Owning a business and operating the business profitably is called Entrepreneurship. It not only involves being on your own to run a business, but it is the ability to take some calculated risks in order to be profitable. Being profitable is not a destination but is a journey, as one needs to be profitable at all times.
Customer needs and demands are constantly changing and there is no business that can run without the intervention of technology. Technological changes are really rampant and radical in many of the industries. These dynamics of business poses greater pressures on an Entrepreneur.
Running a business is always full of surprises. Business environments are complex, dynamic, multi-faceted and impactful, which makes it more challenging and ever evolving. Uncertainties and sudden developments make it extremely difficult for Entrepreneurs to plan their Business Strategies clearly.
In this everchanging dynamic business world, every change brings a possibility of identifying a new opportunity. This, could be an opportunity to learn OR to earn OR to learn & earn.
Photo by Adeolu Eletu on Unsplash
Many Entrepreneurs believe that the success level of their business relates to their overall work experience and skills. Along with this, you also needs to focus on nurturing these three basic critical skills that are integral to your business journey.
As an entrepreneur, you must ask yourself if you are inquisitive to know what is happening around you? Are you curious to know the developments, advancements in your chosen field? Do you want to foresee the way your business will evolve in the long run? Do you think you should be able to proactively make decisions and be prepared for the challenges and be able to convert many of these challenges into opportunities?
The answer to all these questions lies in your inquisitiveness. The curiosity in you needs to be fed well at regular intervals as a continuous process.
Great entrepreneurs are tasked to discover new problems, reveal potential niche opportunities, refactor their original Business Process, and innovate. There is a constant need to re-look into your own business model and improve. With the convergence of different technologies and integration of two or more eco-systems, it becomes imperative to learn about things that are both, within your core competency as well as other allied or connected fields. This is contingent on being passionate about different fields of study and business cases outside of your comfort zone.
- Strategic Thinking:
Strategic Thinking involves long term thinking in a solution oriented focused manner. Strategic thinking should always be combined with Innovative thinking and Design Thinking. The ability to think in long term basis and also to understand the repercussions that a decision might have on different facets of the business is very important. As an entrepreneur, you should be willing to take some risk and learn from your mistakes. The tolerance for mistakes and quick recovery through corrective actions will help in the long run.
Innovative Thinking is a process of continuous improvement and the only way continuous improvement can be achieved is “by questioning the obvious”.
Photo by Carlos Muza on Unsplash
Entrepreneurs should develop the skill to think out of the box in order to come up with innovative solutions to problems. At the same time, it is extremely crucial for an entrepreneur to think of a solution oriented process for arriving at a practical, viable and desirable solution. This is possible through Design Thinking. For every solution it is pertinent to check if all the four questions are answered in the affirmative ,which are :
(a) What is (b) What if (c) What Works and (d) What Wows.
Learning to break down a problem to its core and revealing the probable opportunities for growth is a skill which can be nurtured by Entrepreneurs with Strategic Thinking combined with Innovative Thinking and Design Thinking.
“When going gets tough the tough gets going”. This is easier said than done. Handling rejections, stress, burnouts, lack of focus, slow progress etc. calls for Resilience. Determination and eagerness to fight the same set of issues and challenges on a daily basis, is important when it comes to building a business from scratch. The patience and the enduring capabilities to stay focused can be tested on a repeated basis by the business world and it is very important for the Entrepreneur to stand up and never give up. The vagaries of business would lead to some setbacks and negative growth in the revenue. Entrepreneurs should have the resilience to face such situations and be ready for a quick recovery. It is always “Survival of the Fittest” and you need not be the biggest or the best company in your chosen industry. Revival of the business operations in quick time and surpassing your own expectations is possible only when you as an Entrepreneur are resilient.
Entrepreneurs who have focused on Excellence have done well for themselves and their business. They have helped the entire eco-system to which their business belongs. To set yourself on the “path for excellence” every entrepreneur should develop Inquisitiveness, Resilience and Strategic thinking skills.