All entrepreneurs who start up their own business have their paths and entirely different experiences. Some lucky ones have an easy way, on the other hand, some face difficulties and hardships. Enthusiasm, passion, and motivation is the thing that makes it keep going no matter how difficult the journey becomes.
There are some lessons about entrepreneurship that are inspired by Gandhi Ji’s three monkeys.
BURA MAT SUNO! (Hear No Evil)
That are things every entrepreneur understands that may discourage people from starting up. Some of the misconceptions that may stop people in business can be:
Age is just a misunderstanding. It does not matter if you have the passion to startup and firm plans to play the game. One of the most inspiring and attractive examples for age can be of Ray Kroc, who started McDonald’s at the age of 52, which has now become one the world’s favorite brands for fast food. Many such successful people started with late but made a significant difference. So, the message is, it is never too late to start up an idea of you have the passion for making the difference.
Business Needs Massive Investments
Many people aspire to start up a business with not much amount in their bags. There are business legends such as Dhirubhai Ambani (Reliance Group of Companies) and Karsanbhai Patel (Nirma) that have made their way right from rags to riches. All they did was to follow their dreams and passion. Similarly, it is not to panic if you do not have the huge amount of money to invest. Instead, all you need is a strong desire for making it through your efforts.
Business Needs Massive Advertising
Another misconception is that there is need of substantial advertising to achieve tremendous success in the firm. In fact, many companies do not spend a single rupee on advertising but are biggies in the market. Instead, they build their brand’s foundation on the quality of the product they deliver, reliable customer support and incredible word-of-mouth publicity.
You Need Your Premises To Run Your Business
Unless you are running a restaurant or a shop where the customers need to walk in. There are many options available today for office sharing, co-work space, renting desks or even working from a corner of your home.
Listening To Too Many Opinions
Listening to too many people- friends, family or business- minded people. This may eventually land you in confusion. Rather, you must take a decision based on your personal experiences and work history.
BURA MAT BOLO! (Speak no Evil)
Saying No to your client or Customer: Your clients may face the problem with the product or service you are offering. It is best advised never to say no if they need your help and in situations where you do not have a direct solution to their issues. Instead, you may ask for some time to find the solution to the problem. A direct and immediate no can hurt your customer’s emotions toward your brand. Contrary, an active support may generate a positive word of mouth publicity from its clients.
Similarly, the thing goes for the team members as well. Sometimes some extraordinary staff members have a potential and passion for outperforming from their regular everyday work. Such employees may not find supportive CEO’s or superiors that can make them shine. Such employees should be appreciated for their efforts and performances, lack of appreciation may, in turn, create negativity in the work culture.
BURA MAT DEKHO! (See no Evil)
Focusing Too Much on Competitors
It is not advisable to focus on the competitors in the market. Rather a startup should be obsessed with their products and customers needs as they are the people who will build the business. Although competition is good for any business, a healthy competition may increase encouragement to perform better in business, but it should be practiced regarding technology, business methodology, and product enhancements.
Focusing too much on Profits
It is more important to get the business basics right than earning direct or immediate profits from a startup. Profit- driven model can hamper the overall business growth. Therefore, according to the experts, entrepreneurship is all about designing and handling the business model and flow of activities in a desirable manner to benefit it in the long term.
The Bottom Line
The above suggestions are inspired by Gandhi Ji’s three monkeys may motivate you to go for your startup and lay a firm foundation for your business. These may inspire and encourage you to set up a new business by taking a right and informed decisions at the right time.