Tuesday, June 29

When is the right time to start your own business?

Mahesh Murthy gives some pointers on When is the right time to start your own business? . In the given extract he talks about "Education" .
Education seems to make no difference whatsoever to your likelihood of success as an entrepreneur. As an employee maybe, but not as a business owner. (A personal observation: I never bothered getting a degree, and I don't think it's hurt me very much so far.)

The bigger point, though, is what will make the business you intend to start successful. Again, I really believe the key to succeeding is to understand the market you will be operating in. See what the buyers need and what current sellers offer - and figure out if there's a gap where you can offer something better, and in a way that others can't match soon enough.

This is what it takes. To do this requires no particular education - and no set years of experience. If there are so many successful Internet entrepreneurs around the world barely out of their teens, it's because they had the relevant experience of being online early in life - and they figured out the problems and a solution for their markets better than anybody else twice their age. They may be young - but they had the relevant experience.

That's why you rarely see teenaged chemical industry successes, or 20-year-old biotech billionaires. You need the 'right' experience and insights from it - not just years of work at some unconnected place.

That hopefully answers the other question many of you put to me - "Mahesh, I'm joining a bank and want to work for a few years, and then start an organic vegetable operation". Sorry, bossman, no can do. That is not relevant to your intended line of business. You're better off going to the mandi now.

Related Links :

* Forbes Magazine's List of the World's Richest People

* Noted Individuals - High School and Elementary School Dropouts

* ELLISON TO GRADS: DIPLOMAS ARE FOR LOSERS / Oracle CEO Urges Students to Drop out, Start up (Satire)

* Famous Entrepreneurs