At some point in our lives each one of us generates one or more than one business idea/s and yet a miniscule proportion of us drive that idea into a real life model. Success of the business model is a resultant of spirited operations and honesty to the society. Clearly there are a few who choose to become an entrepreneur and even less who succeed in their entrepreneurial zest. There are numerous must-haves for succeeding in one’s business thoughts. With my entrepreneurial experience that has just entered into teenage this year, I have tried to bring upon the major traits which a true entrepreneur must exhibit.
1. Believe in your business from within and always project a positive image of your business, product or services whenever you get a chance to talk about your venture in public. Enjoy what you do, because your identity is what you do and social respect and financial stability is a product of what you do for your own venture. Being positive and motivated, drive the same in your team leaders, clients, society and wherever you could. Even in the adverse course of business cycles, prepare and work on re-engineering, keep the team motivated and wait patiently for the phase to pass.
2. Plan everything, in terms of how to reach from point A to point X. Plan every action point, the pros and the cons, the sequential moves in a dynamic and a competitive environment and the requirements and means to fill for the desired results. Without a plan neither there would be a measuring stick to the result not there would be a way to find out what went wrong and where. Plan first in isolation then have a healthy discussion over the plan with your team which will drive it across. Be open to the criticism and be ready for providing a logical solution wherever demanded by the team.
3. Be a Salesman for your product and services and promote them wherever it is possible. Keep working on the criticism your product faces but talk always positive about it and pitch the sales to anyone and everyone. This attitude reflects your seriousness towards your venture and it helps the people to develop a trust in you. Irrespective of the reply or response, being positive or negative try to sell your product. Worst case, it won’t sell there but the beauty of being a constant salesperson is that you get to know about the opportunities your offerings have.
4. Stay updated about your customers. Keep yourself updated through journals, magazines, surveys, findings, and data etc which are directly or indirectly linked to your existing or prospective customers. Above all keep interacting with your existing customer base to know about the changes or up gradation your service requires. Take even the smallest and insignificant feedback of customers very seriously and act promptly on every small or big feedback you get. Seek for feedback and appreciate the ones who come up with suggestions.
5. Build a strong business network of suppliers, vendors, media, contractors, human resource providers etc. Keep the various business driving partners always in sync with your business operations and the speed at which you with the deliveries to be made. Keep your network aware about your business plans and encourage them to come up with their ideas and suggestions to drive the business further. Build an environment of trust and stay connected for any contingency.
6. Be a technocrat as every day the technology is being upgraded leaving the previous one obsolete and defunct. Adapt to the dynamic technological environment and keep adding to your technical knowledge and skills continuously. Encourage your team to welcome and readily adapt to the new technology and help the team members with requisite courses or training to learn and apply the newer and better technical applications.
7. Provide open access to all whenever your team need to. Do not bind yourself with strict and rigid schedules. Your team works for your business and hence they have every right to be treated as your family members and they build more trust and encouragement when you are accessible for them. Have an open door and welcome the suggestions, feedback, advices and criticism that come across. Involve in matters and share openely your way of solving.
8. The workplace must have a success oriented ambience. The environment within the workplace must be competitive and must generate positive energy. There should be a spirit of keeping everyone motivated and there must be a creation of competition amongst the people. Success must be celebrated and upon failure proper hand holding and encouragement must be provided.
In the words of Mr. Daniel A D’Aniello, an American businessman and the chairman of the Carlyle Group, a PE firm, “Entrepreneurship requires flexibility and an open society, and there will always be people who succeed and people who follow. For those who lead, they have an obligation to create a better life for the people around them.”