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Entrepreneur : Share your experience here for mutual learning

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Entrepreneur : Share your experience here for mutual learning

Last updated: August 14 2013
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  • Entrepreneur : Share your experience here for mutual learning

    A thread is useless unless there are active contributions from different angles and hence this thread is started here in Noida section. If you have problem with that, please bear with us and ignore this thread.

    This thread is inspired by the excellent sharing by Punjabibhai in one of the thread.

    I know we have quite a few successful entrepreneurs among us and few of them already shared their experiences in various threads. I also know, many of us are in businesses. This thread is to capture the knowledge in a single place for all the budding entrepreneur to draw inspiration.

    It will be a great joy even a single person getting benefited from this thread.

    I guess many of us was bitten by entrepreneurship bug at different points of time. The reasons may be different but the objective is clear to become an entrepreneur.

    As I see it, generally we get this zunoon in 3.5 phases.

    1. If you are from a business family or environment then the bug is there from the childhood and you start your venture as soon as possible. Success rate is the highest as you have an established network.

    2. The next flood comes when you start your job and see the world different than you thought it to be. This is probably the best time as you have no liabilities, no or minimal family commitment, no expectation and most importantly, your expectation is very low ... The risk taking capacity is the best. Absolutely nothing to loose except time and energy but the world is there to win ... at-least the invaluable experiences. Success rate is moderate as you have the energy and you are down to earth, however limited by lack of experience. The soon you learn the better.

    3. The last flood comes to selected few at their mid career, called mid career dilemma. It is much tougher than #2 as at one side, you have various commitments and you are used to the comfort of corporate world and certain level of security. Success rate is low as very few people take the risk of their stable well paid job as well as you are used to certain type of working style. However, you have money, maturity and experience ... and probably good network.

    4. The last call comes when you retire. You have spare time and some money to play with. However, your hunger is low and you end up with consultant kind of business.

    I would share my failed try as part of #2 sometime later when I get some free time to write properly.

    May I request all the successful as well as so called failed entrepreneurs to share their experiences. Both successful as well as failed are equally important. Punjabibhai, both Saurabh, Cookie (I guess) definitely has a lot to share ... and definitely there are too many heroes here who never shared.

    Please share your experience and learn from each other and get inspiration.
  • #2

    #2

    Re : Entrepreneur : Share your experience here for mutual learning

    Awesome thread Gharondabhai! I'm sure a lot of people will benefit from this. And that post by Punjabhibhai was a gem!

    Though I am neither experienced nor a failed entrepreneur, I would like to share my case. I am in the stage 2 of what you've described as different stages of "entrepreneurship zunoon".

    A friend of mine has already started his own venture, immediately after college and is doing pretty fine. The fact that he comes from a business family helps him greatly. But this has been a motivation for me.

    About me - I finally have an idea for a startup which I think will definitely work. I am into corporate world for just 9 months after completing my graduation and not finding it particularly pleasing or anything, and can't picture myself working here for rest of my life.

    But no one from immediate family has ever been into business. And I don't have financial liabilities but do have some family commitments, which I believe won't get into my way.

    But I lack experience and can't seem to get a solid plan for converting an idea into a startup and the journey thereafter. And have a bit of fear inside me too.

    That's that. Still trying to find out when and how to go about things hereafter.

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    • #3

      #3

      Re : Entrepreneur : Share your experience here for mutual learning

      I fall in none of the categories. I don't come from a business family. My family thinks "naukari jaisa koi sukh nahi". But since my childhood, I want to be in business. The category kept changing with age.

      When I was 4-5 years old, I used to think during haircut: "when I grow old, I will open such a shop. But how difficult! I don't know from where to buy the instruments "

      As I grew older, I thought of making toothbrushes. I made a design in which shape of the bristles could be altered, depending on which area of teeth is being brushed. Curved for front teeth, straight for back.

      Next was producing utensils with measurement makers.

      Now six years in to job, it feels like time is running out. I don't belong to type 2, as I have dependants. But I am trying to ensure some safety for them, and then would jump the waters. Jo hoga dekha jayega. The idea this time is to set up a food processing unit. I am saddened by the poor state of farmers in my area, and feel like doing something for them.

