Before Jay and I started Hashtaag, we were not certain to be entrepreneurs. But we did have the necessary core skill sets. We had the knack for thinking in a dozen directions — being able to see lots of options, evaluating them, and come to the best conclusion. This went on to become one of the fundamental ways at Hashtaag: there is often not a solitary ‘right’ answer, if you think enough. But here, there are no fixed ways of doing things. This gives us the motivation to delve into deeper solutions and explore new avenues.
Starting a business requires a strong will, extreme patience and proper planning. After we started, we had a sturdy roadmap that ensured well-organised cash flow management, hiring the right employees, right time management, delegating the right tasks, the right product to sell, marketing strategies, capital, strapped budgets and business growth. But for young entrepreneurs, the essential character trait is confidence.
It is necessary to remember your goals and trust yourself. Take a realistic view of your strengths, understand and focus on the company’s ideologies, and employ the tools and tactics aligned for better return on investment. It is necessary to sort out what opinion is beneficial for your startup. Don’t spend time on counsel that doesn’t synchronise with your business ideology and vision.
Spend time preparing and becoming an expert, refining your idea, and networking like crazy. Be creative, think out-of-the box, take risks, be optimistic and stay future oriented. Look up to the useful traits of successful entrepreneurs and improve your present methodology. The most crucial part — manage the financials. Young entrepreneurs must learn the skills of investing money in the right channels at the right time, as most startups struggle after a point due to insufficient funds. It is healthy to seek investors, but young entrepreneurs should look for funding alternatives.
As the business progresses, even the most successful entrepreneurs face bouts of turmoil. All businesses need a good idea to get it going. Even if you have all the possible resources to kick start your business — you have capital to keep it rolling, you hire motivated employees to do the job just right, your plans make sense but it all boils down to you as the entrepreneur. Are you the smart businessperson who can bind it all together and make it make good sense? While most startups face similar challenges in their initial years, it is the entrepreneur and the big decisions he/she makes that decide the company’s success. The job of every entrepreneur is to take the lead at every juncture. Being a leader means having the fundamental qualities of honesty and dedication, but as a secret to success, entrepreneurs must also educate, motivate and inspire employees to take risks.
A great measure of success, as an entrepreneurial employer, is if you’re inspiring more entrepreneurs. Mentor your team. Giving them the platform to experiment, and recognise their milestones. It is important to emphasise that a startup’s journey is not just its own, it largely lies in the employees who find confidence in their leader and choose to be a part of its success.
Being an entrepreneur is not an easy job, even if it means “being your own boss”. Starting any business is challenging, but with the right attitude it can be extremely rewarding. Celebrate your successes, especially the small ones in the early days. But don’t let that party distract you or slow you down. Keep going back to the drawing board and chalking out your next steps. Always keep moving forward.
Guest Author
The author is chairman & co-founder of Hashtaag
