Some Habits of highly effective Entrepreneurs

At one juncture in life that we all go through, we have to take the most important decision of life which is – “What do I want to become”

Sometimes, some thoughts have been inculcating in us, like “Study well, so you will get a good job or some said, “Study well, as you are going to be a creator job in future.

From childhood, many people  have a clear vision, Some like to teach, So they dream to be a Teacher, some like to serve the poor people or they show their interest in medicines, So, they choose to become Doctors, while some want to live their dream life, So they decide that they want to become an entrepreneur.

Previously I was working as a Business Consultant, during that period, I used to meet many entrepreneurs, directly or indirectly I asked them how/why they started their business?

The responses I got mostly consisted of answers such as “for not having to report to anyone”, “to be independent”, “to follow my dreams”, “to work as per my time”, “to make more money”, “to have free time with family”, “to support father in business” etc., I was not satisfied with their answers. If you don’t have  a clear goal then how you expect your future will be better. This is the reason why many entrepreneurs miss the bus and their business will not reach up to the Pinnacle.

Every coin has two sides in the same way entrepreneurs also have the two sides.

1) Successful Entrepreneurs,

2) Unsuccessful Entrepreneurs.

As a human being we all loves success stories like, Dhirubhai Ambani, Sachin Tendulkar, Shahrukh Khan, Bill Gates, Steve Jobs etc., but the fact is -these people have also faced the failure during their success journey. We all get inspiration from Success stories, and never try to learn from failure. So, today we will see some habits of highly effective entrepreneurs with the help of the life of my favorite cricketers

1) SachinTedulkar, 2) Rahul Dravid and 3) MS Dhoni

v “Failure” is a part of the life:

Everyone wants to taste “Success”, but without failure it is not possible. We all are very well aware about one of the best seller book “You Can win”. Another side of the coin is that author of that book Mr. Shiv Khera also tasted the failure when he stood in election. What do you think, he didn’t read his book, “you can win”.

It’s not possible that when we go on our bike every time we get Green light on as Signal. Sometimes we find red light also. So we have to stop and wait for the Green Light. Same thing is applicable in Business also, sometimes we find failure. Remember one thing “Failure” is temporary.

“It’s not how far you fall, but how high you bounce that counts.” - ZigZiglar

Sachin Tendulkar started his ODI career with 2 ducks but that did not budge his determination. Many times he met with injuries in his cricket life as well as heard some criticism, but still he was standing. You might see a few failures at the start or during the journey, but that must not deter your goals.

You can find any successful business personalities; they already knew that “Failure” is the Part of their life. You can’t create a history with each and every film. Some films create History and some Miseries.

Accept the truth that “Failure” will come. So, don’t be tense, don’t take any  worse decision. Wait until Red Light turns to Green Light

v Lifelong Learning:

In the initial phase of his career, Rahul Dravid was never considered to be a suitable ODI player. He was in and out of the ODI squad for the first few years. But he did not give up and started concentrating on his weak areas. Eventually he emerged as one of the highest run getter in cricket history. Similarly, as an entrepreneur, you’ll be required to learn new skills. You may be able to run your business with old concept but it is very tough to survive.

As an entrepreneur, we all have the habit of giving reasons instead of performing for result. Someone nicely said that either we have the reason or result. We always hide our failures with reasons like, very high competition, employee turnover ratio, lack of skilled manpower, lack of finance etc., it’s better to find solution.

Many entrepreneurs always show their eagerness for the readiness to learn, as business is changing so fast. It’s very tough to sustain your business as well as Customers. So, try to learn new things which we don’t have as an entrepreneur because without learning you can’t earn.

v Decision Making Skills:

To make a decision quickly and effectively is one of the big qualities that Dhoni has. One of the best examples was to make Rohit Sharma bat as an opener in Champions Trophy. Rohit Sharma who was struggling with his form and had played in the middle order was asked to open. After changing the batting position, Rohit Sharma emerged as a finest player hitting two double centuries in One Day International which is a World Record. And another decision was final over in T20 world cup by Joginder Sharma instead of experienced Harbhajan Sigh, and rest is history.

As far as Entrepreneurship is concerned, Right decision at right time is most important. Which location is good, which product we can stop to promote, how to hire a good employee, how to crack a right deal and many more. Each thing, itself is a wide subject but the main thing is to take the right decision at the right time for the betterment of the company.

v Make/ Find out  your substitute:

Another good quality of Dhoni is that, as he found Virat Kohli is ready to take his position, he quit from his position and gave it to Virat Kohli. Same is applicable in Business also many times business is shut down due to Entrepreneur. Plz. Remember one thing, your business should run with its brand name and not with your name. Many people don’t know the owner of KFC, McDonald, Pepsi or Indian Brand likes, Big  Bazaar, Central Mall, SOSYO etc.
So, moral of the story is, Brand should live as long as possible, with entrepreneur or without entrepreneur.

Let’s come to conclusion with following diagram

These are some skills, which are essential for any entrepreneur. Nobody is saying being an entrepreneur is an easy thing to do.

a.   You should accept that “Failure” is a part of the life, with temporary timeline. Wait for the right opportunity. So, you can move to the next level.

b.     “Failure is success if we learn from it.”

- Malcolm Forbes

We should learn from failure of ours as well as others. A good entrepreneur is that who learn from other’s mistakes. For that, you can do a small steps that at least you can start the habit of reading Business books, Entrepreneur’s stories. It will teach you some great lessons of failures and how to find out the solutions.

c.  In a day to day business activity, you have to make decision fast for the betterment of the company. Understand the situation and take decision accordingly. Well prepared decisions are easier to make and to implement, and generally produce the best results.

d.     If you will go to start or have already started the business then make sure, your business will run as much as it can with its brand name. If you will not come for next 10 -15 business days then also your business will run smoothly. So, find out your substitute for that.

These qualities will not translate into automatic success, but they will surely help you to achieve it and bring excellence.