Toolkit for success

As much as I want to define it, I believe entrepreneurship  is simply the latest trend. The second and third generation entrepreneurs find their inspiration to be homegrown; with hand-me- down businesses placing them in convenient positions to continue the legacy. Now, what about the mavericks?  

As an entrepreneur, I know that there is no beaten trail to success. It’s a combination of trial and error, but certain things remain static. With over a decade+ of experience I believe that adding the following to your ” how to grow and succeed” toolkit will cut you some slack on your journey.

Money management : When you start out as an entrepreneur it’s very important that you learn to differentiate between personal money and company money. You should learn to segregate your expenses, costs and investments, and eventually learn to manage money. Know that investing in your company may not reward you with profit immediately but in the long run it definitely will.

For people coming straight out of college or with no knowabouts at all, financial terminologies like cash flow, break even and burn rate might sound scary. Take time to learn and familiarise yourself with it. The best way to learn such things is from established entrepreneurs. Go, connect and learn how they juggle their finances.

Hiring : The people whom you hire are super important. They are the make or break kind of investments. Investing in the wrong set of people will make you crash and burn quicker. Invest in and hire people who share your vision, are hard working, constant learners in their niche and curious. Hire objectively and without bias. You will be spending a lot of time with the folks you hire, make sure they have a good attitude.

Vision, Strategy and Execution : Every business/startup needs a vision, it’s like the guiding light for the company. Strategy is a collection of tactics that might change according to market condition, competition etc. An entrepreneur should wear many hats, should be able to  pull up his sleeves and get straight into execution. The experience he gets from direct execution is what makes him/her a better coach for the team.

Delegation : At first, you might be doing all the work ie; micro managing everything but you should get to a point where you delegate your work to your team. Eventually, you need to focus on growth and building your company and not on tasks given to your team members. Super important!

Risk management : An entrepreneur should embrace risk while investing in projects that  go hand in hand with his/her company’s vision. Identifying and chopping off unnecessary engagements or projects that don't add value to the company is important. You should cultivate your own model of risk management which will help you overcome unforeseen events such as what we all are facing with COVID 19.

Ability to say NO : Focusing on your vision, having a strategic plan and executing might sound easy but there will be distractions. Saying NO to anything that doesn't add value to your company’s vision is a mandatory skill that you should develop. You might come across investors whose vision does not sync in with yours. You have to say No without having second thoughts in such scenarios.  Keeping the company’s objectives and staying focussed is not easy but gets better over time.

Decision making : You should be flexible enough to make decisions with 70 - 75 % information. You are never going to receive the complete set of data to help you analyse and come up with solutions or ideas. You have to learn to also rely on your gut.

Support group : You need your own set of cheerleaders. Not Russians in short skirts, but your friends or family. Those who will help with perspectives, efforts and even principle if required.

Be curious, be adamant, fixate on your entrepreneurial dream and  let your passion drive you!