Some Aspects to Guide You Towards Success in Business
Entrepreneur's New Year’s Guide
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In case you are an entrepreneur, or are desirous of turning into one this year (and beyond), then learning to embrace failure and adapt the key learnings are undoubtedly a vital strategy to adapt as far as succeeding is concerned, but there are other aspects which you would want to take up to witness entrepreneurial success and learning to handle new found success.
In this regard, Entrepreneur India presents a wholesome guide below on these “essential success tools”:
Acceptance of the scenario as it is
Failures are definitely part of entrepreneurship, even the great Bill Gates would admit that his failures and the learnings associated with these. Now, as a new entrepreneur; it always does you a world of good to ensure that you accept failures as “failures” rather than claiming “moral victories”.
“P&G’s Gillette spent 3,000 hours and employed MIT graduates to design a razor called Vector for India and still it flopped in 2002,” stated Ashis Mohanty who is Co-Founder of Nexhop.
Now, the key here is lateral thinking; to not only accept failures but to weave a success story by keeping the failures incurred as the base to build on.
Once this is done, you could focus on iterating; rather than starting from the beginning; the experiences you acquired during your failure should hold you in good stead. You would be much nearer to success this time, with the experience already there.
Now, once you have the success; it becomes a mandate that you not further away the advantage of having tasted success. Humility plays a vital role here.
“Most startups fail due to a lack of self-awareness and over-optimism on their ability to solve their challenges,” says Advait Kumar who is Co-Founder at Swajal.
The key takeaway here is to strike a balance when it comes to success and optimism; you should never be carrying success to your head and cultivate over-optimism when you work on your entrepreneurial pursuits (or products) in the future.
“A humble leader is liked more by clients and employees that somebody who is not. You grow faster and can prevent risks because if an entrepreneur is humble, he/she is receptive to new ideas that help grow faster and prevents risks along the way,” informed Ketan Kapoor who is Co-Foudner and CEO at Mettl.
Hence, the onus would be on you to carefully segregate success and confidence. Success should give you confidence and vice-versa; but don’t let success make you over-confident.
Pursuit of happiness
Success undoubtedly brings you happiness; but what if you fritter away this happiness through self-confidence and improper handling (of success)?
Here, the key is to perfectly derive motivation from things you always wanted to do and then aim for success in your business. These could be really small aspects such as reading a book you always wanted to, or taking that elusive trip; derive happiness from factors and things you always wanted to resort to.
A happy mind is always motivated; business success cannot alone be a happiness factor. Be clever enough to recognize and derive happiness from little factors; even before you aim for entrepreneurial success.