I am addressing folks who have progressed in their careers enough to earn at least 30 LPA.
If you are earning this much in India, you are already in the creamy layer of lifestyle. You can afford a decent house, a decent car and probably save up some assets for children's education (A lot of people bring up the expensive school fees).
If you get a salary hike from 30LPA to 40LPA, there is a high chance that your lifestyle will not change that much. Your savings will go up, but still it will take years to retire early in either case. It's quite apparent that if you want to improve your lifestyle at this stage (highest-end middle class), you will require an income source capable of providing leverage and exponential growth.
Barring a few folks I know, everyone else is busy grinding leetcode, mugging up system design for their next job switch or even worse, kissing ass for the next promotion.
Why don't enough people start learning about business on the side and slowly start investing their free time in learning everything they can about it ? I am sure it will be a much better time investment if you play your cards correctly for a long enough time (I am pretty sure this is still a quicker path to riches as compared to 30 years of SIP investments).
Note: I completely understand that many people have monthly payment obligations like EMIs. And that's why my question is about 'aspirations'. I am not asking 'Why are people not leaving their jobs to pursue entrepreneurship?'. I am rather asking 'Why are people not even thinking about anything else apart from the next (disappointing) hike?'
Being an entrepreneur isn't about skills, its about temperament.
The former is coachable, the latter isn't.
That's why you don't have everyone jump head first into being an entrepreneur.
@TallTales69 Agreed. It's about getting hit again and again and still standing up to get hit again the next day.
However, I think that everyone just deems it 'risky' more than they deem it 'hard'. With calculated risks, it's not that big of a gamble.
Its not just resilience. That gets highlighted the most.
It's self awareness, persistence, situation analysis, the ability to see patterns where most don't, and many more things that aren't teachable.
You’ll be surprised that 30LPA, while privileged, is not really financial freedom type money in most Indian metros especially if you’re the sole bread winner. Also, you need to be on this scale for a good decade maybe to have built some savings while maintaining a frugal lifestyle. However I believe the number of people trying entrepreneurship is increasing. Mostly in the 35+ age group.. after 5-10 years of B school (from my network)
Yup it’s definitely not FIRE money. That’s why I think people should start something on the side while keeping their main job and move to full time entrepreneurship only when they are confident in their business.
I don’t make 30LPA, but close to it at 25LPA, at the age of 25. I come from a business family, and work as a ML Engineer at a startup in Mumbai. The reason I didn’t join my dad’s business was because I have always been tech savvy, but my dad runs a textile business, which is good, but not of my interest. However, I plan to start up someday. For now, I’m learning about product management, will probably go for MS/MBA in Engineering and product management, work as a PM for a few years, learn about business, and eventually fulfill my aspirations of entrepreneurship. Honestly, I feel after working for 3 years at startups, I have seen and learnt a lot how businesses and organisations are run.
@HarveySpecter87 Looks like you do have solid aspirations and plans. All the best for the journey !
However, I personally think that you can be a successful startup founder even without needing an MS/MBA. But to each their own !
Mumbai startup name pls
Why you think everyone needs to be an entrepreneur? A person can be happy and wealthy (as you mentioned SIPs will take long) with a job as well, yes definition of wealthy is different. There are many projects/startups/businesses which close down everyday. So either you should show some data that Indians aren’t aspirational or it’s just a random rant.
I hope you do realize business shutting down and failing financially as a founder are 2 completely different things. If you're able to raise a few rounds of funding that's enough to set you for life even if your startup goes bankrupt in future.
2 unicorns in 2023 ( by whatsoever methods). Oh, yeah, we can raise raise! Dunzo struggling to raise, but we can raise.
Guys, be realistic. There’s no dearth of talent & aspirations. Entrepreneurship is a long, tiring, and stressful journey.
In my case, I have zero business acumen and don’t know anything about marketing or customer acquisition. I could build a business but would have no idea how to actually sell
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