As an entrepreneur, the ability to lead effectively is one of the most important skills you'll need, especially as your business grows. Transitioning from managing a startup to leading a team comes with its challenges, and without strong leadership, even the most promising ventures can struggle. Effective leadership isn't just about telling people what to do—it's about inspiring, motivating, and empowering your team to achieve common goals. Whether you're managing a small group or a larger organization, here are key leadership skills every entrepreneur needs to develop.
One of the most fundamental skills for any leader is communication. Clear, concise communication ensures that your team understands your vision, goals, and expectations. Great leaders don't just give orders; they foster an open environment where information flows freely. This includes listening to your team’s ideas, feedback, and concerns. When employees feel heard, they are more likely to be engaged and committed. Communication also helps prevent misunderstandings, conflicts, and inefficiencies, which can quickly derail a growing business. As an entrepreneur, practice active listening and ensure that your team feels comfortable voicing their thoughts.
Another crucial leadership skill is decision-making. As the leader of a growing company, you will face countless decisions—some minor, others game-changing. Successful entrepreneurs are able to make informed, timely decisions, even when faced with uncertainty. This requires a combination of analytical thinking, experience, and intuition. A good leader gathers relevant information, evaluates the options, and makes the best possible choice while staying open to feedback and adaptable when new information arises. However, it’s important to avoid paralysis by analysis. Sometimes, waiting too long to make a decision can be just as harmful as making the wrong one.
Emotional intelligence (EQ) is another indispensable skill. Leadership involves not only managing tasks and strategies but also understanding and managing the emotions of your team. Emotional intelligence helps leaders build stronger relationships, resolve conflicts, and foster a positive work environment. Empathy, a key component of EQ, allows you to put yourself in your team members' shoes, understand their challenges, and support them effectively. By showing empathy and understanding, you can create a more cohesive, motivated, and loyal team, which is crucial for the long-term success of your business.
Adaptability is an essential leadership trait in today’s fast-paced business environment. Entrepreneurs must be able to pivot when things don’t go as planned, whether due to market changes, economic challenges, or internal issues. The ability to adjust your strategies and approach in response to changing circumstances is what separates good leaders from great ones. Flexibility in leadership also encourages your team to be more innovative and open to change, which can drive your business forward. Show your team that you can handle setbacks with grace, and they will follow your lead when things get tough.
Visionary thinking is another critical leadership skill. As an entrepreneur, your role is not only to manage day-to-day operations but to chart the future direction of the company. Great leaders inspire their teams with a compelling vision of the future and rally them around that shared goal. This requires both strategic thinking and creativity. As a visionary leader, you should regularly communicate your long-term goals, while also encouraging your team to innovate and contribute their ideas to the company's growth.
Delegation is often a difficult skill for entrepreneurs to master, but it’s essential for effective leadership. As your business grows, you can’t do everything yourself, and trying to micromanage every detail will lead to burnout. Great leaders trust their team members to take ownership of tasks and make decisions within their roles. Delegating effectively not only frees up your time for more strategic work but also empowers your employees, showing that you trust their abilities. This trust fosters a culture of accountability and ownership, which is essential for a high-performing team.
Finally, inspiring and motivating others is at the core of leadership. A leader’s ability to motivate their team can make the difference between a group that merely performs and one that thrives. This involves recognizing and rewarding hard work, providing opportunities for growth, and creating a supportive environment where employees feel valued. When team members are motivated, they are more productive, creative, and engaged, which ultimately drives better results for the business.
In conclusion, effective leadership is about much more than being in charge—it’s about guiding your team, making thoughtful decisions, and fostering an environment where people can do their best work. Communication, decision-making, emotional intelligence, adaptability, visionary thinking, delegation, and the ability to inspire others are all essential leadership skills that entrepreneurs must develop. By mastering these skills, you’ll not only grow your business but also create a team that is capable of overcoming challenges and reaching new heights. Leadership is a journey, and as your business evolves, so too must your approach to leading others.
