Entrepreneurship: A Driving Spirit: If I remember correctly, it was the 18th of August 2021, and I was returning from a small errand and decided to have a quick tea break at the Sharma Chai, Lucknow’s very own tea shop. This shop has been running successfully for more than a decade now and serves very delicious tea. One can even say that it is one of the things Lucknow is known for. Ask any Lucknowite anywhere in the world, and you will see the weight of my words.
Moving forward, I scrolled the news on my phone while sipping the masala chai and came across an article about a small startup in 2016 that started in Indore with a capital of three lacs rupees, and their turnover for 2020 was more than ten crore. And the one common thing between the Sharma Chai and this startup is that they are both selling tea, so they share the same key success factors to focus on.
The startup known as Chai Sutta Bar is growing big; they spread over 70 Cities in 3 Countries and currently operate over 150+ outlets.
The Sharma Chai and Chai Sutta Bar are in the same business. They both are successful in their own way. Though one is running successfully for over a decade in a city and has no other outlet, the other one started just four years ago has over one hundred and fifty outlets in three countries. This led me to think, why so? What’s the difference? Is it a strategy? Is it the difference in mindset? Is it better marketing?
There were so many questions running wild amid till I felt that the entrepreneurial spirit helped the Chai Sutta Bar to grow, helps them get up every time they fall, and helps them jump over the hurdles, whether a small one or big. And that’s all that matters.
It is the difference between a vendor and an entrepreneur
Let me clarify further.
One who can convert ideas into reality; in the heart of a crowd, one who can see what others are unable to or unwilling to notice; an entrepreneur can see the bigger picture. It is about investment and market research, developing a product or service, a marketing strategy, and a business plan. Who will advertise the company’s products directly or through a distribution channel? Several marketing tactics are employed to help a product or service get established and improve sales. Moreover, an entrepreneur believes in being proactive rather than reactive. It is the entrepreneur’s job to build a product or service and bring it to market. They have to develop a business plan and a marketing strategy.
Now, if we talk about vendors, they will not be interested in any strategy for moving forward. They will not have a vision or mission, and they will not be proactive. They will be reactive to any change in the environment, the last one to benefit from any opportunity, and the first one to face any threat. Vendors are not the ones who do not want to take any risk, so obviously, the reward is also minimal.
I think it is the same with the Sharma Chai and Chai Sutta Bar. The Sharma Chai would never have thought about selling out franchises or even opening a new shop. The owner is in his comfort zone, and he does not want to cross a certain line. He opens the shop in the morning and closes in the evening, goes home, spends some time on the couch with television, and sleeps. It is a daily routine for him for years, and it is difficult to change a habit without determination. So, he may not create an empire, though the tea he is selling tastes like heaven.
On the other hand, the owners of Chai Sutta Bar, Anubhav, Rahul & Anand, had a vision for them, and they worked for it. They created new comfort zones for them and then worked outside them to make another one. Being an entrepreneur calls for devotion, self-control, sacrificing a little to gain big. But the good thing is if you set your mind to something, you can do it.
Now, Let me tell you about the essential skills for becoming a successful entrepreneur.
Critical thinking abilities are required
The capacity of an entrepreneur to think critically is the ability to examine data objectively and make a sensible decision. When a firm encounters an issue, it may utilize it to assess the situation and develop a solution. Entrepreneurs as employers respect a candidate’s capacity to think critically since it assists in problem-solving and technique development. A critical thinker is often self-reliant, competent, and self-reflective. As a result of this capacity, entrepreneurs can logically link ideas, examine data, analyze arguments, and find inconsistencies.
Creativity
Creativity is an important yet underappreciated skill in today’s digital age. Employees are encouraged to think creatively as part of the innovation process. Creative entrepreneurs aren’t afraid to take chances and experiment with solutions that others might avoid because they’re frightened of failure. This individual thinks beyond the box and always seeks guidance from professionals in a different field to gain a new perspective. As a result, it is one of the most sought-after entrepreneur skills since it enables them to discover patterns and devise inventive solutions to problems.
Leadership abilities
Excellent leadership skills are necessary to encourage coworkers, empower employees, and lead from the front. A competent leader provides a good example, can take on leadership responsibilities, and can work effectively in a team. Leading entrepreneurs motivate their employees, manage operations, and delegate tasks to accomplish the company’s goals.
Robust time management skills
When you manage your time correctly, your productivity rises, and your workspace becomes more efficient. Entrepreneurs with time management and organizational skills understand how to prioritize work and prevent procrastinating. Entrepreneurs monitor their own and their team’s time to ensure that tasks are finished on schedule. They also set time restrictions for each activity, prioritize tasks, delegate work to others, create a task list, and use technology.
