The end of your “good life” is tumbling towards you like an avalanche. For 20 odd years you have been living off your parents genetic imperative to feed you. But now that well has dried up, worse still everyone is expecting you to stand on your own feet. I know, I know, if life was fair we could all be mooching off of our parents our whole life. But guess what, life is a female dog. So now you need to get your act together and decide what you’ll do for the rest of your life. Well if you are one of those rare people who have a passion for entrepreneurship, look no further. Just sit back and let me convince you why starting your own business right now is not as crazy as you think it is.
This is going to be part I in a series of articles on entrepreneurship for students like the following….
Entrepreneurship for students I : 11 reasons why you need start now
Entrepreneurship for students II : 11 things to do before you leap
Entrepreneurship for students III : 11 Myths about student entrepreneurship
Entrepreneurship for students IV : 11 things to expect before you leap
and more ……….
First i know there must be a searing question that has been eating you right from the moment you saw the title(and even if it didn’t i bet its eating you now.). Why 11? well the simple reason is im sick of “10 tips” lists all over the internet and im also sick of “12 steps to” programs derived from AA(alcoholics anonymous) framework. So (me + judgement call) = 11 points baby. And also im going to spare you the pretentious jedi bullshit that poorna has been slathering his articles with (“Young padwan”). Don’t tell poorna but he thinks he’s ‘obi wan kenobi’ or ‘yoda’ or something. As for me i have a much better grip on reality and know that the only way is the way of the dark side. So you may refer to me by my title “darth vader”. That’s “Sir Darth” to you poorna. Anyway enough about the ways of the force, let’s get cracking on why you need to start now. First let me give you a preview of what your life is going to be like if your passion is entrepreneurship and you don’t start right now. The non-entrepreneur life cycle…..
1. Your not getting any younger
This is simultaneously the simplest, stupidest and the most logical reason why you should be getting into entrepreneurship right now. If you want to be in the startup business then its going to be tough on you physically and psychologically and 50 isn’t exactly your most energetic age. And as a general rule the older you are the less likely you’ll be starting a venture. Even paul graham is of the opinion that 20ish is the ideal time for someone to get thier own software startup. Besides my bias towards starting early, many points below will also make the case for starting as early as possible.
2. Ability to live like a hobo(Low Burn Rate)
While we are students we have this unique supernatural ability to live on an almost non existential cash flow. This is the Top ramen, Bathe once a week, what is detergent? lifestyle. But these powers somehow vanish once you become a corporate stooge and start spending heavy and fast on even the basic necessities of life. Water becomes a latte grande, a bus ride becomes 10 gallons of gas(petrol), lays become a ‘power lunch’, your annoying company becomes and ‘expensive date’… so on and so forth. This ability of students to sustain themselves with a very low burn rate over long periods of time becomes indispensable when you are an entrepreneur trying to bootstrap your venture.
3. Golden Handcuffs
I call this pehnomenon ‘the dream killer’. Most wannabe entrepreneurs get drawn into this trap like a moth to a flame. You are a year or so into your job and you have gotten used to your healthy pay check and the amenities it affords you. Even though your job sucks and that’s not what you want to do you still do it to keep your lifestyle going. Wether you work or just pretend to work, you will have a check waiting for you always. Your used to the instant gratification lifestyle and are terrified at the prospect of this stream of income drying up. Which is what will happen if you quit and try to start your own venture. You then fall into this endless circle of wanting to quit of your job, but realizing in the back of your head that you have golden handcuffs on and you dont want to let go of them. So start your venture once you graduate and avoid chasing the carrot they dangle in front of you.
4. Only you get screwed
When you are a fresh graduate and your venture or ventures fail, its you who gets screwed and no one else. But if you fail in the same fashion 10 years later your spouse, your children’s trust funds and all your dependents will feel the impact. As you can see most people have a very small window of opurtunity to fail, from their mid 20’s to their early 30’s beyond which people around them start to bare the brunt of the failure. This is the reason why there are so little first time entreprenuers that start when they have a young family.
5. Can’t loose what you ain’t got
When you begin with nothing(no capital) and try to bootstrap your venture like most young entrepreneurs do, you have little to loose other than your time. On the other hand if you launch a venture after you have been working for a couple of years, more often than not you are going to have a higher intial investment and burn rate. Here the young entrepreneur can afford to fail and as a result is able to tackle high risk high rewards ventures. However when a major investment of capital your own capital is involved high risk ventures don’t exactly seem that attractive. A fresh graduate has better downsides to most ventures than someone who has worked for a couple of years. However they share the same or similar upsides to most ventures.
