It goes without saying that sheer diligence and zeal for success, is most important for budding entrepreneurs. Starting a business from scratch takes a lot of effort and planning. To emerge as a successful entrepreneur in the long run, one needs to be determined to achieve their goals, under any circumstances.
Entrepreneurs in the line of Steve Jobs, Bill Gates, Dhirubhai Ambani, Jamshedji Tata, to name a few, are significant examples of individuals who define success through their noteworthy entrepreneurial abilities and have proved all doomsday prophecies wrong and have flourished in the global platform.
But there are lessons to be learnt from both- success stories and failed attempts. Here are our take on some mantras to be considered by entrepreneurs, before starting a new venture:
- Adapt to Changes
Adaptability is one of the most significant characteristic that an entrepreneur needs to possess. While leading the business during its early stages, it’s imperative to master the craft of working well during the times of constant change. Things are bound to go wrong during the lifetime of a business. But if an entrepreneur is able to be adaptable enough, he/she will be able to avoid wasting time in backpedaling.
- Deny Instant Gratification and Think of the Long Run
Taking decisions that provide ad-hoc solutions eventually turns out to be unfavorable for the long-term success of a business. Thus, an entrepreneur needs to possess essential farsightedness to assess the long-term effect of any decision that needs to be taken.
- Cater to the Customers
An entrepreneur needs to avoid building a business model in which the target customer can be anyone in the world. As customers are the fuel of a business, identifying a target audience is essential for the success of a business. Identification of the accurate customer base and catering to their requirements is an important mantra for a successful entrepreneur.
- Embrace Technology as a Useful Tool, not a Complicated Burden
Entrepreneurs need to do a careful planning of the tech trends and their business requirements, before deploying an IT strategy. Envisioning the long term goals of the business is important in order to determine the technology tools that will help the business to grow and reach its potential customers.
- Grit and Determination in the Face of Failure
Perseverance and determination is the most essential characteristics of a successful entrepreneur. Learning from failed attempts and not losing hope is important to achieve success. Determination to achieve the designated goals, under any circumstances, tends to be the driving force for entrepreneurs.
Gaining entrepreneurial success is a long-term and multi-faceted process. Though some of the above mentioned points may seem like common sense, it provides useful insights to tackle difficult situations.
(Institute for Future Education Entrepreneurship and Leadership, iFEEL, is one of the leading management institute, providing 2-years AICTE approved PGDM to students. The institute focuses on developing entrepreneurial and leadership skills in the students. Please send us your valuable feedback, comments and suggestions at firstname.lastname@example.org. We welcome reactions to stories, comments on issues that interest you, feedback & comments from your side to make it more purposeful and resourceful.)