Nurture Talent Academy, India’s 1st institute for training entrepreneurs recently completed 1 year of its operations. I just thought to reflect what the journey has been like, and though in the past I have talked about the positive and motivating aspects of entrepreneurship, few things about few people has been disturbing me in the past, and I thought to write about it. I have met over 2000 entrepreneurs in past few years, and of all kinds, age, sex etc. There are few types of people, though, who are disgracing entrepreneurship, and I am highlighting their traits below:
1. I am thinking about starting up for last 3 years types
These are the type of people who you will find in most of the networking events and they have only 1 cap on – THINKING cap. Every time you talk to them, they will tell you about a great startup (which maybe in news for funding, product, consumers etc.) and say, You know, I had thought about this idea 3 years back! But the problem is (some explanation about why this will not work or why they didn’t do it). A real potential entrepreneur would have already met potential customers, team members and investors and taken off in some ways by this time.
Lesson: Thinking is good, but doing is better
2. I have got this great idea, but I cannot share with you types
There are some types of people who take literal meaning from ‘Power of Ideas’: “ they think that idea is only thing that is holding them from their next IPO (initial public offering), and because they have a great idea, customers will be lining up after them. Nowadays, customers are smart to understand who promises and who delivers “they pay for performance, not for ideas. Some of them are even smart enough to copy other ideas from Techcrunch, Demo sites and claim to be their original ideas.
Lesson: Ideas are everywhere, but he who brings a product for the customer makes the money.
3. I don’t like my job, so I want to become an entrepreneur types
If you don’t like your job, then change your job. If you don’t like your industry, then change the industry. But who says that being an entrepreneur is better or worse than a job. In fact, its multiple jobs rolled into one you have to get customers, arrange for money, use it efficiently and manage a team all at the same time!
Lesson: Entrepreneurs need ability and passion to start, not frustration.
4. I want to make money types
Yes, entrepreneurship is a lot about making money, but as Henry Ford said, Any business that makes only money, is a poor business. There will be days, especially early on in business, when you will not make any money. There will be days, maybe sometime later in business, when you will make so much money that you will not be able to count “you will have to get accountants, secretaries and professional bankers to do this for you.
Lesson: Define few objectives with which you wish to start your venture, including personal, professional and financial ones.
5. If I had the money, I would start my business types
I come across this category of people every day, and their most common crib is about investors not giving them the money to start. When you probe them further, you come to realize that they are in a comfort zone of a monthly salary, set daily schedules, and weekend parties etc. There are no real attempts at trying to find customers, build a product, or even meet investors! They just read a newspaper or website and think what gets covered in media is really for real.
Lesson – Real entrepreneurship is about making sacrifices, and doing something to convert problems into opportunities, not complaining about someone else.
These are the few kinds who always crib, criticize or complain “the first thing that I do is avoid them, and find someone more helpful or positive in life. India does not need people who bring disgrace to entrepreneurship, but more people who can struggle, fight, and bring things to life!
 About the AuthorAmit Grover is an IIT Delhi and IIM Indore alumnus, an individual with a passion for entrepreneurship. He is the founder of Nurture Talent Academy (www.nurturetalent.com), which has conducted 35 programs, across 10 cities, attended by 550 startups. It conducts programs for budding entrepreneurs on areas like finance, business plan, marketing and setting up a company. He is also a member of Mumbai Angels, a group of early stage investors and has led over 25 deals in last 4 years. |
Amit,
Your article is quite useful and nice one. I appreciate it.
Mehul
Business Analyst
Technologie Solution
This was a very informative article. There are so many of those types and I am happy I’m neither.
Thanks again for the post.
Hi amit,
I appreciate your concerns. However there is another side too. Who wants to loose the set comfort of life, good job if exists. Majority of business have comeup because of some trigger point in a persons life and not necessarily because he dreamed of being a business man. I think the power to dream and to do has never been encouraged in our lives and therefore these skepticisms you see in different people is seen. I think sessions on why should one dream and start own business should be launched to make people bolder.