In today’s competitive business landscape, marketing is essential for startups aiming to establish their presence and reach their target audience. However, many entrepreneurs face the challenge of limited budgets, making it seem daunting to create an effective marketing strategy. Fortunately, there are numerous low-cost marketing ideas that can help you increase visibility and drive growth without draining your finances. Here are some creative strategies to consider as you navigate the marketing landscape on a budget.
1. Leverage Social Media
Social media platforms like Facebook, Instagram, LinkedIn, and Twitter are invaluable tools for entrepreneurs seeking to engage with their audience. Creating and maintaining a strong social media presence can be done at little to no cost. Start by identifying the platforms where your target audience is most active and focus your efforts there. Share valuable content, engage with followers, and foster community by responding to comments and messages. Consider using visuals, such as images and videos, as they tend to generate higher engagement rates. You can also take advantage of social media advertising, which allows you to set a budget that suits your needs, making it easy to control costs while still reaching potential customers.
2. Create a Compelling Website and Blog
Having a well-designed website is crucial for any startup. Thankfully, there are user-friendly platforms like WordPress and Wix that allow you to create a professional-looking website without extensive technical skills. Optimize your website for search engines (SEO) to increase organic traffic and attract visitors interested in your products or services. Additionally, starting a blog can help you share valuable content related to your industry, showcase your expertise, and improve your website’s SEO. Blogging consistently can help establish your brand as a thought leader and attract potential customers looking for solutions.
3. Utilize Email Marketing
Email marketing remains one of the most effective ways to communicate with your audience. Building an email list allows you to send targeted messages directly to your subscribers’ inboxes. Start by offering a free resource, such as an e-book or discount, in exchange for email sign-ups. Use platforms like Mailchimp or Sendinblue to create and manage your email campaigns at little to no cost. Craft engaging newsletters, product announcements, or special promotions to keep your audience informed and engaged. Personalization is key—segment your audience to ensure they receive relevant content that resonates with their interests.
4. Collaborate with Influencers and Micro-Influencers
Influencer marketing doesn’t have to come with a hefty price tag. Partnering with micro-influencers—individuals with smaller, highly engaged audiences—can be a cost-effective way to promote your brand. Micro-influencers are often more accessible and willing to collaborate in exchange for free products or services. They can help you reach niche audiences and create authentic content that showcases your offerings. Reach out to influencers in your industry and propose mutually beneficial collaborations, such as product reviews, giveaways, or joint social media campaigns.
5. Engage in Content Marketing
Content marketing allows you to create valuable resources that attract and engage your audience. This could include how-to guides, infographics, or videos that address common questions or pain points in your industry. By providing valuable information, you can build trust with your audience and position your brand as an authority. Share your content across your social media channels, in your email newsletters, and on relevant forums or online communities to maximize its reach.
6. Network and Build Relationships
Networking is a powerful way to increase visibility without significant financial investment. Attend local business events, industry conferences, and networking meetups to connect with other entrepreneurs and potential customers. Building relationships with other businesses can lead to partnerships, collaborations, and referrals. Additionally, consider joining local chambers of commerce or professional associations to expand your network and gain access to valuable resources.
7. Tap into User-Generated Content
Encouraging your customers to share their experiences with your products or services can create a wealth of user-generated content (UGC) that promotes your brand. Encourage satisfied customers to post reviews, share photos, or create videos featuring your offerings on social media. This not only provides social proof but also helps foster a sense of community around your brand. Consider running a contest or offering incentives for customers who share their experiences, as this can drive engagement and increase your visibility.
8. Utilize Free Online Tools
There are numerous free online tools that can help you enhance your marketing efforts. Tools like Canva allow you to create visually appealing graphics for social media, email marketing, and website content. Google Analytics provides valuable insights into your website traffic, helping you understand your audience’s behavior and preferences. Additionally, free SEO tools like Ubersuggest can help you identify relevant keywords and improve your search engine rankings.
