draining yet rewarding. My job is to make it fun and simple for you.
Before I take you through the whole journey, I want to talk about “you” in this chapter.
This is why I start the course by asking you a simple question – “Are you ready to be an entrepreneur?”
Now before you answer the question – I want you to wait.
Have patience, mate!
Irrespective of how pumped up you are after reading about the worth of Mark Zuckerberg or Bill gates, do not answer it now.
Because if you answer it now, you will feel like – how I felt 12 years starting my first venture – An emotional fool who got into the business purely driven by passion 😊.
I would like you to wait until the end of the chapter to answer the question.
As of now, let me help you get an answer to the above question.
Why is it important to check your readiness to be an "Entrepreneur"?
“I did not know anything about this readiness to be an entrepreneur when I started my first venture.”
Yup – I was living in a lalaland hoping for some magic to help my business go from “Survive to Success.”
You really don’t want to know what happened because of my immaturity.
We worked like a donkey for the next few years because we were driven by “passion” and not commonsense.”
Entrepreneurship is a process (you will hear it a lot of times for the next six days, of course) and one of the critical steps of the process is getting yourself mentally ready.
Remember all the boxing bouts you want on TV. Well – in addition to preparing the boxers physically for the fight, there is a lot of money spent to coach them on mental toughness.
Though all the coaches you meet or hear only speak about “business,” my entrepreneurial experience has taught me that you will fail if you are not ready mentally to be an Entrepreneur.
Well – they do not talk about depression or the reality of running a business on your own where you work under tremendous pressure to get into profits and fight against all odds.
The bottom line is – You must be emotionally ready to be an “Entrepreneur.”
And this is what this Step of the course is all about. I want to check your mental preparedness to be an Entrepreneur.
The answer to the question - How ready are you to be an Entrepreneur?
The answer to the question ‘How ready are you to be an Entrepreneur’ also gives you the nuanced answer to ‘What is risk taking in Entrepreneurship?‘.
In Entrepreneurship, it ultimately comes down to – How do you convince yourself to take risks?
Whenever I have to start a new venture, I check my emotional readiness by asking myself a few questions.
These are the questions that I also want you to ask and then see if you are convinced to take the plunge.
To start with – I always ask myself a simple question “Why do I want to do this?”.
The majority of the time, the answer I give myself is itself a reason for me to drop my idea.
B.S answers like:
– John built a million-dollar company with this business
– Raghav got a 10 million dollar exit with the same concept
Are not reasons for me to start a venture.
Frankly speaking – they all seemed and sounded good when I was young. But, having been an entrepreneur for 12 years, I know in my mind – the above answers are B.S reasons and should not lead anyone to start a company.
If you are inspired to start a company because of any of the above reasons.
My answer is:
However, there are times” when I am enlightened,” and I think straight like a monk who has had a bottle of the old monk.
An answer like “We are going to solve a problem that definitely had a market need” is more convincing than anything else.
Once, I am convinced that I am getting into something that will have an impact and, most importantly – makes me happy.
I move on to check my risk readiness to be an Entrepreneur and there comes the next question, “Am I ready to take calculated risks?”
Over the years, if there is anything I have learned about risks – it is “Inherently, we all are not risk-takers.”
We are not risk-takers as risks are unpredictable.
And with unpredictability comes anxiety and apprehensions of uncertainty.
We humans are not designed to throw ourselves in an unpredictable and uncertain situation where the startup failure rate could be as high as 80%.
So, how do you get an answer to “whether you are ready to take a risk by becoming and Entrepreneur or not?”
How do you convince yourself to take risks?
So, how do you get an answer to “whether you are ready to take a risk or not?”
The answer to the above question lies in your preparedness to take risks.
You convince yourself to take a risk by understanding your idea better and by following steps like Market Research and Financial Planning or by following all the steps to getting ‘entrepreneurship ready’.
However, these are the topics that are more related to business and I will be covering them in the next few days.
At present, my focus is “You.”
You and your readiness to be an entrepreneur.
You and your risk taking ability to be an entrepreneur.
If i were you, here is how i would i start:
I always check my risk readiness by getting my finances in shape.
I assume that I will not get paid for a year. Hence, my bank balance should be able to support me for one full year and that’s non-negotiable (period).
The next step for me is to get my family on board with what I am going to do.
Trust me, they are the ones who will be an equal member of the journey as I will be missing for the majority of family time and they will need to understand my now our financial situation better.
