Category: Entrepreneurship

New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

“Don’t forget to strap in your friends and family! It’s going to be a bumpy ride.”  No one can deny that starting your own venture is like a roller coaster ride, but those closest to you probably have no idea that they are also in for a stomach-churning adventure.

As you embark on your entrepreneurial journey, you, and your friends and family need to be prepared for internal turmoil and drama. Your only certainty is no paycheck, no steady income, no fixed schedule and no predictability.  Everyday something in the news, on acclaimed publications or trending websites, may send dismay through your spine. Whether it is a new well-funded competitor launching the same product as you, or perhaps an expert claiming your industry is dead, this isn’t a ride for the weak or complacent. And this is just the beginning.

However, this emotional ride is the only path! So don’t worry. Pivot as necessary, be strong and make sure your loved ones take their (e)motion-sickness medicine.  Free fall coming up!

How did your family and friends handle you jumping into entrepreneurship? Let us know in the comments below? 

This comic and post was created by Kriti Vichare for #entrepreneurfail: Startup Success.

New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

The entrepreneurial mind often skews to idealism.

Pull out those rose-colored glasses. Optimism signals confidence, abilities, perseverance and positive outcomes. These are clearly the traits startup founders need to get their first customers, funding or boost employee morale. Also, in some situations, confidence even trumps accuracy.  Sounds great doesn’t it? I can almost hear the applause for the aspiring “wantrepreneurs” out there.

Often someone who is harshly realistic suppresses the effort to realize a lofty goal, compared to someone who is foolishly optimistic. Take this example:

The optimistic entrepreneur (as foolish as they may be) may aspire to have the highest revenue of any company in his industry this year.  

And the realistic entrepreneur, on the other hand will hope to barely break even this year. 

Guess what – the ridiculous optimist, while he/she may not reach the intended goal, he/she will probably achieve more than the realist, because he/she won’t limit himself in efforts when close to breaking even.

But wait…

However, consider the flip side though: there are two potential problems with having too much optimism. When harsh reality does kick in, the idealistic entrepreneur may not even realize it, or casually brush the truth aside, thus ignoring signs of potential failure. Secondly, there is such a thing as too much optimism when dealing with stakeholders. Potential customers and VCs can see right through that. The only person you are fooling is you!  This is an avoidable #entrepreneurfail, so be aware.

So, what should you do?

Firstly, you may have heard of Jim Collins’ BHAG (big hairy audacious goal). Create a BHAG as soon as you start your company and tweak as necessary.  And then find a mentor, advisor or a board of directors who will push you to do your best, yet keep you grounded in reality. 

So where does your scale tilt? Foolish optimist or harsh realist? Why?  Tell us about it in the comments below. 

This was originally created by Kriti Vichare for #entrepreneurfail

New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

Poll any entrepreneur – new, old, successful, flailing, product-focused, service-focused, solo or with a team – and they will all say the same thing:

“What I thought, was definitely not what I got”, each one would scream in unison.

We’ve rounded up some of the commonest misconceptions and surprises about entrepreneurship for you below. The list may help you be better prepared for the journey.

What entrepreneurs thought, before launching their ventures:

1. “Money will start pouring in.” -Guess what, it only actually trickles!
2. “Customers would be clamoring for my product and I have to be prepared because my servers may crash.” -This is actually a great problem to have – alas it never happened.
3. “I can handle it alone.” -The reality is that no one can.
4. “I am in control.” -Nope, you’ll have to deal with the unforeseen everyday.
5. “Job satisfation is a given since I’ll be working on what I want.” -It’s not a guarantee.
6. “I’ll be an overnight success” -The definition of overnight can be 3,4,5 or more years!
7. “I’ll use all my knowledge from my Big company and MBA.” -My previous learnings weren’t really applicable.
8. “I’ll just get online and do some social media outreach to grow my company.”           -Digital marketing is a science and an art, not just a few posts slapped together.
9. “Cheap labor is great for my small budget.” -You get what you pay for.
10. “I’ll be ready to deliver in a week.” -It’s always at least 3x longer than anticipated.
11. “I’m launching my own business to be happy, not for money.” -Try being happy when your business isn’t sustainable. 

Did we miss any in the list? Let us know “what you thought, and what you got” in the comments below! 

This post and comic were originally created by Kriti Vichare for #entrepreneurfail: Startup Success.

New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

I recently volunteered as a business plan coach for high school students through the National Foundation of Teaching Entrepreneurship, and was impressed that each and every student (in a mandatory class) was excited about their potential ventures and significantly improved their skills during the session. Is it possible that every child has the potential to become an entrepreneur?

Scientists have always wondered what characteristics are innate, and what traits can be molded based on upbringing. Are there some indicators of future entrepreneurial success? Seems like the jury is out on that question. There are many successful entrepreneurs that started a proverbial lemonade stand and newspaper route, but there’s also a good share of them that launched their first venture in their ripe middle ages.  And MBA programs are teeming with students hoping to learn the nuggets that will help them endeavor into entrepreneurship.

We’ve all heard the tales of massively successful startups and their humble roots in a garage, or a dorm room. What if it has even humbler roots in a baby’s crib! Many experts claim that although some traits are inborn, others can be learned. In a recent TEDx talk, Cameron Herold talks about how to raise kids to be entrepreneurs. Perhaps some of you current entrepreneurs can relate to the stories he tells and perhaps future parents can plan their activities accordingly!

Also, let’s not forget that recently, Entrepreneurship Barbie was launched, helping girls envision a life of fashionable shoes and new ventures. It’s the age of the “kidpreneur” scream many gurus, and here’s a telling infographic to help in that goal.? All in all, the one trait that is truly a deal breaker is experience. I think every child and adult has the potential to become an entrepreneur if he/she has the desire to test, try it, and learn from it at least once.

Were you a kidpreneur? Or at least showed the traits early on? Or did the bug come and bite you later in life? Let us know in the comments below.

This post and comic were created by Kriti Vichare and adapted from #entrepreneurfail: Startup Success.

New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

Climbing the good ol’ corporate ladder is a tried, true, relatively predictable, yet slow way to reach the top. Heeding the speed limit and traversing the dotted lines can get frustrating, as there is no magical formula for ascension. And cracking the office politics and favoritism codes can be a mystery.

This is a reason you may have pursued your own venture: so you could declare yourself the boss. Good luck with that! Sure the org chart will be leaner than in a corporation, but you are never actually your own boss. You are actually reporting to your customers, vendors, suppliers and your investors. They drive and dictate your promotions, pay raises, perks, annual leave, and responsibility. Welcome to your organization. It’s the flip version of the corporate org chart. You are barely hanging on, as it grows larger above you. Be ready to draw it as you go. 

Are you your own boss? Or do you report to your customers? Tell us about your experiences in the comments. 

This comic and post were originally created by Kriti Vichare for #entrepreneurfail: Startup Success.  It can be found in the book Cheating on Your Corporate Job: A Comic Look at the Startup Dream.