Ability to take risks
The capacity to take calculated and educated risks is one of the most crucial entrepreneurship skills. Employees with an entrepreneurial mindset do not hesitate to take calculated risks because they understand their benefits. They know that a risk is an opportunity to learn and grow your business to the next level. Employers are looking for those who are willing to take risks.
Management skills
An entrepreneur must manage a business to run a company and fulfill all of its objectives. Furthermore, because they have a deep understanding of the industry, entrepreneurs with these abilities may monitor and manage the operations of several divisions. Company management skills include the capacity to multitask, assign responsibilities, and make critical business decisions.
Financial management abilities
To be a successful entrepreneur, you must be able to manage resources and analyze opportunities. Aside from that, they must be acquainted with accounting and budgeting software to keep track of all financial activities. Entrepreneurs may avoid overspending by learning financial skills and making innovative use of resources.
knowledge of networking
You must network with other professionals to develop and advertise your firm. A strong brand is founded on a strong network of relationships. When entrepreneurs network, they may meet other professionals who share their interests, form future teams, and stay updated on industry trends. The ability of an entrepreneur to develop a strong network is one of the most sought-after skills, as it allows the entrepreneur to meet specialists who can assist fund their projects and gain professional business experience.
Problem-solving
In many circumstances, entrepreneurs must cope with unpleasant and unexpected situations. Entrepreneurs must be excellent problem solvers to cope with challenging situations and explore alternative solutions calmly. It might be a venture investor who refuses to offer more funding or a team member who refuses to work by the rules. They have been recognized for their remarkable problem-solving ability.
Customer service
It is critical to give outstanding customer service to build a brand. Excellent customer service skills are crucial for business success in any industry. Customer service skills are critical when it comes to interacting with potential customers.
The capacity to communicate and listen actively
Every entrepreneur must communicate effectively with clients, team members, and other stakeholders to thrive. To thrive in the company, entrepreneurs must have good writing and verbal communication skills, whether verbal communication at meetings or sending reports. Entrepreneurs must also be exceptional listeners to understand the project’s requirements and the timeline thoroughly.
Technical abilities
It is necessary to have technical skills, which may be obtained by using digital tools. Entrepreneurs must be knowledgeable with a range of software to thrive in the company. Additionally, having a functional understanding of software aids in project management, sales tracking and allocating resources.
Now, the real question is how to do it? The one thing life taught me is that nothing comes at once. We have to start from the bottom and climb our way to the zenith. We can learn many skills quickly, and many skills take time to develop, but we have to start from somewhere. Here are a few tips for you to improve your entrepreneurial skills and enhance your business acumen.
Reduce your tension
Nothing good comes when we are tense. You have to remain calm if you want to be successful. When we want to achieve something great, we have to overcome great challenges. If we give in and get tense and desperate, it will be over. The decisions made under pressure are never good ones, so we have to learn to keep ourselves calm. We can start it by making a daily schedule, yoga, meditation, and making time for our loved ones.
Reading books
Reading books may help with self-improvement and is also a fantastic way to learn about efficient methods. Consequently, your cognitive powers grow, your decision-making skills increase, and you learn from the mistakes of others. As a result, to excel as a writer, you must read literature.
Podcasts
Listening to a successful entrepreneur’s podcast on a busy day is one of the best ways to remain informed. A podcast may provide insight into how various entrepreneurs use technology to accelerate their business growth. It also improves your listening skills.
Take part in lectures
Attend entrepreneurial workshops as much as feasible. Several of these classes may involve seasoned business owners. While it helps to bridge knowledge gaps, it may also give you helpful insights into how you may operate your business. Participating in such seminars is a wonderful way to meet new people and network.
Engage the services of a business mentor
Mentors with a wealth of experience can assist you in acquiring the talents you lack. You can either learn how to run a business by shadowing a successful business owner for a while. A professional group of like-minded individuals might also meet regularly to discuss brand creation and marketing tactics. When it comes to attaining success, mentors may assist by providing valuable insights and knowledge.
Enroll as a student in various courses
Take management, marketing, or finance courses to broaden your knowledge. Enrolling in and completing a professional training program will improve your business management and financial planning.
Conclusion
I believe that nothing in life comes for free. We have to invest before ripping the rewards. We have to invest our time, or hard work, and money. Slowly but surely, we will improve. Every aspiring entrepreneur wants to be successful in their company ventures but knows that an entrepreneur’s success depends on their ability to build a business, maintain it, and expand. As a result of this, there are many different sorts of successful entrepreneurs. When you fail, you learn from it. As a consequence of learning from others’ errors, some concepts, approaches, and tools can help us obtain an advantage in the entrepreneurial world. We have to feel the entrepreneurial spirit and do the best we can.
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