In order to leave legacy behind you must enter into Entrepreneurship
Entrepreneurship is neither a science nor an art. It is a practice; and self-employment is the first stage of entrepreneurship. Working for oneself, as being independent contractor or professional is the first stage where you may step in the arena of learning to organise a business venture and assume the risk for it. Picking up the the right transitional strategy according to the situation is crucial and most important aspect to be taken care of.
Here are the the five simple steps which can help you navigate success by accelerating business growth-
- Understanding your START UP: Take ample time to understand the swift transitional phase of your operations. Entrepreneurship is about big numbers – big sales, bigger profit margin. Once you exceed certain numbers (pre- estimated target in sales) individually, enterprising your brand (goods/services) is always a wise thing to do. Kylie Jenner, Huda Kattan are few of the trending examples who have stepped into entrepreneurship by launching their brands from being social media influencers (make-up artists). Do not get bewildered and confused, build the strategy, organisational structures, and systems from scratch while keeping the concept intact is the success mantra which have also been affirmed by the Michael D Watkins (Harvard Business Review Press). Strategy and structural tools for self employed’s are totally different from those required in entrepreneurship. Self-employment is about doing it solo and entrepreneurship is about getting it done right with a team.
Playing safe is very risky in today’s market, if you are self-employed for a while it’s time to take a balanced risk. After all, Business is all about uncertainties and turbulences.
- Mark your TERRITORY: Analyse and recognise the sector or area which is the most challenging and inter-related to all other departments of your organisation and take it under your direct command/supervision. Most Challenging sectors in entrepreneurship are often most demanding one’s as well which requires decisive action and instant decision making under time pressure. What are the most challenging areas in your entrepreneurial journey will solely depend upon the product/services your are into and the way you have strategised to launch it in market. It can be marketing or distribution or operations etc.
Be Stubborn about your goals and flexible about your methods. - On time Scaling: Managing start-up is far more advisable and easy than managing rapidly growing business. Business scaling is the step you take when you decide to expand your business and according to me stepping into entrepreneurship from self employment is one big expansion (Chuckles). Once you are into entrepreneurship you have to be able to deliver to all those new customers satisfactorily who will be your future brand promoters (First lot is really important and crucial). Now the biggest challenge at this step is putting in place the system and strategies which can smoothen the scaling. Every department is an organisation requires separate but there has to be a system to permit overall scaling, integrating new employees; securing sales; finding money; using right technology; outsourcing; logistics etc are few key sectors requires closer eyes. Scalability is the potential for business growth which helps to motivate people associated with your brands and especially “Investors”. Your staff and people directly or indirectly associated will be inclined for extended support and efforts anytime any day if your business is intelligently scaled.
Scaling a business is about the ability to handle growth.
- Know your LIMITATIONS: Your success is limitless only if you know what your limitations are! To establish a successful enterprise you must leave your self-employment challenges & solutions behind, do not try to reenergise previous venture it might lead you in new problems. In self-employment you work, you make mistakes, you learn and you earn. In entrepreneurship you work, you make goodwill and there is no scope of mistakes because now you have a “brand” and a team counting on you financially as well as emotionally (I agree they say that emotions doesn’t count in business but if this would have been completely true TATA wouldn’t have existed fortunately it is the giant of the world.) Convincing your existing client and vendors can be challenging but you can always do that by providing enhanced services at finger tip (Yes! That is exactly where technology counts.) Careful structuring of top level team is key aspect to invest your time in, collectively an enterprise/organisation has ample pockets of strength to last in initial hustle of visibility, sustainability and brand building. Everyone wants to get associated with successful brand in order to be successful, so you must know when to say no and to what you have to say no and when to say no.
In business Never understand the power of saying NO.
- Nurture Success: Once your organisation has thrived do not settle for profits/goodwill/other accolades give time and understand and study the key contributory factors exhaustively. So that you not only sustain but continue to grow and prosper in today’s highly competitive market where business ventures enters and leaves on proportionate pace. Success can be transitional if small measure be ignored, organisational discipline, defined processes, and strategic systems plays huge role in maintaining success & growth equilibrium.
Nurture that talent and efforts which you had invested to reach this stage.