What does it take it to be an Entrepreneur?

Indeed we are lucky that Jerry Rao, an un-usual entrepreneur (who took up to Entrepreneurship at 45) was teaching us entrepreneurship. More interestingly, he was using an HBS case Jerry Rao: Diaspora and Entrepreneurship in the Global Economy. There are several learnings from the class. Jerry credits most of his evolution to his first & last employer Citibank, for whom he worked for 25 years after passing from IIMA in 1973.

1. Flexibility with respect to autonomy at work
   
2. A nurturing environment (Citi sponsored Jerry for a PhD)
3. Jerry built lasting relationships and a network that stood for him in good stead. Jerry built a great reputation which later on helped him when started up.
4. Jerry had rational and not adaptive expectations (belief in the principle that past does not predict future)
5. Jerry developed new skills and abilities as he moved from one job to another (functional / geographical changes). He was willing to jettison zones of comfort and make personal sacrifices.

I have found Jerry's thoughts on Entrepreneurship very insightful.

1. Have a clear sight of downside while starting up. Ask yourself "can you manage the downside?"
2. Going public (too soon) brings it's own sets of pressures- a) it can prevent you from making strategic decisions (Q-Q pressures)
3. Willing to give up cushy (corporate) lifestyle during initial years (very relevant for Xians)
4. Trust and relationships built with different people all along your career would be quite useful.
   

I have chosen this course for sheer admiration for the prof. And this is turning out to be more than what I could ask for. Plus the quality of class discussions is hitting an all time high, thanks to the very talent peer group.

As Bryan Adams would say, some years down the line I am going to reminisce those were the best days of my life....