Tag: #Management

The success of an Entrepreneur

How do you quantify your #success as an #Entrepreneur?

Starting or running a company is not a huge task. But running a successful company is the matter here.

But again what is a success?

In today’s hyper entrepreneurial world, success means “boatload of money” and for some getting “funded or acquired”.

But

Did we ever think that there is another Entrepreneurial world still exists where their Success is not quantitative and only qualitative?

The company where I started my career was shut down in just 5 years. We all were asked to search for the job and we did. 20 years after, we are now in a WhatsApp group with the #CEO , #CTO , #CMO , and #CFO of that company. The then employees started a private chat and that is when we realized that everyone is having the same feeling. Yes, we are in this successful top management position is because of the foundation we got in the first company.

Does this not the great success of that company and the management? Of course, with the stereotype entrepreneurial current world, that company is an utter failure.

I am not an entrepreneur. But I am a successful professional person. I have handled more than 2000 team members in my 22 years of career and I am very proud and happy that I am able to show the right path to my team members all these 22 years and they are doing super duper well. I am not claiming their success is because of me. But, I am convinced that I am also a minuscule reason for their success.

Maybe the world can say the other way.

But, Do I need to worry about that. If my mind is happy to think of that then what more do I require to caliber my career as a success? Someone else’s valuation? Then I won’t be a successful professional personal throughout my life.

If a company is a shutdown due to financial problem or by any other failure, at first, it will be very painful and take us into inferiority complex. But that is going to be only at the starting stage. If your self-consciousness tells you that you have done your best that didn’t affect anyone, then you learned a lesson with that venture. That’s all.

We are listened to watched to heard to, only stories of successful persons in terms of money and not in terms of good deeds. That is the problem of society and not us.

Millions of #startups are getting started every year. If you keep on counting only the successes, then you are fooling yourself with the real success of your career or profession.

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Funded or Loaned – Assumptions

No-Assumptions-1

Getting Funded

Rather than considering Success as the ultimate goal of any business, the New Age Entrepreneurs are considering “Getting Funded” is the ultimate success of their business.

Yes, your business will not get funded unless they see some flesh on the bone.

If you are getting funded for the expansion of the business on the basis of the success it has shown, then it is acceptable. But if you are not able to run the company because of financial crunches and then going for funding, will not be considered as an intelligent move of an entrepreneur.

Business getting sliced

Another important point to be noted here is, your hard earned business is going to get sliced and shared with another one, just for the money. From that moment, you cannot have the pride to claim this as your brainchild because the other person is rightfully going to take his slice out of it. Apart from this you will loose your freedom on running your business.

Loaned rather than Funded

There is another hidden drawback in this. If the person going to fund you is not having any basic knowledge of your business, then your freedom is totally screwed. Here it is better to be called as Loaned rather than funded. Also, if you are getting funded from small VCs, their own work tension, and pressure will also impact your business.

End of the day, your pride, and satisfaction as a business person itself will be in a stack.

Can you avoid this?

Yes, you can.

You need to keep the concept of Funding on a back burner until you have used all your trump cards.

As how the VCs choose to fund, you need to choose to whom you are going to get funded. Seldom, just shutting down will solve many problems than running on a funded money.

Keep in mind. If you have shut down your first business without getting funded, then understand, you are the best to run the funded company at a later stage.

If you take “pride” as the yardstick and go for funding rather than shutting down, your self-esteem will be lost and will eventually halt you in getting into any new venture.

If you keep “getting funded” as the goal of your business, then you are reinventing the wheel again rather than reading from the past market during bubble burst.

So don’t get into the wrong assumption as “Getting Funded is Success”

 

 

Confused to express our line of service due to lack of clarity?

mhGxSg4.jpgWhere will we place ourself by the type of service we do.

If a company is doing custom software development and one fine day they find easy money in doing body shopping rather than focusing on development requirements, then should we still call this company a Software Development Company?

Many successful Software Companies in the industry were started as a pure development firm and in due course, they started giving man power to the client instead of doing development themselves.

They do both custom development and body shopping. Can we still call them as software firm if their major revenue started coming from body shopping?

Different types of IT Services 

1. Custom Software Development

2. Maintenance and Support

3. Product Development

4. Body Shopping

5. Staff Augmentation

Earlier there were differences between them. But today most of the Software Company is doing all of these except Staff Augmentation.

Is the trend changing? If so should we need to coin new terminology to call these companies?

When we expand are we getting more confused to express our line of service due to lack of clarity?