Do you have the spirit of en­ter­prise?

Th­ese signs in­di­cate that you are yet to de­velop an en­tre­pre­neur­ial mind­set and not ready to set up your own com­pany

The Times of India (New Delhi edition) - - TIMES NATION -

De­spite the en­tre­pre­neur­ial hype of the Sil­i­con Val­ley era, not ev­ery­one is suited to own­ing a busi­ness. There’s no shame if you are hap­pier as an em­ployee, as some peo­ple don’t have an en­tre­pre­neur­ial mind­set. “Start­ing and grow­ing a busi­ness takes a lot of en­ergy. It’s very risky,” Rani Langer-Croager, the co­founder of Up­tima Busi­ness Boot­camp, says. Though you can de­velop en­tre­pre­neur­ial t raits, your busi­ness would need to be some­thing ‘that you can’t not do’. From is­sues of risk ap­petite to mat­ters of per­sonal fi­nance, here are the five signs you might want to keep your day job, at least for now.

Here’s the harsh re­al­ity of start­ing a busi­ness: around 70 per cent of star­tups are no longer in busi­ness by year 10. Even if your prod­uct or ser­vice is fan­tas­tic, there are a host of snags you can hit, from run­ning out of money to run­ning out of steam. To deal with this risk, ev­ery en­tre­pre­neur should go into this with his own time­line for when he ex­pects the busi­ness to turn a profit — and pay its founder a salary. In other words, fig­ure out how long you can af­ford to al­low your busi­ness to grow with­out get­ting some­thing back from it, know­ing that there’s a chance your startup might never turn a profit.

“Peo­ple who are in a scarcity mind­set think there aren’t enough op­por­tu­ni­ties or re­sources for them,” Langer-Croager says. This can re­sult in a sense of des­per­a­tion that can lead you to pur­sue av­enues that hurt your busi­ness, rather than hold­ing out for bet­ter op­por­tu­ni­ties. This is a pit­fall even for sea­soned busi­ness own­ers dur­ing down times. It’s cru­cial for an en­tre­pre­neur to un­der­stand his or her busi­ness fi­nances. If you’re not keep­ing tabs on your fi­nan­cials, you could miss im­por­tant clues that you need to ad­just your plan based on ac­tual rather than pro­jected per­for­mance. When you’re not do­ing that back­end fi­nan­cial work, it can lead to mak­ing emo­tional de­ci­sions as op­posed to in­formed de­ci­sions. And that could spell dis­as­ter for your startup.

“There comes a point where to grow the busi­ness, you re­ally need to hire peo­ple, so you can del­e­gate ac­tiv­i­ties that are no longer a good use of your time,” Langer- Croager says. Too much boot­strap­ping (found- ing and run­ning a com­pany from lim­ited per­sonal cap­i­tal) can stunt your busi­ness growth by deny­ing it re­sources at a crit­i­cal time. But a busi­ness loan could put you on the hook for the debt you will re­pay for years if the busi­ness fails. The ques­tion comes back to this: how much risk are you com­fort­able with? You need to be out there and tell the world about your prod­uct. If you can’t over­come your fear of be­ing seen, en­trepreneur­ship is prob­a­bly not your thing.

Usual ly, when you’re in the city, liv­ing a mun­dane life, you need to spend a lot of time to know who your part­ner re­ally i s. A t rip can change this as you get a chance to be com­pletely trans­par­ent.

While t rav­el­ling, you get to dis­cover your part­ner’s f laws, short­com­ings, vul-

A sur­vey con­ducted by the US Travel As­so­ci­a­tion sug­gested that trav­el­ling with your part­ner is more likely to cre­ate a spark of ro­mance in your re­la­tion­ship than a gift. Ac­cord­ing to the sur­vey, 77 per cent of those who travel with their sig­nif­i­cant other have ad­mit­ted t hat they have a good, happy and in­ti­mate sex life.

Ka­t­rina Kaif says, “As lifechanges di­rec­tion, I’ll flow with it”

Mi­crosoft founder Bill Gates once said, “To win big, you some­times have to take big risks.”

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