So far in this series of A to Z of Entrepreneurship, I have completed 5 posts and this is the last post on this topic. In previous 5 posts, I have explained below alphabets :
A- Attitude B- Business Plan C- Capital required D- Discipline E- Energy F- Failure- A Stepping Stone G- Goals H- Honesty I – Idea to Execution J- Judicious Decisions K- Knowledge L- Leadership M- Mentors N- Networking O- Out of the Box Thinking P- Profits Q- Quality Matters R- Return on Investment S- Self Development T- Technology Upgrade U- Upgrade your Skills
In this final post I will be covering remaining 5 alphabets i.e. V, W, X , Y and Z
V- VUCA World
Welcome to the VUCA world. VUCA stands for Volatile, Uncertain, Complex and Ambiguous. As far as business environment is concerned, there is less stability, reduced certainty, simplicity and clarity. For an entrepreneur, the journey is like an expedition. In a world of turbulence, ordinary mortals see Chaos, while entrepreneurs see unlimited opportunities. In a VUCA world, success follows to those who are nimble, adaptive, proactive and agile.
Volatility : Business landscape is completely unpredictable and unclear. The way consumer and customer preferences are changing, product life cycle is getting shortened. Business leaders and entrepreneurs cannot take their leadership positions for granted. Nokia was having 60% market share in Indian Market in 2005 in India but by year 2013 its market share plummeted to approx. 4% and Samsung became the market leader and by 2020 Chinese maker Xiaomi is market leader.
Uncertainty : Uncertainty involves the unknown or facing a situation that is unpredictable. A business may not be able to predict or forecast what’s caused the change and may be unsure how to proceed as a result. Uncertainty can also pop up in the form of business or market surprises, and may be a result of circumstances a business cannot control.
Complexity : Complexity refers to the number of factors that we need to take into account, their variety and the relationships between them. The more factors, the greater their variety and the more they are interconnected, the more complex an environment is. Under high complexity, it is impossible to fully analyse the environment and come to rational conclusions. The more complex the world is, the harder it is to analyse.
It is the fourth component of VUCA. It refers to the lack of clarity about how to interpret something. The more ambiguous the world is, the harder it is to comprehend.
In practice, all these terms are interlinked to each other. So, if there is volatility in the market, then uncertainty will certainly be there. In a similar vein, uncertainty will eventually lead to ambiguity and complexity in the business environment. Consequently, the business world has moved into the VUCA world.
A successful entrepreneur can create multiple winning entities. An entrepreneur not only creates wealth for himself but also contributes towards growth of the nation. A successful entrepreneur is the one who:
-Contributes to GDP of the nation
– Generates employment
– Creates an eco-system which eradicates poverty in the society
-Contributes to the exchequer so that government can initiate projects related to development.
-Provides products and services which are beneficial for the man kind.
– Helps other industries in the economy as in entire supply chain multiple people will be benefited ( Suppliers, Vendors, Service providers etc.)
-Introduces new technologies
X- X Factor
There’s a mysterious “X factor” shared by entrepreneurs around the world. Struggling entrepreneurs reach for it, while the successful seem to wear it effortlessly. But what is this elusive entrepreneurial element? Is it a learned skill, or is it genetic? Can entrepreneurship be taught, or is it something that’s just in your blood? Many skills possessed by great entrepreneurs can be learned but two elements which make them different. First being creativity, which is the ability to discover and develop viable new business ideas. The second is intuition, or the gift of knowing who will benefit from a new idea and how to sell them the idea.
You are accountable for the success and failure of your enterprise. It is your responsibility to convert your business plan into reality. Entrepreneurship is a difficult task and most of the entrepreneurs fail because of lack of commitment and focus. As a founder you need to have zest and passion. Your job is to inspire, lead, and motivate a team, getting a whole army of people to believe in your idea as much as you do. This sense of belief is paramount. Believe in what you do and create direction with vision that will lead to creation of successful venture.
There is no such thing as reaching the peak or zenith of achievement for the successful entrepreneur. Once one hill is scaled, a bigger one becomes the next target ! Challenges are always there !! Enjoy the entrepreneurial journey, learn new lessons, brace the failures and come out as winner, whole world is looking for new business role models !!
This was the final blog in the series of A to Z of entrepreneurship. Please share the link in your network.