Excellent Amit, really good.
You know one more very imp. question people keep on asking, whether I should go for job or should start my own business?
I really feel pity on these people, I mean your idea doesn’t impress you even, so how could you think that the market will accept your business model?
Real entrepreneurs never come across job issues, never!
@ Dr.Akash, Its not about trigger point nor about just loosing comfort.
See there are two broad kind of entrepreneurs everywhere, First, who wants to earn a lot and lot of money, second, who want to make something of their own, And history says- Second kind of people are the ones who have succeeded generally, being an Entrepreneur, you need to be out of comfort level, out of a white collar job, you might have to reach people in business who used to reach you when you were at job, even its possible that your ex-boss will be so much interested to invest in you. Lesson taught in IIM -‘ Start following your dreams now, or else someday, someone will hire you to fulfill his dreams.
Cheers!
Outstanding.
I love your “in your face” approach.
I would love to feature it as a guest blog.
Please contact me directly.
Dave Phillipson, CP
CEO Space
The World’s Largest, Oldest & Most
Successful Organization for CEOs,
Entrepreneurs & Visionary Investors
http://www.GlobalCEOspace.com
http://DauntlessDave.blogspot.com
P.S. Those that know me, understand there’s not much that gets me as excited as helping a fellow entrepreneur. I’m passionate about sharing my resources, knowledge, and elite connections in order to build business cooperatively.
I do this by receiving referrals from people like you. Who do you know that’s a business owner?
As someone who meets many “wantrepreneurs”, I can say that this is right on the money… 🙂 The “I have got this great idea, but I cannot share with you†type is the one I try to get away from fastest…
Amit,
Read your fascinating article.
Just wondering – which of these FIVE becomes an entrepreneur – NONE.
regards
Very nice article, but on the other side “About the Author” is also too much of self-praise.
@Mehul, @Phillip, @Bart, @Jai – thanks
@Akash – appreciate your concerns, circumstances are different for everyone and play an important role in decisions. But ultimately, you have to decide and move – better now than later.
@Dave – thanks, please go ahead and feature it as a guest blog.
@Sudhir – few of these types do overcome their fears, and some need mentoring/counselling/training to take a leap but a majority continue to live in fancy worlds, hopefully things will change!
@Anon – thanks for the feedback, will also like it if you leave comments in your original name, rather than as anonymous.
Amit
Loved your post. I always find the first type “all talk and no action” the most common. These are also the people who ,specially after a couple of drinks, indulge in what i call ‘complete time waste” for the people who are sitting with them and generally start with “‘I have 2 ideas…..” .
Imagine building a company with 2 ideas when building with one is difficult enough….!!
@Bart Loved the word “Wantrepreneurs”! I see lots of them around me 🙂 I think mostly people say they want to be entrepreneurs, because it sounds COOL. Beyond that it takes too much courage I guess 🙂
Hi Amit,
I completely agree with you. These are the frequently encountered species of wanna-be entrepreneurs. And what’s scary is that they tend to influence the people around them as well. So even if you are on the right track, you will start doubting your path after interacting with them. It is essential to keep such people at a safe distance and continue with your plan.
You have nailed it right Amit, its a thelka blog on entrepreneurship.
There is one more type of entrepreneur
6. I have no education and no job, trying my hand in business.
This kind of entrepreneur is a non elite type, he has no or very less of formal education, he has given up on his studies, cannot stick to job detests doing hard work and taking up responsibilities, sometimes he is depending on pocket money from his dad. Parents have tried there best in getting his career straightened but no uses, as a last resort parent then finance this kid to start his business expecting miracle to happen.
Amit,
Can you provide me your Email ID to contact you, Please ?
Mehul
Technologie Solution
I guess I have some little contradictions…The problem is defining the traits of entrepreneurship is difficult
(1) Personally, I actually got into entrepreneurship after more than 10yrs of “thinking” – I can’t comment more!
