Becoming an entrepreneur is not a part-time job. It is rather a lifestyle change that affects your day-to-day living. You have to work wisely and take decisions with a lot of responsibility to overcome every obstacle. Making strategies to achieve your company's goals and objectives is not a cake walk. It is a process that requires complete attention and innovative ideas. And your job does not end with just an idea or the execution plan as you have to prove yourself at every stage from impressing the angel investors to luring the potential customers. In fact, planning and strategy development is just a fraction of your massive responsibilities being the steward of a young organisation. While implementing these ideas, marketing them well and managing every core activity of the business with utmost perfection and efficiency demand a lot of dedication and hard-work.
Stay healthy for healthy returns:
You need to stay physically fit to resolve various day activities that an entrepreneur pursues round-the-clock and especially in the hours of emergency. And yes, it goes without saying that you need to be psychologically well-poised and passionate while chasing your business goals and targets. In such a challenging scenario maintaining physical health and keeping the mind at peace should be one of your prime objectives. You can quit a job if you want a change in industry or feel dissatisfied as an employee, but being an entrepreneur, the term give-up is out of your dictionary. You obviously cannot quit from a venture in which you have invested your time, energy, and lots of other precious resources.
Be confident to win others' confidence:
It is important to come out of your comfort zone as there will be a lot of situations that you might have to handle which you have never been in before. A common example can be of public speaking and most of the people want to run away from it and feel extremely uncomfortable doing it. You must stay confident while addressing the investors, clients, employees, and the media to get success in every business endeavour. A good beginning would be by looking good in order to feel good and confident.
Listen to your gut feelings but make well-informed decisions:
Making association with like-minded and intelligent people is the soul of business partnership. A point that can bring you to doom is a lack of managerial skills in the key people of your organisation. Choosing the right people to work with you and especially the right co-founder is crucial for the company. Some entrepreneurs end up picking a co-founder based on friendship, or an old work relationship, but that does not always seem to work. Listen to your gut feelings but make well-informed decisions.
Many a time, it happens such that in the excitement of starting a new venture, you may ignore the person you are about to pick who does not have enough managerial competence and would eventually pay a heavy price for it. Think if he or she will be a great helping hand or not, as someone weak on strategic thinking can be disastrous. Instead of aiding you in your weaknesses and obstacles, they compound them over the time.
The writer is senior Vice President, Judge Group.