As an entrepreneur the number one privilege is to choose one’s own adventure. It is not a rose garden, but like every rose if the thorns can be removed it becomes easier. It has been an adventure over the last seven years, and I will attempt to put together my key learnings.
1. Make a decision to stay as an entrepreneur
In the first year of our business things were not looking great. Many of our pilots were not working. It seemed like a steep learning curve. At this juncture I happened to hear a talk by Ronnie Screwvala of UTV fame, where he stated, “First you have to decide to be an entrepreneur”. This resolve helped create a better framework to handle the situation and fortunately things worked. The universe attracts the right people at the right time, only when we are ready.
2. Understand basics of multiple disciplines
As an entrepreneur one needs to understand multiple disciplines and work on different avenues for growth. One of the most important jobs in business is ‘sales’. Rather as Robert Kiyosaki says it is the number one job.
Every business has a need to be administered in the same manner a kid needs a grandparent. In our founding team we have been fortunate to have my father Mr Anandkumar Gupta who retired as a Joint Commissioner Income Tax to take care of the nitty gritties while we could develop our business proposition in the marketplace.
Market intelligence is extremely critical when it comes to early stage operations. As an entrepreneur it is always easy to fall in love with one’s ideas. A feedback mechanism helps to ensure things fall into place.
3. Market intelligence is critical
Market intelligence is extremely critical when it comes to early stage operations. It helps to understand where things are and where things can be. As an entrepreneur it is always easy to fall in love with one’s ideas. However a feedback mechanism helps to ensure things fall in place.
One of my old colleagues helped us with some feedback on international opportunities which helped us to cross the first hurdle of survival.
4. Focus on key market segments
Although we have never said no to any client requirement as a policy, our focus on the affluent and high net worth segment has helped us deliver better over a period of time. The right question while choosing a segment is whether it is worth one’s time as a team and whether the company will be profitable over a period of time. If so one can consider the opportunity.
5. Take regular feedback
Customer feedback, as well as feedback from experts and key stakeholders helps you to take stock of where you stand in your business journey. It is important to understand if the business is in a growth mode, or a consolidating mode or declining mode. The basic functioning of a business may need to change and one needs to adapt and evolve with the times.
Business is a tool to do good, create an impact as well as to develop oneself and others. Only when seen through that one can forge a sustainable business built on virtue and growing on systems.
May the ride be worth your time as that is the only currency we all ever possess.