I was having a lively discussion with my closest friend (A Yahoo Engineer and Cornell Alumni) about entrepreneurship and some of the points she raised seemed interesting. I thought I will blog about it, hoping at the very least it might be helpful to others. Not to say that I do not think about starting something of my own someday. But I guess for now Sourcebits and MIT are keeping me sufficiently busy.
Entrepreneurship is about the journey and not just the goal. You start a company, because you truly believe in your idea and you are passionate about it. Starting a business with the sole aim of making money very rarely gets you anywhere. If the idea and the product solves a pain point and is executed with sufficient engineering precision and has good user experience design, it will definitely make you large sums of money and if not, it will at the very least give you a lifetime experience J.
Once an Entrepreneur, always an entrepreneur! They are excited by the project and desire to execute it.
You will never see a true entrepreneur asking questions like “Is my idea good enough to start my own company?” If you see yourself asking that question, you are definitely not ready. No idea starts making money immediately. Trick lies in waiting till the right time for it to make some. If you do not believe in what you are starting, how will you wait for that moment?
Entrepreneurs very rarely fit into the corporate world. Even if they go back to the corporate they will keep getting tempted to entrepreneurship.
You cannot plan everything before starting. As long as you have a good idea, and you have spent reasonable time in planning its execution, you should jump into it. If you try to plan for everything, you will never get started.
No matter how good the idea is, it will go through enormous change by the time it is executed. You need to be savvy enough to be not rigid about the changes.
Only feedback which matters is from your lead users/customers. Stop taking too much feedback. Everyone has opinions and not everyone is right or has the vision to understand your idea. What matters is do you truly believe in it and have spent enough time with the idea, that it is not a pipe dream.
I will add few a more thoughts later, need to catch some sleep now...Also need to catch up on Thesis.
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