Get All Access for $5/mo

6 Ways to Setup a Structure for Entrepreneurship Is your entrepreneurship a structured one or are you still trying to figure out how to do that ?

By Sahil Vora

Opinions expressed by Entrepreneur contributors are their own.

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

Entrepreneur India

I used to think that entrepreneurship is like running a marathon. Over the years I have learned that it is more like an Ironman (3.86 km swim, 180.25 km bicycle ride and a 42.20 km run, without a break). Not only will you need to grind it out like an ironman, but you will also need different skills during this journey.

Here's a list of ways that helped me in my journey.

Do Not Look to Ride a Wave

In my short career I have seen 3 trends play out; in 2006-2007 everyone wanted to be a Hedge fund manager, in 2010-2011 Real Estate was hot, and lately in 2015-2016 everyone wanted to be a Start-up entrepreneur. Each time the result was the same; the people who jumped in to ride a wave came crashing down, but the ones who were already swimming rode the wave to propel their businesses and managed to thrive. Riding a wave is for surfers, not entrepreneurs!

Stop networking, build relationships – You often hear that to run successful business you need to have a great network, and that it is not about what you know but who you know. My learning is that networking gets you business cards and information, but strong relationships get you business and insight. Also, it is important to have some key relationships/advisors along the journey, this may or may not lead to tangible business but it is very useful to have people who you can call at midnight for advice when you are dealing with a tough situation.

Building an "A' Team

After the initial years of hustling and setting up the business, one of the most crucial roles for an Entrepreneur is hiring an "A' team. The company has to start de-risking itself by becoming bigger than the founder, this can only happen if there a solid team to shoulder the responsibilities. The culture of a company steps from its people, hiring a team that shares your vision and principles is critical in building a strong organisation culture. Today, I get more excited when someone gives me a reference for a great candidate over a business lead!

Check your Report Card (Balance Sheet) Periodically

You don't have to have a background in Finance to be able to understand your Balance Sheet. This can be learned by reading or explained by consultants. It is imperative for an Entrepreneur to understand his/her balance sheet and use the data in decision making. Most entrepreneurs track their Profit and Loss (P/L) statement to see their margins and profitability, this is important, but it is equally important to see how the P/L affects the Cash Flow statement and Balance Sheet.

Key Strategy is to Know What NOT to Do

When you are an entrepreneur, you will have a new idea or opportunity a day, maybe more. It is critical to have focus and clarity, do not let these ideas cloud your thinking.

Stakeholder Management

Employees, Clients and Investor form the key stakeholder for most businesses. Each stakeholder is equally important and needs attention from an entrepreneur throughout the journey. Find ways to engage with employees at all levels of your company, get feedback/constructive criticism from clients and ensure you periodically report to shareholders.

There will be fatigue and times when you feel the finish line/goals are too far, but you need to find the energy and determination to pull through. There fruits of the labour are not only the profits or the valuation of the company, but the value you have created in the lives of the people who you have been able to impact and empower.

Sahil Vora

Founder and Managing Director, SILA

Sahil Vora is the founder and Managing Director of SILA. 

Academic Excellence Is Not Necessary for Success in Life: Hear from the Founder of this Exciting New Digital Education Platform.

Many educational platforms are emerging these days to help people qualify for various types of entrance examinations. But what about the students who don't want to take the traditional path, the ones who don't rank among the top 10 in the classroom yet still aim high in life?


India Needs Homegrown Product Companies In Semiconductor: Cadence Design's India MD

Most multinationals retain product ownership, key value and intellectual property at their headquarters. As a result, India, despite having a vast pool of design talent, lacks significant Indian product companies in the semiconductor industry, says Jaswinder Ahuja, MD, India Cadence Design Systems.

News and Trends

99labels Co-Founder Ishita Swarup Passes Away

Just two years into the business, it raised INR 16 crore from Info Edge and Bikhchandani, but it didn't go well

Growing a Business

3 Branding Strategies That Will Make Any Brand Stand Out

Here's how to differentiate your brand in three essential steps — understanding your unique selling proposition, leveraging storytelling, and valuing feedback.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.