11 Things to Consider Before Turning Entrepreneur
There no better and enticing idea than one that hints at the possibility of being your own boss! But it pays to run some checks unless you want the startup startling you! Having come from a family where both my parents were salaried professionals, the how's, why's and wherefore's of business and entrepreneurship were completely alien to me.
Today, as first generation entrepreneur overseeing several aspects of work at Gemstoneuniverse, I can easily say with quite firm sense of certainty that I have spanned two different worlds.
Being an entrepreneur is not just about being a business owner, it's about knowing life as you knew it... and turning it 180 degrees on its head! Entrepreneurship is a mindset and requires quite a bit of clarity before being embraced.
Come to think of it, unless one is prepared it can be quite scary:
1. You no longer are in the comfort zone of a definite salary figure.
2. Days-off can no longer be arbitrary. Along with valuable time loss, it sends wrong message to your employees or partners.
3. There is so much more responsibility when you become vital for keeping kitchen fires going in several other homes.
5. You will now have to make decisions, sometimes split second ones - this is the boogeyman of grown up world.
6. Money coming in needs to move in a cycle; nothing can be achieved unless you are comfortable with the idea.
7. With technology and global audience, the concept of work-hours and leisure may need to be reworked in the head.
8. Hiring, motivating, firing will be on your plate! Tough conversations are something you need to brace up for.
9. Make time for something you haven't done before - you will need to make sure you are SEEN and HEARD. Welcome to the game of eyeball grabbing! All this doesn't matter in a salaried life... Now life will depend on it.
10. Inspiring others is an art. Your motivation led to the startup. Don't let your or your employees steam fizzle out.
11. New disciplines await you - laws, regulations, accounts, taxation ... You will necessarily need to wrap your head around them!