Over the past several years, many a friend or acquaintance has expressed curiosity about how I came to start a startup\u2014more so in my mid-30s. I would also hear from peers, younger alumni from business school, and budding entrepreneurs who wanted to know how I got the idea for my venture, how I decided to take the plunge, and how I went about assembling a team, raising the necessary capital, building a viable product, and growing the business.<\/p>\n
The people asking were typically driven, hardworking professionals who were making a decent living. Plain curiosity apart, the conversations were usually motivated by one or more of the following stated desires: to start a venture of their own, to derive inspiration from my dogged path, to learn from my experiences and missteps, and to be better prepared to navigate the pitfalls likely ahead of them.<\/p>\n
Often, the presumption would be that I had found my passion<\/em>. Like many, they probably believed that the much-bandied-about \u201cpassion for an idea\u201d was the #1 ingredient for starting a business. (After all, every business was once just an idea.) If they weren\u2019t sounding me out on a fresh idea, they seemed to wonder where and how they would find theirs, so that they could be on their own way thereon!<\/p>\n Now, it was in early 2009, in the home stretch of my MBA program at the Chicago Booth School of Business, that the idea for what soon became Jodi365.com came to me<\/a>. However, it was not the only startup opportunity that I was excited about. In the previous year, there were several other ideas that I explored, including an online marketplace for professional photographers, a packaged fruit drinks business in India, a belongings tracking device and system, and a mobile-enabled local price comparison service in India. (I could have been a poster child for \u201cbrain drain\u201d out of India in the early\/mid-90s, but 15 years later, despite having taken up permanent residence in the US and despite Sequoia Capital\u2019s viral \u201cRIP: Good Times<\/a>\u201d presentation, I was bullish about startup opportunities in general and in India, in particular.) I quickly came to be reminded that while an idea is important, what\u2019s more critical for startup success is the execution<\/em> of the idea.<\/p>\n Dreamers ideate, while doers execute. And that takes discipline. One must be willing to do the difficult things<\/a>, things that are not necessarily enjoyable but essential. Like an athlete who aspires to be a champion, one must be willing to put in the grueling hours on the field \u2013 preferably under the watchful eyes of an expert. It takes perseverance. Yet, if passion is the #2 ingredient for starting a business, discipline is still at best #3.<\/p>\n Reid Hoffman famously described an entrepreneur as someone who will jump off a cliff and assemble an airplane on the way down. Most people are just too afraid to jump! Most are too concerned about creating and maximizing optionality<\/a>.<\/p>\n I haven\u2019t forgotten what it was like to strive for optionality, myself, as in applying to join prestigious universities or reputed companies. It took some self-awareness \u2013 not acquired easily, unfortunately \u2013 to realize that I didn\u2019t need a McKinsey, Goldman Sachs, or some other elite organization\u2019s seal of approval. I could well channel Sean Parker\u2019s character in The Social Network<\/em> and ask, \u201cYou know what would be cooler than joining<\/em> a well-known company? Founding<\/em> one!\u201d<\/p>\n Yet, it took some courage to get over the fear of jumping. Doubts and unknowns included:<\/p>\n Others who have taken the entrepreneurial path may be able to recount similar imaginary or real fears. Others who have similarly jumped, regardless, will attest that it takes a strong will to deal with the many hurdles on this path.<\/p>\n The path may not be for everybody. It doesn\u2019t have to be, either. When someone (usually another MBA graduate!) brings up the “opportunity cost” of starting a business\u2014forgone wages, primarily\u2014I am inclined to suggest that they hold on to their day job. They probably don\u2019t have the startup DNA.<\/p>\n I\u2019ll leave to others or for another time the topic of how to become an entrepreneur. I\u2019ll just end with some tips on how to overcome the fear of failure.<\/p>\n Lord, if there be shocks, let them be varied and preferably moderate ones, so we can stress test our systems.<\/em><\/p><\/blockquote>\n It applies not only to financial systems but also to individuals.<\/p>\n Featured image: Dennis Skyley\/Flickr<\/a><\/em><\/p>\n\n\n Editor’s Note:<\/p>\n\n\n\n You can also download our app <\/a>from Play Store. <\/p>\nThe #1 ingredient for starting a startup, in my book, is this: Overcoming the fear of failure.<\/h2>\n
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