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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 EmployeesCurrent Generation Employees
Priority to integrityPriority to remuneration
Loyal to BossLoyal to own career
Can do same job for years & yearsNeed variety in work at every 6 months
Never say NO to any workAlways say to NO to every work other than his own job
Open to work for longer hoursStrictly adhere to shift timings
Over commitment to work (we can say emotional towards work)Professional approach
Concerned for work even post working hoursLeast 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.

  1. Motivate people to stick to one job profile for longer period and gain mastery over it.
  2. Rather becoming ‘Jack of all & master of none’, one should focus on area in which one can shine enormously. Try to innovate in that one master skill only. 
  3. Inspire them to overlook the short term gain over the long term benefits through the vision & mission of the organization.
  4. Run the campaign for employee engagement and try to invoke the sense of self commitment into the workforce.

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.

  1. Whenever any employee resigns, try finding the reasons for that and not the faults
  2. Be normal & casual with employee who has resigned, if possible treat him with more respect
  3. Assuming that the employee who has resigned can be retained or can rejoin the organization so treat him that way only
  4. Farewell parties are not needed because if the employee would want to come back then he will feel hesitation then.

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.