June 30, 2020

Technical Mindset Required For An Entrepreneur

1> Lots to learn from public limited companies as their balance sheets are out in the open & published. Look for companies that are operating in similar space that of yours or something closest.

2> Every business or an industry has market cycles – with ups & lows – have these like a calendar – by doing this you can know what to expect & set the right expectation or a target to your co-workers as well.

3>  If ‘return on investment’ or profit is always on your mind – you must learn to be flexible in your thinking. Pickup the art of taking feedback with other leaders in similar lines of business as yours, this will help you from being stagnated at any point in time with your business decisions.

4> Know your competitor’s as much as you know your own business. Fair assessment of what’s the competition around you will help in being analytical – as to how much time you have to make certain business decisions. Always remember to compete for excellence in business – wheather there is competition or no competition.

5> Customers are everybody that you deal with while you step into your office, be it people who work for you, house keeping staff, distributors, vendors & most importantly your end customers. Build a natural persona around you for being approachable & this determines your first level of success.

6> Have a vision about your business & constantly make an effort to break it down into smaller goals which are achievable. Once you do this, create an environment around you – as to how effectively you can communicate this to everybody around you & achieve success by being together for each other. Remember while you do this – keep control of your vision & try to be reasonable to yourself & others.

7> There is something special about every business. Spend sometime in finding out, what is that special thing about your business & how would you want to communicate it to your customer. Marketing a business based on your unique preposition, certainly helps by increasing your brand recall value.

8> Get into a habit of being a voracious reader to understand business from various perspectives & apply different angles to it. Being analytical of political trends, world economic trends, governing policies of your country vs others .. many more on these lines. By doing this you will be able to assess the environment around you more effectively & adapt your business goals accordingly.

9> Be active at some form of sports or athletics. This will certainly test your character as to how much you can push yourself to achieve something. This will also gradually help you in – understanding yourself, your approach to competition & finally what ‘winning’ or ‘loosing’ means to you.

10> Encourage & build a people network around you – being amidst which you can assess common business problems in your industry & know what are commonly adopted solutions. So when you are in a network amongst people – you can experience all forms of emotions & learn from others. Network genuinely with an intent to solve problems, which leaves you with a sense of doing something & achieve stronger satisfaction.

 

–    Article by Suman Adithya Rao (SEBI Certified Research Analyst, Management Graduate in Entrepreneurship & Small Business Management)
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