Be it a fresh engineering/management graduate or a mid-level manager, there is always a charm towards starting a company. The dream of starting one's own company is fueled by spectacular success of the start-ups like facebook, flipkart, snapdeal, zomato etc. The other reason behind this charm is the simplicity of the business models of these recently successful start-ups. Every one can easily connect with the basic idea and most of us have already thought about it. So it makes complete sense to dream about making your idea into reality, and establishing a company.
The time is always right to pursue your dream, however if your intention is one of the following, then you should probably think again:
- You don't want to report to any Boss: This is the biggest misnomer about a start-up. Technically there will be no BOSS or superior to you, if you start your own firm. But you will end-up reporting to all other persons in the eco-system, i.e. your customers, your employees, your partners and your investors. And all of these guys are more demanding than any typical boss. So if you just hate your current manager, try changing job and creating a new one.
- You are pissed about your current job: Apart from a demanding boss, there could be various other reasons one could be pissed about in his/her job. Chaotic work place, work pressure, unreasonable timelines, less growth options etc are few of them. These could very well be present in any start-up that you create or join. So carefully evaluate your decision to start something new. If it's driven by less satisfaction from your current job, you may want to try changing job first.
- You want to earn lots of money in less time: The rags to riches story of many entrepreneurs are very common. Founders of redbus, facebook, whatsapp etc have created a huge wealth by their start-ups. If you are also aiming to get fat returns from your dream start-up, be prepared to lose it all in the worst case. For every successful start-up, there are several failed companies. Are you prepared to take the chance to lose everything from your dream venture? If the answer is no, then probably it's not the right time yet.
- Because starting is cool: It may sound ridiculous, but I have come across people who would like to join or start a company, because everyone else seems to be doing it. Joining the rat-race without a solid back-ground check will take you nowhere.
- Your idea is unique: By your experience or your instincts, you have identified a unique solution to a common problem and you are pretty confident that it is going to work. Before you take the big step of starting it full time, do more home work. Try finding suitable guys as your partner, try testing the idea, try looking for other alternative solutions, try working out your finances etc. Be focused and take the plunge.
- You know everything about starting it and making it successful: Your recent venture has done well and you have earned huge profit. You have also seen the full life cycle of idea to implementation and have proudly made it worked. Your experience is invaluable, but unless you are ready to 'unlearn' your findings and 'learn' new tricks, starting a new venture is not suitable for you.
Starting a new venture is exciting as well as risky. Be prepared for a bumpy ride, if you want to explore this path. Please share your reason of starting or 'not' starting a company.
