You don’t need any capital to start, you can start with zero capital. If you have capital, great. If you don’t, it does not mean you cannot start.
Earlier of last week I’ve posted advices for young entrepreneurs from the book Stay Hungry, Stay Foolish by Rasmi Bansal. Stay Hungry Stay Foolish is a treasure trove of knowledge and inspiration for start-up entrepreneurs. Every line of the book tells story that you can’t ignore. I often revisit pages of the book in search of further jewels or when I feel kind of stumbled. The book is a remix of experiences of 25 IIM graduates who chose the rough road of entrepreneurship. The best part of the book is its diversity and intensity of spirit. Bansal, herself, did a magnificent work and each interview in the book tells the story in-details with a tone of unwavering insight.
One of most interesting interviews of the book came from Shantanu Prakash of Educomp. Shantanu who himself was a middle class upbringing started business while he was a BCom student. His entrepreneurial pursuit continued after MBA from IIM Ahmadabad. Later on he founded Educomp which is the leading digital content provider to school across India.
The risk-reward equation is completely in favor of entrepreneurs. There is no way that you’ll be economically rewarded lesser for being an entrepreneur than by taking a job.
If a 24 year old entrepreneur came to me, I would say choose anything that you want, that interest you, the internal passion you have.
How to choose what to do? I came from a background where I did my Bachelor in Commerce from SRCC and them my MBA- no ‘skills’ right? So, I could have chosen any domain, but you have to keep some of those key principles in mind- ‘Is the opportunity big enough, are you able to make a contribution and fundamentally change something that generate value?
It’s all about being an eternal, insane optimist. I never had the dilemma: am I doing the right thing? Should I just shut this down and go take up a job? Never!!
Two questions you must ask before starting:
Is the business inherently scalable?
Is the market opportunity large enough?