“Become an entrepreneur” this is the phrase that I repeatedly tell to myself ever since I completed reading “Rich dad poor dad” series by Robert kiosaki. After reading this book I was very much convinced that there is only one way to become wealthy & have a lot of personal time. It is “Being on your own”. But something that immediately came to my mind is, if a dumb guy like me can understand this so easily why many of my fellow Indians have not understood this? Why many fellow Indians are still relying on their pay checks for their sustenance? Why even (many) the alumni of famed b-schools look for an overseas offer rather than starting on their own? I had searched for an answer for this question in quite a few places and had discussed this with many of my friends, but still could not get a solid answer.
One fine day I realised that the answer for this question lies in me. I fit in many criteria that define an elite club. I have a good education, was an alumnus of a reasonably good b-school, have completed CFA in no time (forgive me for boasting), have moved reasonably well in corporate ladder but still I don’t have the courage to start something on my own. It struck me, if I find the reason for my reluctance to do something on my own, then I am done with the answer.
During my school days my employed parents always advised me to become an engineer or a doctor. I am sure my parents would have suggested me the best possible thing within their purview. But why my parents did not think about making me a business magnet? The answer lies in the environment in which they were brought up during their childhood. They were born just after mother India was freed from the hands of British Empire. Needless to say that this is the period in which most of the Indian families were in poverty and the Nehru government has initiated lot of public sector plans to employ the Indian population. So, the only aim of our previous generation is to study well and get in to a government job. In essence survival is the key and government has made an easy way out for this. Having attained this they always wanted me to take this easy route and settle in life.
Ya, I could hear you saying “so what? If you are boasting that you belong to elite club, why don’t you think?” The fact is my mindset never got an opportunity to change. In my b-school “placements” was the buzz word from day one. Entrepreneurial capabilities were not even discussed for the sake of discussing during those days. When I came out of the b-school the corporate world welcomed me with its arms wide open. The salaries were lucrative and I could grow at a good pace too. So, even though I toyed with the idea of business quite often I never had the courage to risk leaving my high paid job, clearly an act of cowardice.
Now, when I step back and see my career I could see that what I perceived as growth and good pay is just an illusion. The reason why I am saying this is a) corporate growth more often than not, is just a change in designation. Whatever designation I get, somebody will still be goading me. b) The good pay will not be sufficient to make me obtain my financial freedom. Once I stop working I will go bankrupt sooner or later. On the other hand business gurus will continue to earn the same money because they have created a system which generates money. Let me make this point bit more clear with an example here, let us take example of Mr.Ambani who is owner(major share holder) of a listed fortune 500 company. Now, if he stops working Reliance will still continue to generate money because there are other stake (share) holders who have vested interest in the company and thus Mr.Ambwani will continue to earn. The only loss for Mr.Ambani on his retirement would be his further growth, but financially he will stay where he is.
The interesting story about the Indian working community is most of it is capable of running corporate, but are just reluctant. There are “n” number of CEOs who successfully run companies yet very few have ventured their own. Let us take Mr. Kamath, he has taken ICICI to great heights in no time. ICICI is matching the asset levels and penetration of SBI which has a history of nearly hundred years. No one can deny that ICICI’s CEO played key role in attaining this phenomenal feet. Yet, he is still an employee. May be he is getting his ESOPs’ but still he is not an entrepreneur. I am not sure about his personal case for not being on his own, but my gut suggests that he too belongs to the typical Indian working community. I am sure I can bring out quite a lot of examples, if it is not Mr. Kamath.
Having discussed what prevents us from becoming “real” bosses, let us also briefly see what it takes to become one such. I am sure whatever I am going to say is not a panacea, but I can assure you that it will be good starting point. When I analyse the case of successful entrepreneurs I could categorise them in to two groups. ( I am speaking about first generation entrepreneurs here, not the ones who latch on to their forefather’s business). 1) People who hadn’t had a sophisticated life. These people are forced to look out for opportunities and when they did it, there was no looking back for them. People like Mr. Dell, Mr. Gates, Mr. Ambwani will fall in to this category. 2) People who are innovators as part of their profession. These people bring out ideas as part of their profession, at some point in time they had decide to en-cash the ideas for themselves and started business on their own. Men like Mr. Edison, Mr. Morito, Mr. Narayanan Moorthy will fall in this group.
