Keys to Success for Entrepreneurs from a Seasoned Mentor Sanjay Prasad

NICE 21 April, 2021

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A new entrepreneur starting a venture takes on many risks associated with a business – be it people, capital, market entry & penetration, advisory & scale. Most entrepreneurs start their venture with a passion to start something around their interest area and in my view, their passion and a hunger to succeed are the most critical ingredients in this journey of entrepreneurship. 

Your venture should be what you love most and it should be what drives you every single day so that you can build an idea from its inception, help nurture & grow it, to a size that would have an impact in the space that it was created to be in”

Being successful often means learning from those who have already achieved their goals. Having a mentor is an amazing blessing to an entrepreneur but not everyone can find one that they can easily connect and work with.

If you haven’t yet found your business guru, do follow some of these simple tips:

Challenge yourself

The biggest motivation is to keep challenging oneself. Treat life like one long university education, where you can learn more every day. You can too!

Do the work you care about

No doubt running a business takes a lot of time. The best and the only way to be satisfied in life is to do the work that you truly believe in.

Take the risk

We never know the outcome of our efforts unless we do it. It can help to know that you would not regret failure, but you would regret not trying.

Believe in yourself

“Whether you think you can, or think you can’t, you’re right!”

Believe that you can succeed, and you’ll find ways through different obstacles. If you don’t, you’ll just find excuses.

Have a vision

An entrepreneur is someone who has a vision for something and a desire to create it. Keep your vision clear at all times.

Find the right connects

Who you’re with is who you become. Noted that the fastest way to change yourself is to be around people who are already the way you want to be.

Face your fears

Just say ‘Bring it on!’ … Overcoming fear isn’t easy, but it must be done.

Take action

The world is full of great ideas, but success only comes through action. Walt Disney once said that the easiest way to get started is to quit talking and start doing. That’s true for your success as well.

Invest time

No one succeeds immediately, and everyone was once a beginner. If you look closely, most overnight successes took a long time. Don’t be afraid to invest time in your company

Manage energy, not time

Your energy limits what you can do with your time, so manage it wisely.

Build a great team

No one succeeds in business alone, and those who try will lose to a great team every time. Build your great team to bolster your success.

Hire character 

As you build your team, hire for character and values. We should hire people for their attitude; you can always train someone on skills, but you can’t make someone’s values fit your company’s after the fact.

Know your goals

Set goals and remind yourself of them each day.

Learn from mistakes

Many entrepreneurs point to mistakes as being their best teachers. When you learn from your mistakes, you move closer to success — even though you initially failed.

Know your customer

Knowing your customer is the key to success. Know those you serve well better than anyone else, and you’ll be able to deliver the solutions they need.

Learn from complaints

We should understand that your most unhappy customers are your greatest source of learning. Let unhappy customers teach you the gaps in your service area.

Customer feedback

Assuming what customers want or need will never lead to success. You must ask them directly, and then carefully listen to what they say.

Spend wisely

When you spend money on your business, be careful to spend it wisely. It’s easy to spend too much on foolish things and run out of capital too soon.

Deliver more than expected

Delivering beyond expectations is a great way to get noticed in your industry and to build a loyal following of advocates.

 

Being a successful entrepreneur takes a lot of work, a lot of vision, a lot of passion and a lot of perseverance coupled with a hunger to succeed. 

Hope these thoughts will help you navigate the path much more easily.

 

Author: Sanjay Prasad, a NICE Friend, is an Advisor & Mentor. He is the Founder and CEO at MindSphere Consulting. He can be reached at sprasad@mindsphereconsulting.com 

Feature Image by Gerd Altmann from Pixabay

Published by Chitra Aiyer, NICE

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