3 Fundamentals Of Entrepreneurship
‘Shark Tank India’ is a revolutionary show that brings new ideas to life. So when I had a chance to chat with one of the judges from the show, I knew we would have an insightful and fun conversation.
I have for you my podcast with Ashneer Grover, President & Managing Director of Bharat Pe, a Fintech company that serves small businesses and Kirana stores in India. Ashneer, who currently sits on the Shark Tank panel of judges, shared his experiences as a judge on reality TV shows and his knowledge of businesses, branding, entrepreneurship, and the next big thing.
As part of our discussion about entrepreneurship, we discussed the fundamentals of starting your own business. Here is an excerpt:
There are not many people who know how to master business art. A few people are born with the qualities to become successful entrepreneurs, while others work hard to develop them.
Regardless of which description is most applicable to you, everyone will benefit from improving on these essential characteristics.
1. DRIVEN BY A STRONG SENSE OF MOTIVATION
Entrepreneurial success is primarily driven by passion. Entrepreneurs who are obsessive about their goals and ultimate vision will inspire others to believe in them.
The passion for reaching your goal is the only thing that can help you achieve your goal. An entrepreneur’s drive to succeed motivates them to take on new tasks and learn new things as he takes on these new responsibilities.
Motivation helps entrepreneurs maintain hope and overcome obstacles as they progress towards their goals. A successful entrepreneur is passionate and motivated in a whole new way.
2. HONESTY
Integrity and honesty are two of the best qualities of outstanding leadership in business. To create a thriving work culture, it is essential that you have these two characteristics, as they ensure consistency in workplace behavior and build loyalty and trust among customers and prospects.
Honesty means taking pride in your work, believing in your abilities, and not trying to pretend to be someone you are not. A company’s survival depends on a healthy amount of competition, regardless of its industry. To ensure your business is a success, you need to put your best foot forward at all times.
3. CONVICTION
An increasingly scarce trait in a leader is conviction, and we lack it since our brains are wired to overreact to uncertainty with fear.
An increase in uncertainty triggers the limbic system, where anxiety and panic are generated. Everyone who works with a leader who demonstrates conviction will be more successful. It’s easier than you think to amp up your sense of confidence.
A sense of conviction encourages people to do their best, and they know that results will follow if they concentrate all their energy and attention in one direction. People are put at ease when they believe this, creating a self-fulfilling prophecy of success.
There are several ways to become successful as an entrepreneur, regardless of whether you are relatively new to the game or already a seasoned entrepreneur. If you’re following an entrepreneurial path, it’s likely you already possess these traits, although they will be beneficial in the long run.
Check out my podcast with Ashneer here.
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