NEW TO BUSINESS-- A stamp of INDEPENDENCE
One of the most intriguing topics in the Business world is the "Start up". There have been many views written, spoken and experienced and many great successes, some unfortunate failures and some directionless drifting. Suddenly the environment is so dynamic, opportunistic and ever so compulsive (rather "no other go" sort of a situation) for the Independent foray into employment. Yes, Independence is probably the need which is prompting many of the adventurers to take the step towards starting up something on their own.
Many a time I have come across youngsters, elders and the drifters (neither here nor there) who want to have their share of Independence. Here Independence means, independent to think, independent to ideate, independent to establish, independent to decide, independent to operate, independent to perform and finally independent to succeed or succumb.
The environment prompted me to bring out my view (independent, interdependent and experienced) on the topic so as to enable further debate. "There is no development without continuous debate".
My first view is that the word "Start-up" should be removed from the business world. It is the most self-defeating word probably invented. It is an excuse which most of the New to Business and enterprising adventurers use to address their shortcomings. It is an excuse for many to procrastinate, make a hotch potch of everything they attempt, it is an excuse for not being compliant and strong on governance. It is an excuse for not taking bold decisions as well as an excuse for having taken a "stupid" decision. It is an excuse for a "fad" created by those who are okay to accept failures while not accepting that these failures were "Lured" by their decision not to do things properly.
The next part of my views on "New to Business" is more of sharing my knowledge and experience for those who wish to take the plunge as well as for those who have taken the plunge but still drifting aimlessly. I wish these become doctrines or the "Ten Commandments" of "New to Business", hopefully it will help the readers and adventurers:-
1. Thou shall not be called a "Start-up", but shall use "New to Business" only when you first begin the journey. Once in Business, you shall be called an Entrepreneur and your entity shall be called nothing beyond its factual name. The work you do shall decide the stature and not the so called "Title or reference".
2. Independence shall be replaced by the word "Interdependence". Everyone is interdependent and one cannot do anything without the support of others. Hence, thou shall use the phrase "I have decided to chose the Entrepreneurial path". Entrepreneurial path is for someone who is enterprising and not for someone who wishes to do something "For myself", something "On my own". An entrepreneur is someone who can bring about a change in the environment and who is ready to take responsibility for all he does and for all that others do.
3. Thou art not someone who has to be sculpted, but someone who is already there inside the stone only to be released, someone who has been imprisoned and waiting for freedom. It's something like the work of Michelangelo. Michelangelo's genius as a sculptor lay in his ability to see a finished statue inside a rough block of marble. His challenge was not to make a sculpture but to release the one that was already there, imprisoned in the stone. Essentially that is what is the person who enters business world for the first time, you are not creating something new, you are actually releasing a "hidden you". The process is one of self-discovery. That is what the entrepreneur should think and make all others think and imbibe as a culture. It is a culture of togetherness while trying to discover one self.
4. Rules are made to follow, right to the hilt of the word. Whatever my entity is, proprietorship, partnership, Limited liability partnership or Company, there are rules laid down and they should be followed. The process of identifying one's stature begins with following the rules and ensuring that there are no stones un-turned in matters relating to the law.
5. Whatever I don't know I shall explicitly accept and shall work towards learning the same, else I shall seek an adviser or a consultant. Legal, Statutory, Company law, Financial Planning, Human Resources., Horses for courses holds good even when you are a beginner to business.
6. Team work is what I believe in and shall follow this unwritten rule irrespective of the situation. I shall strive to follow this not only in principle but also in spirit. In business (or for that matter in employment too), there is no space for "I know it all, I can do it myself" attitude. There is a need to build new businesses through effective partnership. The Co-founder or Co-promoter is not someone who comes there just for the heck of it. They should be people who are ready to take the pains and address them in every possible, positive manner.
7. I shall seek Financial Investors as and when I am in need of the same. Just because money is available it is neither practical, nor possible to attract investments. There is a process for working towards the same. Not every idea is striking or attractive. An innovation to you may sound routine to someone else and more difficult it becomes, if that someone happens to be a potential investor.
8. The Investor is "God" only to the extent of the money he puts and the expectation he is bound to have. Marry a person whom you like or someone who has been chosen by your parents. There is all probability that the marriage may succeed and equal probability that it may fail. While choosing an Investor, there is no possibility of you liking them or vice-versa and at the same time, it is not by choice, it is mostly by chance. Hence know your Investor thoroughly, irrespective of whatever may be the outcome of the prospective investment. However, you have no choice to reject the same on most counts. The best thing one can have is complete information about the choice and result thereof. It is like I am informed before falling into the well. So be it. Investor agreements are tricky in nature. So are the protection clauses especially for minority investments. One needs to understand every aspect of the same.
9. I shall strive to network and create partnerships with like minded organizations and entities. This is a very important aspect of New to Business. It helps to stay connected and the moment there is an opportunity one needs to pounce upon the same. Again it helps to stay connected so that if there is "failure" in the horizon, it makes significant sense to network to address the failure or even to get back to the familiar horizons of employment.
10. I shall be passionate only in "Bed". Business is hard work and no room for passion, no room for emotions. I am willing to work hard to make it happen, but beyond that if things do not work, it is quick decision to shut shop that will help. Yes, "There is no Entry without exit". One should enter into business only if they are clear that exit is something that will be decided by themselves and not by circumstances. If they feel that everything will be hunky dory, they are wrong. "The Challenge is a Challenge as long as it is a Challenge", the moment it ceases to be, it should be quits time. Business is always a Challenge to be experienced every nano second and only those who are willing to grind it can cherish the journey.
