ENTREPRENEURSHIP: Oh! What A Beautiful Mistake
There are millions of aspirations burning inside that small cubicle. Only a few dare the adventure to create an impact by moving out of their comfort zone. I was once reluctant to get the ball rolling for all the insecurities that surround the startup world. But then, you have to take chances in life and get the better of yourself.
Things changed after the private limited company registration as I took my chance and started a blissful entrepreneurial journey, albeit with a few hiccups. The idea was to simplify compliance for SMEs by cutting down the bureaucratic walls involved in starting a new business.
So far, the journey has been prolific but certainly not devoid of hiccups and discomfort experienced initially. Even now, such stuff goes on but the thing is – I got used to it! Entrepreneurship is a sweet mistake where you will like the fruits it offers you and still leave you with a thought or two inside your head about what if you didn’t start all this?
To me, I cannot imagine myself to be anything else than being an entrepreneur – aspiring, making sacrifices, ruthlessly progressing, compassionately living, and above all balancing every bit of experiences that it offers.
Here’s what I learned from my mistake.
– Balancing Personal And Professional Finance
There are times where find it difficult to segregate personal and professional finance. When a business runs low, you will be tempted to chip in as it’s a pocket money, and gradually it will become a habit. Don’t tame such practices as they imperil your other commitments as well. Never fall under the trap to juggle two distinctive sets of finances. You may end up paying up a price costlier than your business in this process. Put this to use by having two finance tracking systems, separate for personal and business purposes.
– Sacrificing Personal Commitments
Here’s the tough choice that you will make. For all those who live in an illusion of balancing two ends of life must also do an in-depth reality check – which may come as an eye-opener rather than a ‘happy realisation’. Initially, your startup will demand a high priority, and in the process, you will be squeezing your personal space and time for it. Be ready to sacrifice social events, family days, and even your vacations. Consider it as your initial contribution towards turning your dream to reality and not daydream about beaches and mountains.
– Taking Your Team Along With You
One of the biggest challenges you will face is building A-Team for your startup as you launch. You must not only run fast and grow but also take your team along with you so that they grow as well. This will win faith. A skilled, trustworthy team in a startup is a crucial asset responsible for the success of your startup and growing together is motivating.
– Be Responsibly Irresponsible In Mistakes You Commit
“Mistakes make the man”. It is just fine to make mistakes – as long as you accept them with learning involved. Remember, change is the only constant. Your blunders may have enough potential to let you explore that side of your entrepreneurship which may not surface otherwise. Embrace it, change accordingly and rise fast, rise sharply; never be embarrassed about it. Ever!
But after all this, there is something beautiful in the end. A series of scenarios will keep you afloat, and probably some investors will see potential in your dream as well. But I refrained myself from succumbing to the clichéd route and instead of chasing financers, I was pursuing my clients to make them better understand my product offerings. But getting the first 1000 customers onboard requires quite a bit of homework. There will be times when you will still look for an inspiration and trust me, you will find one!
Here’s how I overcame the hiccups and kept empowered my commitment charged with perseverance.
– I Looked At The Numbers – Analysed Them – Made Sound Decisions
I am glad that I committed mistakes by working out my business numbers on paper. This gave me a better sense of understanding about my business. But startups are competitive and propelling is the only way out. For this, you need to achieve maximum impact with minimum efforts. Make the best use of abundant analytics tools that make improved decision making faster and smoother.
– Learned The Art Of Delegation
Working as a team does not mean merely passing on responsibility and authority. You will also need to hand over the ownership of work which creates a sense of belongingness amongst the employees. Such faith translates to individuals striving hard for better results. It all begins with having a trusted team in place and choosing the right leader to do the job. This way, you will also be able to take out time for yourself that can be put to use by avoiding the nitty-gritty of a usual workday. Ensure creating specific set of values in the company and then pass those down to them.
– If You Ever Think Of Quitting, Question Why You Started It!
You have been in the business for a reason. There’s a dream that you nurture, there’s a purpose behind getting into this startup game and quitting was surely not the one! Sure, you must have had some good reasons to stop when you feel the turmoil of tasks taking over your calm and patience. Be confident and take the aid of a decision-making matrix to identify the reason that makes you think of quitting.
On the contrary, do find the right reasons as well and search for a ray of hope that makes you stick to the business. Take no decision hastily that makes you regret – be it quitting or pursuing, and based on my experience, the former may do more damage than you can ever imagine.
It all boils down to how you can make your venture profitable for yourself and the team collectively. Admittedly, it’s a mistake…only if you want it to be. You may instead want to correct it even if you make one purely because of what it offers in the end.
How about changing the perspective and asking a question that is rather teasingly pleasurable…which one will give you more happiness – 10% hike in your salary or 5% growth in revenue? If it’s the latter, you know you are at the right place, doing just what you are meant to in this life.