Entrepreneurs & the Challenge of Induction

Like the famous phrase goes, “A good beginning is the half the battle”, it is imperative for an entrepreneur to start the most exhilarating and stirring adventure of his/her life with that positive initial patch. The first step for the beginning is definitely igniting the flame of passion in you.

 

• The fire that never settles – Passion

"When you believe in something, the force of your convictions will spark other people’s interest and motivate them to help you achieve your goals. This is essential to success."

- Richard Branson

(Founder- Virgin group)

Image: pixabay

The major difference that sets apart the successful and unsuccessful entrepreneurs is definitely PASSION. It’s the inner blaze that wakes entrepreneur every morning with a goal of making their business better and better. Passion is a core belief that keeps one pressing on.

Success does not come overnight; it takes years to build a business. Perseverance and persistence is what it takes for a prolonged stint in the dynamic world of business. In fact, both are part and parcel along with passion. If one has passion about what he is doing, he would surely have patience to go through the ups and downs. Without the passion, the temptation of giving up at the first signs of challenge is quite high.

The passion in the right direction life would make the going easy. It’s well said that when the going gets tough, the tough gets going. Battling with the inner negativity is must before battling with the outer world. Hence, it is necessary to optimize thinking in a right direction.

 

• 3 Ways Extra-Ordinary Entrepreneurs Optimize Their Thinking

Traditionally, the entrepreneurs possess the attitude of “Yes, I can!” when others say “No, I can’t”. The ability to seek an opportunity in every possible situation distinguishes them from others. Optimizing thinking refers to developing a positive attitude towards situations thrown.

However, this requires persistence. The ability to seek solutions to complex problems and improving them is what separates the winners and losers.

It’s possible to rewire the brain to look for positives instead of negative. However, the task requires herculean efforts from the seeker.

3 steps where one can start from are:

1) Measure and Manage:

What gets measured; gets improved. Hence the very first step on the path is to take an account of two things-

A) The situations that cause fear, anxiety or restlessness;

B) The first word that strikes the mind in the tensed situations.

It’s a pure cognitive process which deals with the measurement of fear one has towards dealing with a particular situation.

2) Visualize success:

Flip the negative on its head. After identifying the situation of unrest and measuring the stress, think yourself to be in the hot seat in that particular situation. Initiate the rebuilding mentally. If one can imagine the negative, he can surely imagine the positive. Start turning the thoughts from “I am not good at this” to “I have got this”; or even better “I am going to rock this!”

 

3) Establish Benchmarks:

Start setting small goals for yourself to measure progress. Make it a goal to pay attention. Repeat the procedure ‘Measure-Visualize-Establish’ multiple times until the tensed situation doesn’t scare you as it used to.

How you think decides how you feel, and eventually how you perform. Influence your own particular intuition to defeat the unavoidable difficulties and you'll be en route to creating a next success story.

This re-designed thinking would enable to open the doors of new innovative ideas for a new business.

 

• How to analyze the ENGINE- business idea of the CART-business organization?

The stepping stone to a successful venture is its pillar- the business idea. It’s the belief of turning the brilliant idea into a business that drives most of the entrepreneurs on a path to make it large. This business idea itself is a base to what the entire empire of an organization is to be built upon. It requires this pillar to be strong enough to withstand the whole empire. So, the big question is how would you check the sustainability of your business idea?

The Lord Krishna of the war- The investor is the mentor of the business idea. Money makes the person risk averse. Investor investing in a business would turn him a little skeptic. Hence, it’s advisable to seek a mentor who’s not an investor. A mentor with an unbiased view towards the business idea is the perfect trailblazer for the organization. The mentor’s acumen would be a great asset to analyze the idea’s long term sustainability.

The Self-check- There are a lot of self evaluations involved as well in order to come up with the applicability of the business idea. The questions to be asked would be “Does it solve the problem?”, “Will people pay for it?”, “Is there a sizeable niche market?”, “Are the goals realistic?”.

However, the idea is just a horse but the determination and efforts are the real jockeys of the race. Doesn’t matter if the horse is fastest in the world, if the jockey isn’t competent enough, the race would never be won.

 

This article has been authored by Keval Boricha from IIM Raipur