Want to be an entrepreneur, but can't? Plan B
By Vimali Swamy, SiliconIndia
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Bangalore: There is nothing more exciting than being one's own boss for it gives one the freedom to work on one's ideas and bring them to life. This is the reason why most want to become entrepreneurs. But just having a great idea does not suffice for a successful business. There are other aspects like building a customer base for one's offering, an organization, securing finance to run the business and many other operational nitty-grittys. If you are one of those who have a great idea/product/solution but are not ready for the long haul that a startup demands, how do you fulfill your entrepreneurial dream? License your product to a suitable company, advises Dr. Vivek Mansingh, President - Collaboration & Communications Group, Cisco India. When you license your product, the partner company takes responsibility of the entire marketing and sales cycle, leaving you to work on your product. Every time your product is sold, you earn a royalty. Mansingh recalls his early days of career, when post his graduation, he had developed an instrument that he wanted to make commercial. But since Mansingh lacked experience and skills to start his own business, he licensed the instrument to a leading technology company and earned a royalty on it for 17 years until the company went public. "This is a great way to take your ideas public if you know you are not cut out for the demanding life of an entrepreneur but want to feel the same rush of excitement," says Mansingh.