I ask myself, “What is it that my family has to change in terms of finances and lifestyle if I start this venture?”
SO here we are at the end of how you can check your preparedness to be an Entrepreneur.
Three simple questions are all you need to answer (there are more at the end of the article if you want to take it a step further 😊)
Entrepreneurship is your calling, and it is you who must be positive than anyone else to move forward.
When I quit my job to start my first business, I didn’t answer any of them.
But as I kept maturing as a business owner and started getting into new businesses, I started answering the above questions for myself.
Well! I am not exactly sure about some of the answers, but then deep down, when I know, I have to start my entrepreneurship journey now.
Similarly, you, too, should be sure about the arduous yet fun journey you plan to take.
Some call it soul searching. Others call it self-introspection.
I call it, “I am procrastinating.”
I give myself a mental kick and then I am ready to get started 😊.
You are the one responsible for the consequences of your action– hence, take a call only when you are ready for it.
Before I jump to the next step:
Please note – throughout the article, I will recommend books, tools, platforms, etc. that will help you with your Entrepreneurship journey (for the sake of brevity, let's refer to them as "resources.". When you make a purchase using the links, I get a small affiliate fee for the sale. The money earned as fees helps me keep the blog free for all of you 😊. Also, I do not recommend any resources that I have never used. My recommendations are there to help you cut down on the research time on the internet in trying hundreds of resources that do not give you the right result. I stand by every resource recommended in the blog. They are the go-to tools that help me save time, money, and become an efficient and better entrepreneur. Let us get back to the topic😊.
The Action list for the "Step 1"
At the end of each chapter, I will provide you with an action list to help you gauge your learnings from the section.
Consider the action points as – your “to do” list.
Before I list my action points for this chapter, I was hoping you could get a notepad, piece of paper, or anything on which you can write or type (i keep forgetting that we live in an IT era :)).
- Action Point 1: Answer these questions:
- How much do you believe in your idea?
- Are you willing to go that extra mile to taste success?
- How good are you living outside your comfort zone?
- Do you work hard to get better at your strengths and improve your weaknesses?
- Are you financially prepared to take the risk?
- Is your family aware of your decisions? If yes, how supporting are they of your decision?
If you are positive with all the questions asked above, you are ready to get started with your journey.
- Action Point 2: Read the book “The Lean Startup” by Eric Reis
I wish someone had given me this book before I started my first venture.
The book helps you understand some considerably basic yet important fundamentals of starting a venture.
You learn from case studies of some of the best businesses and tech startups around the world.
Trust me – while I was reading it, I could not help but ask myself, “Why did I not get this book before I started my first venture?”
The book definitely challenges you at all the levels to check your readiness to be an Entrepreneur.
Most importantly, Eric teaches you how to run lean businesses and what is the journey of a startup from idea to the execution stage.
Any confusion you have about your readiness to be an entrepreneur will be resolved in the book.
No wonder – the startup community so highly recommends “The Lean Startup.”
To buy this book, click on this book icon shown below.
On an Ending Note...
Well! Congratulations on completing the first step.
As I always say, “The journey of a thousand miles begins with a single step.”
You – my friend, have taken the first step to “Entrepreneurship.” And are en route to reach the destination.
In the next few days, I will talk more about the “business” and how you can get all the right pieces to start a business.
We will start with Market Research and then will move on to financial planning, selecting the right business entity, setting up an online business and will end up with online business tools.
If you have any feedback about Step 1 you just finished, write me an email at [email protected]
You will get the next step of the Course in your Inbox -
About the Instructor
Founder, Lessons At Startup
I started my first venture in the mid-20s in India and stuck to the venture for the next 12 years before exiting it and relocating to Australia (at present, i am taking a brief hiatus).
I have 12+ years of entrepreneurial experience ( you would have figured that out by now :)). My experience has involved helping small business and startups start and bootstrap to success.
Till date, i have I have worked in different capacity (consultant, partner) in businesses such as IT Services, E-commerce, Consulting, Digital Marketing, Job Portal, Restaurants (to name a few).
My Training Credentials : As a Trainer, i have trained close to 6000 students online and offline (the proof is on udemy :)) in Courses ranging from Entrepreneurship to Digital Marketing.
What do my students have to say about my training?
I am not going to go on a “self appreciation” spree. Instead, i will let the students speak for my work in the feedback section below: