The entrepreneurship ADVENTURE

Entrepreneurship is the dream and new success mantra of professional graduates and existing CEOs alike. However, for every entrepreneur that succeeds, there is a larger number that don't. So what does it take to become a successful entrepreneur? One thing that clearly emerged from my research in this area is that the skills necessary to run a business aren't always the same skills that are needed to start one. I've met brilliant CEOs who grew and built businesses for others and were very good at what they did. But not all of them did as well when they decided to strike out on their own, and I know of quite a few eminent examples who returned (wisely) back to running businesses for someone else.

As I listed down the attributes that I felt were necessary for every entrepreneur, interestingly they came together to form the word ADVENTURE. So here is an easy-to-remember list of what you need, may be in different proportions, to be an effective entrepreneur. They come naturally to some, but make sure you focus on building the ones that aren't your strong points as you embark on the entrepreneurial journey.

Ability to inspire people: You know where you want to go with an idea but you need to articulate that dream and inspire people—customers, investors, partners and employees to believe in you and your idea to shape it into a successful business. Most of the successful entrepreneurs I have seen have the ability to energise people.

Discipline: An essential quality, especially in the early days of a start-up. Drawing up the business plan is now an automatic step, but the planning, rigour and discipline required to make it a reality is equally important, though often downplayed.

Vision: A vision of where (s)he wants to go as well as the flair of showing a bright vision of the future to the people (s)he has to take along—this differentiates the truly inspired and successful entrepreneur from the one-hit wonder.

... contd.

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