The Challenge- What ails most of us: Exercise 1
Whether you know it or not. There is fear in you. Fear about many things, people, places, moments in life etc.
Among many of the fears that are “induced and inducted” in us, right from childhood, there is one fear that is almost common in most of us. One that was and still is ingrained in us by the society - parents, elders, relatives, everything around us during our growing up years…
The fear of Financial Security.
If you are an employee or even self employed (consultant, have a business where YOU have to sit to earn, etc.) - that fear exists in all probability inside you. The biggest tragedy in all this is most of you DON’T EVEN KNOW IT.
Here’s some statements that may have been thrown at you ever since you learned to read and write.
“You have to study to get a good job”
“If you don’t get into an engineering college, how will you survive”
“Do you want to become like XYZ (a dumbass loser who lives in your colony)?”
“How will you earn your bread and butter if you don’t get good grades?”
“Do you know how hard is it to earn money?”
“Do you think money grows on trees?”
“XYZ got 99% at school. She’s going to become very successful in her life! What about you?”
“You will get a good job when you grow up… but if you don’t get good grades you will become a loser”
etc. etc.
Please feel free to add more statements that were thrown at you.
The fear exists in most of you whom and I know and may not know and me. Undeniable.
What exists beyond that fear is complete freedom. A lifetime of adventure, financial freedom, security and above all time to do anything you always wanted to do, but never get a chance to do it.
Where am I taking all this to?
That shall be revealed in a day or two. But what’s prompted this post and subsequent title (Challenge) is something that has been churning within me for a weeks now. And then some incidents.
X is a high paid consultant. But for the last few months is without a project. He specializes in a highly specialized software - which means he has less options for project openings. There is fear all the time in him. Over this layer of fear is a layer of depression. Depression zaps a person’s energy and zest.
The result is X is not prepared to listen to some sound advice - get into another field where he has to input just a few days of learning. The new field pays less, but he can use that as a go between - between his high paid specialized projects.
X refuses to move. WHY?
Fear of the unknown. Desperately, his subconsciousness clutches with an airtight grip the few grass blades, hoping something will come up. The grass blades represent his ‘LIMITING BELIEF THAT THERE IS PROJECT COMING TOMORROW’
Y is a married man, a highly educated and sharp professional. A consultant with a top end paying contract at a big firm. Big title, big contract rates. Y has had some rough times hitting him in his personal life in the last few months.
As a result Y decided (almost) to take a “SECURED JOB” which is less pay but in his mind “ATLEAST IT IS A SECURED JOB”
The ingrained fear that a job means security takes charge of his logical mind in an event when there are a few ups and downs happening in his real life.
Both X and Y are close friends whom I’ve had the pleasure of meeting through the internet. X I know in person, while Y is always a phone call away.
Until recently when anyone mentioned “I’m going to do business” or “I’m going to set up a shop for staffing” or “I’m gonna buy a franchise operation” - the one thing that would run through my mind is “the guy’s an idiot, here he has such a nice, high paying job and he wants to try business. If business could make money for everyone… everyone would be doing business”
Before the advent of the Industrial Age… that’s what MOSTLY EVERYONE DID. Most were self employed or having a business. The Industrial Age brought in the concept of Employer - Employee.
Open your eyes.
The Industrial Age has just left (most of it) and it is the Age of Technology. Here the age old principles of being a business owner or self employed are back. Those are the principles which the generations after us have to adopt (including us) to ride the crest of financial freedom.
It breaks my heart to see how many of us calculate the age of retirement and how much money they need to make until that time. Everything around us pushes us to that. Everything.
Why do you need to work until 65 or 70 to be able to live off a retirement pension or savings? Why can’t one just do that right away or perhaps in the next 2 - 3 years?
We are bound by what was taught to us and we never even looked to see if we could break the society law of “Follow the Crowd”
That age has just passed us. It is important for each one of you to realize that including myself.
The challenge is to face your fears and let it go.
How can you let it go? There is much on the internet in terms of books and articles to help you on that.
This exercise focuses on fears. Identify them
EXERCISE
Imagine: I am asking you to leave your job RIGHT NOW. You sign your resignation. Pack your bags and… you go home and in the Comments section below - write down all the emotions you are feeling, all questions that are shooting in your mind.
DO IT RIGHT NOW.
The path where I’m taking you will be more clearer in the next post.
June 2nd, 2008 at 11:39 pm
1) to add to the list - ‘Do you want to live your life flipping burgers?’ and I was brought up in India, so flipping dosas was not even an option ;)
2) to follow your exercise: I have been thinking about this a lot lately and somehow am past through the worries about financial insecurity..it took a long time and lot of thinking.. but what you described above is the kind of thought process I went through. But still, the first question that comes to my mind following your exercise is, what will people think/say? I’m single btw, so thinking what would the prospective groom think? the fear that I am not following the mob-mentality, though I know I am doing the right thing, the fear still spurs up now and again.
Great, thought provoking post!
June 3rd, 2008 at 1:28 am
It’s a thought that comes to my mind daily… and I’m not exaggerating here.. at least once daily. And trust me, one day I am going to do just that. But for the sake of this ‘financial security’, I have decided to keep working for someone else till I have a robust enough business plan to start-up.
But let’s say I do resign here and now, I would have these questions floating in my mind…
- What to do now? Can’t sit idle.. what kind of business plan should I start working on?
