“As an early stage investor, we invest in team and it is the most important criteria for our selection” says Parag Dhol, MD, Inventus India, while delivering the keynote at TearDown May2018. Inventus capital has invested in successful startups like redBus, PolicyBazaar, Unbxd and MoveInSync.
While delivering his keynote on his Philosophical Take on entrepreneurship, he lists down Seven neatly packaged straits that makes a successful founding team.
Creativity is the greatest rebellion in existence (Osho). This statement is also very true in an entrepreneurial journey. Creativity is a solution oriented process. To run a successful enterprise, you can’t just think logically and mathematically. It is also important to stimulate the right side of the brain, i.e, the creative side of you. Creativity helps in identifying opportunities. When going gets tough, it helps in finding solutions. Entrepreneurs have to be a bottomless pit of creativity. Creative thinking is the must have “skill” of an entrepreneur for the creation of new ideas. It allows a person to devise interesting processes, and in doing so provides entrepreneurial advantages.
Have you ever wondered how Elon musk knows so much about space? It’s because he read the entire Encyclopedia Britannica when he was only 9. He is known for reading 10 hours a day. Elon has stated numerous times that two of his lifelong goals are to help mankind hedge risks by becoming a multi-planetary species (SpaceX), and to help develop renewable energy sources (Tesla and SolarCity). Hefty goals, but goals he seems to believe passionately in. And it is only this passion that has made him so successful in his field.
Passion, undoubtedly, is the chief driver of successful entrepreneurship anywhere in the world. Being a triumphal businessperson is a struggle, but without passion, that struggle will always remain a struggle. Passion is the best entrepreneurial painkiller. Business owners must be passionate while pitching to investors; selling to customers or hiring new employees. If you don’t love what you’re selling, how can anybody else? Passion is one of those intangibles that drives an entrepreneur, gets them through the good times and bad, and ultimately dictates the success of any startup. Passion can therefore be a differentiating factor between a startup’s success and failure. Of course passion alone is not enough, but not many people become successful without that internal drive.
Do you want to know how to make your brand/startup relatable to both investors and customers alike? By using storytelling, of course! As an entrepreneur, storytelling can connect you with friends, colleagues, investors and clients on a deeper level. Be open to sharing your story whenever and wherever you can. All the formats are welcome, be it podcast, video, speech, panel or blog. Just tell your story the way you want to!
Stories are how we connect and learn from each other. We think and act through stories. They register in our minds more easily, and are more powerful than frameworks, lectures, books, or articles says Prof. Suresh of NSRCEL @ IIMB. He emphasizes this point by giving an example that “If I asked any of my students about what they learnt the most from the the classes I teach”
A frequent response they give, he says is: ‘Co-Founders talking in class about what they do.” It is therefore vital to have a good storyteller in the founding team. If not, it is better for one of the co-founders to develop this skill at the earliest.
Life doesn’t just happen. It is defined by the choices we make. Our lives are nothing a series of choices we’ve made so far. Life presents us with numerous crossroads. A lot of the times, they’re staring us right in front of our face and they’re really difficult, but we must make them.
Picture Courtesy: outlook business
Most of the time our decisions and choices are based on predictive calculations, and heuristics rooted in prediction. It’s an uncertain world out there for entrepreneurs. We as entrepreneurs should determine goals based on the resources in our possession. Entrepreneurship in an unconventional way.
What would you do if someone gave you a marshmallow and told you that you could eat it right away, or wait for sometime and get two instead of one? Chances are you might be temped to eat the marshmallow right away, but you decide to wait… half of your journey to being a successful entrepreneur is already over. Delayed gratification or instant gratification. What are you going to choose? The popular experiment, known as the ‘marshmallow test’ performed by Stanford and administered to children, saw a direct co-relation between those who chose to wait and those who grew up to become successful individuals. There are no shortcuts on the road to entrepreneurial glory. See the bigger picture. Perceive who you want to be as a company down the lane, and make it happen.
Ethics is not just something that you choose or not choose to follow. It is non-negotiable. Don’t build your company on cheap antics and morality holes. It’s only going to backfire. It’s not worth to sell your integrity for a couple of extra dollars. Sleep like a baby every day and don’t worry about guilt. All you need to do is clean business.
Don’t thrive to be successful. Thrive to be the best. Try be be the greatest. Aim for the stars and set a mark the world has yet to see. Be an entrepreneurial hero of your generation. Be a legacy for future companies to look up to. Be remembered for the unprecedented undertakings you performed as an entrepreneur. Use your drive to become the best you can be.
Follow these seven steps for a recipe to becoming a successful entrepreneur. In fact, this simple recipe can be applied to any area of life. It may sound easy on paper, but it takes a lot of time and practice to master these skills. Take it one skill at a time, and one day at a time, until you become the definition of a skillful entrepreneur. So what are you waiting for? On your marks, get set, GO!
Picture Courtesy: techinasia.com, yourstory, outlook business