October 28, 2007

Mindblocks against entrepreneurship

Few months back, I had written about Life Plan [the planning phase to Entrepreneurship] and as mentioned in the comments of that article, The Right Mindset is so very important. Just came across an interesting article on Economic Times, which describes the Five Common mindblocks against Entrepreneurship , which are listed below :
  1. You don’t have a lot of money in the bank.
  2. Someone mentions the words “business plan” to you, and you stare blankly.
  3. You don’t know anything about bookkeeping.
  4. You’re not sure you have the dedication it takes to stick with it.
  5. You’re afraid of selling.
Also, if you are in India, than "Age when a person thinks about Marriage", could also be a mindblock , not only to Entrepreneurship but also to join a startup wink

Read the complete article here

Related Article :
Are Blogger's the best recruit for startups
Seven Signs of an Entrepreneur
Can small companies too take the plunge in M&As?

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At Oct 30, 2007, 12:21:00 AM , Anonymous Anonymous said...

You are right about these mindblocks but don;t you think these points are worth pondering on and then taking calculated risks.

To succeed one must have the appetite to take risks but to think of the above pounts as mental blocks and go ahead would indeed be a risky proposition!!!

At Oct 31, 2007, 10:34:00 AM , Anonymous Himanshu Sheth said...

@Mr. Anonymous : You are very much correct and I am also facing through a similar kind of a mindblock.But yes,things have to be discussed with the people who have already taken the plunge.Also,once we start doing something(say in my case it was Blogging), you automatically start taking risks and that appetite comes!!!!

Would be great,if you could post comments un-anonymously.

-Himanshu Sheth

At Oct 31, 2007, 10:44:00 AM , Anonymous Sridhar said...

Well, I guess every entrepreneur has some or all of these mentioned mindblocks, but the word entrepreneur itself speaks for overcoming these aspects.


At Oct 31, 2007, 11:59:00 AM , Anonymous Manoj said...

Even after someone takes the plunge into entrepreneurship, find a co-founder, convince her/him, put in their own capital/time, build their first product, they usually hit a huge barrier when it comes to raising capital to take their venture to the next level, espeically if they are first time entrepreneurs. The following is quite common:

- "We only invest in people we know."

- "We look for teams with prior entrepreneurial background."

- "Your product is good. But we prefer products from seasoned vendors."

This is the biggest block I have seen so far. If you want to take a risk, make sure to look for a 'risk taking' investor/customer as aggressively as figuring out the nitty-gritties and low-level details of your product.

Its easier to fight your own mindblocks and inhibitions/fears. Its equally important to fight the mindblocks of those whose investment(time/money/advice etc.) you seek.

At Oct 31, 2007, 10:13:00 PM , Anonymous Anonymous said...

Sridhar I liked the sentence "the word entrepreneur itself speaks for overcoming these aspects."

The word Entrepreneurship conjures up stories of success and one gets the feeling that an entreprenuer can achieve anything.

BUT, the success stories are only 1% of the entreprenurial attempts ever made by individuals. People have become paupers trying to become entrepreneurs.

There goes an adage:
"Fools rush in where angels fear to tread"

This is not to discourage anyone but entrepreneurship is the culmination of of hard work, seized opportunities, luck and ofcourse 'calculated risks".

Yes, the key word here is "calculated risks". Hence having a mental block may not be a bad idea; at least one would try to analyse and eliminate risks.

Anonymous :

At Nov 1, 2007, 9:37:00 AM , Anonymous Anonymous said...

My observation is that this blogger covers a lot on startups, entrepreneurship and innovation but there is nothing innovative about the blogs. The text, the material in the blogs and the spirit is of another author but referenced here.

Is it not high time that this blogger becomes innovative and wrote some innovative articles? The first step towards creativity and innovation? Think over it ...

At Nov 1, 2007, 3:10:00 PM , Anonymous Himanshu Sheth said...

@Mr Anonymous : I make it a point to answer your comment first.Have not been able to blog for a few days now (:

It would be good if you can elaborate on this line "The text, the material in the blogs and the spirit is of another author but referenced here"

My understanding is "Every article on find someone else's blog can be related to some other article on other blog".

Things are shaping up well on this blog and I make every attempt to make my writing as well as reading better.

If you have some valuable suggestions than you can drop me a mail(and if you prefer being anonymous than you can send me a mail through a dummy mail-id)

Would await a reply to this comment or a mail from you :)


-Himanshu Sheth

At Nov 1, 2007, 10:49:00 PM , Anonymous Anonymous said...

Well, I prefer being anonymous. There goes a saying "familiarity breeds contempt" and I would prefer to be anonymous. But I can promise you that I will be a good critic, a critic who will point out the negatives in your blog...that is if you have the stomach to take it in the right spirit :)

Secondly, I believe you must narrate your own experiences and learnings in your own language else you earn a reputation like that of Anu Malik who lifts music from other music composers.

When you talk about entrepreneurship the talk is about innovation and if the forum you have chosen to become public itself is not innovative then I would think innovation is not in your blood but you like to think and show that you are innovative :)

If you want to grow...then INNOVATE.

At Nov 2, 2007, 4:17:00 PM , Anonymous Himanshu Sheth said...

@Mr. Anonymous : I am sure you would have a smile on your face, when you see reply to your comments :) I am currently in Mumbai and have not been able to post very regularly.

I would always take things in the right spirit and I am sure things would look better :) If I had wished to be Anu Malik, I could have that long time back and could have taken articles from other's blog but I have not done that.

I take some things from the book since, I know when I look back at my blog after some time,it would be a very valuable resource for me.

Also,I(means we) are trying out something and can be in a position to write about the same,when I have something concrete to write about :) If I am not wrong, we should have atleast met each other and you felt that I was not innovative at all.

Also,do you feel that I always copy content from other's blogs and put here?

Last but not the least,I want to grow and innovate as well :)

Thanks for all the comments and I feel nice to get only criticising comments from a reader.

-Himanshu Sheth

At Nov 2, 2007, 8:36:00 PM , Anonymous Anonymous said...

I wish you all the best in whatever endeavour you undertake.

Will wait for your next blog to write some more scathing comments :)

At Nov 7, 2007, 9:53:00 PM , Blogger Raghavendra said...

Himanshu its long time u have updated ur blog . Please let you mind not get blocked :-).

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