ENTREPRENEUR SPECIAL ................Passion is the Watchword

 Passion is the Watchword





Entrepreneurship is an eclectic marriage of art and science; hard facts and data are used to evaluate different ideas. However, there are a couple of other very important inputs. Typically , entrepreneurs tend to build businesses in areas they are comfortable with and understand. It is important to play to your strengths as logical assessment and intuitive understanding then come together.

During various stages in a startup, logical, fact-based thinking and intuition may be at odds with each other. While numbers may not yet show the prog ress the venture has made, or give one comfort, you may push the envelope to see how things will pan out, knowing in your heart you may be onto a good thing. And you end up taking the risk.

So, is there such a thing as an `ideal' entrepreneur? In my mind, an `ideal' entrepreneur is someone who not only displays the potential to build a profitable scalable business, but also wants to make a real difference and impact, whether that means creating a market, building an industry , altering the way people think about things, or making their lives better and easier. I have a particular bias for ideas or businesses that are `must have' not just `good to have' and those that are `must have now', rather than at some point in the future. They should also have the potential to be truly differentiated, address a large space and have technology as the lynchpin of the business.

Over the last two decades of interacting with founding teams, there are a few things I pay particular attention to. The first characteristic I look for is passion. Unless one is completely immersed in the business idea and obsessed with bringing the idea to fruition, it's hard to be able make a success of it. Chances of success dramatically improve when intent meets mania. So, a passion to do something that helps make the lives of people better or addresses a big problem area, or fulfills a need, real or latent, underlies successful entrepreneurship. Secondly, self-belief and tenacity, coupled with humility, are important factors. It is common knowledge that entrepreneurship is hard. And not everyone's cup of tea.There are a number of imponderables. The ambiguity and lack of structure is tough, and the high risks make entrepreneurship a bitter pill to swallow. There are a number of stories to illustrate how entrepreneurs often bet their last paisa on their ventures. But just as the risks can be endless, the rewards can be significant, too. However, while doggedness is a key characteristic, it's also important to realise when you have reached the end of the road and it may be time to pivot to increase chances of survival, success or both.Often the lack of flexibility leads to businesses sputtering along displaying a very low level of outcome.

Thirdly, specialist skills and knowledge of the subject are key. As opposed to managing an ongoing business or venture or executing someone else's idea or vision, with entrepreneurship, you are trying to `create' something new and it's difficult to `create' unless you know something really well and understand what is happening in the space.

Finally, it's chemistry. You end up investing in people you like; the ability to have a positive relationship with your investees improves the chances of business success while making it sweeter and more rewarding for everyone.

(Meena Ganesh is cofounder & CEO of Portea Medical and Partner at GrowthStory)

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