This is a thought that came to my mind during the talks at BarCamp Bangalore-4 which were focussed on “Business Plans”.But is it always about Business Plans?…let’s find the answer.Most of us have ideas in mind but where most of us lack is the understanding of the market penetration of the idea.Take the example of blogging, when people started blogging, no one would have thought that there was so much money in blogging.Now since we know that many bloggers are earning a handful of money , some bloggers[who get a decent traffic] may feel that “We can also go into full-time blogging” but this may not be the case.Blogging is not an easy job and it is always a tough decision “Do you go full time or work(on an idea) part time“?

Similar is the case with ideas.Each one of us have ideas but it is very important to understand the penetration of the idea in reality.Along with the penetration,there are lots of other environmental factors that you should consider:

If you consider India , such factors are very important.I just happened to speak to one of the founders of a startup[in Bangalore] regarding a job opportunity for my friend and his first question was “Are you married?” and I understood the importance of that question.A girl may prefer a person having some average work profile(in an MNC) over a budding entrepreneur who is working on an idea that would change the world !!! When you talk about a startup , it is always in terms of stake rather in salary hence, many times you may have to settle down with a much lesser salary

The bottom line is “In India, though there are many startups taking shape day after day, (full time) entrepreneurship is still at a nascent stage”.Hence, along with the idea & it’s estimated growth , it is also important to understand “Why you want to take a plunge?” and “Are you ready to go full time [since, your idea would be better only if it is taken part-time , which means it may not be worth making it as a business]“.

The message is there are two sides of the coin “Business Plan” and “Life Plan“. “Life Plan” is your present and targetted future in a short plan.This is very important for any aspiring entrepreneur since, it would help him/her understand whether “(S)HE IS READY FOR A FULL TIME PLUNGE”

There is a 8 point life plan from Startup Nation comprising the following:

You can find a detailed explanation to points(1-5) here , points(6-8) here and a sample life-plan here. Time to review your life and than your idea; since, you have to decide whether you are ready for full time Entrepreneurship or Patro-preneurship [my terminology for part time entrepreneurship] !!!

Image Courtesy:
SG Entrepreneurs Group