The Infrequently Asked Questions?
Over the years of teaching entrepreneurship and being an entrepreneur as well as mentor to some, I have come across some queries which stumped me and some which are just out of this world! I have put down a few with my bits on the same. The identities of the individuals have been hidden on request
Q. I am getting stretched at my venture.need more hands am short on funds thinking of taking my wife on board, (yes who else will work for free!)
Ans. Only hire for the right reasons. Competence is reason no. 1. A bored wife at home is better than an underperforming employee you can't sack! Best way to demotivate your good guys too.
Q. I have a few properties lying idle. Thinking f starting some franchisee to use the property and also keep busy.
Ans. Don't! You will create a bigger problem trying to solve a smaller problem. Nothing against franchisee business per se, but again the core reason should be the business and not your idle property and your boredom. Rent out the property and take up a job. If you were the entrepreneur type, your property wouldn't be lying around unutilized.
Q. I have a small business where we do good work with very good employees who are like my family. However, I lose them regularly due to competition and bigger corporates. What do I do?
Ans. Love does not always pay for our lunch. Loyalty will not be hostage to emotions for too long. You can do zilch at your size. Grow if you want to retain the best. Pay also comes into the equation, but with growth comes paying power too.
Q. I lost my job in the recession. I don't see opportunities in my town and I can't move out too. Can I become an entrepreneur?
Ans. Entrepreneurship is not the last resort for the losers. It possibly is a game which requires a lot of intelligence, grit and persistence. If you had that in you, you wouldn't be sitting idle for sure. You have already lost the job. Why do you want to lose your savings too?
Q. I have done a course on entrepreneurship. I have the ideas but don't have the money. What do I do?
Ans. Money chases good ideas....it's a matter of time and a bit of active networking. It will happen. Be at it.
Q. I am raring to start my venture. However my family wants me to wait a bit as they are looking for a suitable groom. What should I do?
Ans. Don't wait
Q. My wife/girlfriend wants me to invest in the venture of her brother. I am not sure what to do now
Ans. Invest if the funds are idle and you don't mind losing it too. Usually you will retain either the money or the relationship. It's your choice.
Q. I started a venture and put some funds in it. Now I have come across an even hotter idea and am at my wits end what to do.
Ans. Have you not heard of serial entrepreneurs? Don't introduce if you can't convince your partners.
Q. I like my business but I don't like my partner, what should I do?
Ans. Which doctor has asked you to like your partner? If he/she is adding value to the business and not doing anything unethical, change your likings or just live with it. Don't whine.
Q. Want to introduce a new partner in the business but my existing partner does not want that. What to do?
Ans. Don't introduce if you can't convince your partners.
Q. I had the brains. My partner had the money. Our venture rocked. Now my partner wants to use his brains. What to do?
Ans. It's better to lose less money now on his hair brained ideas than to lose all the money later coz he can't stop himself from meddling. If he has invested his money and you didn't clearly spell out your roles and responsibilities in the beginning. It's important that he be allowed to use his brains and lose a bit of his money. At that time, you lay down the clearly defined roles and it will be rocking all over again!
Q. I love my job but I also deeply desire to become an entrepreneur what to do?
Ans. It's like saying I love my wife but I also really like this other female. Talk to someone who maintains two wives. He will give you the right answer to this question. If you ask me i would say CHOOSE.
Q. Should I work for some time and get experience and then start my venture?
Ans. The pro is it will make you better at running a venture the con is you may become a victim of circumstances and not be able to risk financial instability after some years and the venture may never happen. The risk appetite reduces with age in most individuals. You may yet decide to walk the tightrope and try and have best of both worlds.
Q. I have a family business and am the only offspring of my parents. I love my dad's money but not his business. What to do?
Ans. Your dad worked hard to earn his money and surly he won't like to hand over his business to a reluctant owner. Sometimes liking a business is like liking whiskey… you only develop the taste for it over time and then you REALLY enjoy it...:) For some reason if you want to be the teetotaler, there are always mock tails available....world is full of business ideas.
Have you ever heard of a reluctant entrepreneur who was massively successful? Get the drift?
Q. I am in a decent job with decent pay. My wife comes from a business family and wants me to become an entrepreneur. What to do?
Ans. These wife situations are very tricky! Damned if you do and damned if you don't, my friend, take the plunge but ONLY if her family is bankrolling your venture....who knows maybe it's your wife only who would request you to go back to service after some time:)
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