First Generation Entrepreneurship: Some Lessons

Abstract

First generation entrepreneurship is difficult owing to lack of support of relevant knowledge base and network. Though the journey is difficult it is nevertheless very enriching. Many business realities and lessons are realized while experiencing them first hand. The paper describes the lessons the author gathered as a first generation entrepreneur. Lessons included individual skills like recognizing your strength, following the dreams, believing in intuition, not neglecting soft skills, and handling your ego. Some of the other lessons that the author learnt focused on organizational aspects like importance of vision, avoidance of complacency, looking for bigger things, adopting transparency, promoting democracy, empowering people, promoting team work, criteria for recruiting, and giving stress on proper documentation etc. It is hoped that such lessons would make would be entrepreneurs and young leader-managers better prepared to handle several business issues.