“Growth is a painful process, change is even more painful. But nothing beats the pain & frustration you will face when you are stuck in a place you don’t belong.”
Interesting… Right? Every single word in the above sentence is true & we know it because most of us are going through that agony & pain of being trapped, not knowing where to go next or even why am I here doing all this? Every one of us had plans for 2018, this was supposed to be our year, business was supposed to get back on track, systems were to be installed, people were supposed to be productive, the game was going to change forever.
But did all this happen? Since the year is closing & we are setting a fresh wave of transformation & targets in our organization & our lives, let me interest you in why all the above stated did not happen? Or what is it that we did not do right?
Once I was walking down the lane in at a national park, when something came to my notice. They had these huge elephants grazing in the corner, when asked they said these are jungle safari elephants. One thing I noticed that confused me was that these huge creatures were being held by only a small rope tied to their front leg. No chains, no cages. It was obvious that the elephants could, at any time, break away from their bonds but for some reason, they did not.
I saw a forest ranger nearby and asked why these elephants just stood there and made no attempt to get away. “Well,” he said, “when they are very young and much smaller we used the same size rope to tie them and, at that age, it’s enough to hold them. As they grow up, they are conditioned to believe they cannot break away. They believe the rope can still hold them, so they never try to break free.” I was amazed. These animals could at any time break free from their bonds but because they believed they couldn’t, they were stuck right where they were.
Like the elephants, how many of us go through life hanging onto a Paradigm (belief/thought process) that we cannot do something, simply because we failed at it once before?
This is exactly what is called “Linear Thinking”… No doubt over the period you will grow, you will build a huge potential, you will always have the resources in hand to do it, but once again the Linear thought process of “this is how my business is”, “Ye log nahi sudharenge”, “Humare yahan aisa hi hota hai” & most importantly I have to manage today will always stop you from thinking beyond today, growing beyond the pace at which you are growing.
In today’s dynamic world “slow & steady might complete the race but not win it, to win you have to be fast & consistent, whatever is to happen shall happen today & there shall be no scope to not achieve it”, is the mindset of an Exponential Thinker.
Zomato, Upgrad, JSW, Pulse chocolate etc. are few examples whose leaders believed in exponential growth. 3x, 5x was not even acceptable to them & hence in mere 10 years of their onset these organizations have become world class corporates.
An overall growth beyond 11 times awaits you all in 2019. My only question to you all is Are you an Exponential Thinker or a Linear Thinker? … Choice is yours..
Managing Bankruptcy: It’s a reality, a lot of people who became entrepreneurs had launched unsuccessful business ideas, failed and had to face bankruptcy within a short span of time. Have you planned enough for such a disaster i.e. zero money situation? If not, you should definitely make a checklist to face such a scenario. For example, taking up a job, selling property, temporarily moving in to your parent’s house, cutting out most comforts etc. Hence as a precautionary step, always better to assess your current source of income and estimate, if you started a new business, how long can you sustain on your savings. How messed, your life can become i.e. prepare yourself for all situations, in case your business failed.
Job and Business Together: Ideally you should not quit your job, just because you wish to turn into an entrepreneur. It’s always wise to continue your job and balance time and energy towards starting your new business. Setting up a successful business is a whole process by itself and achieved in stages over a period of time. So gradually transition yourself from an employee to an entrepreneur so that you are financially sound and life is not impacted. Once your business stabilises and the cash flow from your business alone is steady and incremental enough to meet all ends, you can decide to do just business full time.
Build Market Reach: Once you have started a new business, the next most important step is to market your company i.e. reach out and sell your idea to the target segment. Lot of entrepreneurs are shy or don’t know how to do it. This can ruin your business, despite having a great product/ service required by the market. Get smmart. You will have to invest on yourself and on your team by enrolling for entrepreneur related courses, develop public speaking skills etc. In short need to completely get out of the comfort zone to meet all challenges of running a business successfully, consistently. Make all the required noise in the market in multiple ways and increase networking.
Legal Requirement: The thought of starting a new business is very exciting but when you consider the legal framework for the same, it’s tedious and not so exciting. But you have to know all the regulations involved, since you cannot afford a bit to evade them, as the penalties are huge on doing so. You have to make a complete checklist of all legalities/ laws to be followed pertaining to company registration, accounting, taxation, employees and more. Do seek professional help of a chartered accountant / tax consultant/ legal consultant etc. who can guide you properly and also help you get the necessary regulations and legalities executed at a nominal cost.
Passion with Wisdom: We need fuel to start and propel a vehicle forward, and a steering, to take the vehicle to a desired direction. Similarly, one of the most important fuel to propel your business forward is your own passion and drive towards it. But just being passionate is not enough. You need to couple your passion with Data, Information, Knowledge and Wisdom to take your business to the desired levels. Get smmart.