No FOMO: Why Ankur Warikoo warns entrepreneurs against it
Addressing questions during an AMA session at YourStory's TechSparks Delhi 2023, Ankur Warikoo dismissed the notion that FOMO is a valid reason to venture into entrepreneurship.
There are probably a thousand reasons to start your own business, but succumbing to the mere influence of others should not be one of them, emphasised entrepreneur, author, and content creator, Ankur Warikoo.
Addressing questions from the audience during an AMA session at YourStory's inaugural TechSparks Delhi edition, Warikoo dismissed the notion that the fear of missing out (FOMO) is a valid reason to venture into entrepreneurship.
"Three reasons to not become an entrepreneur: For money, fancy life, and FOMO. The odds of making money through entrepreneurship are slim. FOMO is the worst way to live your life," he said.
"Living life in fear of missing out is the worst approach... Don't invest, make professional choices, or enter relationships based on FOMO," warned Warikoo.
He also advised budding entrepreneurs and founders against starting a business merely to escape the monotony of life, highlighting the legitimacy and value of a dedicated 9-5 job.
To underscore his argument, the social media influencer cited the example of Satya Nadella, CEO of Microsoft, adding that under Nadella's leadership, Microsoft's market valuation surged from $316 billion in 2014 to an astounding $2.5 trillion today.
Warikoo has been an entrepreneur since 2008, serving as the founding CEO of Groupon India and Co-founder of . He reminisced about a time when his calendar was brimming with meetings, encompassing discussions on serious topics, including marketing strategy, product-market fit, and recruiting top-notch talent for his ventures.
“When you recognise that entrepreneurship is a profession and not a state of mind, everything changes. You don’t have to be an entrepreneur in terms of running a company to be called one. You could very well be one in the way that you think, and you will succeed,” he said.
Occasionally, these meetings would extend into the night—a reality he found genuinely enjoyable then. However, in contrast, Warikoo now leads a simpler life and takes pleasure in the fact that his calendar is predominantly empty.
“Don’t be stupid to believe that you don’t have an identity or a persona to live up to. You have! Every single day,” he told the audience.
Edited by Suman Singh