Challenges of an Entrepreneur- mentorship is the way.
“If you’ re absent during my struggle, don’t expect to be present during my success” Will Smith. 27 years I worked in a non-government organization (NGOs). It was easy and someone would raise fund and I need to spend it. NGOs always have income and expenses but never look into profit-loss as neither profit is shared nor loss is considered. We are expected to spend what we plan and what we suppose to deliver. With this mentality I was keen to start a company.
I entirely gave the responsibility to a colleague of mine to start it. My plan was to start the company to bring young people together, use their skills and share their experiences and share the benefits. But my colleague did not understand my vision and started the registration processes and considered both of us are 50-50 share holders. The company was registered and started with big-bang. I tried to get a project and we started implementing it. We all were delighted that we received a project in the first attempt itself. As the installment started coming in, his attitude started changing. Profit became the motive from the day one. Though money started come in, he was reluctant to make payments to the people who worked for the company.Finally I had to put in my savings and completed the projects and while the installments remain in the bank accounts. From this experience I realized that if one really want to start a company, one should never rely on another person and one need to hold on 51% of the share so that one becomes the decision maker and leader in that company. After this experience I met many people who started company with 50-50 share holding, but most of them failed because one or other time both could not work together beyond the honeymoon period. Do you want to learn more about how to start a company, meet people who can guide you? Young Entrepreneurship Summit is a place to meet and learn from it.
Mathew Mattam, is a youth activist and working for the livelihood options for the youth in India