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Sunday, 27 May 2012
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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 http://www.differworld.com
for course preview details.
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