Important factors for successful entrepreneurship (2023)

Passion is a simple yet deeply all-encompassing narrative to describe the essence of a true entrepreneur. In my opinion, passion is the main driver for successful entrepreneurship anywhere in the world. With passion, an entrepreneur possesses an inherent fuel and inexhaustible stamina that constantly propels his actions. This superior energy helps to overcome and surpass various challenges and gives a certain indescribable power to keep pursuing goals when difficulties arise.

Passion will always lead you to a successful career

Since childhood I have always had an inclination towards retail as a business in India but have not been able to proactively pursue it. After working for a UK based merchant bank and later for a leading stock broking firm, I returned to India to run my family's stock broking business.

However, I still felt a strong desire to follow my dreams and venture into retail. So we soon acquired a public trading company and got the opportunity to run the business early in my career. I was then involved in the store redesign and rebranding that allowed us to grow the business and eventually grow it into a national player in specialty retail.

We went through several challenges and learnings and had to change bases for almost two years to run a large business that we had set up in Bangalore. While I've always been passionate about the business, I had to be willing to let it go when the situation arose. After running the company for almost two decades, we were offered the opportunity to sell the company and I took that call and got out of the business entirely. The question then was what to do next.

Due to my passion for building brands and being connected with retail, I got the opportunity to set up a joint venture with a leading textile export company to start a domestic company to distribute premium bed linen in India under the brand name today Boutique- Life. Today I am blessed to be able to do what I have always wanted to pursue.

Your passion will always be a defining element on your professional path and will eventually lead you to your true calling.

Required attributes for a successful entrepreneur

A successful entrepreneur is someone who can embrace any idea, product, or service, no matter how "unrealistic" it may seem to others, and has the will, skill, and courage to take extreme risks and allow that idea to materialize Launch This is the tenacious entrepreneur—one who can dream of the unreal and work tirelessly to make it a reality.

In addition to persistence, successful entrepreneurship also includes self-confidence and self-motivation. Instead of following the smug norm of “maintaining a status quo,” entrepreneurs today are encouraged to go far beyond traditionally established industry rules and embrace newer ways of thinking and initiatives. While challenges are inevitable on any professional journey, entrepreneurs should be willing to fail and start over. An entrepreneur should constantly motivate himself to create something new, improved and useful by internalizing life lessons over the years. In order to innovate, one must unlearn, re-evaluate and create tailored outfits to serve today's demands.

A basic checklist of requirements to ensure successful entrepreneurship

Certain factors are important that you should consistently keep in mind as you run your business. Some of the pointers to ensure a successful path in your entrepreneurial roadmap are:

1. Sharpen critical business and leadership skills:Participating in entrepreneurial conferences, reading books and articles on the subject will help keep abreast of the latest news. You also have to try to learn from the mistakes of others and from success stories.
2. Always stay positive:attitude is everything. A simple smile and confidence is what your team would always expect from you
3. Networking is the key:Membership in professional organizations and associations such as ASCENT, The Rotary Club, etc. will help you expand your connections and opportunities.
4. Promotion of innovation:In today's competitive landscape, an entrepreneur must be able to offer a monopolistic, turnkey idea that helps users solve the most unique challenges easily and efficiently.
5. Take advantage of new technologies and marketing channels:Social media, applications and new ways of digital marketing are the key to success in today's competitive landscape.
6. Be passionate and persistent:Successful entrepreneurs are primarily driven by the will to perform and the desire to make something meaningful happen,
7. Get mentors as your sounding board:This is very important for entrepreneurs to avoid feeling lonely at the top. Mentors act as a useful sounding board, filtering ideas and providing new ones.
8. Peer-to-Peer Learning Platforms:All of the above can be verified by simply being a member of any peer to peer platform that is launching today. These form ecosystems for entrepreneurs and create a holistic universe of all matters relating to entrepreneurship.

Pitfalls to avoid when running a business

While entrepreneurship is certainly a privilege, it must be shouldered responsibly. Certain precautions must be followed to avoid mishaps, especially for entrepreneurs looking to grow their business. Some of the important pitfalls to avoid when running a business are:

1. The right company:Entrepreneurs should try to surround themselves with bright, innovative thinkers who have a burning passion for the company's success.
2. Avoid expensive consultants and advisors:Professional advisors tend to look at things objectively. They lack the impersonal touch that can bring a lot to an entrepreneur.
3. Find mentors instead:Mentors offer inexpensive and priceless perspectives and can gain extensive personal experience that traditional professional advisors cannot provide.
4. Avoid “Yes Men”:Leaders must be wary of appointing "yes men" who, while pleasant to serve, could potentially leave deep holes in the business in the long run. Hire someone strong in analysis and not afraid to speak their mind, which can often be an advantage.
5. Keep emotions and feelings aside:Often a rule of thumb for a good manager, private and professional are always separated during working hours.
6. Never be too rigid with your ideas:A new perspective is always good for the company, so accept different opinions, because opinions are mostly shaped by experience.
7. Document and maintain reports regularly:The documentation of work and roles, such as B. Maintaining MIS reports, keeps good control over your business; Such practice ensures better governance and can help fill gaps in early stages.

How peer-to-peer platforms play a significant role in the success of one's entrepreneurial journey

Today's entrepreneurs are extremely fortunate to be able to take advantage of disease support like peer-to-peer platforms. These platforms play an important role in the startup ecosystem, filling the gaps in the entrepreneurial journey that entrepreneurs cannot fill through traditional interactions. Peer-to-peer platforms offer a structured approach to entrepreneurship.

Initiatives such as the ASCENT Foundation, founded by Mr. Harsh Mariwala, a vibrant and rapidly growing platform, have helped hundreds of entrepreneurs across the country better understand the entrepreneurial ecosystem and helped broaden their entrepreneurial paths. Learning from others and sharing experiences is the best way to learn. Most of us who are entrepreneurs face similar problems in running our businesses. Peer-to-peer platforms help interaction and sharing, and get timely help through experience sharing. Through such platforms, entrepreneurs can participate in interesting events such as an annual conclave, retreats and mixers and have the opportunity to meet people and share knowledge and experiences.

On such platforms, matters related to HR, IT, operations, brand building, fundraising, family matters, health issues, etc. can be discussed in a confidential environment. It also helps you to be more disciplined and structured when presenting your problems and looking to share experiences. Soliciting feedback on a new product offering or marketing plans, setting and monitoring goals and being accountable to your trust group, etc. It's almost like having an outside board of directors who share their insights and help you grow your business.

Diploma

At the end of the day, they say if you have a passion you can make it a goal, and if you've managed to make that goal a career, you're a winner. Considering your main goal and goal as well as the above tips, an entrepreneur today can definitely think of a successful path to entrepreneurship. Because, as millennials of this generation rightly pointed out, “passion is just the difference between a job and a career.”