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“No matter what job you have in life, your success will be determined 5% by your academic credentials, 15% by your professional experiences, and 80% by your communication skills.”

From the above lines we can understand what is the role of communication in the life of any human. Communication is very complex and it's not just about sending messages  or emails but to translate the exact information you want to give to others. Communication is a very fundamental and important attribute  of any leader. As a leader you need to be a good communicator at various levels like with your team in your organization, your customers, your vendors in order to achieve your organization goals.

There are 2 types of communication: Verbal and Non Verbal. Verbal communication is what we speak and nonverbal communication includes your gestures, body language, facial expressions, your conviction etc. It is very important that your verbal and nonverbal communication is in sink to convince the other person. The art of communication is the language of leadership. Effective communication helps to perspicuously tell their vision to the team and encourage them to work towards a common goal of the organization. Also it helps people grow personally and professionally. Effective communication also includes active listening, it is observed that employees are more productive and generate better results when they are listened to properly and provided with solutions.

Why is communication necessary for any leader?

  1. Aligns the employees with the organization's vision and goals.
  2. Increases the trust of the employees towards the organization
  3. Increases the retention rate
  4. It helps create other  leaders within the organization
  5. Improves organizational culture
  6. It encourages team bonding and team work
  7. In the end it helps in the overall development and growth of an organization.

Tips for Effective communication

  1. Always involve everyone

Communication is not the end but the start of any work. It is very important that you have a two way communication with your team so as to get the best and relevant outcomes for any problems or work. 

If we do not involve everyone in taking the decisions then it may lead to dissatisfaction among the team which in turn will hamper the work. On the other hand if you have discussion with the team before making any decisions, they will only suggest ways to complete the task in an effective way, which helps them to do the work with confidence and within a given time frame.

  1. Always be available

Be such a leader that you are always available for everyone and also show that you are genuinely interested in giving the solutions for the points they have kept. Always keep an open door policy and make your team feel secure.

When you have an open door policy it will help the team to build trust in you as you have a personal touch with them and they will openly be able to discuss the issues going on which will in turn help to maintain a good culture within the organization.

  1. Keep your promises

Make sure that you do what you have promised, it is very important in gaining team trust. If as an organization we have promised anything to the team then as an organization it becomes our moral responsibility to fulfill the same. Many times we realize that by doing so it may hamper the time or finances of the company but still we need to do it as we had promised.

This will help the employees to rely on you as you have proved them the same with your past actions.You do for your team and in turn they will go above and beyond but get the task done. Always be sure that your words and actions do not clash and are consistent.

  1. Be trustworthy

Being trustworthy is important and it is attained through your actions and not words. If you are not able to build trust among the team members then they will always look for options and once they find a better option they will leave as they will have more trust in them.

So it is our responsibility that we build trust within our team which will help them to be with us for a long time.As an organization we need the trust of the employees, as it helps them to do their work with full potential.

  1. Be open to feedback

By taking feedback, the team trusts the leader and the organization as their opinions are taken into consideration for the betterment of the organization and team members. By taking feedback we get some very important and critical information which is necessary for the development of the organization. Taking feedback we get many points of views which help us get best solutions and help in implementing best practices in the organization.

Also feedback helps leaders to evolve and enhance leadership skills. Taking feedback makes your team feel that their opinions are taken into consideration which makes them feel respected. But always remember that if you take feedback and then do not work on that feedback then it will have a negative impact on the team.

Thus leaders who work on their communication skills build a trust among team members which in turn helps to achieve organization goals. I will also help leaders to grow their skills and become better leaders.

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.

Every employee has a hidden dream that someday I will start my own business and become an entrepreneur but in reality it is not that much easy; most of the times when an employee attempts becoming a promoter – he encounters failure at the very beginning. This is not a thumb rule that every employee who starts something of his own will fail for sure but the trend has proven that.

Now few questions arise – why an employee does the day dreaming of becoming an entrepreneur? Employee thinks for whom I am taking this much toil? What if I do even 1/10th of this what I am doing currently but for my own venture? What is my future security? How long shall I be doing this?

Here the discussion is not to conclude that job is inferior, bad and entrepreneurship is superior and good; every coin has two sides same way the shift of an employee from employment to entrepreneurship also has two sides and one has to understand the basics of that else there will be unwanted, undesired and unpleasant consequences to answer.

Let’s understand the very basic yet very vital phenomenon through some very though provoking points as mentioned below:

Lastly, I would say only one thing – entrepreneurship is a mind game so if you are mentally strong and committed not to look back then jump into it and cherish the fruits of entrepreneurship.

If you have any questions, doubts, queries or confusions regarding entrepreneurship then write to us we shall get back.

Failure is simply an opportunity begin again but this time more intelligently….” – Henry Ford. I evoked this deep rooted message because after working for more than a decade as a business coach, consultant and a success catalyst for SME & NSME sectors’ entrepreneurs, I have seen many of them failing partially or completely. I always wondered that many people start their ventures at same time, with same knowledge and with same resources but some of them flourishes like anything and some of them vanishes in a very bad way; so what was the reason behind this? After the in depth study, detail research, field studies and intense brain storming has led to identify 15 reasons why any business fails. Following are the reasons to be understood, to be pondered about and thereby turn around the situation.

  1. Over trading
  2. Lack of planning
  3. Mistakes in accounting or ignorance about accounting concepts
  4. Unplanned and unnecessary expenses
  5. Unplanned stock / huge inventories
  6. Procrastination in collection of outstanding
  7. Increasing nonperforming assets  
  8. Excessive withdrawals from business
  9. Staff issues
  10. Starting business without any financial back up
  11. Lack of frequent internal audits
  12. Depending only on one client/customer/party
  13. Ignorance about statutory compliances
  14. Continuous absence of owner at work place
  15. Don’t prioritizing the work / projects / deadlines

Being an entrepreneur if you are facing challenges or struggling somewhere then focus on above mentioned 15 reasons – whether knowingly or unknowingly you are victim of either of above listed reasons. If yes, then start working on them strategically. If you want to know more about this or want to discuss on any of your challenges related to above listed reasons then you can post your questions in the comment below this article; we will get back to you with solutions.

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