6. Not constrained by the system
‘Thinking outside the box’ is a popular industry mantra that everyone preacher. But this however becomes difficult to do if you are part(employee) of the system. The tendency of any system is to maintain its inertia and that’s the reason why innovations always seem to come from small groups that are isolated from the system. Do you think larry and sergey would be wanting to build a better search engine if they were working for yahoo. For a student this proverbial “Box” is still just a word. As he/she hasn’t been exposed to a constrained thought process he/she is more likely to come up with an innovative or “out of the box” solution to any problem that might present itself.
7. Diverse options
You are fresh out of college, so what product are you going to build. Well your guess is as good as mine. This is the beauty of being a young entrepreneur. You have the basic skill sets and the ability to make a good product and you can choose any direction you wish based on the market, oppurtunity, know how. If you however have been working for a couple of years for a storage solutions company, we can bet good money that most people can predict which market your venture is going to be aimed at. This is because you are comfortable with your area of expertise and your market and cannot take the chance of venturing into new and unknown markets. Once again the student entrepreneur wins out as far as the sheer number of chances he can take with different markets and products.
8. Fail early fail often
Though few people realize it, failure is a very important part of an entrepreneur’s life. There is no better way to keep you grounded in reality than a failure. The earlier and the more often you fail the better it is. Failures in the early stages wont impact your upcoming projects and products as much, while at the same time providing an invaluble experience. If you are however a late entrepreneur you can’t afford to fail, but that does not mean you are not going to fail. So a student entrepreneur can take many shots while late bloomers get to take only a few.
9. High risk tolerance
As i said earlier the younger and the more bankrupt you are, the more ridiculous your ventures can afford to be. It is often the case that “Great Ideas” look like very “Stupid Ideas” (Scott adams agrees). When steve jobs and steve wozniak went to hp execs with their home built computer they were laughed out of the office citing “Who would ever want a personal computer?” When sergey and larry approached yahoo to tell them they can improve search results the reply they got was “who’s looking for a better search engine? People don’t care.” I bet any VC would be rolling on the floor laughing if you pitched a “Blogging” platform to him some time in 1998. High risk ventures allow you to in rare cases look ahead of the curve and even define the curve in sometimes. As already seen young entrepreneurs have a high risk tolerance and this affords them the latitude to attempt high risk innovations.
10. No more mundane jobs
You definitely dont have to be worried about getting stuck in a job that doesnt challenge and tingle your intellectual and physical potential. When you are a young entrepreneur you are like an entire company onto yourself, so you’ll have tons of work that will allow you to meet your potential and exceed it. You’ll often find that you have skills that you never knew you had(not like flying or laser eye beams). When you compare this to your usual mundane job which seems like an endless cycle of being someone else’s codemonkey, it’s a no brainer which you would be rather doing given the choice. On the oneside you have strobe lights, cubicles and an endless supply of work that doesnt lead anywhere. On the other side passion, challenges, risk and your chance to make the world a better place(atleast for some people, most importantly yourself).
11. Bragging rights
Ok your at a bar, this totally hot chick is sitting next to you. Both you and another unfortunate being make a move on her at the same time. So you have this awkward 3 way discussion going on…
Poor guy: So what do you do?
Hot Chick: Im a model.
You: You mean like a model model, with the swimsuits and everything (drooling)
Hot Chick: Yeah. So what do you guys do?
Poor guy: Well im a project leader for a random MNC with an Obscure Sounding product.
Hot Chick: Really! Interesting, and you?
You: Oh nothing much, Just have a big, large, huge(garage) company of my own with employees(your cofounders and you) and stuff. (Ofcourse she doesn’t know your company doesn’t have revenue yet)
Hot Chick: Really! What do you guys make?
You: you know google? we are in the same business(you make an intranet search application).
…………… and so on while the project leader fades into obscurity. But ofcourse later the hot chick’s boy friend shows up with his ferrari. But for now ur invincible.
And on that note we conclude this installment of student entrepreneurship. We leave with the life cycle of a student entrepreneur. Contrast it with the normal life cycle.
PS: Leave comments on the following.
Q1) Does this article series suck?
Q2) Does the extermely orange header image suck?
Q3) Darkside or the jedi way which is the way of the force?