You might be thinking what kind of a post on Entrepreneurship is doing on the blog Biohacking. Well, the fact is that for the last 2-3 weeks I am in pretty charged-up mood. The other week, I read BusinessWorld’s (India) issue and it featured India’s 331 billionaires. Of these a whopping 74 billionaires made their wealth in last 5 years. If they can do it, why can’t I?
Since my interests lie mainly in computational biology, I longed to start a company in the same field. I researched heavily on the internet and have come to following conclusions:
1. Most (75%) of the entrepreneurs are poorer than their corporate peers. [1]
2. There is no perfect age for starting up your own business. You must wait till you identify the right opportunity. Indeed, the average age of an entrepreneur is 37. [1]
3. Prefer not to create an opportunity (or a trend). It is too risky. Instead try to identify an opportunity and capitalize on it.
4. Entrepreneurship may not be as cool as it looks.
I was advised that when you think that you have the following five things in hand, you must start a startup, else wait patiently. The things include:
1. Business model (opportunity)
2. Market
3. Capital
4. Team
5. Intellectual Property (patents, etc.)
I think I will some day start my own company, till then I will enjoy learning from the success stories of the startups.
Reference:
[1] Entrepreneurship, Age, and Money – Is It Better To Start Young or Wait Until You Are Older?
Great post. I also feel the urge to succeed but obviously there must be a lot of research done before one can even ponder to see the right opportunity.