9. Participate in Community Events
Getting involved in your local community can help you increase your brand visibility without incurring significant costs. Sponsor local events, participate in farmers' markets, or offer workshops related to your industry. Engaging with your community not only promotes your brand but also helps you build relationships with potential customers and other businesses.
10. Experiment with Guerrilla Marketing
Guerrilla marketing focuses on unconventional and low-cost strategies to promote your brand in creative ways. This could include street art, pop-up events, or unique promotional stunts that capture attention. The key is to think outside the box and leverage your creativity to create memorable experiences that resonate with your audience.
In conclusion, marketing on a budget doesn’t mean sacrificing effectiveness. By leveraging social media, creating compelling content, utilizing email marketing, and engaging in community events, entrepreneurs can successfully increase visibility and reach their target audience without overspending. The key is to be creative, resourceful, and strategic in your marketing efforts. With the right approach, you can achieve your marketing goals while maintaining a tight budget, ultimately setting the stage for your startup's growth and success.
In the dynamic world of entrepreneurship, having a brilliant business idea is just the beginning of your journey. The real challenge lies in turning that vision into a tangible reality. Many entrepreneurs struggle with the execution phase, often finding it difficult to translate their innovative ideas into actionable plans. To successfully bring your business ideas to life, you need a strategic approach that encompasses thorough planning, effective resource management, and relentless determination. Here’s a guide on how to execute your business ideas and pave the way for success.
1. Clarify Your Vision
Before diving into execution, take the time to clearly define your vision. What problem does your idea solve? Who is your target audience? Understanding the core of your business idea is crucial. Write down your vision statement, which encapsulates what you want to achieve. This statement will serve as a guiding light throughout the execution process, helping you stay focused and aligned with your goals. A well-articulated vision can also inspire your team and stakeholders, fostering a shared understanding of the journey ahead.
2. Develop a Detailed Business Plan
Once you have a clear vision, the next step is to create a comprehensive business plan. This document serves as a roadmap for your entrepreneurial journey, outlining your goals, strategies, and tactics for success. Start by conducting thorough market research to understand your industry, competitors, and target market. Analyze trends, customer needs, and potential barriers to entry. Based on this research, define your unique selling proposition (USP)—what sets your business apart from others in the market.
Your business plan should also include a detailed marketing strategy, financial projections, and an operational plan. Break down your objectives into actionable steps, setting clear timelines and milestones. A well-structured business plan not only guides your execution but can also be crucial for securing funding from investors or lenders.
3. Assemble the Right Team
Execution is rarely a solo endeavor; assembling a competent team is essential for turning your business idea into reality. Identify the skills and expertise needed to execute your plan effectively. Seek individuals who share your passion and vision for the business. A diverse team can bring different perspectives and ideas to the table, enhancing creativity and problem-solving.
Foster a positive work culture that encourages collaboration and innovation. Clearly define roles and responsibilities to ensure everyone understands their contributions to the project. Regularly communicate with your team to keep them informed and motivated, creating an environment where ideas can flourish.
4. Secure Funding
Financial resources are often a significant concern for entrepreneurs. Determine how much funding you need to execute your business plan effectively. Explore various funding options, such as personal savings, bank loans, venture capital, crowdfunding, or angel investors. Prepare a solid pitch that outlines your business idea, market potential, and financial projections to attract potential investors.
Be realistic about your funding requirements and have a contingency plan in case you face unexpected expenses. Managing your finances wisely during the execution phase is crucial for sustaining your business in the long run.
5. Launch and Test Your Idea
With your team in place and funding secured, it’s time to launch your business. However, instead of a full-scale launch, consider starting with a minimum viable product (MVP) or a pilot program. An MVP allows you to test your concept in the market with minimal resources while gathering valuable feedback from early adopters. This approach enables you to make necessary adjustments and improvements before scaling your operations.
