I remember the cautious excitement Rohini and I felt almost 14 years ago at the thought of building a new Montessori school, as we stepped into our first entrepreneurial venture together. The planning was fun, the uncertainty nerve-racking. We bootstrapped our resources and kept our fingers crossed. So much promise, so much potential.
Though the risks of failure were minimized, the reality of failure was stark. We saved enough money to give us a 90 day cushion and took the leap of faith. Failure was not an option, as the implications were terrible.
I can never forget how all the rhetoric and “gung ho” went out the window when I signed that first big check to buy the land for The Brandon Montessori School. The knot in the pit of my stomach was real. Putting it all on the line was unnerving.
In the entrepreneurial world, this is where the rubber meets the road; I think this is the most difficult concept for my entrepreneurship students to grasp. The wonders of youth and the indestructible flair of their lives brings with it a naivety that has the potential to be risky.
The cost of failure, which they refuse to see, is in sharp contrast to the rose-tinted glasses that paint success in its many hues. I repeatedly tell my students that business is very simple — as long as you have more money coming in, than going out, you are in business.
The challenge? Getting your customers to write you a check on a consistent basis.
About Hemant Rustogi