Entrepreneurship Lessons - 3 Rules of 3 - Source : Unknown
Entrepreneurship today is the buzzword. In fashion. The Bansals & the Behls of the start up world have inspired this generation in a way similar to what Sachin Tendulkar did to the generation of the 90s. Back then, every boy who ever held the cricket bat, wanted to don the blue jersey. Cut to 2010, everyone who ever heard the words tech, BD, start up, solution, problem solving, and a host of other such jargons, wanted to become an entrepreneur. And Government initiatives like Digital India, Start Up India & Make in India have added fuel to fire. Although at this point in time, it might seem that the start up boat is sinking, I am of the firm opinion that this phenomenon is here to stay, and it will pick itself up, stronger and stable than before.
To all you budding entrepreneurs, here are 3 rules of 3 that you must keep in mind when you embark on the journey of entrepreneurship. For easy to recall purpose, let’s write this as “3 days – 3 Months – 3 Years”.
1. Rule 1 - 3 Days, or 72 hours –
a. When you are planning your day, don’t prioritize anything that will not yield result in a 72-hour frame, or requires immediate action in a 72-hour window. If it is not going to give you an output in 72 hours, it cannot be on the top of your priority list.
2. Rule 2 – 3 Months or 90 days
a. Make a detailed plan of what you are going to do over the next 90 days, with a schedule of exactly what are the things that need to be done, and the objectives that need to be met over a 90-day time frame. Call it a QOP (Quarterly Operating Plan) if you will. Days of an AOP are gone.
3. Rule 3 – 3 Years or 1,000 days
a. Forget what anyone told you about having enough cash to sustain the first 12 months, or building a business in an 18-month time frame. A business, to become one, needs a minimum of 1,000 days. Nothing less will do. So if you want to take a plunge into entrepreneurship, please have a plan ready of what you are going to do over the next 1,000 days. If you can survive this, you will make it 99 out of 100 times.
So the business that you want to build should be built with a 3-day schedule, for every 3 days in a quarter, for every quarter in the next 3 years, and you should do fine. Wishing you all the very best.