23 Oct The ugly side of entrepreneurship
Posted at 11:59h
in Inside Briefkase
#BriefKaseTurned1 on October 14th, 2015. We’ve had a fairly good run – partnered with 30 clients, revenue positive from Day 1, we were able to pay salaries (without delays), we rented a small office space.
One year of being your own boss has been good. Entrepreneurship does have a lot of pro’s but often the ugly side of the coin does not come out in media. Today, I want to talk about the ugly side of entrepreneurship.
|What we see
||The Ugly Side
|Entrepreneurship is glamorous. We party all the time, some of us appear on the front page of Time magazine and a lot is written about us in media.
||We are the most deglam people inhabiting planet earth. In fact, we do not find time to celebrate our wins and work silently towards our next milestone. Our aim is to create impact.
|Being your own boss: We get to make decisions, we get to throw around tantrums and get done whatever we want, at our time. Like a boss.
||“If you want to exercise power and authority over people, join the military or go into politics. Don’t be an entrepreneur.” – Evernote CEO, Phil LibinEntrepreneurship is exactly opposite to being your own boss. If fact, it is reporting to your peers, your customers and your partners.
|Flexibility: We have the most flexible lifestyle. We can work from home (most Tech entrepreneurs), spend time with our family and take vacations on demand.
||To a certain extent, it’s true. You will get flex time, being able to work any of the 24 hours of the day. But mostly, you are on call 24×7. You are a role model for your team and if you take your foot of the gas, your team will follow suit.
We live with a lot of stress – Entrepreneurship comes with responsibility. We fear failure of our venture (multiple risks) and failure of others who have devoted their time to follow us.
|We make a lot of money: A lot of us make a lot of money. We get crazy valuations and live like a king – A rife example would be that of Bansal’s (Flipkart) whose net worth is that of Narayan Murthy or Nandan Nilekani (Infosys) in a very short time.
||Most of the entrepreneurs take a pay cut when they give up their high paying jobs. A lot of startups that are bootstrapped or go unfunded for years have founders who are under constant financial stress.