Note: Previous post in this series – #2 – You want to get out of the box
Yes, you can. On the other hand, you can lose your shirt too.
First, let us look at the employment option. Theoretically, as an employee, there is a limit to how much you can make. Most stock options are not worth much as companies die at an alarming rate. Exceptions exist where employees have made a ton of money. Want proof? Ask any early employee of Google, Microsoft or Infosys.
It seems like, as an entrepreneur, you have a better chance of making a ton of money. Just imagine a future event with your new venture – it can be sold, it can become a cash cow (and you can take dividends) or you can go for an IPO. Take any business magazine and you will read stories about how some entrepreneurs made it big. Some of these stories also contain details of exactly how those startups succeeded. Yes, it does seem like you can make a ton of money being an entrepreneur.
If you are currently an employee frustrated with the knowledge of how much money you can realistically make with your employment option, you may be tempted to become an entrepreneur so that you can make a ton of money. Personally, wanting to make money is not a bad thing but starting a company with that sole purpose may be risky.
Rather than defending my claim, let me take a different view on entrepreneurship.
Suppose you are currently an employee and you don’t want to be an entrepreneur. For the sake of this thought experiment, imagine that you want to be an entrepreneur in about a year or so. Just imagine that you take this seriously and start preparing to be an entrepreneur. You ask for help, read books, attend classes and couple with already successful entrepreneurs or entrepreneur wannabes. The topics of your discussions and small talk will change. The magazines that you will read might change and the events you attend might change. In a year, you will be transformed and become a different person. At this time, you are “ready” to jump in and become an entrepreneur. At this time, you have a choice to NOT become an entrepreneur and continue as an employee. Whatever you do, your life has changed and you have become a better person than before.
In summary, imagine becoming an entrepreneur for WHAT IT WILL MAKE OF YOU rather than just for making money. It will become a wonderful and transformational journey.
Money is a by product of success. When you try to become an entrepreneur solely for the purpose of making money, chances are that speed bumps will seem like road blocks and road blocks will look like dead ends. In my opinion, money will come when you go after a cause way bigger than just money.