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Entrepreneurship
is among the most talked about concepts world over. MOHAN BABU
writes that everybody admires successful entrepreneurs, in particular
those who have taken their organisations to the summit in their
field
My
article on “becoming an entrepreneur” published a few
weeks ago seems to have struck a chord among readers. In the days
after the article was published, I received feedback from a number
of readers, many engaged in full-time day jobs like the rest of
us. Many shared my views on entrepreneurship—people want to
explore newer ideas but either do not have the wherewithal or craving
to give up their day-job to plunge into it full-time.
The
fact remains that we all admire successful entrepreneurs, es-pecially
those who have taken their organisations to the summit in their
field. Entre-preneurship is among the most talked about concepts
world over: According to one estimate, after self-help and do-it-yourself,
books on entrepreneurship are among the perennial bestsellers. One
of the components of the quintessential “American Dream”
consists of coming up with that one “million dollar” idea
and taking it to market.
After
my article on entrepreneurs was published, I exchanged notes with
several readers and gathered further ideas on entrepreneurship.
I have come to realise that entrepreneurs come in a variety of stripes.
Following are the
common “models”:
Consultant
model: This model is common among academicians and those with
niche domain expertise gained in the industry. Management consultants,
CPAs and others who gain experience and a “brand” name
working for large consulting houses find it a convenient and lucrative
area to branch off on their own and leverage the industry contacts
and networking skills developed in their regular jobs. Many corporate
executives, after retiring from their regular jobs also take the
consulting route, either directly or by taking on director roles
at different companies. Many IT professionals, especially those
with niche skills and/or certifications also tend to move on to
consulting roles. Note: the consulting model here does not include
the more common contracting/subcontracting model since in that model,
the consulting company or the founder takes on greater entrepreneurial
risk than the subcontractor.
Moonlighting
model: This model is common among those want to experience entrepreneurship
“part-time” without taking the risks associated with full-time
entrepreneurial activities. This model is not really new; for example,
doctors working for hospitals or clinics have long taken “visiting
consultant” roles. Professors and academicians also regularly
take on consulting opportunities with industries that use their
expertise to implement the research ideas fine-tuned in academia.
Some professionals take the public speaking or column writing route
where they try to publish their ideas outside the confines of their
organisations. For instance, although I enjoy my day-job, I have
been writing this weekly column for over two years because of the
interaction and opportunity to network with peers that this brings.
Brilliant
Idea model: Professionals and others working in the corporate
world or for regular employers sometimes have an epiphany, a eureka
moment when they realise that they have a “million dollar idea”
that they can capitalise on. Although such events are rare and too
far between to generalise, a number of brilliant entrepreneurial
ideas have sprung up from those with a different perspective than
others who work on the same idea every day. Many times, employees
take their new/innovative idea to the employer with a suggestion
to implement it on the job. Sometimes, when the ideas are not taken
up by the management, they contemplate the entrepreneurial route
if they feel strongly about it.
Exiting
business/Franchise model: Sometimes, individuals who do not
want to continue in the corporate world decide to start their own
venture in a domain they are comfortable. Such ventures may take
the form of small businesses or franchises. In the franchise model,
the wannabe entrepreneur approaches a corporation like McDonalds,
a restaurant chain, an auto dealership or any other enterprise with
a franchising model and takes on the responsibility of running his
business using the brand and marketing support from the enterprise.
There are thousands of Indians in the US successfully running their
own businesses including Indian Bazaars, restaurants, motels, etc.
In
India, as in other parts of the world, this concept of making it
“big” through entrepreneurship has gained popularity after
endless articles in business journals and papers have eulogised
the success of our self-made entrepreneurs including the usual suspects:
N R Narayana Murthy, Azim Premji, Ramalinga Raju, et al. The liberalised
economy of the past decade, with lesser bureaucratic interference’s
and bottlenecks has also led to a climate where individuals are
more willing to experiment. In my recent columns I haven’t
touched upon the risks of entrepreneurship, but needless to say,
higher the rewards, bigger the risks.
Whichever
model of entrepreneurship you choose, it will be worthwhile to remember
that it is definitely an interesting albeit risky proposition.
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