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Is entrepreneurship a viable career option?

Heather Huhman: In your book, you talk about taking your career into your own hands. Do you believe entrepreneurship is a viable career option for students and recent graduates? Why or why not? 

 

Sramana Mitra: It could be, but it depends on the person. Look at students who have started companies and become very successful—people like Google founders Sergei Brin and Larry Page would be featured on that list alongside many others. I started my first company while I was still a grad student at MIT. But to do that, you need to be very comfortable with dealing with a lot of uncertainty, a steep learning curve and huge courage and self-confidence in navigating through turbulent waters. If you have those qualities, then I would say you can go for it, and have a very interesting career, potentially even as a serial entrepreneur. I have stories of many serial entrepreneurs in my book, and I think if students read these stories, they would gather both perspective and inspiration, which would help them decide on the course of their careers.

 

HH: Let's say the student just graduated in December or will be graduating shortly in May. Wouldn't it be wiser to wait until the economy has turned around to start a business?

 

SM: Not necessarily. Often, it is better to build during a downturn and sell during an up-market. So, 2009 is a very good year to formulate, validate and bootstrap ventures, so that 2010/2011 can be big selling years. Many ventures that were started during the last downturn did very well when the market came back, and they were positioned to take advantage of that momentum.

 

HH: What is the biggest challenge for first-time entrepreneurs?

 

SM: Lack of experience. But, there is no going around it. All of us were first-time entrepreneurs at one time, and it is only by being a first-time entrepreneur once can you get to being a second- or third-time entrepreneur. I encourage first-time entrepreneurs to learn voraciously from other people’s experiences. This is why my book series is structured to simulate the experience of sitting down with other entrepreneurs who have been successful, and listen to their stories. How they have done it. What mistakes they’ve made. How they have made their decisions. It is an invaluable body of wisdom that new entrepreneurs can easily access through my books.

 

HH: You interview a diverse group in your book. Do you see any qualities shared by successful entrepreneurs?

 

SM: Of course. They are all courageous. They all have huge resilience. They are resourceful in finding solutions to problems. They are practical. They are builders, and they take joy and pride in building.