How many of you are entrepreneur here? Can you explain your idea which you have thought and can you give some tips to others who are also seeking in this direction ? I know Dani is one of them. If she feels , she can also share her experience. This thread will be very very helpful to everyone as entrepreneurship helps everybody at some point of time. can anybody be entrepreneur if he is determined and passionate to do something ? If you are not entrepreneur , then try to add some points here to help people who want to do something on their own. thanks.
IMO being the owner of a business sucks. You, and no one else, are responsible for all the good things as well as all the bad things. If you are also an employer then you also have to be head of Personnel, that is you have to hire, fire and be advisor to employees. You can't afford to be too friendly to employees because that can lead top problems elsewhere.
Much easier, IMO, to be an employee; not nearly as stresful.
can anybody be entrepreneur if he is determined and passionate to do something ?
You will never know if you don't try it.
“It is better to try and to fail than to fail to try and forever experience the inestimable loss of what might have been.”
So, is it good to work for 30-40 years for a company and give your valuable input to that company so that it can earn from you for 30-40 years ?. I am not against this thing because we don't have any other option. I am just trying to discuss this thing. My point is that : if we can do so much hard work, we can give so much input to any company, then why can't we give that input and potential to our own business ?
Each year your salary will be increased by some 8-10% and we will be very happy and after 30 years of life, what exactly we have in our hand ? Bank balance and experience of work in that company? Right ? Again, I am not against working with companies, but asking you that can't we do something so that we can have something in our hand at the end and we can say that "Yes! this is something only because of my hard work". I know this seems to be easy, but it's task of many-many years. Make me correct if i am wrong at any point. Stress will be there as an employee also, and as an owner also. but difference is only of less and more. having responsibility of all good and bad and making your own business and set targets and surpass failures are characteristics of own business. I know it's not easy to have any business and making it sucessful.But, I have seen that majority of people don't even give it a shot. In India, only 10% people give it a chance. They have huge potential to do anything, but they just love money which companies are giving them without any issues. And they start working for them and loose that potential which can be given to their own business.
What i am saying is that Can't we work for 4-5 years and we should at least try once for our own business ? I know experience, ideas, passion and failure-facing abilities must be there for all this work. But why don't people even try this ? I Am asking this because I am not getting any answer to this. May be i know only positive aspects or it may be the case that i don't know actual market or may be i am saying some vague things which doesn't make sense at all, but whatever it is, this is the way i think sometimes.
P.S I am not against working with companies, but am just trying to discuss that what i am saying is correct or not. thanks.
IMO being the owner of a business sucks
But your the one that rakes in the cash (if your the business owner)
To me, the best way to make it in the future is to own a company that meets the needs of the people and the future.
Each year your salary will be increased by some 8-10%
Yeah, right. I want to meet your employer. Yearly raises are more towards the 1-3% range.
after 30 years of life, what exactly we have in our hand ? Bank balance and experience of work in that company? Right ?
Hopefully, after 30 years of working, you will have accomplished some things that you are happy about or proud of. Whether you were on the assembly line of products that people enjoyed or needed, or whether you helped a lot of people, or whether you participated in some big and important projects. That's called taking pride in your work. So, that's one thing that you get, even as a "mere employee". And that's also why you should pick a profession that is fulfilling in that way, whether as employee or entrepreneur.
Also, a lot can change in 30 years. And at that point, your career or personal fulfillment ambitions might no longer be a priority. Priorities might be your children and/or leasure (i.e., retirement-style leasure). Running a business might actually be a burden at that point. I know my uncle seemed kind of relieved when his business went bankrupt in the recession, as he was close to retirement and his children were well off on their own. If it wasn't for the recession he might have had to keep running that business for another 20 years, out of duty to the employees.
So, things are more nuanced than you may think.
we can say that "Yes! this is something only because of my hard work"
And you think that employees don't say that? Sure, the business owner / CEO might deserve a bit more credit than others (but not necessarily), but businesses are mainly built by the hard work of their employees, no exceptions. Some business owners are real jerks and completely full of themselves, and might claim the opposite, but these people are just entitled jerks, period.
But, I have seen that majority of people don't even give it a shot. In India, only 10% people give it a chance.
How could everyone try to be an entrepreneur? Who's gonna work in the businesses and actually run them? I know that there is a lot of glorification of entrepreneurs (or "job creators", which is a really stupid term), and a general push for this idea that everyone can or should be one, but the reality is, we only need very few of them, and there can only really be a few of them, otherwise all businesses would be one-man operations or all employees would be failed entrepreneurs with no real professional competences. 10% seems like a high enough number already.
And they start working for them and loose that potential which can be given to their own business.
You seem to have a very narrow definition of "potential". I can't accept that running your own business is the only way to realize your potential. If you are a brilliant engineer, you invent something, and start a business to make and sell it, and then, you spend decades scraping by with your small business because that invention didn't turn out to be that great or your competition squashed you. Are you realizing your potential? When you could have done better taking a job at a big company where you could have worked on much more meaningful / impactful projects in a fulfilling career.
One thing is true though, companies in general are very greedy in the sense that you "lose your potential to them". In other words, you never really get paid the real value of your labor, the owner always skims a huge chunk of the top, and they will always try to only pay you the minimum you are willing to work for. But that's the age old "class warfare" problem. Karl Marx is the reference literature on that subject. After all, that's what the word "capitalism" literally means, a system designed to reward "ownership", not "hard-work". And the whole glorification of entrepreneurs is all part of this idea that these people's position in society is enough to warrant their disproportionate rewards / revenues. Enough said.
I would say, if I had a really good idea or reason to start a business, I might consider doing it. But starting a business just for the sake of doing it is foolish.
I have had my own business for 20 years now. My earnings have not increased by 10% annually, or even 1% for that matter. Indeed, in real terms, my earnings have dropped by considerably more than 10% over the years. That said, I'm happy running my own business, setting my own working times, determining who I do and do not work with, deciding what I am and am not happy with and, ultimately, it really isn't all about the money as far as I am concerned. Quality of life is much more important, and that is what having my own business gives me.
Oh, and perhaps most importantly in my case, being able to look and dress how I want. This personal freedom is more than just a vanity thing, it's something I care about deeply. I have a tattooed head/neck/hands/fingers for example. I do not own a suit or a collared shirt or a tie let alone wear any of them. What I do is important, and NOT what I look like. Try telling that to most employers. When I first started my business twenty years ago I sported a 36" long red and black dreadlocked mohawk haircut, multiple facial piercings and multiple tattoos even then, oh and was rather 'unconventional' in my fashion choice. I have not changed much, apart from dropping the metal (apart from three ear piercings) adding lots more ink and growing a beard which I now choose to wear in beaded plaits. Do I give a flying **** about what potential clients think? Erm, nope. Sure, I might lose a bit of money, but I gain in the quality of life thing as I don't have the stress of working with shallow bigots.
I fear I may be in an overly ranty mood today. :)
adding to nitin1's post, the name "venture capitalist" sounds very odd in india. Most of us have misconceptions about the whole concept of entrepreneurship.
Even if you have your own business, you will be working for your clients/customers and the government's rules. No, you cannot wear what you want.
No, you cannot wear what you want.
If you work at home, then yes you can.
If you work at home, then yes you can.
That would be omitting the fact that a lot of clients are driven away by people who aren't suit-wearing, conforming pricks. But four posts up, happygeek dealed with that issue.
I keep my hair short, clean shaven, and wear a suit and tie. I'm content with my appearance. I refuse to conform to non-conformists and other such judgementalists.
My businesses are doing very well.