5 things that will make you Fail.
Ratnesh Jain
Enabling UnStoppable Growth with Global Boutique Bespoke Recruitment Solutions And Business Advisory - Entrepreneur | Mentor | Author | #BeUnStoppableWithUs
I have mentored and interact regularly with senior professionals who have jumped into entrepreneurship and want to do something big BUT are struggling with day to day issues and wondering why their business is not growing the way they want it to.
Most of you are focused on product-market fit, CAC, unit economics, funding and breakeven, BUT you are missing on below 5 key areas that are not much discussed but are responsible for lot of non achievement or delay.
But STOP - even before you go ahead - let me tell you what is your biggest challenge? - it is Unlearning what you know and stop thinking that "I have done it all and I know all and I am always right"
If you cannot excel in below 5 areas then you must shut down your venture and do a job.
Without these you cannot succeed.
1. RISK
2. DECISIONS
3. LEARNING
4. SHARING
5. DELIVERY
Let's discuss each one in detail:
1. RISK
The biggest risk you can take in your business is to not timely risks on daily basis.
Taking timely and calculated risks is vital for your growth and success.
If you are not taking risk then you are going nowhere.
Of course careful consideration and planning is required to ensure that risks are taken in a responsible and effective manner.
Entrepreneurs need to take risks in the areas of recruitment, partnerships, markets, products, cutomers, etc
One very important thing to take care when you take risks is "Never ever put all your eggs in the same basket"
Always have backups - never go "All in"
2. DECISIONS
This is one place where most of the entrepreneurs fail. All things being copyable - the only differentiator you can have on long term is speed and innovation of your execution. The biggest hurdle in doing this is Overthinking and fear.?
"What if" thinking stops you from taking timely action/decisions and innovate. You will remain where you are and never grow.
It is important to think about consequences but slow decision making will kill your business.
Fix deadlines for every decision - Never forget even the best thought decisions have 50% chances of failure.
Every entrepreneur makes bad decisions and the count of bad decisions will always overtake the count of good decisions, but if you don't take timely decisions you are going nowhere - timing is most important.
3. LEARNING
All of us are "Frog in the well" - we have limited knowledge and have limited exposure. If you are trying to achieve new goals with your old knowledge and experience then you are making a gross mistake. You may have been a successful employee, but the entrepreneurship world is different. You will need to share and learn everyday.
You must have 3-5 mentors who have failed more than succeeded - who understand your pain points - but do not choose mentors who do not understand your business or journey (For example if you are a employee turned entrepreneur then you must find mentor who have lived the same journey - whether they failed or succeeded doesn't matter). You must read everyday about entrepreneurship biographies and podcasts and learn from their experiences (You can always listen to audiobooks / podcasts while you are walking/jogging). Try not to take advice from people who want to protect you (Close Family, Friends, etc) - because they will normally give you advice for survival not growth. (See list of resources at end of this article)
4. SHARING
You started alone BUT you cannot achieve all your dreams alone. Collaboration and sharing are the only way you can grow faster. Be generous in sharing your profits with you employees and partners. Find new ways to collaborate - partnerships, alliances, ESOPs, revenue share, etc - find new ways to collaborate with more and more people/entities.
领英推荐
Never be penny wise pound foolish in sharing.
5. DELIVERY
Business is delivery - not sales, not marketing, not PR, not relationships - at the end the only thing that will count is delivery to your promise and exceed expectations of the customer. Never ever lose touch with the customer. Never disrespect or disregard any feedback from employees or customer. Remember your customers are successful people/entrepreneurs - they know their business and are not foolish.
If you cannot deliver - you will be out of business soon.
At the end I would again repeat - If you cannot excel in above 5 areas then you must shut down your venture and do a job.
Sharing few resources below for your learning:
Books to read/listen and learn from their struggles:
NIKE story - https://amzn.eu/d/0oVMTUm
McDonald story - https://amzn.eu/d/0oVMTUm
Alibaba story - https://amzn.eu/d/0oVMTUm
Apple story - https://amzn.eu/d/0oVMTUm
Virgin story - https://amzn.eu/d/0oVMTUm
Marico story - https://amzn.eu/d/7Ra5Tur
10x book - https://amzn.eu/d/bJmFJig
Podcasts to listen and learn from their struggles: