Passion is the Key Ingredient
The last few years have been an interesting one for India. There
have been large shifts in the way business works, and technology innovation is
becoming the game-changer in an intensely competitive marketplace.
In this type of an environment, an entrepreneur's job is well cut
out -they have the unenviable task of making sense of uncertainty . Some are
able to make the most of opportunities and challenges, and they stand out. Here
are a few traits that instantly catch my attention.
The first thing that makes a great impression is an individual's
clear understanding of the domain he or she functions in, and the ability to
identify a unique and scalable market opportunity in that space.This builds a
strong business case. Ideas are abundant, but applicability in real-world
scenarios is still scanty. Clarity of thought and depth on the subject are what
deter mine whether entrepreneurs `nail it' or just end up shooting themselves
in the foot. And more than anything else, if they truly believe in an
opportunity , they need to be continuously excited about it.
Next is the `how' bit. It wouldn't be a pretty sight if your
groundbreaking, destructive idea face-plants after the initial booyah. This is
why one needs to know the art of taking things from within one's head to the
market. And a good strategy is what paves the way for great entrepreneurship
and even greater innovation.
Another key quality of an entrepreneur is the ability to create a
workplace environment where great people are willing to join the ride.
Attracting the right talent to work with you and keeping them inspired is not
an easy task. Always understand the power of people who make the business
happen -and the fact that it is they who help you execute your strategy.
Empower them and make them a part of the big picture. Don't penny-pinch, share
your wealth and give them a sense of belonging.Xiaomi of China is an example
that comes quickly to mind. It is the strong foundation of great people that has
made Xiaomi what it is today.
Apart from these, there are two key ingredients that determine the
success of an entrepreneur -the knack of being decisive and acting with
conviction. You must have the ca pacity to make hard choices, take tough calls
and say `NO' when it is most needed. This is more often prophesised, than
practiced and becomes the starting point of procrastination that later ends in
failure.Take funding for instance. It is necessary to understand how much you
need, and for what.Reach that target quickly, and get started, rather than
waiting indefinitely. Make decisions quickly and move forward swiftly. If a
leader is unable to do it, it's necessary to put in a framework that cuts the
clutter and gets the ball rolling. And of course, to do all this, one needs to
understand the customer and the ecosystem and make the choices accordingly .
Lastly , and most importantly , to become successful as an
entrepreneur, the one thing that is essential is to be passionate about what
you do -and this overarches everything else that an entrepreneur does
(Sachin Bansal is the co
founder and CEO of Flipkart)
ET19JUN15
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