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      • #4

        #4

        Re : Entrepreneur : Share your experience here for mutual learning

        Ghraondabhai....pasting the link to Punjabi bhai's post.... a good read for all...

        https://www.indianrealestateforum.co...479#post116479

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        • #5

          #5

          Re : Entrepreneur : Share your experience here for mutual learning

          fatichar,

          I respect your emotions for farmers.

          I always thought to start up something where there is no boss, but couldn't courage to do that. And time passed by. Now I have responsibilities which I cannot ignore.

          Still thinking that one fine day I might have courage to leave my job and start something by my own. Not necessarily for money, but for a peaceful life.

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          • #6

            #6

            Re : Entrepreneur : Share your experience here for mutual learning

            Originally posted by Thor_samir View Post

            About me - I finally have an idea for a startup which I think will definitely work. I am into corporate world for just 9 months after completing my graduation and not finding it particularly pleasing or anything, and can't picture myself working here for rest of my life.
            My first job was probably the most enjoyable job that I did so far. I was in-charge of a big state .. but when I saw my manager with 15+ years of experience and just double my salary, in absolute term it is just 7000 more than me ... I left it. I can not imagine myself working next 10 years to achieve that kind of peanuts. ... it was 1996-97!!


            But I lack experience and can't seem to get a solid plan for converting an idea into a startup and the journey thereafter. And have a bit of fear inside me too.
            Try to understand that there are too things, experience and MATURITY. You need maturity more than experience in business. No amount of experience is enough in business but your maturity will help you to overcome any hurdle.

            Sometime too much thinking or too much knowledge is not good. You believe something then just do it .. just try to avoid blunders. No amount of knowledge of due diligence will guarantee you zero mistake.

            Best of Luck

            Comment

            • #7

              #7

              Re : Entrepreneur : Share your experience here for mutual learning

              Originally posted by fatichar View Post
              I fall in none of the categories. I don't come from a business family. My family thinks "naukari jaisa koi sukh nahi". But since my childhood, I want to be in business. The category kept changing with age.

              When I was 4-5 years old, I used to think during haircut: "when I grow old, I will open such a shop. But how difficult! I don't know from where to buy the instruments "

              As I grew older, I thought of making toothbrushes. I made a design in which shape of the bristles could be altered, depending on which area of teeth is being brushed. Curved for front teeth, straight for back.

              Next was producing utensils with measurement makers.

              Now six years in to job, it feels like time is running out. I don't belong to type 2, as I have dependants. But I am trying to ensure some safety for them, and then would jump the waters. Jo hoga dekha jayega. The idea this time is to set up a food processing unit. I am saddened by the poor state of farmers in my area, and feel like doing something for them.
              Thats the attitude "Jo hoga dekha jayega"

              What Indian farmers desperately need is COLD STORAGE. It is so pathetic that more than 50% of our crops are just rotten and wasted.

              A decent size cold storage will cost you 30-40L and it will really benefit the whole society. What you can later add is, few trolley-tractors to collect from home/field via phone booking. It is very much workable business.

              The issue is, not everyone in your area is concerned about social causes like you. The moment you want to do something good ... people will try to imagine your motives and hidden agenda ... and the most saddening part is ... the same poor you are so concerned with will be against you.

              It all depends on how strong you are. ...

              Best of Luck

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              • #8

                #8

                Re : Entrepreneur : Share your experience here for mutual learning

                Originally posted by gharondabhai View Post
                Try to understand that there are too things, experience and MATURITY. You need maturity more than experience in business. No amount of experience is enough in business but your maturity will help you to overcome any hurdle.
                Thank you Gharondabhai for your advice!
                Regarding Maturity and Experience, I think you're right. But still, guidance from someone experienced is a big advantage.

                Originally posted by gharondabhai View Post
                Sometime too much thinking or too much knowledge is not good. You believe something then just do it .. just try to avoid blunders. No amount of knowledge of due diligence will guarantee you zero mistake.

