A to Z of Entrepreneurship – Part 2 (Series of 6)

In my previous blog, I covered various aspects pertaining to Entrepreneurship. Entrepreneurship is the process of setting the business or businesses by taking the financial risks in the hope of making profit. I have covered 3 letters of alphabets i.e. A, B and C:

A- Attitude: Attitude is a very important mindset that all entrepreneurs must-have. Apart from managerial & technical skills, if they do not have a positive attitude, they will not be able to achieve the goals that they want to achieve.

B- Business Plan : A business plan is the most important document for any entrepreneurs. A business plan can be defined as “a written document describing the nature of the business, the sales & Marketing strategy and the financial background containing projected profit and loss statement.

C- Capital /Fund raising : Innovative products and business models are the foundations of a promising startup or an enterprise.However to turn an idea into reality an entrepreneur requires a steady flow of funds.

In this blog, I am going to discuss on next four alphabets i.e. D, E, F and G

A to Z of Entrepreneurship ( Part-2 ) YouTube Video

D- Discipline/Focus :

If you are an entrepreneur or want to become one, self-discipline is one of the most important skills you need to develop to achieve success. As an entrepreneur, you need to be disciplined and focused on your priorities and important tasks. Sometimes despite of having enormous talent and skill sets, entrepreneurs lose the focus and deviate from their primary purpose of nurturing and growing business. Here I would like to give example of Cricket Vinod Kambli and Sachin Tendulkar. Both these child prodigy were equally talented and gifted. Some of the milestones of Vinod Kambli are worth pondering over :

-Kambli shared an unbroken partnership of 664 runs in a school match against St. Xavier’s School, Fort, with Sachin Tendulkar. Kambli contributed 349 runs before their coach Acharekar forced the pair to declare.

-Kambli made two double-centuries and two centuries in seven tests.

-Kambli also holds the record of “quickest 1000 test runs” by an Indian. He took just 14 test innings to reach this feat.

-Vinod Kambli scored 224 against England at Wankhede Stadium in 1993 as his maiden test century in his third test. In the next test against Zimbabwe, he scored 227. In his next test series, he scored 125 and 120 against Sri Lanka.

-Kambli is also the only cricketer to hit three consecutive test centuries in three innings, all centuries against different countries.

Despite of having glorious records in the initial years, Kambli could not achieve the success and recognition, what Sachin achieved in his career spanning over 24 years. Only things which differentiates both these players are discipline and focus. Work ethics and professionalism of Sachin are world class. He always gave priority to his game over other things. while Kambli got distracted and was more famous for his antics and actions off the field rather than on the field and gradually his career took downward direction.

For young and potential entrepreneurs, discipline and focus will be required not only at the onset of their business career, but through out the journey.

E- Energy / Enthusiasm

 True entrepreneur should be enthusiastic enough to give the right way to his dreams and convert them into realities. Like intelligence and positive attitude,  enthusiasm equally plays a vital role in every successful path. A work done without enthusiasm is like a vehicle without fuel.

A work done with enthusiasm gives a way to the desired results. Nothing great was ever achieved without enthusiasm. Entrepreneurs should be enthusiastic and future-oriented. They should be risk-taker of their own enterprise in pursuit of profit. They should have high energy levels to achieve their goals. They should be enthusiastic enough to pass their enthusiasm to their team in the way that everyone should be dozed by their enthusiasm. An enthusiastic person never fears to face any ups and downs and take any loss. He always comes up with the best possible solution.

Failure – A Stepping Stone for success

Most entrepreneurs fear failure, but failure does not prevent success. Actually, failure can lead to success as long as, we learn from it.  Failure is one of the keys to success because it teaches us more.  Thomas Edison, maybe the greatest inventor of the modern era, said the following while on his journey to create the long-lasting electric light bulb, “I’ve not failed.  I’ve just found 10,000 ways that won’t work.”

