It is common that people, after achieving their professional goals, set to start a business venture of their own. But to be successful one must not only work hard but also commit sacrifices. ‘What if I fail’ is not an option for an entrepreneur targeting success. But many people start their ventures without being very sure of success, without being prepared to face the new scenario, which will undoubtedly end in its failure. Being an entrepreneur after being a high earning, reputable professional is not that easy. When you are a Senior Corporate guy you enjoy the power and status of the chair you sit on and when you leave it you leave everything associated with it whether it is social recognition, paychecks and anything.
I just started reading the book ‘The High Performance Entrepreneur’ by ‘Subroto Bagchi’ and found this set of questions whose answers will help you to decide if you are ready to build an organization.
- Would I feel lost if my Boss found out my desire to venture out and gave me the pink slip?
- Have I discussed the venture and the possible outcomes with my dependents?
- Am I ready to give up my house, car, club membership and official position?
- Would I be willing to take a serious salary cut to make sure the company is not saddled with a fat compensation structure-and thereby can break even sooner?
- Would I be happy traveling economy class against the business class travel I am so accustomed to as a vice president in a multinational corporation?
- Will it be fine with me to stay in a modest hotel and travel by train and not taxi?
- Is it all right for others in the company to earn more than me?
- Am I willing to work 70hrs a week for the next few years to make sure the company stands on its own?
- Will i be comfortable in working out of a cheap business centre or from a downmarket address, with bad air conditioning, hired furniture, poor lighting and no secretaries?
- Will I be comfortable making my own phone calls, writing my own memos and creating my own set of slides?
- Will I be able to set my own goals and work unsupervised?
- Will I feel awkward going back to people who reported to me a long time ago to solicit business.
Before you start ‘Think Again’.
good one again…i wud like 2 see more from you…
Comment by Jojo Joson — July 30, 2010 @ 5:31 pm
Thank uu..
Comment by admin — July 30, 2010 @ 5:32 pm