So, by virtue of our culture, family background and present sophistications in life most of us are ruled of the option of becoming part of category ‘a’. Nevertheless, the category ‘b’ is still open but we are turning blind eyes to it. When I was writing this piece one of my close friend pinged me saying that “ his job is hectic”. I just said him dude why should we slog in like this, let us start something on our own. “I neither have the money nor ideas about the kind of businesses that can be done” came the reply. This is the typical case of most of us (including me). We find reasons why it can’t be done rather than thinking how it can be done. We come out with lot of innovative reasons like time, family background, risks bla bla bla for not doing anything but are not even ready to give a thought about starting something on own. The simple and only reason behind this is – We don’t want to come out of our established safe routine.
It is high time guys we should start thinking about being on our own. This will not only help ourselves but our community, our country and in fact the whole world. There is also a moral/ethical reason for starting a business. I read a book which stated “if somebody comes to you in hunger don’t give them fish but teach them to fish, because giving a fish would serve him one meal whereas teaching to fish would give him a life”. When we start something on our own we will continue to earn at least what we are earning now(save me for initial period), if not more, but the amount of jobs and opportunities you can create for others through your venture is much much more. Eventually, the amount of God’s grace that you can earn through providing a career for two men and thus a life for two families is much higher than feeding hundreds of beggars in a day.
Let me make another point clear at this juncture. I am not suggesting that all of us should quit our present jobs and start a business tomorrow, but all I am suggesting is “be vigilant”. There will be lot of business ideas around you in your day to life, in office, in house, in fact everywhere. Scout for them, keep it in top of your mind, once you get few workable ideas prepare a solid business plan with all your learning in life and start some thing on your own. Again don’t crib for lack of finance and make me to remind you of the quote “It’s not the money that is scarce, but it is the idea that is scarce”. So, guys when we commit ourselves to the cause we can definitely raise all the resources irrespective of whatever comes in the way.
Let us break the glass ceiling and let’s be on our own guys. Let this Diwali, the festival of lights enlighten our thoughts. See you all in next Global entrepreneurial summit.(Ithu konjam over than irundhalum oru finishing puchukaga)
One fine day I realised that the answer for this question lies in me. I fit in many criteria that define an elite club. I have a good education, was an alumnus of a reasonably good b-school, have completed CFA in no time (forgive me for boasting), have moved reasonably well in corporate ladder but still I don’t have the courage to start something on my own. It struck me, if I find the reason for my reluctance to do something on my own, then I am done with the answer.
During my school days my employed parents always advised me to become an engineer or a doctor. I am sure my parents would have suggested me the best possible thing within their purview. But why my parents did not think about making me a business magnet? The answer lies in the environment in which they were brought up during their childhood. They were born just after mother India was freed from the hands of British Empire. Needless to say that this is the period in which most of the Indian families were in poverty and the Nehru government has initiated lot of public sector plans to employ the Indian population. So, the only aim of our previous generation is to study well and get in to a government job. In essence survival is the key and government has made an easy way out for this. Having attained this they always wanted me to take this easy route and settle in life.
Ya, I could hear you saying “so what? If you are boasting that you belong to elite club, why don’t you think?” The fact is my mindset never got an opportunity to change. In my b-school “placements” was the buzz word from day one. Entrepreneurial capabilities were not even discussed for the sake of discussing during those days. When I came out of the b-school the corporate world welcomed me with its arms wide open. The salaries were lucrative and I could grow at a good pace too. So, even though I toyed with the idea of business quite often I never had the courage to risk leaving my high paid job, clearly an act of cowardice.
Now, when I step back and see my career I could see that what I perceived as growth and good pay is just an illusion. The reason why I am saying this is a) corporate growth more often than not, is just a change in designation. Whatever designation I get, somebody will still be goading me. b) The good pay will not be sufficient to make me obtain my financial freedom. Once I stop working I will go bankrupt sooner or later. On the other hand business gurus will continue to earn the same money because they have created a system which generates money. Let me make this point bit more clear with an example here, let us take example of Mr.Ambani who is owner(major share holder) of a listed fortune 500 company. Now, if he stops working Reliance will still continue to generate money because there are other stake (share) holders who have vested interest in the company and thus Mr.Ambwani will continue to earn. The only loss for Mr.Ambani on his retirement would be his further growth, but financially he will stay where he is.