There is no failure, no disappointment, no mistake in our past that can stop us from taking a positive step forward right now. No matter how many times we may have fallen short of the mark before, success is closer than ever.  All our past failures were actually laying the foundation for our future successes.

Your Plan
Reality

Whether it has seemed to work or not, every step you’ve taken up to now has brought you closer to success. Failures are but stepping stones on the road to success. You understand that your desire for success has to be greater than your fear of disappointment and failure.  Take the steps that will take you were you need to be.  Here I would like to share you motivating stories of two successful entrepreneurs of this era:

Story – 1

At age 5 his Father died. At age 16 he quit school.

At age 17 he had already lost four jobs. At age 18 he got married.

At the age of 19 he became Father. At the age of 20 his wife left him and took their baby daughter.

Between ages 18 and 22 he was a railroad Conductor.

He joined the army and washed out there.

He applied for law school and was rejected.

He became an Insurance Sales man and failed again.

At the age of 25 ,He became a cook and dishwasher in a small café  and  retired at the age of 65.

At the time of retirement he had $105 with him and he thought of committing suicide. However he suddenly realised that there was one thing which he could do better than anyone else and that is cooking.Bought and fried come chicken using his own recipe. His recipe was rejected 1009 times before anyone accepted it.

Afterwords he got the success and became world second biggest food chain KFC ( Kentucky Fried Chicken ) and KFC is having more than 22000 franchise in 150 countries.

Name of this inspirational entrepreneur is Colonel Hartland Sanders.

Story – 2

He failed in primary school test 2 times, middle school test 2 times and College entrance exam 2 times.

He Scored only 1 mark out of 120 in college entrance exam in maths subject.

He was rejected by Harvard University 10 times .

He applied for 30 job’s after college and was rejected by all of them.

He was the only person rejected by KFC out of 24 persons applied for a job. After starting his company in 1999, revenue of first 3 years was zero.

At present he is 23 rd richest person in the world .Third richest person in Asia and Second richest person in China. He is Jack Ma , Founder of Alibaba.com

G-Goals

Setting goals – and meeting them – is an important way for business owners to grow their business. There’s a tried and true method for setting effective goals, and it’s SMART. That stands for goals that are Specific, Measurable, Attainable, Realistic, and Time-driven. Here’s what that means.

S- Specific: Your business goal should address the ‘What,’ ‘When,’ ‘Where,’ ‘Why,’ and ‘How’ of what you want to get done. Your goals should be SPECIFIC, Includes dates, resources, and money you will be required to accomplish them.

M- Measurable: You won’t know when you’ve reached your goal if you can’t measure what you’re trying to accomplish, so measurement is an important part of goal-setting. If you want to add a certain number of new customers in a year, break it down into the number you need to sign per quarter or per month in order to reach your goal. That way, you can adjust your strategy if you find you’re not on track to get to your goal.

A- Attainable: Entrepreneurs are optimistic by nature. But your goals need to be attainable if you hope to achieve them. The key to creating an attainable goal is to strike a balance between challenging and impossible. If your goal is too easy or too difficult, it’s not motivating. Increasing sales by 10% at a business that’s just introduced a hot new product is not challenging. But doubling sales of a mature product is not attainable.

R- Realistic: Setting a realistic goal is a lot like setting an attainable goal, but it’s not exactly the same. Goals should be realistic and relevant.

T- Time-bound: Setting timelines is intended to ensure you stay on track with your goals and prevent them from being overtaken by the day to day tasks of running your business. Deadlines create urgency and make you accountable. Without deadlines, you will get it done ‘someday’. We all know how that goes.

Hope you must have found this blog useful in your entrepreneurial journey. Please share the link in your network.

About Author: Pune based Nitesh Kataria is a Marketing professional having 23 years of experience in Sales & Marketing, Business Development, Distribution Network Management, Digital Marketing, Advertising, and Branding. He can be reached at 9822918211.

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