Entrepreneurs are those who want to impact several lives through their creative vision. The by product is a lasting relationship with clients and suppliers alike.
Entrepreneurs are different from business owners. They create an enterprise from scratch, develop their original idea, invest time, resources, and energy in their venture. Entrepreneurship is all about taking more than normal financial risks. The operating philosophy is not bordering on profits but creating something novel and challenging. So, in a nutshell, it’s a great way to live, build things and watch them grow. I’m sharing some pointers to help you become successful as an entrepreneur; take it or leave it but, you can’t avoid it.
Exhibit Grit — It’s the go-getter attitude, the ability to continue when everyone tells- ‘give up. Grit
is also perseverance. If you want to be a successful entrepreneur, you have to be gritty.
A blend of passion and perseverance, coupled with proactiveness and the right attitude with sprinkling of resilience, makes an unmatched Entrepreneur.
2 . Are you able to challenge yourself? — Challenging yourself with new and strenuous tasks will make you achieve more. You have to be on the lookout for your next big challenge. When no one is going to push you, you have to push yourself.
It is like going to the gym when you can and building your body. Believing in yourself when others give up makes you an entrepreneur.
3. Risk-Taking Ability- We are risk-averse by nature but, entrepreneurs take calculated risks as part of their job. They understand the difference between bravado and foolhardiness. Taking risks has a negative side, but the opportunities they present far outweigh the potential dangers. Entrepreneurs identify which risks are worthy of their efforts and take those without a hitch.
4. Ability to Handle Fear — Fear is a gift if you know how to handle it. For most of us, fear brings in action. Entrepreneurs should pivot and take timely action either on seeing an opportunity or when faced with a faux pas. Let fear be your guide so that you can listen to your inner voice and find ways to manage or reduce the fear quotient. Fear and courage are the two sides of the same coin. The more visible is the one you feed regularly.
5. Build a Great Team — Entrepreneurs become successful because of their high-performing team and great support around them. Hiring a great team means hiring people with great character and someone who loves the job, not just completing it. The initial journey involves long working hours and taking tough decisions. So respecting your team members goes a long way in ensuring the longevity of your venture.
The challenges are far too many, starting from stress to choosing a business model, or probably government compliances, prevailing market conditions, creating the right team, scalability, and network of loyal customers. Running a successful enterprise is not an ego trip for successful entrepreneurs. They desire to grow and provide a better product or service for their customers that keeps them hungry and ambitious. The moment that an entrepreneur stops learning new things is the moment where complacency sets in, allowing others to overtake you and leave you behind. A successful entrepreneur requires business agility, with the ability to learn and adapt to new methods, processes, or technology that can make their business better and more efficient. Market needs have always been dynamic: Both business and consumer worlds are ever-changing.
What had worked for years or even months ago might not work tomorrow.
One thing that I proclaim as a soldier is to listen to your gut instinct and heart. They are our best guide to decision-making. Remember, no one knows as much about your business as you do — Agree?
Are you a budding entrepreneur or start-up seeking more guidance and inspiration on growing your business and protecting your business ideas, products, or services?
You’re in luck — Tarun Kumar hosts a string of workshops, talks, and one-on-one engagements.
Click on the links below to book a slot and be successful.
Col Tarun Kumar (Retd)