Being an entrepreneur is no mean feat. The journey is fraught with many ups and downs. But then, that’s the very thrill of being an entrepreneur! The only way to keep going is to embrace the failures with open arms and use them as stepping stones to success. Moreover, there’s no better way than to learn from the experiences of successful business leaders who’ve already been there, done that and proved their mettle in the game.
Here are some invaluable lessons in entrepreneurship that you can learn from seasoned business leaders to make the journey smoother for yourself:
- Don’t be afraid of taking risks
It is imperative for any business leader to take risks and challenge the norms and established processes if you want to achieve something big. A “business as usual” mindset will not take your too far. The dynamic business world is moving too quickly for a model to be viable for very long. So take risks and carve out your own path. One needs to thrive on the adrenaline of risk-taking, because business, like life, is never about certainty. Playing safe only leads to atrophy and can spell doom for the business. And don’t let the fear of failure deter you. With every failure come new learnings, which you can use as stepping stones to achieve something bigger. When Thomas Edison was once asked about the number of failures he had seen, he had a brilliant take on it. He said, “I now know of over 9000 ways in which the lightbulb won’t work”.
Even Richard Branson, who pioneered the concept of commercial space flights with Virgin Galactic in 2004, refused to let failure affect his zeal when his first test flight crashed.With renewed passion and an even stronger determination, he has now rebuilt a new ship to make his vision of pioneering commercial space flights a reality.
- Think out of the box
Thinking out of the box is does not mean doing something earth shattering. Rather, it is all about viewings things from a completely different perspective. One should start to approach a specific situation or problem from a different point of view, because only when you start looking at a problem differently can you come up with new solutions and innovations. That is the key to disrupting the highly dynamic market and staying ahead of competition.
- Hire the right people to execute your vision
While you might have the most brilliant idea, it is ultimately your team that will execute it and help make your vision a reality. Therefore, hiring the right team is extremely important for any entrepreneur. It is important to find the right fit not just in terms of expertise, but also ensure that they fit into the culture of the business and have the right attitude to learn and grow in the organization. They should also share the same degree of passion and zeal as you to make things work. Above all, the team members should complement each other in terms of the skills and resources required to achieve the larger business goal.
- Don’t lose focus on the customer
You may have the technology to back your vision or the most efficient people handling different roles, but remember that the phrase “customer is king” is a mantra you should give foremost importance too, since if you fail in this critical aspect, you are doomed. A company should never lose focus on its customers. Infact, be ‘maniacally focused’ on your customers and try to surpass their expectations. Customers act as co-creators who can help you create the company. So make customer feedback a core part of your company’s DNA and heed to it sincerely if you want to succeed in the long run. As long as your customers are happy, you have little to fear, since they are the ones who keep your cash registers ringing.
- Don’t forget to take a break from work to de-stress
Last, but not the least, don’t forget to unwind. The mantra is to “put in as much effort to relax as you do to work”. If you have to solve an issue, staring at it won’t help. According to science, taking your mind off from the work can help you come up with a creative solution to a difficult problem.
Also, remember to exercise regularly as it improves brain function and boosts creativity. Don’t forget that leisure is important for your brain to function properly. Most successful business leaders are known to follow a strict exercise regimen as part of their daily routine to stay fit and destress. It helps them declutter their minds and focus more clearly at work. Archimedes was in his bath when he had his famous ‘Eureka moment’ and Newton was under the apple tree when he formulated his theory of gravitation.
So remember to keep these aforesaid mantras in mind and make your journey towards success a relatively smooth ride.