7 Learnings From My Entrepreneurial Journey
Entrepreneur's New Year’s Guide
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Entrepreneurship is life's roller coaster that brings with it moments of crests & troughs, thrill & despair, a journey that alternates between doubt & a deep sense of satisfaction. If you have chosen this life against the cushy day job with a stable monthly income, below learnings from my entrepreneurial journey might help in giving some perspective.
Passion is everything. Being an Entrepreneur is a 24*7 journey, there are no weekends, there is no break whatsoever in your journey. If you have passion your entrepreneurial journey will be enjoyable. Whatever comes out of your mind needs your heart as well. If your mind is present but your heart is not, there is no passion. Follow your passion and make a difference. Passion will help you build a great team who are as passionate as you are.
Tenacity to get the work done – Tenacity is the most important attribute in an Entrepreneur. It’s the person who never gives up- who never accepts ‘no’ for an answer. You as an Entrepreneur have to get the things done. Even if an Entrepreneur gets a rejection from a Client, he/she shouldn’t be disheartened. You can have great ideas, but putting them into action no matter what the odds is what makes a successful venture.
Don't follow the herd, be original – An Entrepreneur should always be original. If we are late at some specific idea, we should move on to the next idea and stop pursuing the idea that our competitor has already achieved. Our response needs to be tailored to our strengths, not the strengths of our competitors. You should always be original. Rethink- Reinvent then present it. If two organizations provide the same offerings, one is unnecessary. Being unique is hard work. Doing what has never been done requires creativity, dedication and risk.
God lies in the details - An Entrepreneur should always know the nuts and bolts of his/her business – details are often overlooked in attraction of overnight success. An Entrepreneur should know each and every aspect of his business. Even when an Entrepreneur is having a discussion with the Client, his/her ideas should be crystal clear.
People – An Entrepreneur alone will not be able to move the mountain, but right people can surely move the mountain. An Entrepreneur should always value his/her employees. Don’t let pride prevent you from getting the help you need. Be it mentors or employees an Entrepreneur should always respect them. People are the ones who make the organisation. Employees can be a great source of inspiration and new ideas.
It is very important to find the right people for the right job. This can make or break your organisation.
Simply being good will not help, you need to be great - There are lots of good ideas out there and if you want to stand out, your idea and its implementation should be great. There is lots of competition and the greater effort you put in your product, the more you will achieve perfection. There is a big difference in doing your job and doing your job well. One should always give his/her 100 per cent in their entrepreneurial dream and success will follow.
The importance of money - On an entrepreneurial journey, money management is extremely important and critical. A lot of ideas get killed midway because of lack of money; some get thwarted in the bud itself because one is unable to raise the capital. It’s very important as an Entrepreneur to be money conscious and to create ideas which generate revenue or thrive on a self-sustaining basis. It is very essential to create ideas which are cash positive. Involve your teams and build in a culture of generating ideas that in term generate revenue for the business.