Entrepreneurship is a roller-coaster ride. The moment one embarks upon the long-drawn journey, there are bound to be numerous challenges. Every entrepreneur embarks on a journey that is an ever-changing process, tasting the high of successes and feeling the lows of failures. While there is no single rule book drafted for successful “entrepreneurship”, there are some all-encompassing recommendations of the do’s and don’ts one can follow in their entrepreneurial expedition.
• Network and Build Professional Relationships: Networking helps you get in touch with all the stakeholders who form the basis of your business. Get in touch with customers, vendors, potential investors, fellow entrepreneurs and future partners. A good entrepreneur would be able to marry the will of gaining something in return, with the knowledge of experiences. Networking goes beyond the immediate connections. Having professional camaraderie and relationships within your network can earn you brownie points in the future through mutual connections and recommendations.
• Take Risks: T.S. Eliot said, “Only those who will risk going too far can possibly find out how far it is possible to go”. Taking risks builds you as a leader and gives you an advantage in this competitive business world. It helps you come up with innovative ideas, implement new strategies and challenge the status quo. All it takes is one home run to make it big.
• Recognize and Learn from Your Mistakes: Each business has its own journey, success path and failure trail. Learning from business mistakes enables an entrepreneur to forecast plausible problems and even have contingency plans to counter them in the future. The first step though, involves recognizing and admitting the mistakes to recover from trouble. Once the problem is recognised, don’t fear it but learn to embrace it and learn from the mistake.
• Be Open to Feedback: Feedback can be metaphorically associated with medicine. It does not taste good but if you consume it, it may put you on the path of a cure. Similarly, receiving a negative comment on your work might be disheartening but in the pursuit of perfection, one may fail to see the perspective of another person. It is important to understand various viewpoints from fresh angles and implement their feedback to create a collaborative environment.
• Don’t be Impatient: Rome was not built in a day and similarly one should not expect success overnight. It takes endless hours of labour, sleepless nights and hundreds of rejections to possibly even get close to the goal. Irrespective of all the hurdles entrepreneurs face, the key is to stay focused on the long-term vision and not let the hurdles waver the determination to succeed.
• Don’t Overanalyze: Once a decision has been taken, don’t over analyze and overthink by going down the path of self-doubt. Entrepreneurs tend to pick apart every aspect of each option and wonder whether they did right by their company. Making a rational choice is valuable but nothing good is achieved with the “analysis paralysis”. Make informed decisions and when that step is taken care of, stick to the decisions taken. This plays a vital role in the subsequent stages when future decisions need to be altered to reach a final goal.
• Don’t Forget Your Roots: A little fame and success may get us around for a while but these two things do not accompany us till the end. Embracing your true self and not letting other things overwhelm you during this phase can keep you sane in the future. More often than not entrepreneurs lose track of what is important to the point where they put on the shoes of someone else permanently. Don’t forget your roots because it is a permanent part of you. We as individuals have the capability to change our future, destiny and maybe even our lives through hard work and determination yet one cannot alter their roots. These roots keep us grounded and define us in very special and unique ways.
Good entrepreneurs tackle challenges head-on and lead their teams by being role models yet no path to success comes without their share of major pitfalls. At the end of the day, how you choose to overcome the drawbacks and obstacles defines your path towards success.