Stay Hungry Stay Foolish is a wonderful book written with the support of Center of Innovation Incubation and Entrepreneurship at IIM Ahmedabad and Wadhwani foundation. It features, stories of 25 IIM-A graduates who chose a rough road of entrepreneurship and made a mark in India and abroad. 11 out these 25 stories – I covered today. That means I was just a little shy of doing 50% of the book in a single day. And when I say I did 50% in a single day, I don’t have to tell you how interesting the book is. The stories are amazing and they teach you a lot about life. At the end of every story there is a section “Advice to young entrepreneurs“, which I think is the best part of the book.
The cream of advice which I collected is something I want to share with you here in this post today.
Some of these things might seem to be very obvious moral teachings which are found everywhere, but the thing is – even if, the same teachings come from different sources many times, they strengthen your belief more than they coming to you only once from a single source. Repeated readings will make you believe in them a little more every time.
So here it goes:
1. Don’t do it to get rich – Each and every one of the person in this book tells you that they didn’t do it for the money, they did it out of passion for something.
Doing things out of passions is important to succeed because, in business there will be hard times when you WILL fail. And if your motivation is not beyond money, those hard times will be BAD. You will not be motivated enough to continue and you’ll quit.
If dreams of driving in a Lamborghini to 5 star hotels – the iron man lifestyle – is what drives you, you should take up a job instead of jumping into entrepreneurship.
2. To create a successful business from scratch you don’t have to belong to a business family. There isn’t any genetic pre-requisite to get you own thing started. Any one can start and be successful. In fact, most of the people who have been mentioned in the book were from usual families.
3. Jump into it – If you have an idea and you think it will work, just get started. Instead of thinking and planning a lot about it, the first important step is to get the ball rolling. You don’t even have to posses a great business plan for that. Things will start to settle once you gain momentum. But it is important to start.
A journey of thousand miles begins with a step.
The essential thing to be successful is to take that first step.
4. Risk vs Reward equation has been distorted for the general public – Most of us don’t think of even starting a business because it might not be successful and the idea will remain a failure. Throughout our lives we are forced to believe that a job is much easier and more rewarding. This is bullshit. Getting up on Mondays and driving to work just to hear your boss screaming at you till 9 PM isn’t easy. Nothing is easy in life.
Trust me, unless you have a really stupid idea, it won’t fail. Although, you’ll definitely fail many times along the journey to success, ultimately it will be a great life, a very satisfying one, financially and morally. There is no way you will be rewarded less for being an entrepreneur than taking up a job.
5. It will take time – Although you’ll be rewarded more than a job for sure, financial rewards to break in will definitely take time. You’ll have to be determined enough to persist long enough. It will be necessary for you to not lose hope and carry on. Take a lesson from Richard Branson for god’s sake.
6. There WILL be hard times – There is no doubt that by starting a business you’re assuring yourself a series of hard times in life. If you aren’t ready for them, take up a simple, safe job.
In business, there will be times when you’ll have to live off your wife’s earning, other times you may have to give in all of your life savings, risk your life and what not! There WILL be pain.
Some say that the pain in giving birth to a company is like giving birth to a child.
It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all – in which case, you fail by default. -J.K. Rowling
- I have a dream – by Rashmi Bansal – Book Review (vikashbajajonblog.wordpress.com)
- Stay Hungry. Stay Foolish. (ktmpur.wordpress.com)
- Stay Hungry. Stay Foolish. (salaikanti.wordpress.com)
- “Stay hungry; Stay foolish “ (prashanthm9.wordpress.com)
- Stay Hungry, Stay Foolish (bmprperspectives.wordpress.com)
- Entrepreneurship – A Way of Living (skillplusng.wordpress.com)
- The Definition of Entrepreneurship (yoshuadiandhika.wordpress.com)
- Entrepreneurship Isn’t Supposed to Be Easy (under30ceo.com)