                Best of Luck


                Sometimes thinking too much doesn't solve the problem, we need to go all out with full force and just wish for the best!

                Comment

                • #9

                  #9

                  Re : Entrepreneur : Share your experience here for mutual learning

                  Originally posted by Thor_samir View Post
                  Thank you Gharondabhai for your advice!
                  Regarding Maturity and Experience, I think you're right. But still, guidance from someone experienced is a big advantage.





                  Sometimes thinking too much doesn't solve the problem, we need to go all out with full force and just wish for the best!
                  That is called GUT FEELING .. just decide and do it!!

                  Comment

                  • #10

                    #10

                    Re : Entrepreneur : Share your experience here for mutual learning

                    Im a regular visitor of IREF since more than a year to learn from experts, have benefitted a lot from all members of the group. And when I say ALL means ALL including those who put up very basic silly looking questions coz answers come from EXPERTS from different angles which a common person like me ignores very comfortably.

                    Thanks Gharondabhai for initiating this thread. Im sure will benefit likeminded ppl.
                    I blv this entrepreneurship bug bites to all people sooner or later. For me I fall in all first three categories.
                    J and I would like to share them here:

                    No-one in our family or distant relations did a Naukri, they all are businesses men. My father runs a shop in my native town. I started helping him when I was quite younger (in 8th class) during heavy seasons or festivals but sitting at shop never amused me much though I liked going there coz its a ladies Suit- dupatta shop J. So I continued with studies, became engineer and got campus placement into one of Top 5 Indian IT giants. So the first phase just passed without biting me.

                    Then came second... Corporate world. I did not have any picture in my mind reg corporate ecept few limited discussions abt it during college days. So the glittering world looked really tempting in the beginning and sooner I was part of it. Regarding liabilities, I did not have personal but had family liabilities. Down the line 3-4 years later I got the biting of this bug first time and I started a venture with one of my relatives back my native and within a year I fall on my face down. Can’t share much of the details abt business but want to share lessons I learnt by paying a hefty fee (in losses), these are mostly applicable to partnership kind of business:

                    1) Never go into any business without doing a thorough study YOURSELF. If someone pushes you like ‘Yaar maine sab dekh liya hai…’ or ‘Mujhpe vishwas karo ismein faayda hai… ..’ or 'KOi nahi ho jaaygea ...Main hun naa...' BEWARE just go and check the facts all by yourself. DO NOT ever convince yourself just for the sake of it no matter how close that person is to you or your family.
                    (This may happen to people like us who want to do something in business but don’t dare to leave our comfortable jobs for many reasons/liabilities, in that case we team up with someone who will spend full time and we being a silent partner (invested in it but not looking in operational things)

                    2) If you want to start something then you have to give it 100% yourself. Because it’s your money, it’s you who need to make effort to grow it else it will become ZERO one day. No one else will or can work on your behalf.

                    3) Never overlook anything suspicious happening. If you doubt anything, get it cleared not from one channel but multiple channels

                    4) Be very vigilant & never ignore even small wrongdoings from anyone just for saving the relationship. That relation in anyway be damped later if the person is wrong.


                    I know above points look very basic & known to everyone but wanted to share it coz many of us (from IT) want to get into a boat which we don’t know how to row ourselves and depend on someone else to sail us through.

                    We often talk about business type/Demand/Supply/numbers and all but beleive me if you have all in your favor but not the right ppl handling then it will be anything but success.
                    Now I m into third phase and bug is biting again J but this time I am preparing myself well (once bitten twice shy) coz I have family, dependents & of course liabilities. I am planning my sub-goals towards the big goal with fixed target dates. If all goes well, in a couple of years I will be back FULLTIME in the field again.


                    Woohhaa..such a big post its has become. Sorry for dragging it so long but could not stop writing J


                    @Gharondabhai, you just read my mind regarding Cold storage. I was also very interested in it & recently I did some R&D over internet and looks like a bit of costly affair which require one time setup capital of 1.5 cr (excluding land cost). Can you guide me to the source of 30-40L figure please?
                    Last edited May 24 2012, 12:49 PM.

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