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You had a great idea, a well-drafted business plan, some cash to begin with, a talented team and you managed to rake in more funds. Now, you are running your own business. So far, so good. But, are you equipped for the challenges that lie ahead? I share with you my entrepreneurial experience of six years in the form of seven daily challenges that every entrepreneur-in-action faces, more as a routine than an exception. 1. No rules protecting employers There are rules, the world over, upholding the interests of employees. But there is little an employer can do, if at the receiving end. For example, if you discover that an employee has secured a job with your company by means of duplicate certificates or fake experience, all you can do is to ask them to leave with full pay. You hired him/her and it is solely your mistake! Similarly, there are instances where you hire someone at a very handsome package for a crucial position. But, by the time you train him/her to understand the responsibilities, you are gifted with such a beautifully crafted resignation that you wonder why the artist didn't try a hand at creative writing for Bollywood. What takes the cake is a situation where, on the second day of the month, you realise a person performing a highly skilled task decides to quit for a better paying job and doesn't have time for the handover. Be prepared for such situations and ensure there are some multi-taskers in the organisation to come to the rescue. 2. Global competition Then comes the bid award day and the contract goes to some other company in some part of the world, ready to deliver what you promised, in a similar aggressive timeframe, similar reference customer base, at half the price you quoted. Yes, you heard it right -- half the price! This is a reality you have to live with. So, when you submit a proposal to one of your prospects, keep in mind not only your country, but also the rest of the world. After all, the world is a global village now, thanks to the Internet revolution. The reasons vary, from political changes in the target country to a failed feasibility study. Now, considering you are not a topnotch multinational able to hire a big consulting company to advise you, be prepared to burn some money here and there. There are similar situations, for example, in my company, which depends heavily on the Middle East market -- all our support departments (sales, pre-sales, recruitment, operations, etc) are idle for the entire month of Ramadan every year. Such changes have to be managed with a positive attitude. 4. Balance between projects and personnel The project that was supposed to come in yesterday now lingers for months. Every time you pay those salaries, you think, 'Did I make the right decision? Am I doing justice to my investors' money?' Over time, you will learn to balance the two situations by pitching for regular work to help you tide over. 5. Delayed payments So, how do you pay your employees and vendors? This, I must confess, is one of the toughest parts of being an entrepreneur. The only option you have is to forego your salary. In fact, pull out all your savings and put them in the company to bridge the gap. If still does not suffice, go to the bank with some 'tangible' property. That means, if you have a flat, you mortgage it. In most cases, the family is not even made aware of this, because it is a short-term problem and you do not want to scare them. 6. Return to the investor So, if you end up taking money from them, be prepared to answer many a difficult question on a daily basis. If you can't manage that, you are out -- of the very own company you built! Remember, a bigger pie of a small cake is any day better. You are perceived as a person without job security, unlike your classmates or ex-colleagues, who are sought after for being placed in well-known multinationals. Surprisingly though, if there is a natural calamity or any other cause needing attention, society expects successful entrepreneurs to donate generously, and they do. -- The author is Director of the Bangalore-based TechUnified, which provides software products to banking and telecommunication customers globally. He is an alumnus of NIT, Surathkal. |
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