(2) Some ideas esp. in the IT field can’t be really shared with everyone you meet. You need to build trust before such ideas can be shared.
(3) I have no comments here.
(4) Again no comments
(5) Oh yes…there are still lots of ‘ideas’ which require loads of investment…Probably these people are working on (say) a b-plan to convince the investors? Or probably they give up too fast?
In any case, none of these types are “disgracing” entrepreneurship…You are jumping too soon to conclusion(??) – could be, but all that I would say is unless you are looking from their point of view, you would never know! [And don’t forget the learning you are getting and obviously it did fill up your blogpost!]
@Mehul – 09833410822
@Muthu – if this blog inspires few people, great. If it hurts some and they do something about it, even better. Remember, Gandhi ji got inspired when he was thrown out of a train in South Africa. All I am saying is people should take sides – either you are an entrepreneur or you are not – you can’t be on both sides and talk loosely about entrepreneurship, it hurts me.
@Muthu – I agree to some extent as the title of this blog is not clear enough of what Amit really want to tell.
@Amit – Thanks for the blog. But I feel the title to be changed some thing like what you replied to Muthu, i.e. “Check whether you are either an entrepreneur yet or not”.
My two cents: Entrepreneurship is one of the leadership type and some people have it naturally and some learn it. But it is not a rocket science if one really want to learn it. Weigh the Pros & Cons and see if you are ready now or need some more time or never. So thinking is also required in some cases!!
I think you got the making money bit wrong , it is totally about making money, yes there will be days when you dont make anything but the whole and sole idea is to make money.
Maybe I am sounding a bit jaded…
“But its all about the money, honey” 😀 is absolutely correct
Really unique take Amit and I too have found all 5 types of these `disgraceful’ entrepreneurs. I think the tough thing is that being an entrepreneur is seen as glamorous which makes a lot of `would be/could be’ people step up to `consider’ starting a business but in the end just talking about it.
The thing is that life has a way of sorting these people out from the real entrepreneurs pretty promptly.
Natalie
🙂 Nice one indeed.
One more type that I encountered a lot is the ones who had earned a lot in software industry in 90s (in US) and say-‘instead of being VCs for other companies, we thought of having our own company’! (VC-an alternative to entrepreneurship!! 😀 )
Wow. Your 5 criteria are spot on. Entrepreneurship isn’t for everyone, and those who do fit the position are in store for a difficult but fulfilling life.
Hi Amit. I’ll be honest and inform you that I’m a budding entrepreneur and yet fall into type 1, 2 & 5 as per your classification. I have spent the last 3 years starting up 3 different ventures being smart (Teaming up with more domain-skilled partners) and have recently been 3rd time unlucky despite my honesty & diligent hardwork. While I took care of the Planning, Marketing & Financial aspects, my teammate has’nt been as enthusiastic about the project and ditched me for a lucrative 9-5 job offer…
Resultantly I have transformed from Type 1 to 2 & 5 since I have lost money and time though I have been enriched by the experiences… Would you rate this as a “Bad Luck/ Bad Planning” excuse or call it a part of the entrepreneurial learning curve??
Ashit,its exactly the same with me. I have tried twice and failed. Lost money in all of it. Definitely learnt a lot of things especially how mismanagement badly hurts inspite of good initially response. I would call it an entrepreneurial learning curve from watever I know bout entrepreneurship. But almost everyone loses somethng at point in time. So all the learnings can be put to best use in the next venture.
Am I one of those kinds mentioned in your list Lol?
A good article Amit. Also, I would like to know the “types” of entrepreneurs who are discouraging the angel investors from investing in start-ups. Like few of them
– do not treat the investors money as their own money
– invested money is spent which were not discussed earlier in the presented business plan
– forgetting the investor after getting the money and not building a rapport with him/her
– not taking advantage of the experience of the investor who can be a good mentor
and so on. I respect every entrepreneur and these are just my personal thoughts and I do not want to hurt anyone.
Nicely summed up Amit.