During the launch phase, actively engage with your customers to understand their experiences and preferences. Use their feedback to refine your product or service, ensuring it aligns with their needs and expectations.
6. Monitor Progress and Adapt
As you execute your business plan, continuously monitor your progress against the defined milestones. Set up key performance indicators (KPIs) to measure success in various areas, such as sales, customer satisfaction, and operational efficiency. Regularly review your performance metrics and adapt your strategies as needed.
Flexibility is essential in entrepreneurship; the market is constantly evolving, and being open to change can make a significant difference in your success. If you encounter challenges or setbacks, analyze the situation and pivot your approach accordingly. Embrace a growth mindset, viewing obstacles as learning opportunities rather than failures.
7. Build a Strong Brand and Marketing Strategy
Effective execution goes hand in hand with building a strong brand presence. Develop a compelling brand identity that resonates with your target audience. Create a consistent message across all marketing channels, whether through social media, your website, or traditional advertising. Leverage digital marketing strategies, such as content marketing, email campaigns, and social media engagement, to build awareness and drive customer acquisition.
Engage with your audience regularly, showcasing your expertise and establishing trust. A strong brand presence can help you stand out in a crowded market and foster customer loyalty.
8. Celebrate Achievements and Learn from Failures
As you execute your business plan, take the time to celebrate milestones and achievements, no matter how small. Recognizing progress boosts team morale and reinforces a sense of accomplishment. On the flip side, when faced with challenges or failures, approach them with a learning mindset. Analyze what went wrong, gather insights, and use that knowledge to inform your future decisions.
In conclusion, executing your business ideas requires a thoughtful and strategic approach. By clarifying your vision, developing a detailed business plan, assembling the right team, securing funding, launching effectively, and adapting to feedback, you can turn your entrepreneurial dreams into reality. The journey may be challenging, but with persistence, resilience, and a commitment to continuous improvement, you can achieve your goals and create a successful business.
Entrepreneurship within organizations, often referred to as corporate entrepreneurship or intrapreneurship, is a dynamic approach where employees exhibit entrepreneurial behaviors and drive innovation and growth from within. It involves fostering a culture that encourages creativity, risk-taking, and proactive problem-solving among employees, akin to the entrepreneurial spirit found in startups. Here are some thoughts on entrepreneurship in organizations, exploring its importance, benefits, challenges, and strategies for fostering an entrepreneurial culture:
Entrepreneurship within organizations is vital for staying competitive and adapting to rapidly changing market conditions. It empowers employees to identify new opportunities, develop innovative solutions, and drive organizational growth. In larger corporations, fostering entrepreneurship can inject agility and creativity, enabling them to innovate like smaller, more nimble startups.
Moreover, entrepreneurial initiatives can help organizations diversify revenue streams, explore new markets, and differentiate themselves from competitors. They also foster a culture of continuous improvement and adaptability, essential qualities in today's fast-paced business environment.
1. Innovation and Creativity: Encouraging entrepreneurship cultivates a culture where new ideas are generated, tested, and implemented. This leads to innovative products, services, and processes that can propel the organization forward.
2. Employee Engagement and Retention: Giving employees the opportunity to innovate and take ownership fosters a sense of purpose and fulfillment. It can increase job satisfaction, boost morale, and improve employee retention rates.
3. Adaptability and Resilience: Entrepreneurial organizations are better equipped to adapt to market changes, technological advancements, and disruptions. They can pivot quickly and seize emerging opportunities.
4. Competitive Advantage: Organizations that embrace entrepreneurship can differentiate themselves by being more responsive to customer needs, delivering unique solutions, and outpacing competitors in innovation.
Despite its benefits, promoting entrepreneurship within organizations can be challenging:
1. Risk Aversion: Organizational structures and cultures that prioritize stability and risk mitigation may stifle entrepreneurial initiatives. Employees may fear failure or lack the autonomy to experiment and innovate.
