How one should take the challenge to be an entrepreneur
by
Gurjinder Singh| Views: 633
One should be a crazy & genius to become an entrepreneur
Fred Wilson delivered great speech for entrepreneurs and “10 Ways to Be Your Own Boss”. He talks about what skills you should have to be an entrepreneur and what kind of associations & relationships are successful in starting and running a business.
He said that monthly salary is the biggest problem that stops entrepreneurs to take risk because it provides basic safety that nobody wants to lose. In his words “if you are not your own boss it is power of that monthly salary, it is so hard to walk away from that. “ True Fred - 100% agree with you.
How you can be your own boss and what kind of partnerships are successful in starting & running a business?Fred explained- in entrepreneurship following type of organization structure or partnerships work better.
1) One person OrganizationDo everything yourself. Be the only employee of your company. You can work from home. You don’t need to pay to your employees. You take the whole profit.
2) Two person partnerships Good friends, one creative person with wild ideas, second having detailed knowledge of business, finance & organization. Many businesses start in this way. You achieve more together and share profit & lose.
3) Husband and wife TeamIn this way you start with the partner who is already your partner. Technical husband, business focused wife, Payment goes to single family bank account. Example is
If( Husband== 'Software Engineer' && Wife== 'Web Designer')
{
CanStartWebBasedBusiness=true;
}
Right small number of people with diversity of skills. Warm & Family like culture. Don’t require lot of capital. Fun places to work with full of energy. Can focus deep on the things.
5) FederationOperate your small business in big firm. Share office, infrastructure, brand, loss & profit. Examples are Law firms, Architecture firms, Consulting firms, if you have some clients & don’t have much capital to invest you can go with this model.
6) Project as a Business Does a project give your 100% then enjoy down time and then go for another project. Down time gives you the time to think and come with creative ideas. Good model for entrepreneurs who are with one deep skill set. Some classical examples are Film Maker, Musicians and Authors.
7) Freelancing Do business from laptop, travel around the world, and enjoy your life. Freelancer developers, Designers and people with small site having revenue from advertising are good examples.
8) Small teams/groups in big companyBest example is twitter.
Work for yourself, Take Challenge, do what you are passionate about, do it in a way in which you want to work, money you need to earn and people you want to work with. All the Best!
Fred Thanks for inspiring us.