GlocalStartups

Have you ever felt that you are trying to achieve goals that are actually byproducts and not the real goal? Many entrepreneurs get confused by focusing on achieving their goals directly but neglecting the fact that those goals are actually the byproducts of the bigger goal. Let me give a few examples:

Making Money

Unless, you are obsessed about making money, its the value which you create which results in the generation of money as a byproduct. So to earn more money your goal should be to create value.

Success

Can you pursue and be successful? Success isn’t something to be pursued rather its the by-product of doing things right. Success can’t be measure by your last year’s sales. Your goal should be to run a fair and good company and to show integrity to both your employees and your customers. Success will follow.

Finding Happiness

We all seek inner happiness, as an entrepreneur if you are not happy with what you are doing, then you are not married to your vision and passion. The real goal should be find activities you’re passionate about and consistently engaging in them. Happiness will soon follow. Also consider spending time with people you enjoy being around like your loved ones and friends.

Social Status

I found a lot of entrepreneurs who want to be associated with large and influential people around them. That somehow gives them a feeling of superior status in the society. Your goal should be to help other people, build relationships, share experiences and show that you care which will in turn make you an popular and loved person in your social circle.

Creativity

Are you trying to be creative? Creativity can’t be taught or forced. Rather than focusing on just being creative, your goal should be to use your problem-solving ability, think in a unique way, try to recognize ideas and alternatives. Creativity is a byproduct of all the above.

Confidence

Can you become confident by saying to yourself, “Come on, be more confident”?. You can only get confident if you practice and repeat something which you are good at . Therefore confidence is a byproduct of being good at something. So your goal should be to find out what you are good at and to excel in it. As Aristotle wrote “Excellence is not an act, but a habit.”

It’s not wrong to want the byproducts in life, but they are the rewards we get for doing things the right way. Try to recognize and focus on your goals rather than the byproduct of that goal. When we do outstanding work, we gain respect and add value to others. Its requires curiosity, self-discipline, persistence, compassion, character, drive and other traits to live a rich life where we are happy, financially sound, confident in our own abilities and surrounded by people who love and respect us. So the question is: what is the actual end goal that you should really commit to?

Are you a soloist or a single man company boldly taking risks to create new and imaginative products? Are you trying to solve problems in unique and unusual ways by yourselves? Many entrepreneurs try to do it all until they realize that it’s a recipe for failure.

Successful entrepreneurs take the help of their team of people who can add their unique talent and skill to the mix to discover untapped markets; develop new solutions, and bring a product to market.

Building the Entrepreneurial Team

Successful entrepreneurs build successful teams. If you were to choose the team members for a business team, who would the best team players be? Every entrepreneur should strive to make a successful management team and also build personal partnerships with mentors and technical advisors who would help him make the most of his own potential and to develop his business ideas into fruitful businesses.

The three key domains of enterprise:

1. Product/service – To create the right products or services; at the right time; to the right audience; at the right price; from a position of trust and credibility.
2. Marketing/sales – To create awareness and interest in the product or service and to periodically convert that interest into sales and provide after sales support to retain your customers.
3. Financial management and controls – To keep the books of accounts, pay taxes  and meet Governemnt regulations and compliance. Also to provide accurate and timely financial forecasts and to secure finance at the right time at the right price.

It’s very hard to be equally good in all three domains of enterprise. There are things that are required for a successful business that others do better than you; no matter how gifted, skilled and talented you are. That’s why great entrepreneurs recognize that they need to play to their strengths and recruit others who can do the things that they can’t do well themselves.

Let me give you some hypothetical examples:

An entrepreneur has a network of  contacts, influential people but not the operational and organizational skills to manage the ongoing operations of a business. Without the right person to organize and manage the business plan, entrepreneur’s schedule and finances the end results is likely to be chaos.

An entrepreneur has the idea for a product but not the skills to manufacture it. Without someone with production skills, employee or contractor, the idea is only that – an idea.

Or maybe an entrepreneur has a brilliant idea but no strategy or planning to execute it. They should seek help and advice from mentors and technical advisors who have skill is providing advice, long-term strategy, and short-term tactics.

Seek help and advice:

From mentors:

You must be thinking, how do I find a mentor? A mentor is not involved in the day to day development of the entrepreneurs’ idea or their business but instead focusses on helping them with their long term professional development and goals. They can also act as an excellent source of introductions and referrals providing the entrepreneur with much needed credibility. He is someone who has had experience in similar fields to the one that they are pursuing who is kind enough to pass on some of their wisdom, knowledge and experience.

From a Technical Advisors:

These are people who help you with technical aspects of your business like business planning, accessing finance or other key areas of business development in any of the above three domains of enterprise:

• product/service creation or development,
• marketing and sales activities or
• financial management and control.

Even, venture capitalists rarely consider a business proposal based on the talents of a single individual but rather, the skills and experience of the entire entrepreneurial team. Therefore, at the start-up phase of your company, you should pay attention to attract new team members who are passionate, creative, able to spot opportunities, rejuvenators, innovators, flexible, resourceful and willing to take ownership of the entrepreneurial venture. What remains for the entrepreneur is to lead the vision and strengthen the team and ultimately have the bigger picture in mind such that new opportunities are constantly sourced

True entrepreneurs are resourceful, highly passionate and driven to succeed and improve their own life and the society around them.

• Strong Determination and Inner Drive to Succeed
• Strong Confidence and Belief in themselves
• Always in search for New Ideas and Innovation
• The Ability to Think Big and openness to Change
• Passionate and competitive by Nature
• Highly Motivated and Energetic
• Accept Constructive Criticism and Rejection
• Self Starter and Disciplined
• Open Minded and Creative
• Strong people skills