2. Resource Constraints: Limited budgets, bureaucratic processes, and competing priorities can hinder entrepreneurial endeavors. Securing funding and support for new ideas may require overcoming internal barriers.
3. Cultural Resistance: Established norms, hierarchies, and resistance to change can impede entrepreneurial efforts. Overcoming cultural inertia requires leadership commitment and cultural transformation efforts.
4. Alignment with Organizational Goals: Entrepreneurial activities must align with the organization's strategic objectives and core values. Clear communication and alignment are crucial to ensure that initiatives contribute to long-term growth and sustainability.
1. Leadership Support and Empowerment: Senior leadership must champion entrepreneurship, allocate resources, and create a supportive environment where employees feel empowered to innovate.
2. Encouraging Risk-Taking and Experimentation: Organizations should promote a culture where calculated risks are encouraged, failures are viewed as learning opportunities, and experimentation is valued.
3. Providing Resources and Infrastructure: Offering funding, time, expertise, and access to mentors and networks can facilitate entrepreneurial ventures and accelerate their development.
4. Rewarding and Recognizing Innovation: Recognizing and rewarding entrepreneurial behavior reinforces desired outcomes and motivates employees to pursue innovative ideas.
5. Creating Cross-Functional Collaboration: Breaking down silos and promoting collaboration across departments fosters a holistic approach to innovation, leveraging diverse perspectives and expertise.
6. Continuous Learning and Development: Providing training in entrepreneurship, innovation methodologies, and business acumen equips employees with the skills and knowledge needed to succeed.
Entrepreneurship in organizations is not just about launching new ventures but fostering a mindset of innovation, creativity, and agility throughout the organization. It requires a strategic approach, leadership commitment, and a supportive culture that encourages employees to think and act entrepreneurially. By nurturing entrepreneurial talents and initiatives, organizations can drive sustainable growth, adapt to change, and maintain a competitive edge in today's dynamic business landscape.
Valuation is a cornerstone of financial analysis, serving as a critical tool for investors, analysts, and corporate managers. It involves determining the present value of an asset or a business, reflecting what an investor is willing to pay or what a company might be worth in the market. While it may seem straightforward, valuation encompasses a range of methodologies and considerations that can significantly affect outcomes.
Valuation is not just about numbers; it represents an intersection of finance, strategy, and psychology. Investors use valuation to guide their decisions—whether they’re acquiring stocks, investing in private equity, or considering mergers and acquisitions. For businesses, a proper valuation can inform strategic decisions, such as pricing for initial public offerings (IPOs), raising capital, or evaluating performance.
There are several approaches to valuation, each with its strengths and weaknesses. The three most common methods are:
1. Discounted Cash Flow (DCF): This method estimates the value of an investment based on its expected future cash flows, discounted back to their present value. While DCF is thorough, it requires accurate forecasts of cash flows and an appropriate discount rate, both of which can be challenging to determine.
2. Comparable Company Analysis (Comps): This method compares a company to similar firms in the industry. By examining valuation multiples such as price-to-earnings (P/E) or enterprise value-to-EBITDA, investors can gain insights into how the market values similar entities. However, finding truly comparable companies can be difficult, and market sentiment can skew results.
3. Precedent Transactions: This approach looks at past transactions involving similar companies to determine a fair value. This method can be particularly useful in mergers and acquisitions, but it is also dependent on the context and timing of past deals.
Each method provides a unique lens through which to view value, and savvy investors often triangulate between them to arrive at a more comprehensive assessment.
One of the most challenging aspects of valuation is the inherent subjectivity involved. Valuations are based on assumptions about future performance, growth rates, discount rates, and market conditions. These assumptions can vary widely among analysts, leading to significantly different valuations for the same asset. Thus, it is essential to understand the underlying assumptions in any valuation model and to stress-test them against various scenarios.
