How Can You Up Your Entrepreneurial Game?
A persistent progression towards an innovative solution to a key problem
An entrepreneur is the one who kills the basic problem and looks for a solution and provides results quicker. As soon as the problem solved the maintenance become higher. People will search for more higher expectations and their major goals are to provide basic requirements to people and make them skilful. Here are some key points which one should keep in mind to run a successful business:
Focus on innovation:
Too much of entrepreneurial activity today is replicative in nature. There was a deluge of consumer start-ups in the last decade that were inspired by the success of a few stellar examples in e-commerce and digital payment platforms. Now, there is a staggeringly large number of start-ups in Car washing, automobile, and technology sector. The concern is that entrepreneurs often fail to be cognizant of the fact that most successful business models tend to be geography-specific, addressing a clearly defined customer base.
Develop deep tech capabilities:
Technology leveraged by entrepreneurs is often shallow rather than cutting edge and there is far too little initiative visible in technology-led innovation. For those looking for inspiration, creative ideas can actually be found in the overlap of academics and industry and entrepreneurs should gain practical knowledge for that hold business potential.
Develop high-quality business models rather than obsess about funding:
Funding is critical, but an obsession with just funding can be fatal. While it’s important to have a very sharp execution focus, a strategic mindset is also necessary. Entrepreneurs need to survive both in the short-term while also building for the long-term. And they need to provide outstanding customer experience and growth while also ensuring profitability. Excess capital can lead to lazy business which results in invest too much money, making it more challenging to scale up in the long run. Becoming tangled in the vicious cycle of achieving higher valuations for the next exit is a fundamental problem with many supposedly successful start-ups.
Form a team of pioneers rather than depend on a ‘star founder’:
Start-ups are fundamentally built on the founder's vision and passion. There is, however, a concurrent risk that an inexperienced, overconfident entrepreneur will negatively impact the growth of the organization. The media frenzy around start-ups can give founders a distorted self-image and king-size egos that can trigger a death spiral. True success lies in humility and leaders should build a strong, diverse team with unique skill sets in order to thrive.
Entrepreneurs should bring in senior professionals and build a common purpose and strong culture that will bind the team together. Founders may even need to re-evaluate and step back from the CEO role. The business should take precedence over the person.
Ensure the right values and ethics to build a lasting institution:
In a mad rush to scale up ventures, founders sometimes cut corners on values and ethics. Issues range from unacceptable interpersonal behaviours to lax regulatory compliance and dodgy financial practices. These organizations may shine like a meteor on the strength of their short-term success but are also likely to break down. Recently, some of the biggest names in the start-up world have made the news because of cultural failings rather than poor business decisions.
Technology disruption and the strength of the start-up ecosystem are among the biggest opportunities for entrepreneurial talent. In addition, these trends also hold out great prospects for emerging economies to grow exponentially through discontinuous growth.
However, there lies a huge chasm between potential and real impact, as well as hype and substance. The smart entrepreneur needs to bet on market-specific, technology-rich, sustainable business models rather than valuations and exit strategies. Success is about thinking the long road rather than the next stop on the funding cycle.