- My rent, car EMI and credit call bills are due for payment.. how will I pay for them without my salary?
- Should I start making lifestyle changes? Should I stop splurging money on wining and dining?
- What if my venture fails and I lose all my savings? Will I still be a worthy candidate in the job market?
- How do I explain to people around me why I am doing what I am doing?
Just a few… many more floating around :-)
June 3rd, 2008 at 9:17 am
Start a business… u have the employees. The plan was put to you…
All I can say is, if you won’t, who will…
June 5th, 2008 at 4:54 am
In India, you need that financial security so that you have enough when you get sick, as its costing a bomb. Its costing a bomb to live a normal life too, at times I wonder how some of the very low paid people are making their ends meet.
June 13th, 2008 at 7:55 am
Oz, you are speaking my language, bro. I walked down this path a few years ago…took the hits… and am at the top of my game now…
I used to head international business development of an american firm in India - cushy job, 5 star treatment, extensive foreign travel, paisa…and power. I used to hang around at high flying events, mingle with the movers and shakers and i was “set”.
But, there is a gnawing feeling that invades you…and from your post.. i can see that there is something inside you too…the feeling that what the f**k am I doing… i am made for bigger and better things….i am better than a lot of these pompus, fake and hollow assholes I hang around with….expensive clothes, cars and a EMI life…is this what i fking want…to slog my entire life and retire at the age of 60….the biggest question was…what the fk is my legacy…what am i creating..what am i doing..being a paid servant to an entrapraneur….naukri comes from the word naukar… and there is only one way to change it…hold life by the balls and take a step ahead….
you are very right when you talk of the fears that people have..its not easy, my friend, having a family to support, house installaments to pay, life to live…..its not easy…at all…you need balls of steel to walk away from money and power and start life afresh…and then the miggest backlash…people change…people who used to suck up to you since you were a corporate high and mighty wont even fking recognise you at times….people change…be prepared for this…these times of transition will actually teach you who your friends are and who arent…
and be prepared to work hard…very fucking hard…there will be no support, no one to back you and you have to take your own decisions… and once you have employees..their livlihood is dependant on you…be prepared to work your ass off…
but, I have done it. and i know that its not easy. I have not achieved sky high success..but I know that I am on my way…i am half way there…and am creating my legacy….
do it. there is no bigger rush in life….do it for yourself…since no one else will ever be able to feel what you feel inside…when this hunger…this desire consumes you…when you cant sleep at night and it churns inside you…when there is nothing else but a desire and the belief that this needs to be done and only I can do it….trust your instincts but work out everything on paper, trust no one, and when calculating, always increase your cost estimates by 10%…prices always change last minute…then you wont go off your budget
welcome to the next level my friend.
June 13th, 2008 at 8:11 am
@ nirav
I read your post after having posted my previous response…but couldnt help but write to you…your questions are addressed below:
What to do now? Can’t sit idle.. what kind of business plan should I start working on?
First thing - dont quit overnight. thats stupid. First decide what you want to do - what are your skill sets and what business you want to do. it depends on your interest and no one else can anwer this for you. Look around, read business mags and you will see opportunities everywhere. take a franchise of something if you so like. The start working on registering your company, getting a trade licence, basic office space( work from home initially), service tax registration, sales tax registration etc will take time. You should keep working at your job but take out the time to get these things in place. Quitting comes only when your business is up and running. Most people quite their jobs only after their business starts earning revenues. But, dont open your mouth and brag to office colleagues about your plans - some brutus will stab you i the back and you might get fired. Keep it hushed up and dont talk about it. Once its up, give your notice and quit. But, milk your day job for as much money as possible. Even in the notice period, dont leave a paisa - use your present office infrastrucuture (phone, net, fax, printing etc) to create (silently) your new office stuff.
- My rent, car EMI and credit call bills are due for payment.. how will I pay for them without my salary?
First rule of starting your own biz - calculate how much you need every month and create a bank balance to sustain you for 12-15 months. For eg., if your monthly expenditure is 50,000 Rs., then you should have 6-9 lacs of bank balance. And, when calculating your monthly expenses - also calculate emi’s, childrens education, insurance payments, etc as well as a monthly emergency fund. Be realistic. it helps.
- Should I start making lifestyle changes? Should I stop splurging money on wining and dining?
Yes, you have to make lifestyle changes (unless you are born with a silver spoon). Dont go overboard with the wining and dining, every rupee counts and now you need to make it count. If you have multiple cards, clear all your debts first, then carry only one-two cards with yourself. Cut down on the weekly mall visits, long drives, movies and eating out at fancy restaurants to once a month. Be judicious with your money. Cut down on impluse buying.
- What if my venture fails and I lose all my savings? Will I still be a worthy candidate in the job market?
Yes you will be. companies dont mind hiring failed entrapraneurs. I hired three of them myself. Why - they know how difficult it is to run a business and appreciate the chance given to them. There is no dearth of jobs for people who started theirn own and it didnt work.
- How do I explain to people around me why I am doing what I am doing?
You need to explain only to your family and close friends. Call them and explain what you are planning to do. Dont bother about anyone else. To hell with everyone else - (as the song goes) ” nothing else matters”.
Hope these things help you as much as they helped me.
best of luck.