Valuation is also affected by market sentiment, which can lead to discrepancies between intrinsic value and market price. Behavioural finance suggests that investor psychology can lead to irrational behaviours, resulting in overvaluation or undervaluation of assets. Understanding these psychological elements is crucial for investors to navigate the complexities of market dynamics effectively.
In recent years, advancements in technology and data analytics have transformed the valuation landscape. Tools that automate data collection and analysis have enabled more precise and faster valuations. Artificial intelligence and machine learning models can analyse vast datasets to provide insights that traditional methods might overlook. However, reliance on technology also brings risks, as algorithms can perpetuate biases present in the data.
Valuation remains a fundamental aspect of finance, balancing quantitative rigor with qualitative insights. It plays a vital role in investment decision-making, corporate strategy, and market analysis. Understanding the different methods, the assumptions involved, and the influence of market sentiment is essential for anyone involved in finance. As markets evolve and technology advances, the practice of valuation will continue to adapt, but its core importance will remain steadfast. Whether one is a seasoned investor or a newcomer, grasping the nuances of valuation is key to making informed financial decisions.
The journey to securing that elusive first investment is often a daunting one for entrepreneurs. The statistic that an entrepreneur must pitch an average of 55 times before landing their first investment highlights the tenacity and resilience required in the startup landscape. Understanding this process and the importance of a well-crafted pitch deck can significantly influence outcomes.
Fundraising is rarely a straightforward endeavour. Entrepreneurs often face rejection after rejection, which can be disheartening. However, each pitch provides valuable feedback and insights that can refine your approach. The statistic of 55 pitches serves as a reminder that persistence is crucial. It’s not just about having a great idea; it’s about effectively communicating that idea and demonstrating its potential to investors.
A pitch deck is more than just a presentation; it’s a critical tool that encapsulates your business vision, model, and strategy. A well-structured pitch deck can make the difference between being remembered or forgotten. Key components typically include:
1. Problem Statement: Clearly articulate the problem your startup addresses. Investors want to understand the urgency and relevance of the issue at hand.
2. Solution: Present your product or service as the solution. Highlight what makes your offering unique and how it effectively solves the problem.
3. Market Opportunity: Showcase the size of the market and your target audience. Investors are looking for scalable opportunities, so illustrate the growth potential.
4. Business Model: Explain how your startup will make money. This includes pricing strategies, revenue streams, and any existing traction.
5. Competitive Landscape: Identify competitors and outline your competitive advantages. Investors want to know how you’ll stand out in the market.
6. Traction: Highlight any milestones or achievements. Evidence of demand or early successes can build credibility.
7. Financial Projections: Provide realistic financial forecasts. Investors appreciate a clear understanding of potential returns on their investment.
8. Team: Introduce your team and their qualifications. A strong, capable team can often sway investor confidence.
9. Investment Ask: Clearly state how much funding you’re seeking and what you plan to use it for. Transparency about your needs helps build trust.
Pitching multiple times can feel overwhelming, but it also serves as an excellent learning experience. Each presentation offers opportunities to refine your narrative, adjust your delivery, and better understand investor concerns. Analysing feedback and observing investor reactions can help you identify areas for improvement.
Additionally, the iterative process of pitching enables you to better articulate your vision. With each round, you’ll likely grow more confident and persuasive. Embrace the rejections; they are stepping stones toward eventual success.
Fundraising is not solely transactional; it’s about building relationships. Engaging with investors over time helps establish trust and rapport. Even if an investor isn’t interested in your current pitch, maintaining a positive connection can lead to future opportunities or referrals to other investors.
Networking plays a vital role in this process. Attend industry events, seek mentorship, and leverage social platforms to expand your connections. The more relationships you cultivate, the more avenues you have for securing investment.
The 55-pitch rule underscores the importance of resilience. Entrepreneurship is inherently fraught with challenges, and the ability to persevere in the face of rejection is vital. Embrace the mindset that every “no” brings you closer to a “yes.”