Finally, who said it was only about "Doing something for one self"? This strategy is the same even if you are in Employment. Then why the brouhaha of being in Business vs being in Employment. Does it mean, that those in Employment are any less Entrepreneurial or Enterprising? It is one and the same. So, for all those who want Independence, please understand it is only a state of mind, you can be Independent while you are Interdependent.
May the most enterprising person cherish the existence of Business World.
Many a time I have come across youngsters, elders and the drifters (neither here nor there) who want to have their share of Independence. Here Independence means, independent to think, independent to ideate, independent to establish, independent to decide, independent to operate, independent to perform and finally independent to succeed or succumb.
The environment prompted me to bring out my view (independent, interdependent and experienced) on the topic so as to enable further debate. "There is no development without continuous debate".
My first view is that the word "Start-up" should be removed from the business world. It is the most self-defeating word probably invented. It is an excuse which most of the New to Business and enterprising adventurers use to address their shortcomings. It is an excuse for many to procrastinate, make a hotch potch of everything they attempt, it is an excuse for not being compliant and strong on governance. It is an excuse for not taking bold decisions as well as an excuse for having taken a "stupid" decision. It is an excuse for a "fad" created by those who are okay to accept failures while not accepting that these failures were "Lured" by their decision not to do things properly.
The next part of my views on "New to Business" is more of sharing my knowledge and experience for those who wish to take the plunge as well as for those who have taken the plunge but still drifting aimlessly. I wish these become doctrines or the "Ten Commandments" of "New to Business", hopefully it will help the readers and adventurers:-
1. Thou shall not be called a "Start-up", but shall use "New to Business" only when you first begin the journey. Once in Business, you shall be called an Entrepreneur and your entity shall be called nothing beyond its factual name. The work you do shall decide the stature and not the so called "Title or reference".
2. Independence shall be replaced by the word "Interdependence". Everyone is interdependent and one cannot do anything without the support of others. Hence, thou shall use the phrase "I have decided to chose the Entrepreneurial path". Entrepreneurial path is for someone who is enterprising and not for someone who wishes to do something "For myself", something "On my own". An entrepreneur is someone who can bring about a change in the environment and who is ready to take responsibility for all he does and for all that others do.
3. Thou art not someone who has to be sculpted, but someone who is already there inside the stone only to be released, someone who has been imprisoned and waiting for freedom. It's something like the work of Michelangelo. Michelangelo's genius as a sculptor lay in his ability to see a finished statue inside a rough block of marble. His challenge was not to make a sculpture but to release the one that was already there, imprisoned in the stone. Essentially that is what is the person who enters business world for the first time, you are not creating something new, you are actually releasing a "hidden you". The process is one of self-discovery. That is what the entrepreneur should think and make all others think and imbibe as a culture. It is a culture of togetherness while trying to discover one self.
4. Rules are made to follow, right to the hilt of the word. Whatever my entity is, proprietorship, partnership, Limited liability partnership or Company, there are rules laid down and they should be followed. The process of identifying one's stature begins with following the rules and ensuring that there are no stones un-turned in matters relating to the law.
5. Whatever I don't know I shall explicitly accept and shall work towards learning the same, else I shall seek an adviser or a consultant. Legal, Statutory, Company law, Financial Planning, Human Resources., Horses for courses holds good even when you are a beginner to business.
6. Team work is what I believe in and shall follow this unwritten rule irrespective of the situation. I shall strive to follow this not only in principle but also in spirit. In business (or for that matter in employment too), there is no space for "I know it all, I can do it myself" attitude. There is a need to build new businesses through effective partnership. The Co-founder or Co-promoter is not someone who comes there just for the heck of it. They should be people who are ready to take the pains and address them in every possible, positive manner.
7. I shall seek Financial Investors as and when I am in need of the same. Just because money is available it is neither practical, nor possible to attract investments. There is a process for working towards the same. Not every idea is striking or attractive. An innovation to you may sound routine to someone else and more difficult it becomes, if that someone happens to be a potential investor.
8. The Investor is "God" only to the extent of the money he puts and the expectation he is bound to have. Marry a person whom you like or someone who has been chosen by your parents. There is all probability that the marriage may succeed and equal probability that it may fail. While choosing an Investor, there is no possibility of you liking them or vice-versa and at the same time, it is not by choice, it is mostly by chance. Hence know your Investor thoroughly, irrespective of whatever may be the outcome of the prospective investment. However, you have no choice to reject the same on most counts. The best thing one can have is complete information about the choice and result thereof. It is like I am informed before falling into the well. So be it. Investor agreements are tricky in nature. So are the protection clauses especially for minority investments. One needs to understand every aspect of the same.
9. I shall strive to network and create partnerships with like minded organizations and entities. This is a very important aspect of New to Business. It helps to stay connected and the moment there is an opportunity one needs to pounce upon the same. Again it helps to stay connected so that if there is "failure" in the horizon, it makes significant sense to network to address the failure or even to get back to the familiar horizons of employment.
10. I shall be passionate only in "Bed". Business is hard work and no room for passion, no room for emotions. I am willing to work hard to make it happen, but beyond that if things do not work, it is quick decision to shut shop that will help. Yes, "There is no Entry without exit". One should enter into business only if they are clear that exit is something that will be decided by themselves and not by circumstances. If they feel that everything will be hunky dory, they are wrong. "The Challenge is a Challenge as long as it is a Challenge", the moment it ceases to be, it should be quits time. Business is always a Challenge to be experienced every nano second and only those who are willing to grind it can cherish the journey.
Finally, who said it was only about "Doing something for one self"? This strategy is the same even if you are in Employment. Then why the brouhaha of being in Business vs being in Employment. Does it mean, that those in Employment are any less Entrepreneurial or Enterprising? It is one and the same. So, for all those who want Independence, please understand it is only a state of mind, you can be Independent while you are Interdependent.
May the most enterprising person cherish the existence of Business World.
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