6 Learnings being an Entrepreneur It is essential to know how to empower others to join our vision.

By Tarun Lala

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock.com

Entrepreneurs are made, not born. Entrepreneurship requires all-encompassing skills and abilities that other occupations do not even touch upon. Engineers draft plans for a new project, then pass the designs to others who will make it a reality. But for an entrepreneur, it's different. Every aspect of a new venture lies in the hands of the entrepreneur. They need to know everything about the business and take the role as a visionary, project manager, salesperson and more.

Here are six attributes that I have learned in my journey of entrepreneurship -

Embrace Failure

Entrepreneurs will fail -- more times than we will care to count. We accept failure as a learning opportunity and forge ahead. Tragedies happen, disappointments are part of regular activities and the faster entrepreneurs can accept it and move past it, the better we will learn from our mistakes. Mistakes are the pathway to great ideas and innovation. Entrepreneurs are resilient. We keep going when the outlook is bleak. We sail a ship through the ups and downs of a business storm and have a vision and will continue until that vision becomes a reality.

Masters of Delegation

Ideas don't build a business, people do. We cannot run a successful company alone. It is essential to know how to empower others to join our vision. We have to give up some control and put our efforts into building other people's skills if we want to build a scalable company. We need to work on the essentials while passing on tasks that others can complete. Even Mark Zuckerberg had to learn effective management. No matter how cool his Facebook innovation was, it wouldn't have gone anywhere if he did not learn how to be an effective manager.

Invest in People

Entrepreneurs know the value of networking and mentorship. We invest our time and money in people. Building professional networks and surrounding ourselves with people of the same mindset will go a long way in helping make our goals a reality. Entrepreneurs also take the time to mentor other people. The time and effort that we spend on developing someone else's skills will eventually pay off in the long term. One of my startups was about networking. Meeting people at the right time and right place is 33% reason for success.

A Finishing Formula

Entrepreneurs are driven to finish what they start. We have a laser focus on the steps required to reach their goals, there are plenty of distractions along the way. We don't have someone behind our shoulder telling us what to do next.

Learning Doesn't End in School

Entrepreneurs are "jacks of all trades, but masters of none.' In his book Outliers, Malcolm Gladwell has popularized the idea of 10,000 hours of practice needed to attain mastery in a field. The time an entrepreneur spends running a company makes it hard for them to become an expert in a certain field. Learning NEEDS to happen every day! Even folks like Warren Buffet and Bill Gates spend the majority of their time learning! The ones

Follow Your Intuition

Entrepreneurs don't have all the answers. Half of the time, we don't have the time to figure out all the answers before making a big business decision. We rely on our "gut instinct' in these circumstances. One of the greatest and most famous entrepreneurs of our time, Steve Jobs, said that having a great instinct was one of the reasons for his success. A person may look good on paper, but knowing how to tell if that person will live up to the written hype will spell the difference between success and failure. It's important to note a person's potential to grow along with the business and that can only be for told with a strong intuition.

Last but not the Least, Understand the market you're in. Understand the emotions and mindset of your consumers. You will constantly improve. Keep learning, keep creating value, keep asking WHY and keep your head up high. With big goals and a higher purpose, you make your life significant!

Tarun Lala

Executive Director, Fanzart India

Tarun Lala is the Executive Director of Fanzart India. 
News and Trends

Vivek Oberoi Acquires 21% Stake in Rutland Square Spirits

"India's rich tea heritage will now meet Scotland's time-honoured spirits tradition," said Oberoi. "This project is an exciting bridge between two economies and cultures."

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

The Power of Purpose: Reimagining Success in a Noisy World

In a world where social media has made it easy to look successful, it's become harder to find those who are. While great coaches and leaders still exist, most voices out there are just noise. John and Arlene Shin are the rare exception, substance over show, and impact over image.

Science & Technology

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.

Marketing

5 Ways ChatGPT Will Impact Digital Marketing

ChatGPT is creating ripples across the digital landscape right now. Here are five ways it can benefit your ads, campaigns and marketing strategies.