Moreover, resilience is not just about enduring; it’s about adapting. If a particular approach or pitch isn’t resonating, be willing to pivot and experiment with new strategies.
Securing your first investment is a significant milestone that requires determination, preparation, and continuous learning. The journey may be long, often requiring an average of 55 pitches, but with each effort, you are honing your craft and moving closer to your goals. A compelling pitch deck, coupled with persistence and relationship-building, can ultimately pave the way to success. Embrace the process, learn from every experience, and remain committed to your vision—your efforts will pay off in time.
In today’s fast changing world doing business is getting difficult due to increasing competition and decreasing profit margins. Entrepreneurship is all about the right mindset and skill sets. Right mind set is very important for the success of your Business.
Successful entrepreneurs are always in search of opportunities and are always a step ahead from others. They are always in search of areas to provide their products or services to the market. They either explore altogether new areas or the same area but with some revolutionary ideas.Entrepreneurship comes with a great responsibility as it directly helps in increasing the country’s economy by generating employment and thus improves the quality of life of many.
Successful Entrepreneurs, be they from any industry have some traits which differentiate them from others. The main differentiating factor is that entrepreneurs have the capacity to take up an idea and execute it into a successful,sustainable and long lasting business model which keeps on evolving as it remains relevant in this fast paced changing world.
1. Being Confident
Confidence is an important aspect when it comes to being a successful entrepreneur. Confidence will only come when you are extremely passionate about your work / Product / service and it will reflect in your communication and the way you work.
Entrepreneurs must be confident that what he has to offer is better than what the competitors in the market have to offer. Confidence is very important in many ways i.e to communicate about your product / Service confidently, motivate your team and stakeholders and many more. If an entrepreneur wants to get funding for his company the investors generally give money to the entrepreneur and not the business, an entrepreneur should be able to sell him/her to the investors through their passion and confidence.
2. Strong work Ethics
Ethics are nothing but a set of principles and values that an entrepreneur never compromises no however bad the situation may be. Strong work Ethics are core of any sustainable and long term business. Ethics give a strong internal motivation to be successful and do right things.
Strong work ethics lead to consistency and more focused towards your goals which an entrepreneur wants to achieve. Ethics help an entrepreneur to lead by example which is very important as it helps to transfer those ethics in your team members and all those who are associated with you in your ecosystem.
3. Resilience / Perseverance
Entrepreneurship is a difficult journey as it involves failures and setbacks, Resilience is a very essential trait that an entrepreneur needs to develop as it helps them to overcome these hurdles and keep the setback back and move forward with a positive mind set.
It is very well known that most successful entrepreneurs have seen many failed businesses and setbacks before they became successful but their never give up attitude and strong belief system played a major role in their success. They always take failure in a positive way marking it to be a learning opportunity and use that experience in their journey forward.
4. Visionary
Entrepreneurs are visionary, they have a long term sight to grab opportunities and create new business using those opportunities. They are able to see what others don't and this distinguishes them from the others. Without the outcome in mind there is no business.
Visionary leaders have a clear path for their company’s future. Ask yourself: Do you have a clear vision of the future of your company? Do you know what your company will look like in 10 years? Visionary leaders have this clarity and also they have a roadmap prepared for the same.
5. Out of Box Thinking
Out of Box Thinking is nothing but to think differently or in an unconventional way to get a new perspective for any problem. They question the standard norms and find innovative ways and thus differentiate themselves in the market. This trait helps them to create a niche for themselves and thus create a unique selling proposition (USP) which revolutionize the existing market thus creating a new market for themselves.
Being the human resource development student I learned in my college days that human behaviour is most unpredictable; didn’t understand the context at that time but extensive exposure of coming in contact & working with thousands of people made me comprehend it in various dimensions.
