Do not let failures in the business pull you down. Learn from them, recover and aggressively pursue your goal like you started. Stay the course. However, do analyze why they happened so you do not repeat them.
It’s that time of the year when you, as a person, as a business enterprise, and as an entrepreneur, are making plans for the next year. You, as an entrepreneur, are introspecting, planning, ideating, strategizing and looking back to analyze for future implementation. The days of warmth make you think harder. You, as an entrepreneur, are looking at the last year and thinking of your hits and misses. What you did right and what you did wrong? What worked and what did not? What is the future direction you should take as an entrepreneur and as an individual? |
| Anurag Batra |
Entrepreneurs celebrate life and the spirit of enterprise, and before an entrepreneur can do that, he or she has to believe that he or she is maximizing his or her full potential.
Here are my ten New Year resolutions—you may call them the Ten Commandments for an entrepreneur in 2010. Some of these are beliefs and ideas are universal and some are personal experiences, which lead you to the same eternal wisdom.
1. Stick to your knitting: Build on your core competence
Let me give you an example from the industry I come from—the media Industry. Dr Prannoy Roy has divested NDTV Imagine (its GEC) and NDTV Lifestyle. Dr Roy is sticking to his strength of being the most credible and best in news. While I haven’t met Dr Roy recently and do not know his mind completely, my guess is that he believes it is time to consolidate, restructure and be a world-class news network rather trying to be a world-class TV company with non-news assets.
This is my most important suggestion to an entrepreneur. Play a game that you are good at.
2. Drive your business: Be in it
While it is great to recruit professional managers and experts in your business—after all, a smart entrepreneur brings smarter people than himself on board—but at the end of the day the entrepreneurs should hands-on drive his or her business. An active interest from the entrepreneur does wonders for the business.
3. Listen to your gut feel
You built the business as an entrepreneur. Great entrepreneurs recognize and implement good ideas from everyone, but they must ultimately go with their own gut feel.
4. Learn from your failures
Do not let failures in the business pull you down. Learn from them, recover and aggressively pursue your goal like you started. Stay the course. However, do analyze why they happened so you do not repeat them.
5. Share your dream
Share and articulate your vision often with your close team. It is important for your team to know they are on course. They need to be a part of the big picture.
6. Be the person and the entrepreneur you want to be
Define your priorities, whether you are in it for money or passion. That determines how long you stay invested in the business. Be in the business for the right reasons and do the business in the right manner.
7. DREAM BIG
Continue to grow the business even when times are tough.
8. Invest in people and create more entrepreneurs
9. Do not worry about results
10. Adapt as you go along
I can go on, but really, these are simple gems that one needs to follow to be an entrepreneur and hit the jackpot. May you do in 2010!
As someone wise decided in his New Year’s resolution: "To tolerate fools more gladly, provided this does not encourage them to take up more of my time."
Anurag Batra is real life, first-generation entrepreneur who is Much Below Average (MBA) from the prestigious Management Development Institute, MDI. When he is not busy writing such columns, he can be reached at anuragbatrayo@gmail.com. Anurag is the founder and editor-in-chief of exchange4media group which includes exchange4media.com.
Subscribe to this comment's feed
| < Prev | Next > |
|---|
