We have been talking about Entrepreneurship all this while. We have talked about the dos and the don’ts and everything in-between and around these two. However, there are times when things don’t move as per the rule book and that is when an Entrepreneur has to look above and beyond the obvious. He has to make moves that are contrary to common belief and has to take the paths that are less traversed.
Here are 8 such lessons which are contrary to what we have been told or made to believe in so far,
1. Failures are the stepping stones to success
While we set ourselves on the entrepreneurship journey we must bear in mind that we will face set backs and failures on the way. But this should not bring down our spirits. It is a well known fact that failures are the stepping stones to success. And entrepreneurship is no exception to this rule. Hence, failures should be expected. It’s a great way to learn and grow.Many people will tell you success is ‘the opposite of’ failure. That’s a lie because in reality success is the result of’ failure.
2. Value of a venture is more important than its valuation
While everyone around seems busy building valuation for their ventures, it is very important that one puts value before valuation while building a startup. Valuation technically is an outcome of the value that one sees in a business. It indicates the founders’ understanding of their business and industry, but also it is important because it eventually determines what is the stake.
3. You don’t need to fund your startup
Fundraising has become more innovative over time. One no longer needs to depend on securing bank loans or grants and connecting with venture capitalists and angel investors. It has become easier than ever to raise money for your startup with creative techniques such as crowdfunding.
4. Seek inspiration from things around you
Getting inspired is very important for everything that one does and Entrepreneurship is no exception to that rule. However, while doing so, don’t restrict yourself to any particular thing, because there is no one-size-fits-all source of inspiration for startup founders.
5. Finding people with great character traits
Any company is driven by people that work for it and it is very important that character traits are taken into consideration while hiring the team. By surrounding ourselves with individuals we can look up to and learn from and people that continue to motivate us and each other, it pushes us all to continue getting better.
6. Culture is of utmost importance
Just like character of the employees, another most important ingredient for successful entrepreneurship is the culture of your work place. It is very important that the employees are in line with what our values are, what makes us different as a company and what is the mission of the company and how they understood it. Giving value to the culture is what truly makes any company different.
7. People are very important
Any business is a success or failure because of the people that work towards it. Hence people is the most important resource for any startup. Hence, it is very important to build your business around people and surrounding yourselves with the best of the best.
8. Philanthropy should come from within
While it is essential for startups to give back to their communities, but you don’t have to force this onto your team. Philanthropy is something that should come from within. Hence, when you don’t force it on people they will feel at ease and will be more productive.