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By Deepak Gazi
Ease of doing business for MSMEs: Entrepreneurs must have a PhD! How many people agree with this opinion?
I was interviewing CK Kumarabelle, founder of Naturals Salon, one of the salon industry’s success stories. I mentioned this statement. Out of curiosity, we asked him what that meant.
He elaborated that the P is an acronym for passion. H is hungry. D is discipline.
This applies to all entrepreneurs, regardless of the size or scale of their business.
If there is passion and hunger and there is no discipline, the entity cannot provide a great customer experience, the books are not clean and may not be maintained, and money is spent without consensus. Unsatisfactory behavior often leads to poor value for time and money.
Also Read: Budget 2023: Why Governments Must Increase Financing for the MSME Sector
If you are hungry, disciplined, and have no passion, you will not be able to build a “wow” product or service, and you may be in that business for a short period of time.
If you have passion, discipline, and no hunger, you’re not growing your business. You are fighting for what you have. In the future, competitors will emerge and grow in size, taking away a significant percentage of your market share and even eliminating you.
Therefore, entrepreneurs must balance all three factors. In fact, another factor can be added to the equation. It’s an obsession, or a balanced obsession. If you need to be passionate and disciplined, you have to be addicted to it.
Also read: Microsectors should become the nation’s leading job creators: report
Let’s look at the heart of this diagram. This tells us another aspect: how to create a greater ROI. His secret to growing his business is professionalism.
In the first stage, all entrepreneurs are maverick entrepreneurs, taking risks without consensus or analysis. However, to scale up, we need to adopt a professional entrepreneurial spirit around de-risking, complaining, organizing, leading by example, and using data and consensus as a pre-decision mechanism. I have. This will help prevent serious mistakes. JRD Tata also said he always had consensus before making decisions. It’s important to hire smart people who can think things through and provide information worthy of calling the right shot.
Therefore, it is important to combine entrepreneurship and professionalism in a 60:40 ratio to achieve greater ROI.
So, are you raising the bar for getting a PoHD in entrepreneurship? List your current gaps and develop an action plan for each. Make a list of what you want to accomplish in the next 100 days, be very clear about it, commit to it, and do it. Don’t list too many things. Only the top 5-7 tasks you can work on and be productive. Do not change top-level tasks frequently. Then you lose momentum. Repeat this exercise every 100-day cycle to build this as a culture of performance, deadlines, innovation, working with limited resources, and maximizing resources. Create stories to capture your journey and share with your team and clients. By enabling employees to speak up, participate and innovate, you can build a culture of openness and generate innovative ideas.
Deepak Ghadge is the author of the book “Dhool Dhoop Dhakka: Entrepreneurship by Design”.
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