A couple of weeks ago I was having a drink with a friend who is an established global entrepreneur. He has his company listed on a foreign stock exchange and is also expanding rapidly. A straight talking no-nonsense guy.
This friend and I shared a similar concern - that we see many young people these days are going around evangelizing entrepreneurship and some of them don't even have an income or a job or even a small venture to speak of.
"Why don't they put their money where their mouth is?", he asked, exasperated.
Frankly I think its good that the young people are excited about entrepreneurship and are promoting it to their fellow comrades. To be fair to them, they are actually doing a great job getting the message across and "spreading the spirit of enterprise".
There are, definitely more young people looking to take the plunge into the abyss of entrepreneurship now then when I first began 18 years ago..
However, if you yourself are not one, then just talking about it will slowly erode your own convictions - it's like selling food in a restaurant without a kitchen, all borrowed or "other peoples'" ingredients or experience and knowledge.
Start-ups by definition already begin with a HUGE uphill battle - the founders have a credibility gap to address, knowledge gap to deal with, raising money in a competitive environment and more. If the would be entrepreneurs are not given the "real" deal or what it really takes to kick start a venture, we may, I am afraid end up with many disillusioned start-up failed entrepreneurs. We can't afford that right now. We can't afford more fatigue or waste. But yes, we can and must expect failures. That is the nature of the beast.
My view in this is simple - do it or smart-partner with entrepreneurs, go with them and evangelize entrepreneurship. It can only be a good force for society.
Also, entrepreneurship is not about fame. It is all hard-work with no guarantee of success. So guys, find a problem and start-up.
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As a young entrepreneur who has actually gotten around to doing something albeit not seeing concrete tangible results yet (and I am very lucky to have a TEAM of very established mentors to work with which many other young entrepreneurs do not have a privilege of) I find my reaction to your article similar to that of when I first read this article in The Star:
ReplyDeletehttp://thestar.com.my/news/story.asp?file=/2010/3/14/focus/5739757&sec=focus
Now I don't know about you, but for me it's all in the mindset and how willing we are to make the change. I just went through a HUGE change myself and I found it incredibly liberating! Unfortunately, most of the young are attracted by the prize but shy away from the price - which at the end of the day is not how much capital we are willing to invest, but the seemingly-simple way of changing the way we think. :)
As an established entrepreneur who has very much more experience that me Dash, would you agree?
I was going to ask you if you had read this article:
ReplyDeletehttp://thestar.com.my/news/story.asp?file=/2010/3/14/focus/5739757&sec=focus
Because the discussion you were having with your friend reminded me of the response I had towards the results of the "Millionaire Poll" conducted here.
Being a young entrepreneur myself, I would have to agree with you that too many youngsters out there have a too idealistic perception of business and entrepreneurship and what it entails. I was just listening to a Ronnie Kagan audio where he says "if someone thinks he's gonna make money in BUSINESS!!! ... Then that fella has never had any experience in business." (http://ronniekagan.blogspot.com - really good stuff!) And hey, I know how they feel because I was the same myself! Except after more than half a year's experience in setting up and growing (and fallen apart, and getting up again, and was stagnant for a while, and etc etc etc) my own business organisation I now know better. :) one of my most esteemed mentors, En. Zul Talib who used to be CEO of MMC once said (to another young entrepreneur-wannabe) - "most young people don't last." And that is just so true.
I have friends whom I have personally watched them attempt to get started in a business - get all gung-ho about it, some even cough up investment capital (which considering their family backgrounds is no small sum) and some even have a team of the very best mentors to smart-partner with (I know they are the best because they are *my* mentors. Hehe.) BUT still end up as "disillusioned start-up failed entrepreneurs". Why is that so?
Well what I have learnt from my friends' failures (and I only consider them failures if they choose to quit rather than make full use of all the resources they have) is that it all stems from the mindset. What is the price you are willing to pay for the prize? And for many, it is things like rethinking their priorities - changing their friends, reducing (it's not like they have to give up entirely) their time on social activities, stop buying new clothes (so they will have more capital to invest - or sell them if they must. I would, but I already have very few and they are all well-loved.) ... Simple stuff like that.
They only want the prize, but are not willing to pay the price. And the price, is all in the mind. Wouldn't you agree? It is not how rich you become, but who you become in the process of getting rich. And I think many people just don't get that.
What say you? :)
Brilliant conversation ! I am reflecting on my own self, and understand how valid is Teoh's thinking. Excellent food for thought !
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