I met Arun last week. He passed out BE ( Mech) two years back. He had an offer letter from a major software company. Because he had six months to join a software organisation, he joined his Uncle who was a consultant in E&C industry. While working with him, he enjoyed the work of consulting. His Uncle passed away last year. He is continuing in his entrepreneurial role of consultant.
Five years back, i had met Vijay. He had done a computer hardware course and was working with a Hardware Engineer who was maintaining computers in a city near Pune. Business was self sustaining. Due to family issues of the owner, owner went back to his home town ( Mumbai) and left the entire business to Vijay. Vijay decided to continue the show.
Arun and Vijay face very different set of challenges. Neither they face the typical issues of corporate professional such as bosses, promotion, and jobs nor they face challenges of seasoned entrepreneur such as managing large business or 'working alone at the top without any guide'.
They are caught in between. When they talk with their college classmates, they feel they are in a best role, because they are their own bosses or they feel constantly pressurised because of the uncertainty of getting their cheque next month. On the one hand, they lack the knowledge required to grow their business, while on the other hand they constantly wonder if they are doing the right thing remaining in their entrepreneurial role.
Typically, they should take these four actions at the minimum:
1. See entrepreneurial role as one of the role they can fulfill: I know of some individuals who love the freedom of being an entrepreneur and they refuse to work for anyone else. But for most others, i urge them to remember that entrepreneurial role is just one role. Do not get fixated in an entrepreneurial role and consider that it is the role meant for the whole of life. In today's world of Venture capital, it is quite easy to become an entrepreneur even later in life.
For instance, Arun can work as a consultant for next two three years, get in touch with colleagues in ECE industry and join ECE company to see the corporate world from closer distance.
2. Understand the complementary ability required to encircle their core ability and develop it: When one starts working as an entrepreneur, one is almost forced to become a 'salesman'.
For Vijay, learning this competency is absolutely crucial, although it may not be as critical for Arun. But even Arun should develop this competency, because we learn something best not because we have time, but when we have need. If Arun talks with his friends in ECE industry, none of them will even think about learning 'sales' because most engineers dislike 'selling'. If Arun has to be one step ahead in his career, he has to take advantage of this opportunity.
The important question however is how to learn this skill of selling. Many individuals feel that MBA course is an option, but MBA course is meant to understand marketing, not sales. To understand the distinction between marketing and sales, read this. Sales competency is a mixture of four different abilities: Understanding customer requirement, developing your solution to address it, Communicating your solution to customer, and Closing the sale. Last two abilities are learnt through a good program on 'effective presentations', while the first one is learnt by reading some good book and working with some colleague who is in a sales role. Second ability is an ability which is closer to their current competency.
3. Connect with colleagues from same industry: This is critical for a budding entrepreneur, because he is physically isolated from other like-minded colleagues. Being out of sight is out of mind. Therefore, unlike corporate professionals, these entrepreneurs have to take special efforts to build this connection.
Arun/Vijay can connect with like minded group virtually through face book or linked in. Becoming a member of profession is another way. For instance, chamber of commerce have consulting groups, SME groups as separate groups. Attending their breakfast or dinner meetings is a better way to extend one's network beyond the known friends. Even connection through local groups like Rotoract and Lions club is beneficial.
4. Find a mentor/coach: In a corporate world, it is easy to get guidance from your boss, colleagues and even HR team. When you are alone, it is absolutely imperative that you get a mentor.
Mentor is a senior person who belongs to the same industry and has high credibility. For instance, Arun has to find a mentor in ECE industry while Vijay has to find a mentor from hardware industry. Mentors know the typical roles available in the industry ( design engineers, field engineers, quality engineers and so on) and what competencies are required to fulfill these roles. Because they know the industry well, they know what is required 'next'. And they can give you useful feedback on your competency all the time.
A coach on the other hand is also required to help these entrepreneurs guide through the challenges they face as a person in terms of job satisfaction, finding next direction in their life, and fulfilling their highest potential. However, finding coach is not easy.
