7 Pointers For Entrepreneurship Advancement
by Manoj Sharma (inspired by Mark Mobius)
1) Corruption is detrimental to business. When individuals do not do their job to the degree it needs to be done, various levels of corruption sets in. Corruption creates setbacks (financial and otherwise) especially for the individuals guilty of it and this ultimately hampers productivity. The consequence is a loss of predictability. For business to be successful in the long-term predictability (month on month, quarter on quarter and year on year) is crucial. Investors demand it and customers expect it.
2) Keep an eye on emerging markets. Emerging markets are often the areas of greatest growth and least competition for a business. This is not just about blindly diving into emerging markets, but identifying profitable niches in which you already have a core-competency or have the conviction to make a difference. Mature economies and industries experience low levels of growth while emerging markets are truly exploding at the seams. Do your maths.
3) Discipline is the secret formula to entrepreneurship success. There is no substitute for the daily grind of doing what needs to be done. Doing what needs to be done independent of your personal preferences is what separates the winners from the rest. Develop a culture of discipline.
4) Research, research, research! Know your field, your customers, your competition and mostly yourself. Then act relentlessly. Don't fool yourself into believing that knowledge is power. This is becoming increasingly untrue. Take a look at the direction the world is moving in today, and you'll see that knowledge put into action, is true power.
5) Patience is a virtue in any given age and time. This will still hold true a thousand years from now. Patience is not lethargy, inaction or "wait and see". Patience requires you to strategically bide by your time, hold your tongue, exercise humility, smile in the face of adversity and most of all not succumb to your ego. This is tough yet exceptionally rewarding. Practice it.
6) Flexibility and fluidity. Set minds are the chief cause of rigidity. Outside of sound business principles a business grows in direct proportion to how flexible and fluid leadership is and how nubile, ready and competent the rest of the organization is. Get rigid and an inevitable death and rigormortis await you. Bruce Lee's old saying, "Be like water my friend, be like water" apparently has business applications too.
7) Watch! Pay attention to the past—you can see its remains everywhere. If in difficulty, observe the operation of economies and countries that are "behind time". Be present to what is going on in the moment—be this on the fronts of policy-making, to know what is worthy of news or by keeping your ears to the ground and eyes in peripheral vision mode. This is what will make your decision making powers sound. Lastly, attempt to see the future to the best of your ability. This is the most difficult thing to watch out for and a fine art in itself. The future belongs to those who are looking out for the future, can see it coming and create accordingly. This is your biggest challenge. Seek assistance on this.
Keep these pointers at the front of your mind as you face the challenges of business today and you're welcome to drop me a note to share how well they served you.
Manoj Sharma is Managing Director of DifferWorld Pte Ltd, a people-potentialization company. He is one of the most sought-after thought leaders and professional course presenter in the field of human potential, and is also a student of ontology, logic and life studies. Check the DifferWorld website for course preview details.
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