I WANT TO BE AN ENTREPRENEUR

So you are next to your elderly relative Y at X's wedding when he pops the question (not for your hand in marriage):

"What are your career plans?"

"Um…I want to be an entrepreneur."

It's trendy and cool to use the word "entrepreneur" these days. Although most families still look down upon the notion due to the dark void of uncertainty it leaves on your future stability, times have changed. Families these days have become a lot more supportive. But really, are you sure you know what you're getting yourself into? 

Being your own boss

You expect you'll have the freedom and flexibility to design your work schedule and life the way you want it, with no hindrance whatsoever. You also want to feel smug about the fact that you don't have to report to a higher authority because guess what – you're the boss!

Of course you have the freedom and flexibility, but at the initial phase? Not much. It's highly unlikely that you will have any staff or employee when you start off, which means that you'll have to contribute your blood and sweat in order to build your baby. That nice cup of coffee? Yes, you might just have to make it yourself.

In the long-term though, freedom and flexibility turn into a blessing as well as an opportunity cost. "Freedom is the greatest bit at work and yet the greatest responsibility as well. I can take a leave whenever I can, but to decide whether I should or should not is the toughest bit", says Walid Uz Zaman Khan, Founder and Managing Director at Beatnik Designs – a creative consultancy agency. As for being your own boss, this also means that you're responsible for every decision that you make and if you're faced with failures, it's you who will have to take the blame.

I want to be rich

Most of you have a common perception that all entrepreneurs are rich or get rich easily. All you have to do is make a business work. How hard can that be, right? Investors? You'll woo them with your ideas and promising plans. And then you get rich. Filthy rich.

Financing your ideas in order to implement them is technically one of the biggest hurdles you might have to face. Investors won't only judge your ideas, but they will also measure your return on investment because spending on you might be a big gamble. The struggle is worse if you're a student entrepreneur, because in their eyes, you're just an inexperienced kid! Even if you manage the initial capital, it usually takes a long time to start seeing a positive cash flow, often after torturous periods of "being broke" or "being in debt". 

Sacrifice

If you're planning to become an entrepreneur, I hope and pray to God you're considering this particular word. Even if you are, you need to realise to what extent you are really willing to do it.

Ayman Sadiq, a student entrepreneur and Founder of the first ever free educational website for admission tests in Bangladesh, 10 Minute School, says he had to miss out on things starting from hangouts to a few grade points to come where he has today. "Midnight futsal matches, countless hours of sleep are just to name a few! There's more than just one sacrifice!" he adds.

Personal sacrifices can go as far as the security of a well-paid-nice-office desk job to the balance of work and family life. The balance isn't impossible though, and depends on the extent of efforts you're willing to make. Soumik Aswad, Founder of the service called Panacea that helps verify the authenticity of medicine, believes one can experience a balance if they can exercise discipline in their work.

The fear of failure and depression

If you think that your idea is going to be a success in a fortnight, then embed the fact that failure is the gateway to success into the core of your brain. Don't succumb to depression. Build the passion and dedication to pick yourself up every time you fail.

"When it comes to startups, it's a given that you will fail; you need to learn from those failures, and move past them to continue building upon your idea," says Ayman Sadiq.

You will wonder whether the struggle is worth it or not, perhaps become a victim of severe depression. Failure is not a personal characteristic, but an event. It tells you about what to do better and right more than success ever will. The real failure is when YOU give up. Many entrepreneurs have taken the frustration of failure too hard and have given up because they weren't visionary and positive enough. So learn to accept and learn from failures.

So what do you think? Do you have the tenacity to keep pursuing your dreams? It certainly won't be all butterflies and sunshine. It's all a risk.

But that's the thrill. An entrepreneur is the ultimate risk taker, after all.