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When I started this blog, I had promised myself that I shall NOT write about starting up. However, I could not help responding to this post by Rashmi Bansal. And it seemed like a nice easy copy-paste way to increase posts on my own blog!!

Reproduced below is the full text of my email response. Enjoy!!

Hi Rashmi,

Being a regular reader of Youth Curry, I could not resist responding to your post on your regular "Agony Aunt" column!! The theme of MBAs (esp IIMs) and entrepreneurship is a well discussed one, but has the habit of cropping up everywhere, including presidential addresses (remember APJ Abdul Kalam's speech about IITs and IIMs??).

Well, I am a IIML graduate. Passed out in March 2006. Currently, I am running 2 parallel ventures - IndigoEdge (a management consulting company - www.indigoedge.com) and UniAxess Healthcare (a foray into Medical Tourism - www.uniaxess.com - a WIP). We are a group of 5 classmates from IIML - 3 engineers, a medical doctor and a CA.

Well my take on the whole issue is quite exhaustive. Will try to keep a logical flow to it! One moment which is vivid in memory is when we were still contemplating "signing out". One of my colleagues approached a professor at IIML and asked him "What is the one question I have to answer for myself if I want to start off?". The response - "Do you have the guts?". Thats the bottom line. There are a million reasons for not starting-up. But, a positive answer to this one question is enough to overcome most of it.

Another oft repeating theme is - The Big Idea. At least, at the moment, I do not believe in it. At this stage in India, every idea is big. From a food delivery start-up to mobile gaming, everything is booming. And to be honest, not too many people have revolutionary ideas. But, people still make it big. It is all about idea execution rather than waiting for "gnanodaya"! In fact, we did not have an idea (let alone a Big idea) until after we signed out!!

So, does an MBA hinder entrepreneurship. Definitely yes. Because the excuse of financial security is much stronger after an MBA. I have heard atleast 10 guys say "I will make money and start-up in 5 years." Well, its not been 5 years, so it is not right to pass judgment. However, I AM a betting man, and I am betting that not a single start-up shall result.

However, the scenario should be different. I believe that the risk of starting up for an IIM MBA is much smaller. Yes, the pressure to "succeed" is higher. But, exit options are still very attractive. You can go back to a cushy 10 lakh job at the end of the day, if you decide that its not your cup of tea. Venture/ angel funds will listen to you, at the very least. An MBA also equips one to structure thoughts and give a overall perspective of business (esp about top and bottom line!!). And that should help, atleast initially. So, it just comes back to "Do I have the guts - to stick it out for a year or two?" Unfortunately, either people do not think along these lines, or the answer is just a "No."

Another aspect of starting up is the group. It is extremely difficult to start-up alone. You definitely need someone to celebrate with, to bitch with. Personally, I would not have dreamed of going at it alone. And I have been lucky in finding 4 others with whom I can work. Most people didn't give us 6 months in staying together. Well, its been 10 months and going strong. Touch wood!! Starting up alone also gives a big incentive to quit. especially in the early stages when nothing is happening.

So, end of the day - If you have the guts and a basic idea, go for it. Preferably find someone who also has the guts. And let the rest take a hike!

Cheers!
Sandeep.

PS: This letter will also appear as a post on www.edgingalong.blogspot.com. Thank you for inspiring a post (finally!) on my blog!!
PPS: Yes. Today is a a-typically slow day with looooads of time on my hands. :-)

--
Sandeep Ramesh.
Director.
Ph: +91-99800-23415