What it takes to become an entrepreneur?

What is your appetite for risk? Are you willing to lose it all? How much are you willing to lose? 10%, 30%, 50%, 70% or willing to lose it all? Those were just some of the words that came from this elderly gentlemen at a Business Planning Workshop, where I was one of the participants. That elderly gentleman later became my mentor, and his name, Percy Chan. (But I shall leave that for another story)

No matter how you look at it, as long as you are in business – you are at risk. Its just a matter of how much.

Would you blame yourself if it failed, or was it just another learning experience in life’s journey. If you want to venture down this path, there are many things to consider. In a recent seminar I attended, the statistics for Malaysian Technopreneur companies was conveyed to us. Out of a 100 start-ups, 60% of these companies will fail within year one. Another 60% of those will fail within the 1st 3 years of operations. (Don’t quote me on the stats) But having been down that path, I can reason with the fact that the statistics of failed start-up companies can be relatively high.

Starting out in your own business isn’t easy. You could say, it’s like walking into a casino. You set yourself up and mentally prepare yourself to lose the RM1,000 you brought along with you. How many times have walked out with more money in your pocket, compared to the times you had less or nothing left. It’s like buying 4D or a lottery, how many times have you got lucky. But when you did, did you make back all your loses? Yes, all those years and the number of times you tried. Maybe its time you kept count.

Even Apple’s Steve Jobs succeeded and failed in his first attempt. And how many Bill Gates do we know, or will ever see in the coming decades. Fortunately, Job did succeed in his second stint at Apple, and how wonderful that must have been. Its like being handed a second lease. That brings me to the question, are you the next Job or you walk in thinking you can emulate Bill?

The odds are always stacked against you. Not unless you stepped in with an attitude to win. Not unless you employ a strategy to win and manage your calculated risk?

Of course, you will always say to yourself some of them got really lucky. Ans you might be on the same boat as well. But is it all luck?

Once you have decided that you seek to become your own boss. Be prepared to put on your battle armour. Then the real adventure begins.

To be continued…

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