Essential qualities for entrepreneurial success
Entrepreneurship is a complex and a lonely journey. Many entrepreneurs start with a bang but sometimes the lack of direction can lead the businesses to a rapid decline. It is very difficult for entrepreneurs to keep reinventing their businesses and ensure a steady growth chart at all times. Yes, it is daunting but we should know as entrepreneurs, there are many of us and we are on this journey together.
For entrepreneurs who are growth ready and undeterred by the challenges that may come, I am sharing with you what I think are a few essential qualities that entrepreneurs should have to succeed:
Have a strong Right to Win
As entrepreneurs, we operate in a very competitive environment and need to work very hard to stand out. The Right to Win could be attributed to various reasons such as
- i) the right use of technologies that others have not as yet deployed
- ii) the focus on innovations and
iii) pioneering a new business which no one else is doing
The Right to Win could even be combinations of all the above factors
Entrepreneurs need to have a clear, determined and focused vision. This is because if an entrepreneur does not have the clarity of creating the proper Right to Win, there are very strong chances that the business may not grow and even if it grows it may not be profitable.
Attention to execution
After your Right to Win has been established, the next step is about how entrepreneurs can go about executing their Right To Win. Execution plays a very important role as this would involve defining the organizational culture, identifying and building your workforce, etc. As great as your business plan may be, if there is no effective execution, there will be no business to nurture and grow. Initially, an entrepreneur may strive to fulfill these roles by himself, but as the organization witness’s growth, he will need to start identifying experts who can join him in the organization’s growth journey. Entrepreneurs should not forget that success is directly connected with action.
It is vital to start creating a very strong proposition for attracting. As I very often say – there is a war for talent. It is very difficult to get good talent and unless entrepreneurs have something very attractive to offer to the potential employees, entrepreneurs must struggle to find the right fit for the role.
The delegation of responsibilities
It is almost impossible for entrepreneurs to take care of everything to do with the running of a business. This is where effective delegation comes into play. With roles and responsibilities well defined, a business can leapfrog towards efficiency and productivity.
Establishing the correct culture
Entrepreneurs need to establish the culture of their organization. If one is able to establish a culture that enables them to win, the entrepreneur can reinforce his win in the market. This, however, involves a risk, which if encouraged, could prove to be beneficial. To give an example, entrepreneurs should take the risk to innovate or take the risk to support failure. These risks could either be good lessons or a stepping stone to greater rewards.
Focus on governance
Irrespective of the size of an organization, every entrepreneur must maintain a high standard of governance. This is important for all aspects of business growth, be it talent acquisition, compliance, team management, stakeholder relations and management etc.
It is important for any organization to grow and entrepreneurs must look at growth similar to the need for oxygen. Steady growth not only keeps all the stakeholders happy but also deters entrepreneurs from the concept of de-growth. This is why the right mindset is important.
Define the purpose of the organization
Entrepreneurs should ask themselves as to why does their organization exist and what is the value that their business is adding to the society. This should ideally be beyond making money and look out to address what is the need of the economy and if the business is able to address that need
Successful entrepreneurs keep moving. Sure, everyone makes mistakes, but successful entrepreneurs don’t quit. As entrepreneurs, we shy away from failure because our society attaches a stigma to it. But embracing of failure can lead to many wins if dealt correctly. As I have many times said, “Sometimes you win, sometimes you learn.” This change in mindset can only come from the top.
Developing the second line of command
For every entrepreneur, as the business grows, there is a limitation as to what they can manage, and this depends on the size and the growth aspiration you have, to create not only second but the whole organization structure below. This is because in case something happens to the entrepreneur, there are always others to carry the business behind.
Address challenges through peer-to-peer networks
Many entrepreneurs face similar challenges and a peer-to-peer platform can help entrepreneurs learn how to address challenges from one another. These networks slowly become an extension of an entrepreneur’s personal as well as professional life, as though these platforms they can address issues based on the Power of Collective.
To sum up, entrepreneurs must adopt the “bigger picture “concept. As entrepreneurs, they are not only responsible for their businesses but also for society at large. I strongly believe that entrepreneurs are one of the most pivotal elements in the growth of an economy. To continue being the wind beneath the wings, entrepreneurs should harness their traits towards being networked, open to risks, observant, future focused, acceptance to failure open to culture and diversity, result-oriented, proactive and agile. These elements won’t guarantee success but they can help the entrepreneur evaluate themselves from time to time.
Lastly, I would suggest that entrepreneurs should focus on their strengths and put people in place to do the rest. Do more with less, and focus on working smarter. It definitely won’t be easy but it surely is worth the ride.