5 Reasons Why You Should Not Be An Entrepreneur but Stick To Your Job

90% of startups fail, 42% of  products fail to identify the market need for their product or service, 85% of them dont get funded, yet I took on this journey of Entrepreneurship. 

Over the last few years I have had the opportunity to meet and interview some of the great and successful entrepreneurs while also interact with those who have failed and inspite of which they are still in pursuit of their passion.

What pains me is that I hear from people about entrepreneurship, about why they want to quit their job and get into this world of misery, struggle and agony- Many think its just show-off, being an Entrepreneur is cool and easy - you can be your own boss and the money is great. You hardly need to work anything, just manage the team, You are the CEO of your startup and can boss around.

Huh! This is so wrong!

So I tried to bust some of such myths and also clear some of those who have wrongly assumed what this whole "Entrepreneur" thing is

These are some of the common assumptions that many have - and I wrote them down from a few people who reached out to me constantly asking me about starting up. This is what they said when I asked them why they wanted to become an Entrepreneur?

Reason number 1. There is so much money I can make from a startup that I cannot from my job's Salary! 

This is completely false! It might be right that a successful founder will make money, but do not overlook the years of struggle and sacrifice he has made to get there. There is hunger, there is bankruptcy, giving up on all thats fond to you including friends or worse sometimes even family (in my case for sometime). And the penultimate truth is "If you are chasing money as an Entrepreneur there is ZERO chances of you getting it"

If you cannot passionately create a product or service that is of value to your customers and solves their problems then there is no way you can make money! and this money definitely doesnt come overnight.

You have to go through sleepless nights of product building, testing, validation, Business model canvas, changes, pivoting from product to product, market research,, then sell the product, show traction, grow customers, keep them happy and then run from investors to investors, raise money, invest in your startup so much more.

You will not make money at this point of time, not here.

So instead I would advise stick to your job, make some savings, invest in real estate or mutual funds or stocks perhaps and work hard. You might as well save money.

Reason number 2. I can be famous, I can be a celebrity! People will "Wow" me for all the awesomeness in me.

YOU WILL FAIL IF YOU THINK SO! And FAIL MISERABLY! 

I read a book very recently called "Good to Great" by Jim Collins, he takes an example of the infamous Lee Iacocca, who took over Chrysler as the CEO and turned it around, later however, he got into a lot of media, news paper, personal promotions and branding that he cared less about everything else and tried to be his own celebrity. He was so obsessed about himself he even got his own autobiography out, which had terrible reviews. Chrysler fell 40 points down in NASDAQ and was later taken over by Diamler as their CEO could not come out of the centerstage.
While Darwin Smith of Kimberly Clarke, Colman Wokes of Gillette etc., they changed the world, saved their company from shutting down and today we have sensor and Mach3, Huggies, Kleenex etc., because of them. They never took centerstage, they never called themselves a hero.

If there is no Humility, you can never be successful. 

You have to be stoic while keeping the balance of humility and humbleness. But if you think you will be famous and thats why you want to be an entrepreneur, its like planning to make a 5star meal with stone and mud!

Reason number 3: I can be my own boss

I get this everywhere. Why do you want to be an entrepreneur? the answer is, I can be my own boss, I am sick of my boss, I can show him and the world what an amazing boss I can be blah blah etc., This is BULLSHIT!

As an Founder of your startup you will be accountable to everything. From customers, to investors, to   Employees, you will be working for all of them, you will report to them, beg them, plead them, service them and dedicate your life to make sure they are happy. You are never a CEO, you are ten levels below a slave. 

You work three times more than you do at your current job, your bank balance is 50 times at risk, there is no shift start and shift end, as you work day and night (even in your sleep), there is no holiday, no specific weekend and vacations too come at a cost.

Reason number 4: I am sick of my current job I will start my own company

Its alright to look upto great entrepreneurs. If you are inspired by such successful greats and what they have managed to accomplish, thats certainly a very noble aspiration. However, if you go on to relate what entrepreneurs do with who they are - and are a part of it to become a brand in and of yourself - then you are off target.

If you are more interested in working on developing your personal brand, getting yourself fame than developing a company this is not for you.

Reason number 5: I have this greatest idea, its unique, only I know it! I am the best coder in my company. I will startup

Look mister, unless you validate your product, no idea is a great idea. Guy Kawasaki says "Ideas are cheap, its the implementation thats all it matters" I hate to discourage you buddy, but if you cant show traction, quickly, in no time, and solve a genuine problem, articulate it in one line sentence then you are as good as dust! 

Also, Great products dont sell, great sales men sell. 

I quit my job and took the plunge knowing the risk, the uncertainties but certainly not for any of the reasons above

You dont choose your passions. Your Passion choose you

Starting a business requires unquenchable passion, high focus, extraordinary persistence. Its a commitment for life. If you are not "All in" you'll one hundred percent not going to make it. Its about how you see passion in solving those customer problems with your exciting new idea, how you plan and most importantly how you execute it, then those are the things that need to excite and inspire you. Thats the truth about being an entrepreneur. And thats what motivates the best of them. 

If you think any of the above reasons is why you planned on being an entrepreneur, then its best you stick to your job. This is not for you! Work hard on your job and perhaps when you reach the level of humility you need, then take the plunge. Its never too late with the right attitude but its always too early and disastrous with the wrong one.

Good night.