EMI – the entrepreneurship killer

“EMI hua kam tau ghoomne chale hum” – the SBI home loan ad which is running rampant during the IPL matches is an embarrassing testament to the state the new Indian generation is headed towards. The dream of owning a home some times changes one’s life to a level that we often wonder whether we are working just to pay our loans or worse, making money for the housing finance companies. The monster called EMI has grown so big that taking a family vacation has become an after thought despite of manifold growth in purchasing power of an average middle class family.

“Ghar ka EMI dene ke baad kuch bachta hai kya?” – how did we get to that state in the first place that we can’t afford anything else after our EMI  – Peer pressure? Our desires and dreams getting us to stretch ourselves? Risk taking attitude? Investment in an appreciating asset so you can have a pot of gold at the end if you sell it?

Oh wait a second…aren’t some of these attributes similar to what ticks an entrepreneur as well? Isn’t entrepreneurship about dreams and desires getting us to stretch ourselves, about taking risks, about that end state where you attain a pot of gold in the form of growth and success and in some cases through handsome exits?

So, does this mean there is an entrepreneur in each of us who is getting killed everyday because we chose to mortgage all those great entrepreneurship traits in one lock-in called “EMI”? This is food for thought for all the folks who have a spark somewhere in their belly for start-ups/entrepreneurship and feel stuck.

I have gone through this EMI experience myself only to realize that its not worth trading my start-up attributes with a home where I feel “house arrested” every day. I have chosen to nip it in the bud and not let it grow to be a monster that I may not be able to handle. As a happy renter for last 15 years, I would rather make owning a house an easy by-product, when I  build a successful start-up.

Life is short, there is never enough time to realize one’s dream. I have chosen to save my time. I have chosen to run savetime. Are you saving your time?

Mitesh Bohra, CEO & Co-founder

Mitesh is CEO, Co-founder at savetime.com. He has been working in the industry for over 16 years and this is his 3rd startup after InfoBeans and Infosignz. Mitesh is a BE in Electronics from India and has dual MBA from Columbia Business School, New York and Haas School of Business, UC Berkeley, California.

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Mitesh Bohra

A dreamer, a go-getter and an entrepreneur

3 thoughts on “EMI – the entrepreneurship killer”

  1. very well said sir. actually EMI is a trap and we spend most of our lifes fruitful and enjoyable moments working hard just to bring the banks in profits. I totally agree with you that unless and until you can spare more than 50% of the cost from your pocket it is useless to fall prey to these home loans, which give you good house maybe, but reduce your life span by stretching themselves just that extra bit!!

  2. Great thoughts! I do believe many of us have an entrepreneurial side that has been locked away. Sometimes we find the courage to let it out and change our careers, but I think there are a lot of people who feel “stuck.” We have to dig deep within to get “unstuck” and the sooner the better!

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