An Entrepreneur's Perspective

Recently I was pointed to a blog post from an entrepreneur based upon his own experience in growing what became a very successful business in India. As an experienced entrepreneur and someone who also works with them, I thought his insights and learnings were on-the-money and some profound. I offer his ideas for succeeding as an entrepreneur so that they can inform and inspire others like they did me.

  1. Four ingredients of a successful entrepreneur—Idea, Belief, Passion and a Willingness to Act.
  2. Asking the right questions—what, to whom, and when?
  3. Be willing to see other perspectives, putting yourself in the shoes of your customer so that you can really see where you can innovate for the customer.
  4. WW—Watch to Wallet. The amount of time someone spends with your product/service will reflect on that person’s spending.
  5. Necessity is the mother of Invention, Scarcity is the Father.
  6. Failure as an entrepreneur is a qualification, and should be taken with the right spirit.
  7. Having the right team is the key to success. Investors do not invest in an idea, they invest in a team.
  8. The right team can take an average idea and make it succeed, while an average team can execute a great idea into failure.
  9. Entrepreneurship is a mystery and the job of the entrepreneur is to transform the mystery into a puzzle that must be solved with the right combination of creativity, insight, boldness and work.
  10. Entrepreneurship is about dealing with uncertainties. It’s more about developing a strategy to navigate the uncertainties, staying lean and agile in the process.
  11. In the present economy, people driven by knowledge will automatically attract wealth. People not driven by knowledge may lose their wealth.
  12. Entrepreneurship is the art of staying afloat while you are not profitable.
  13. Cash flow matters more than attractive margins.
  14. Your approach to things is what differentiates you as an entrepreneur.
  15. Experiential learning is more valuable than institutional learning—learn from experience.