Being a Human Resource Development professional, I have been closely working with many white collar, blue collar and gray collar people and one common thing I have found among them was – The Indian youth has becoming more and more fanatical regarding employment virtues, longer tenure and allegiance to the organization. They tend to be absconding even for a minute financial benefit over the principles of learning & growing. In this scenario, the only blemish is not the youth on their side but also the mounting drift of urbanization and globalization has created enormous opportunities for them and they have simply carried away by demand & supply rule of economics.
Couple of decades ago, there was very difficult to get a job so people once got job would have spent their entire lives at a single place even tolerating the physical & verbal abuse; because that generation had the major concern of survival. Then next generation came in – they didn’t have the survival issues because their forefathers have already done arrangements in their time span. These people had to maintain the lifestyle & standard of living and therefore they were little more relaxed; but still the inclinations to leave jobs were not much. They could easily spend 10-15 years at one place – so ideally in their entire career they might have switched hardly 1 or 2 jobs.
Then the millennial generation came in the picture. This generation has been the most fortunate enough for several reasons i.e. their grand forefathers have solved their survival issues, their forefathers have managed their lifestyle & standard of living issues so they don’t have to bother either of them. Therefore they have been focusing on all the luxuries and fascinations in life. Because of driven by very high ambitions & aspirations towards lives – these people have been the highest absconding people.
This job generation gap of old v/s new generation employees can be explained through a comparison chart mentioned below:
| Previous Generation Employees | Current Generation Employees |
| Priority to integrity | Priority to remuneration |
| Loyal to Boss | Loyal to own career |
| Can do same job for years & years | Need variety in work at every 6 months |
| Never say NO to any work | Always say to NO to every work other than his own job |
| Open to work for longer hours | Strictly adhere to shift timings |
| Over commitment to work (we can say emotional towards work) | Professional approach |
| Concerned for work even post working hours | Least concerned for work post working hours |
Now, question is that previous generation employees’ mindset was good or the current one? Well this question is insignificant, it is said that change is the eternal law of the universe therefore this changed pattern is obvious and not to be bothered until our work is getting affected.
Few tips for the emerging HR professional to deal with this transition.
Feel free to write back for any employee related queries, concerns and challenges; we shall try to cater them either in the comment box below this article or may be as a subject in the next article.
After Divorce, resignation is considered the 2nd most unwanted, unpleasant and gloomy thing. Resignation or quitting the job is actually a divorce between employee and an organization. Now question arises that why this professional divorce (resignation or absconding) does take place.
Indian workforce is considered the most emotional breed in the world and according to the survey it is believed that one of the major reasons for an Indian employee to quit job is not the higher financial aspirations but the treatment he has been receiving from his boss. Whenever a professional joins the job then many factors work as attracting factors like company’s reputation, brand value, culture, etc but the major reason when he leaves remains the same and that is maltreatment from his boss. Apart from that the inability of management and HR department to retain & defend that employee from the maltreatment is also playing pivotal role.
Most of the organizations have been the role model of hypocrisy i.e. when they need employee badly or when one is performing well then all the benefits are given to them even out of way treatment is provide; employees’ family members are also treated well; their children’s education is being planned in a grand way but the moment an employee utters to leave – the situation turns 360 degree completely.
The employee is first offered better opportunities and other benefits for retention but when he is determined to leave then this mental torture starts. He is now considered as the step son of the organization; he is boycotted from the important meetings & decision making, he has been avoided to share any important information or announcements of organization, he has been treated with lots of scepticism in everything, etc.
The organization can be big or small, MNC or local but such behaviour is uniform. But one thing is needed to be understood that not every employee is who quits is an enemy. It is only that wavelengths are not matching anymore so they are moving on. Separation is a very painful stage and it has to b dealt with utmost care; following are certain tips to handle such separations.
Apart from that post resignation counselling, Exit interviews, meeting with top management officials, etc can retain the talent – but remember one thing that - not every employee is who quits is an enemy.