The most buzzing word nowadays. It is one of the oldest professions with the highest amount of transformation. "It's not for everyone".
Common thought: Entrepreneurs change the world. They are creators, they are cool, they are risk-takers, and rest. All of these are true but the main fact is the success rate of entrepreneurs is very low. You can adjust or manage in most other professions even if you are not good at it but for an entrepreneur, it has to be a calling!! There are no good and bad entrepreneurs - there are entrepreneurs and those who moved on.
Business person vs Entrepreneur: The words are used interchangeably but the major difference is -
An entreprenuer works on an innovation, a solutiont to a problem that isn't solved yet while a businessperson focuses on making money out of any existing solution and serve the population.
Payscale : (Mid-level) : Average company : 3L INR/month
Successful company: 10L to 1cr INR/month
** you decide your own salary!!
Work location: Wherever you decide it to be
Holidays: Entrepreneurship is a full-time job 365*24*7. No holidays in the early stages, even you apply one and accept yourself, half your thoughts will be with work. In later stages, with enough training, you should be able to enjoy your holidays ;-) (it is required).
It is up to you when and how many holidays you take.
Other options in hand: As an entrepreneur, you tend to learn quite a few important skills which are oxygen to any other startup. If you intend to quit the risk and help some other entrepreneurs build her/her dreams, you can well be considered for CXO roles. VC firms would love to associate with you to take you in some role.
Flow chart: Anyone, at any age and any qualification can become an entrepreneur. It is advised to go through an entrepreneurship course from any source before venturing.
Best Examples: SpaceX, Microsoft, Infosys, Apple , Paytm, Zerodha , Alibaba , BYJUs ...
Tops people to search for: Elon Musk, Byju Raveendra, Bill gates, Kunal Shah, Jack ma ...
Health effects: Back pain, Sugar, Obesity are common due to non-active work style and bad food habits that come with startup culture. Regular exercise and a proper diet are recommended.
Heavy work pressure, peer pressure, and many other pressures make your mind a pressure cooker. A healthy mind is what is required - yoga, meditation, and some free time at least once a year is required.
At the end: Bank balance (good person) - 10L to 10Lakh Crore INR
Closeyss - 5 people
Respect - Huge if successful, but people forget most norma and average entreprenuers.
Post-retirement: Your reputation is what matters here. If you are well known you have plethora of options to be an advisor,consultant,mentor or investor. If you had a low lying journey, its rare that your services are asked for.
Early stages: High emotions, heavenly thoughts, amazing ambitions, daydreams, and the feeling of being the next big thing in the world!! There will be a few of you who hold lots of fear of not knowing anything, eager to get some mentor to learn the basics- believe me, you are on the right track.
Tips: Entrepreneurship is not an exam to pass or a treasure hunt to win; it is a way of life, it is a very long journey. You might be able to win a 100-meter race with your friends but that doesn't mean you have enough for a marathon. For entrepreneurship, you need patience, follow a process, be regularly innovative, adaptive, and many more. Step one, learn the fact that you don't know anything. Step two, find a mentor, the right one - they have already made the mistakes you are about to commit, she/he will help you do newer & better mistakes.
A few years: Unless you are damn lucky you still will be struggling, you will be working hard, you will have unfulfilled goals and whiteboard planning. If you survived for 10 years, you are one of the finest resources for any leadership position. With your learning, you make your present venture or maybe a new venture a super success. But the key is how much did you learn about customers and human relations.
Tips: A good part of your day, try understanding the customers, the market ,the trends. Butterfly effect is of the highest relevance to startups.
Work pressure: (9/10)
High - A typical startup will have less time, more work, money low, a high number of clients, and heavy ambitions. It is the best kind of pressure to have, to perform and cater better. If you can handle it well, nothing else matters.
Low - If enough time and effort are put across, planning, preparation, and testing the amount of re-work and complaints will be few. If customer communication is properly handled, then you are in a good space.
Normal - Self-induced pressure to perform and earn better.
Patience : (10/10)
There is no High,Low and Normal. If you want to be a successful entrepreneur, the major criterion is patience - years, sometimes decades to make things happen. It is worth it.
Sub-ordination: ( 1 to 5/10)
High: For you to understand the customer needs, for you to learn from seniors and for you to learn from those bullies. If not above at least you should they are equal with you, nothing wrong in seeing the above you for age/experience or any other reason but it is quite important to lose self-respect and their respect for any benefit.
Normal: There is a huge place for EGO in an entrepreneur's life. If you don't think you are the best, you are not eligible to take the big decisions. You can be an average person for decisions related to you and maybe your family but for a team, for customers, and society you need to be the best to make a decision. While taking decisions, running the company, and similar, remember that you are the best but don't let it creep into your personal life or professional communication.
Happiness Index: 7/10
Degree of boredom/mundane tasks: 2/10
Analytical capability: (7/10)
Fast learning capability: (8/10)
Emotional intelligent : (8/10)
Physical fitness : (7/10)
Retention of information : (6/10)
Capacity to handle failure : (10/10)
Boring index : (3/10)
High: If you are pretending to be an entrepreneur it would be damn boring.
Low : New things to learn every month, logical challenges, creative challenges, interesting questions unanswered till date.
Family attachment index : (6/10)
Low : While building the company, and in the early stages it is very tough to be in touch or in strong connection with the family.
Normal: A recent survey suggests,the attachment of direct family is quite high. No affection is directly shown but the actions speak and they do make time whenever required and possible. A steady financial flow will mark the beginning of the attachment but till then it is gloomy.
Job relevance : 100% (Until the end of the earth, the job is relevant).
Sustainable goals: SDG 1 to N. Depends on the problem you are solving with your startup.
Dress code : Flexible, depends on your style since you are the decision maker.
Work schedule: Don't think of this for your self but for your team you can schedule it.
Shifts : You decide.
Major challenges: Tight deadlines, might need to sacrifice personal commitments.
Keep an eye on the competition.
Highly demanding and innovation based.