Five Entrepreneurship Lessons

Over the last 22 years, I have learnt at least five key points that one needs as an entrepreneur:

1.     Best in the Field

It is a branding feature, that people recognize your expertise. And project finance is our speciality. We need to be the “go to person” in the sector. It is a niche that others have difficulty establishing a name. So referrals and customers come for the expertise in your field.

2.     Nimble

For a small business, being nimble is key. Environment keeps changing. Only reactive/proactive steps are relevant.

3.     Know your Cashflow

It is necessary to review cashflows  frequently- weekly or bi-weekly. Once a year is a recipe for disaster. Have a close understanding of costs and revenue streams to survive in a competitive environment.

4.     Listen

Listen to your customer needs, employee priorities and exercise your good intuition of what’s right. Nothing will be perfect but work hard to be close to a desired benchmark/ model is helpful. Try to exceed expectations but accept that there are times that this may not be possible.

5.     Remain Tough Internally

Running a business is not easy. Neither is a corporate career. Others may look better than you- but you don’t know their struggles. Remaining tough internally helps to surf a volatile business landscape. Let people underestimate your capability. If you look at some football games, the “weak” ones surprise the great sides – because someone thought it was going to be a walkover.

Lots of people want to give advice- expand, merge, sell out or close it – only you know what ticks and that matters! So work for the immediate and have a broad framework for the longer term.

Best of luck!