The interesting story about the Indian working community is most of it is capable of running corporate, but are just reluctant. There are “n” number of CEOs who successfully run companies yet very few have ventured their own. Let us take Mr. Kamath, he has taken ICICI to great heights in no time. ICICI is matching the asset levels and penetration of SBI which has a history of nearly hundred years. No one can deny that ICICI’s CEO played key role in attaining this phenomenal feet. Yet, he is still an employee. May be he is getting his ESOPs’ but still he is not an entrepreneur. I am not sure about his personal case for not being on his own, but my gut suggests that he too belongs to the typical Indian working community. I am sure I can bring out quite a lot of examples, if it is not Mr. Kamath.
Having discussed what prevents us from becoming “real” bosses, let us also briefly see what it takes to become one such. I am sure whatever I am going to say is not a panacea, but I can assure you that it will be good starting point. When I analyse the case of successful entrepreneurs I could categorise them in to two groups. ( I am speaking about first generation entrepreneurs here, not the ones who latch on to their forefather’s business). 1) People who hadn’t had a sophisticated life. These people are forced to look out for opportunities and when they did it, there was no looking back for them. People like Mr. Dell, Mr. Gates, Mr. Ambwani will fall in to this category. 2) People who are innovators as part of their profession. These people bring out ideas as part of their profession, at some point in time they had decide to en-cash the ideas for themselves and started business on their own. Men like Mr. Edison, Mr. Morito, Mr. Narayanan Moorthy will fall in this group.
So, by virtue of our culture, family background and present sophistications in life most of us are ruled of the option of becoming part of category ‘a’. Nevertheless, the category ‘b’ is still open but we are turning blind eyes to it. When I was writing this piece one of my close friend pinged me saying that “ his job is hectic”. I just said him dude why should we slog in like this, let us start something on our own. “I neither have the money nor ideas about the kind of businesses that can be done” came the reply. This is the typical case of most of us (including me). We find reasons why it can’t be done rather than thinking how it can be done. We come out with lot of innovative reasons like time, family background, risks bla bla bla for not doing anything but are not even ready to give a thought about starting something on own. The simple and only reason behind this is – We don’t want to come out of our established safe routine.
It is high time guys we should start thinking about being on our own. This will not only help ourselves but our community, our country and in fact the whole world. There is also a moral/ethical reason for starting a business. I read a book which stated “if somebody comes to you in hunger don’t give them fish but teach them to fish, because giving a fish would serve him one meal whereas teaching to fish would give him a life”. When we start something on our own we will continue to earn at least what we are earning now(save me for initial period), if not more, but the amount of jobs and opportunities you can create for others through your venture is much much more. Eventually, the amount of God’s grace that you can earn through providing a career for two men and thus a life for two families is much higher than feeding hundreds of beggars in a day.
Let me make another point clear at this juncture. I am not suggesting that all of us should quit our present jobs and start a business tomorrow, but all I am suggesting is “be vigilant”. There will be lot of business ideas around you in your day to life, in office, in house, in fact everywhere. Scout for them, keep it in top of your mind, once you get few workable ideas prepare a solid business plan with all your learning in life and start some thing on your own. Again don’t crib for lack of finance and make me to remind you of the quote “It’s not the money that is scarce, but it is the idea that is scarce”. So, guys when we commit ourselves to the cause we can definitely raise all the resources irrespective of whatever comes in the way.
Let us break the glass ceiling and let’s be on our own guys. Let this Diwali, the festival of lights enlighten our thoughts. See you all in next Global entrepreneurial summit.(Ithu konjam over than irundhalum oru finishing puchukaga)
Though master of slaves, we are still slave of a master.
2 comments:
A good blog, mate...
Your thoughts are true and tell us clearly what is happening with our young bright minds that settle up for a job rather than create jobs even if they have the capabilities..
It is just a social web that we are entangled in that is preveting us from daring to venture into entrepreneurship...
But sooner or later..a few of us should set an example!!!
Well Nirmal,
it started me thinking. Especially since I am part of a company started by my uncle and I am going to be a second generation owner. I can broadly think of 2 reasons for people becoming entrepreneurs
1) Un employment (as in my uncle’s case and many of his co entrepreneurs)
2) Extreme desire to earn lots of money (also read as fame) (like in the case Dhiru Ambani etc)
While the rest take up jobs.
Nitin Mishra
Post a Comment