Bengaluru CA Reveals Why Many Delay Their Entrepreneurial Dreams

Original: Most entrepreneurial dreams die because of one 'trap': Bengaluru CA shares how to identify the right time start a business

The Economic Times•Apr 5, 20263 min

In a Nutshell

Many aspiring entrepreneurs in India hesitate to start their businesses due to the 'comfort trap,' as explained by Meenal Goel, a Chartered Accountant from Bengaluru. She emphasizes that rising salaries and responsibilities often lead to increased fear and postponement of entrepreneurial plans.

Key Points

01The 'comfort trap' prevents many from pursuing entrepreneurship.
02Higher salaries can increase the perceived risk of leaving stable jobs.
03Meenal Goel quit her job at ₹28 lakhs/year to pursue her dream.
04Waiting for the perfect moment often leads to indefinite delays.
05Starting small and scared is better than not starting at all.

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Full Summary

Many employees in India dream of starting their own businesses, yet 98% never take the leap due to what Meenal Goel (a Chartered Accountant from Bengaluru) calls the 'comfort trap.' This phenomenon occurs as individuals set financial targets that keep shifting, making it harder to leave stable jobs. For instance, a worker might plan to start a business after saving ₹10 lakhs, but as their salary increases, they adjust their target to ₹15 lakhs or more, feeling increasingly tied down by new responsibilities such as EMIs and family obligations. Goel highlights that higher salaries can actually complicate the decision to start a business, as lifestyle inflation and greater responsibilities create a fear of losing stability. She shared her own experience of quitting her job at ₹28 lakhs/year, emphasizing that there is never a perfect moment to start. Instead, she encourages aspiring entrepreneurs to take the plunge now, even if it means starting small and feeling scared. Her closing question resonates with many: in five years, will you be an entrepreneur who tried, or an employee still planning to start 'next year'?

Key Figures

₹10 lakhs

Initial savings target for starting a business

₹28 lakhs

Meenal Goel's salary when she decided to quit her job

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Why It Matters

Understanding the 'comfort trap' can motivate individuals to take action toward their entrepreneurial dreams, potentially leading to increased business activity and innovation.

Who is affected

Aspiring entrepreneurs and employees considering starting their own businesses.

What to know

Individuals should evaluate their current situation and consider taking the first steps toward entrepreneurship without waiting for ideal conditions.

FAQ

The 'comfort trap' is a phenomenon where rising salaries and responsibilities make it increasingly difficult for individuals to leave stable jobs and pursue entrepreneurial ventures.

Meenal Goel advises aspiring entrepreneurs to start now, even if it means starting small and feeling scared, rather than waiting for the perfect moment.

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