Qualities that can take an Entrepreneur a long way

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I'm often approached by budding entrepreneurs for innovative business
ideas and robust business plans. When asked about how their business background, I have often got similar responses. Most of them have juggled with multiple business ideas. Like, I met this guy from Pune and he had been into website development business for 3 months and then got into Vadapav business for 4 months. Now, want to set up a restaurant in Mumbai.

The patterns which I have come up with is that most of the budding
entrepreneurs presumes that, business is great because, it gives me more money. While, business is considered to be an investment with higher returns, it does come with higher risks. The whole idea of being an entrepreneur is to know how to manage risks. So, he is a great entrepreneur who manages risks effectively.

A child can come out of a mother's womb only after 9 months - we call
this period as a gestation period. Similarly, every business has a
gestation period and for certain high-value businesses, it can be up to 3
years. But, still it takes at least 6-12 months even for a low-value
business to give you results.

Now, knowing this fact by itself can help an entrepreneur manage risks.
So, I believe more than any other business traits, the qualities that will
definitely judge your ability to be a great entrepreneur would be,

1. Passion: There is nothing in this world that can take the place of
Passion. Passion cannot be taught or injected - it is always within you for that something. How do you define Passion? Passion is what you would keep doing without bothering much about the returns. Passion is what pulls you off your bed effortlessly. Passion is the fire in the belly that drives you. Passion is the positive energy you keep spreading to your colleagues, employees, clients. Passion converts every obstacle as a stepping stone to Success. Passion is the vehicle that drives you past all ridicules, condemnation, doubts and anxieties of others. Passion does not come from the mind; it comes from the heart and it is often unreasonable. So, without passion, it would be difficult to grow and nurture a business.

2. Patience: Passion may sometimes make you eccentric. One of my
friends was very much fond of upbringing fishes in an aquarium. He started this feeling when he saw an aquarium at his neighbour's place. He used to visit them often. One day, his neighbour asked him to take care of the fishes while they have been to their native for couple of days. Extremely thrilled by this opportunity, he started taking care of the fish. To make the fish know of his Love and Passion, he started to feed them more. By the time, the neighbour returned, the aquarium was empty because, all the fish died due to over feeding. The point I would like to put forth is that, instead of juggling with too many business plans, one must be patient enough to let the business plan complete the gestation period for you to start fetching results. Or else, just like the fish, the business will die eventually.

3. Perseverance: Doing the right things again and again and again
consistently will increase the chances of success. When you post an ad, customers may not come running especially when you are a new player in the market. You may have to post Ad's consistently across various channels to get consistent results. Motivation is likely to deteriorate when things may not be working in one's favour but, it is perseverance that will eventually start giving results. Bill Gate's first venture was a flop. Very few got it right the first time. But, a true entrepreneur would turn every adversity as an opportunity and move towards his goal.

With Passion, Patience and Perseverance, an entrepreneur can get the
best out of his business. These three traits are the ones that keeps any business floating.


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Who Can Benefit?

MBAs who want to start up business.

Business owners who want to train their children in business.

Business owners who want to prepare their wives to be the second line in business.

Professional wanting promotions.

Graduates looking at getting better jobs.

Professionals working close to owners, promoters, senior management.

Youngsters wanting to start business or learn management.

People with less percentages struggling to get admission in management colleges.

All Entrepreneurs who want to grow their business.

Professionals who are less than 3 years into business.