Entrepreneurial Lessons by the Maestros
Lately there has been a lot of buzz about entrepreneurship and startup culture rising in India. Government schemes like ‘Stand up startup India’, reduced costs, quick processing of bank loans and other startup friendly schemes have ensured that young Indians are motivated to take up entrepreneurship as a career.
But the question is- are these schemes and resources really helping aspiring youngsters to be good entrepreneurs or is entrepreneurship a prodigious term and not just limited to having good schemes and resources. Lets’ analyze what it takes to be an adept entrepreneur-
It is said that “If opportunity doesn’t knock, build a door” and that’s what differentiates an adroit entrepreneur from an ordinary one. Many people feel that to be a good entrepreneur, you need to have an MBA degree from a reputed b-school. However, I believe MBA degree is just an add-on and not a pre requisite to start your own venture. No B- School can decide your fate; it’s you who has to build it with your passion and determination. Moreover an MBA degree without practicing what is being taught in the B-School is a sheer waste.
Entrepreneurs are not made in a day. It takes plenty of hard work and will power to be a successful entrepreneur. Though entrepreneurship is innate and it can’t be taught, well it can be groomed. With this perspective in mind, here are a few important lessons a good entrepreneur should always keep in mind-
If you believe-‘Your greatest glory is not in never falling but in rising-up every time you fall’ then you possess perseverance.
Steve Jobs was fired from Apple when he was 30. However, he never cursed himself or the Apple’s board rather took it as a challenge and freedom to explore new opportunities. He went on to co-found two prominent companies’ NEXT’ and ‘Pixar’. He proved his mettle through his work and soon Apple hired him back as the CEO, for the resurgence of the brand.
Here is one of his famous quotes- “I am convinced that about half of what separates the successful entrepreneurs from the non successful ones is pure perseverance”
Lesson learnt: Never give up, no matter how many times you fail. Take it as a challenge rather than cursing and repenting upon it.
‘The only way to do great work is to love what you do and if you love what you do, then you will definitely succeed’.
Meet Neeraj Kakkar, an ex Coca Cola employee, who left his job to form his own company, Hector Beverages. With dominance of Coca Cola and Pepsi in Indian Beverage industry many wouldn’t even dream of entering this highly competitive industry. However, Neeraj always had a belief that he could work upon his ideas and create something big. Following his passion for beverages and caring less about failure, Neeraj co-founded PaperBoat in August 2013. What started as a start-up back then is all set to create a revolution.
Lesson learnt: Passion is the genesis of the Genius. If you lack passion, you are likely to feel the stress.
Problem solving skills
‘Running away from any problem only increases the distance from the solution’
Mukesh Ambani identified the problem of low internet penetration in rural India. To motivate people to consume more data, he priced the 4G internet connection at as low as Rs 50, when most of its competitors were charging around Rs 150. He also refined the business model and didn’t charge a penny for the voice calls. He not only solved a major problem of increasing the mobile internet penetration into rural India, but also revolutionized the entire telecom industry.
Lesson learnt: Never run away from problems. Where there is a problem, there exists an opportunity, hence keep a positive outlook towards life.
‘Vision is the art of seeing what is invisible to others! Where there is no vision, there is no hope’
Bhavish, rented out a car to enjoy his vacation in the wildlife of Bandipur. However, to his extreme disappointment, the driver stopped the car in the mid of the journey, and demanded more money. When Bhavish refused to pay the extra amount, the driver abandoned him enroute his destination. Bhavish thought how his plight was probably similar to a lot of customers who were looking for a quality cab service, but ended up getting degraded services. He foresaw an opportunity and co founded OLA Cabs.
Lesson learnt: Vision is of utmost importance and a business without a vision is like a body without a soul.
Entrepreneurship is all about finding opportunities and converting those opportunities into businesses by taking risks. It tests your passion, determination, perseverance, dedication and commitment towards your work and the one who possesses all these qualities is likely to become an adroit entrepreneur.
It is said that –‘Most successful entrepreneurs don’t begin with brilliant ideas- they discover them’. So, today, if you don’t have an idea to start up, you need not worry. You just need to identify a problem and work passionately on building a solution to that problem and success will follow you.