Suchita Oswal Jain

Vice Chairman & Joint Managing Director of Vardhman Textiles Ltd

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7 Mantras For Becoming A Successful Entrepreneur

Exploring the meaning of success through my life’s learnings

The flame of passion, a burning desire to accomplish your goals is the first requisite to achieving what you aspire. As they say, a goal is a dream that you see with waking eyes; it won’t be wrong to say if the goal doesn’t lit up your sleepless nights and never ceases your sight, you lack the necessary motivation to realize it. 

Success gives you a different kind of a ‘high’, the appetite for which only raises and raises as the challenges sour. For an entrepreneur ignited with the zeal to succeed, there ALWAYS is a WAY. There’s no giving up, no giving in, just trying until you reach the milestone and head towards the next one. And that is the most important lesson I have learnt through experience, besides some others that I wish to reveal today. 

1. Never crave for micro-waved success

Short term benefits shouldn’t ever be the base to a decision. Every action has a reaction; every decision has its repercussions. Make wise choices. There do occur, situations in business when one can feel a temptation to quickly move up the ladder. There’s no harm in having a dynamic approach and a go-getter attitude but balancing is one lesson to be learnt by heart. A major drawback we are experiencing with this fast-paced life is the urge for instant gratification. Patience and perseverance are the key qualities of an entrepreneur. My father, who also is my mentor, suggests analyzing every business move on the parameters of impact - both desired and probable. Just as a half-baked cake is not good enough, so is micro-waved success. 

2. Stand Ahead of the crowd

There’s a very interesting saying that “Stars don’t compete with other stars, they just shine.” I find myself completely in cognizance with the idea. Mutual growth is sustainable development. However, it is also primary to develop a differentiator. 

Aim to excel at your thing. Call it a USP or X factor, but offer an advantage to the customers that make you a preferred partner.    

3. Don’t just leave an impact, measure it

Cause and effect, problems and solutions, pros and cons walk hand in hand. As much as it is important to take initiatives, it is equally crucial to analyze the outcome. Results are the signposts which help in identifying if we are heading on the right path. That’s the whole point of setting targets. The impact, preferably, should be reviewed via an adequately devised set of parameters, at all stages of business, and not only for financial decisions but the processes. Multiple checkpoints, standardized processes etc. help in easily identifying the deviations and maintaining consistency – a key player in progressive businesses.  

4. Principle of the 360-degree view

It is important to have attention to detail, but an entrepreneur should also visualize the larger picture. When we are navigating through GPS, we take a top view to locate our destination. This 360-degree view builds a stronger unbiased perspective, thereby helping in taking effective and positive decisions. 

5. Adapt or perish – the choice is yours

Nowadays, innovation doesn’t stop with inventing, rather it begins with re-inventing. There are several names in the industry to quote, who brought about a revolutionary product and captured the market at a point but eventually went out of the game since they couldn’t adapt to the pace of change. With technological advancements transforming the industry within a blink of an eye, there is a wave of change sending undercurrents of things becoming obsolete over a while. It is calling for adapting with agility, for investing in research & development, and preparing the business for upcoming demands.

6. There’s only ONE scale for commitment – 100%

Commitment is the magic wand that turns dreams into reality. When there’s 100% commitment to achieve a goal, limitations turn into possibilities. Moreover, credibility and reliability never go out of style.

7. There are no golden rules for success

Remember that your journey is unique. The challenges you face, the solutions you devise, the way you tackle a crisis, everything is falling in line with the unique idea/product you are creating and thus ‘one of a kind’. Instead of trying to fit into a standard mould or searching for a roadmap, be dynamic and willing to explore. Have a set of principles that guide you but remain prepared to accept challenges and changes at all times. After all, great things never happen in comfort zone.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

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