Entrepreneurship- Expectations vs Reality

People join the entrepreneurship bandwagon for a plethora of reasons. These are some of the ones which address the ‘Why?’ aspect:

• I am bored with my job

• Or I want to be rich in a short period

• Maybe I want to receive awards like ‘30 under 30’

• Perhaps I will have more time for myself

• Or I will be in charge of the ship and steer it the way I want

• And lastly, I have a great idea and I know it will work

Simon Sinek popularized the term ‘Start with why’. We have adopted this line of questioning ever since. However, it neither gets answered on every occasion nor does it fetch the desired career results.

Having had a fairly successful entrepreneurial journey thus far, I can attest from my past few years’ experiences that the discussion requires more nuance than often observed. We have arrived at the point in Independent India’s success story where entrepreneurs and businesses are beginning to be hero-worshipped.

While I haven’t cracked the big business leagues, the company I co-lead, Art-E MediaTech, now has about 100 employees, clocking revenues of minimum INR 25 million every month and we have only grown year on year. This is an honest attempt at informing aspirants about the realities of starting a business from scratch.

For those who are prepared to battle the odds and enter the realm of entrepreneurship, these are some of the ugly truths.

Expectation #1: I’m bored with my job. I want to quit and do something by myself.

For starters, this thought shouldn’t be the driving force behind your decision to become an entrepreneur. If boredom leads individuals into seeking an alternate career, entrepreneurship isn’t among the easiest options for people to switch careers.

It is often misrepresented in popular culture, where it is shown as a promising stream, strewn with independent decision making, bouts of hard work, and rewards. While these aspects are true, it is likely to be far more arduous of experience to reach the pinnacle of success.

You would have to wade through highs, lows, inactivity, and uncertainties among others. Such a move would require efforts that go beyond the requirements of an average job that one is accustomed to. While the journey by itself holds the promise, one must want to make a difference, bring change, and disrupt the status quo.

Expectation #2 I want to be rich in a short period

This is indeed a great motivating factor and one shouldn’t shy away from expressing a desire to create more wealth for oneself. Unfortunately, luck for businesses doesn’t always favor people the way it does for casino-goers who hit jackpots.

A simple rule of the world is that to create anything of value, it takes time. To reach a point where firms can create exceptional products and services, it takes a lot of stumbles, failures, learnings, unlearning, and relearning along the way. Thomas Elva Edison famously said about his inventions, “I have not failed, I’ve just found 10,000 ways that won’t work.”

My transition into my current role hasn’t been a cakewalk. I started my professional life with a job that paid me INR 12,000. I had to work night shifts, and undertake jobs on 15-day contracts just to earn some money and experience. When I became a father, I was jobless and on the lookout for the next source of income which could secure enough finances for the month's rent.

For several of us, being rich means to generate more wealth than our parents’ generation, which is a good metric and aim for entrepreneurial success.

Expectation #3 I want to receive awards like ’30 under 30’ or ’40 under 40’.

It is an unrealistic expectation and an individual’s decision to start a business shouldn’t depend on it. Becoming an entrepreneur needn’t be the only way to achieve such laurels. Moreover, the work an entrepreneur needs to put in to reach such a stage is too high a price to pay. It involves sacrifices of familial and social life, financial constraints, sleepless nights, and constant vigilance over the performance of teams and employees to make sure things work as planned.

If one successfully endures the above-mentioned hurdles and achieves his/her goals, the chances of getting such awards improve. Even if the ambition were to be a non-entrepreneurial, working for an award is never a commendable leadership precedent to set for employees and admirers. People must pursue their closest interests with sincerity and recognition will eventually come one’s way.

Expectation #4 I will have more time for myself

While I have a long way to go before I enter the league of superstar entrepreneurs, I cannot remember the last time I enjoyed continuous sleep for at least 6 hours. It is a myth that entrepreneurs have ample time at their disposal. You will often have to choose between spending time with friends and family, and strategizing and reflecting over the progress made in the business.

There are extremely demanding situations. Like, you might have to forgo celebrating anniversaries and birthdays of your children to clinch a big business deal. Further, work could be as high-strung as getting quick naps at the office and not returning home, just to complete certain obligations.

Living out of a suitcase, hotel rooms, and airports become the norm. The phone will ring constantly through the night and day.

Expectation #5 I will be in charge of the ship and steer it the way I want

Forget steering the ship, there are days when founders of companies just keep their ship from sinking. Management boards and leadership teams face egregious circumstances. Therein, it becomes difficult to resolve questions you thought you knew the answers to, affecting plans and operations.

Economic uncertainties or a pandemic such as COVID-19 has the potential to completely overturn growth forecasts and stall all processes. While there are rewards, it is only an afterthought of blood, sweat, and toil, thereby nullifying the assumption about steering ships as one pleases.

For instance, our firm was poised for a 150% growth, which allowed us to dream of new and bigger office space. We then had to discard the idea as a consequence of the coronavirus pandemic. This goes to show how little agency an emerging business has on external circumstances.

Expectation #6 I have a great idea and I know it will work

Out of a lot of entrepreneurship expectations that I mentioned above, this is the most reasonable one. However, several ideas often don’t make it to the table due to the under-confidence of a person in his/her idea. Contrarily, many other ideas that do make it to the top may do so momentarily and eventually tank.

Aspirational youngsters must keep some of the challenges such as investors’ interference, longevity risks, and lack of funding in mind before taking the plunge. There is enormous pressure on new and emerging startups from investors who wish to tweak their ideas.

Additionally, corporate giants that wield more power might run away with your idea; monopolize the market. Beyond a bright business idea, you need to have other factors in perfect sync. These include such as operations, implementation, employees, funding, marketing, founder alignment, and so many others.

However, these reasons shouldn’t discourage people from making their calculated attempts. This is just a familiarizing exercise that helps people understand the intangible collaterals they require while confronting the unknown. Therefore, in a harsh dog eat dog world, becoming an entrepreneur comes with a large set of challenges. This needs a strong will to remain undeterred by setbacks and unexpected hits on all fronts.