4 Important faculties to master to succeed in business

#Success formula for a small business owner or #entrepreneur is in their ability to learn, understand and manage the below 4 aspects.

Firstly they need to work on their #emotionalinteligence. It is their ability to learn, grasp, synthesise, identify patterns, become self aware, self regulate, visualise, understand mindsets etc. Some of it can be born trait but a lot of it can be learnt.

Secondly they need to work on their #strategicplanning and #execution. It is the ability to look beyond few years and objectively set a #vision for their business. Small businesses fail due to lack of this intent. This has to come naturally to them. Business coaches can help them but it is the business owner who needs to see that future vision and they need to believe in it.

Thirdly they need to work on their #financialliteracy. It is their ability to understand how the business is making money. This sounds simple but as the business grows it all becomes complicated. So, by having right financial literacy they can relate back to those basics.

Fourthly they need to work on their #speciality. This might sound too obvious but often either completely ignored or spent all their time on it. With technology disruption this is in constant focus.

#smallbusiness #growthmindset

Importance of Long term and determinant goal

#Entrepreneurmindset #Mindsets

What is entrepreneur’s mindset? Why not all entrepreneurs have similar mindset? Why lot of small businesses doesn’t survive longer than 3 years? Does all businesses start with an idea?

Lot of entrepreneurs have the hunger and the fire to make a difference. That is the single factor that make them distinct from others. They work hard, long, put a lot of effort, juggle a lot of things alone and will have the drive to keep going.

The major issue is channeling that energy and drive into a long term determinant goal. In business, ideas change all the time based on the market feedback. The entrepreneurs that succeed are the ones that has a long term goal. In pursuit of that goal they put their energy, drive, tenacity. Since they have that long term determinant goal, they won’t give up. A long term determinant goal provides the required focus and determination to keep going even during hardest of times.

Not all businesses start with an idea. Some business start with an opportunity, some get started with frustration in some other parts of the business owners life, most of the business owners fall into a business. These people lack the tenacity to accomplish greater things – because of lack of clarity of their long term goal.

#smallbuisness # #clarity