Every entrepreneur is making his best effort to grow big. Alas! it is not your effort alone that will make you grow big. First and Foremost, your thoughts about growth may be required to undergo a paradigm shift of mindset. In the course of my personal interaction as a business performance coach with lot of entrepreneurs who took the leap of faith and grew exponentially, I derived some lessons of entrepreneurship which I want to share with all of you in this blog.
1. I don’t know everything
Successful entrepreneurs realise early in life as to what is their core competency. For other functions of management they seek help. This help can come in any of the following forms
- Consultants who are ready to “partner in progress”
- A failed entrepreneur from a different industry
2. Culture is more important than my business idea.
Successful entrepreneurs echo the paramount importance of a great culture in the organisation and attribute the following as offshoot of a great culture
- Employee Motivation
- Team Productivity
- Interpersonal Behaviour
- Longevity in the organisation
- Sense of ownership to the organisation
3. Value Systems are defined and sacrosanct
Successful entrepreneurs are known to give very high degree of priority on core values to the point that they are ready to uphold the same even if they loose in the process. They not only profess these values themselves but also reward and recognise people in their team for doing the same. They never use or misuse the values to suit themselves but instead treat the values as religion.
4. Business Opportunity is always there
I have found that all successful entrepreneurs do not wait for or search for opportunities. They strongly believe that every time they fight with difficulties and problems in their business, they are rewarded with new opportunities. In fact, they believe in this so much that I found one of them saying that if I can develop a team big enough to handle all the problems and difficulties in my business, I can surely be rewarded with so many opportunities that I can never handle in my entire life.
5. Time must be managed
Entrepreneurs always feel that even if they fail in some function of management, time management is something that they need to master. Most of it comes from an understand and solid appreciation of
- Self Discipline
- Self Planning
- Setting priorities
- Learning to optimise work to suit time rather than the other way
- A strong belief that time is directly related to profits
6. No fear of unknown
Successful entrepreneurs do not exhibit any fear of unknown. In fact they like to tread in unknown areas which they explore on the basis of past experience and market insights.
- Conduct proof of concept studies to validate an unknown idea
- Always take decisions which are backed by data
7. Nothing comes free.
“Do not ask for free favours , nor do I ask for the same.”
This is the belief that all successful entrepreneurs exhibit. In pursuit of this thought, I have found that they invest a lot of money on the right people, their training and empowerment and even sustaining the cost of their mistakes as long as they were not intentional.
8. The Creed of Credibility
Entrepreneurs who are successful wear “Credibility” on their sleeves! This manifests in the following actions from their side
- Always pay their bills on time
- Always give the benefit of doubt to internal customers (vendors, employees)
- Always maintain a Promise Quotient of 1
- Always ready to face loss if it comes to uphold the credo of credibility
9. Think and Invest in Future
Firstly , successful entrepreneurs always are ready to invest in ideas that will germinate to produce fruits in future. Secondly, I have seen that successful entrepreneurs do not wait for their present to become stable before investing in future. They will do this even if they are grappling with the stability of their present state of affairs. Thirdly, successful entrepreneurs are able to think about tomorrow even when they are dealing with today.
10. Giver’s Gain!
This DNA of all successful entrepreneurs is something that I love all of them for. Their strong belief in giving back to society is very much engrained in their mind. They give back
In a nut shell
This is my pick of top 10 qualities that I have seen in all successful entrepreneurs. I would love to hear about more such qualities that you know of or have seen successful entrepreneurs practice. Entrepreneurism is surely something which is beyond intelligence, hard work, wealth or even luck. It is a DNA which is an excellent combination of ambition, fastidiousness and inner drive turbocharged by highest levels of self discipline and credibility.
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