Entrepreneurship: Choosing a wrong career path…!

Mrutyunjay

Co-founder, JuxtConsult

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Typical Question

• “What do I want to do?”

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Real Questions

• “What needs to be done?”

• “Of these things that would make a difference, which are right for me?”

• “Can I do everything myself?”– “Here lies a man who knew how to put into his

service men who are more able than he was himself.”

» Gravestone of “Andrew Carnegie”

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Choosing a Wrong Career Path…

• In 1868, Carnegie wrote himself a “remarkable memo”– Almost 2 years before founding a Co.– he questioned his chosen career, “a life of

business” – even more remarkably, he kept the letter for

his entire life, carefully preserving it in his files

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Point 1…

• Thirty three and an income of 50,000$ per annum. By this time two years I can so arrange all my business as to make no effort to increase fortune, but spend the surplus each year for benevolent purposes. Cast aside business forever except for others.

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Point 2…

• Settle in Oxford & get a thorough education making the acquaintance of literary men -- this will take three years active work -- pay special attention to speaking in public.

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Point 3…

• Settle then in London & purchase a controlling interest in some newspaper or live review & give the general management its attention, taking a part in public matters especially those connected with education & improvement of the poorer classes.

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Point 4…

• Man must have an idol -- The amassing of wealth is one of the worst species of idolatry. No idol more debasing than the worship of money. Whatever I engage in I must push inordinately therefore should I be careful to choose that life which will be the most elevating in its character. To continue much longer overwhelmed by business cares and with most of my thoughts wholly upon the way to make more money in the shortest time, must degrade me beyond hope of permanent recovery.

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Point 5…

• I will resign business at Thirty five, but during the ensuing years, I wish to spend the afternoons in securing instruction, and in reading systematically.

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Then… Who is “Andy?”• Andrew Carnegie (last name properly

pronounced /kɑrnɛgi/, but often /kɑrnəgi/) (November 25, 1835 – August 11, 1919) was a Scottish-born American industrialist

• In the 1870s, he founded the Carnegie Steel Company

• By the 1890s, the company was the largest and most profitable industrial enterprise in the world

• He sold it to J.P. Morgan's US Steel in 1901 ($480million) and devoted the remainder of his life to large-scale philanthropy, with special emphasis on local libraries, world peace, and scientific research

• During his lifetime, Carnegie gave away over $350 million

• Net worth $298.3 billion, according to Wealthy historical figures 2008, based on information from Forbes - February 2008

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Reality…

• It took 20 years to make and giveaway all the money

• Does this look… “Old fashioned way of doing business”… I guess, that is the only way of doing big…

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“Success”

• What is Success? – “Let’s hit the board”

• Dream - Dreams have a long history both as a subject of conjecture and as a source of inspiration– William Blake boldly declared, “A man's reach should exceed his

grasp, or else what's a heaven for?”

• Talent – knowledge – information• Luck – fate – destiny – opportunity• A little madness – love – walk the extra mile

• “Tactics” – read a book by Edward-de-bono

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Entrepreneurship vs. “MNC jobs”

• Challenges the “Indian professional middle class mentality”– In higher education is freedom! – land cushy jobs in MNC’s– slog some more and live happily ever after

• i.e. you’re a cog in a global wheel - a bigger cog and that means you spend more of your waking hours ignoring family and friends to deliver greater value to an enterprise you had no role in setting up

• Why? because you’re a professional and this is your job?

• OK so you change companies, join another MNC, and you’re still doing the same thing, playing bigger roles in more massive acts

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How many of you want to give birth to a child?

• There is a greater role for creativity– you have to be chief cook– bottle washer – diaper changer

– para-phrasing Bagchi’s sexist line:

“entrepreneurship is the closest thing a man can do to giving birth to a child”

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How do you give birth…

• Idea > Idea to Offerings– Stage 1: 4 to 12 weeks of pregnancy - fastest, most

complex development • Team

– Stage 2: 12 to 16 weeks of pregnancy - Start of antenatal visits and start tests to monitor health. Chance to determine & decided to love and care for the expected child whether or not it has a disability, or “whether to end a pregnancy”. The choice should be yours to make with informed support.

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How do you give birth…

• Name• Product

– Stage 3: 16 to 28 weeks of pregnancy: Your energy should have returned, sickness should be long gone, and your pregnancy is starting to show. By the end of 28th week, your baby is almost fully developed.

• Customers– Stage 4: 28 weeks to term : Your baby is gaining

weight and your body may feel clumsy and uncomfortable. You may start to have difficulty sleeping as your baby kicks and wriggles. Try to give yourself plenty of opportunities for contemplation and rest; your life is about to change utterly and you need time to charge your batteries ready for that challenge.

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How do you give birth…

• Valuation– Stage 5: Birth day: The whole process of labour can

take many hours with a relatively short, intense period (known as transition) toward the end when your cervix opens to its full extent, followed by the second stage when you push your baby out.

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How do we sustain?

• Clarity of “GOAL”

• Clarity of “MEANS”

• Guiding Principles

• No Compromise Values

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5 Guiding Principles of Juxt

1. Justify your value Not to your clients, not to your boss, but to yourself

2. Work smartly but sensibly There are few shortcuts in life, and they all take longer to get there

3. Be on top of your work, not under it Drive the pace of your work and not get driven by it

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5 Guiding Principles of Juxt

4. Give respect to get respect Treat others the way you want them to treat you

5. Enjoy your work If you have to drag yourself to work every morning, it’s time for you to move on

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3 No Compromise Values of Juxt

• Sincerity towards the work and the organization

• Open doors and open minds

• Teamwork

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• If one of you ever becomes an

“entrepreneur” drop me a mail: mrutyunjay@juxtconsult.com