Profile of an Entrepreneur……………………………….?

The above Pictorial gives us a lot reasons to start a  Business and there are plenty more out there i.e

  • Freedom of Control
  • Financial freedom
  • More time with family
  • Better lifestyle
  • Be my own boss
  • New Idea / Concept

Anyone can become an entrepreneur .There is a difference between becoming an entrepreneur and Being an entrepreneur. There are certain set of qualities in an entrepreneur which are required of them to survive the ordeal of starting ,running and maintaining a Business venture.

7  Qualities which make up an entrepreneur profile our :-

  1. Why
  2.  Mindset
  3.  Attitude
  4.  Persistence
  5.  Passion
  6.  SBQ.
  7. Belief

1.Why:-

“Try not to be a man of success, but rather try to become a man of value.” – Albert Einstein

The foremost important reason for any startup business has to be the WHY.  If the fundamental reason for doing the business is  just making more money one is bound to fail.

The reason has to have an EQ (emotional quotient) without which the need to do it, when the going gets tough ,will disappear and the failure is assured. The reason has to have a strong emotional connect that helps you stay on course  in this journey which will test your Mental,physical and social abilities in all ways possible.

2.Mindset:-

“We all talk to ourselves. A major key to success exists in what we say to ourselves, which helps to shape our attitude and mindset.”- Darren L. Johnson

The  entrepreneur should be a Visionary and accustomed to  delayed gratification.

Starting a business does not mean 1-2 yrs but at least a 5-10 yrs of hard work & 100 % commitment of mind ,body and soul. The mind has to prepared for the long haul and not for instant gratification like one is normally used to in a JOB………….. i.e like getting the salary on 1st of every month.

3.Attitude:-

“Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.”-Thomas Jefferson

 The attitude is one of the prime factors for the success of an entrepreneur and it has to be positive at all times .

Whatever the circumstances , and there will be more negative than positives ones, one has to remain positive with the mind focused only on the end goal to overcome the failures and defeats and turn the lessons learned from them into tools of success.

4. Persistence:-  The entrepreneur has to persistent in their approach to the business .

“The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those which fail. -Napoleon Hill .”

persistence helps to keep the entrepreneurial journey on the right path and the goal in sight thus exponentially increasing the chance of success.

5.Passion :-

 “It’s hard to tell with these Internet startups if they’re really interested in building companies or if they’re just interested in the money. I can tell you, though: If they don’t really want to build a company, they won’t luck into it. That’s because it’s so hard that if you don’t have a passion, you’ll give up.”
Steve Jobs

Passion is the fuel of the entrepreneur and without it success can’t be achieved . passion is the sum total of all the belief one has in their venture and drives the entrepreneur forward with high energy.

6.SBQ:- Social Benefactor Quotient .

“While it may be true that the best advertising is word-of-mouth, never lose sight of the fact it also can be the worst advertising.”
Jef I. Richards

In today’s world where social networking like facebook and twitter play a major role in a billion lives. The product or service your business provides, unless and until, it does not have a social impact on the person buying it, it will not have a long shelf life.

Your product or service should make a difference in the life of your customer and make them refer it to their circle of influence . It should help the consumer in enhancing their as well as the lives of people around them.

7.Belief:-

“Belief in oneself is one of the most important bricks in building any successful venture.” -Lydia M. Child

The belief in oneself has to unconditional and 100 % . it the greatest investment one can make in themselves when embarking on a entrepreneurial journey.

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The Re-Boot

hi

I was never cut out to be an employee and believe me I tried and failed. I was too lazy to do things the long way or the hard way and tried to find shortcuts which actually worked, which really pissed off my bosses.

Too cut the long story short decided to start up on my own so that I can run the things my way and at my pace and wherein all the profits come to me. Ventured into a lot of things and finally in the year 2002, decided to start up an Industrial catering Unit to cater to the BPO (Business Process Outsourcing) industry in the millennium city Gurgaon, India. The BPO Capital of the world.

Started small and scaled up over the years, growing my customer database of Blue chip companies and obviously my P/L statement! K aching!. Life was great business was Blooming ,  my Income was growing and then the Economic crash of  2008………………..Blew up on my face. My business almost halved in less than 6 months thanks to the slow down and the staff & Cost  cutting at the blue chip companies.

Nevertheless picked myself up, struggled and got new customers. The sales went up gradually till the Food inflation BOMB! in India hit me like a sledgehammer. So here I was with Sales on a All time high but with the Cost running higher than ever and to make things worse  I had yearly /bi-yearly contracts with my clients where in there was no scope for price increase .

My margins virtually disappeared and there came a crossroad where I realized that my sole reason for being an entrepreneur was to be my own boss and lots of Profit. The Former reason disappeared  like the Ghost Protocol and I realized that being in a service industry I was bound by contracts which were made by my clients and thus I had no price control over my product which in turn ruined my profits. Suddenly I was providing a service to my BOSS (My client) pun intended with no direct or indirect gratification.

It was like being in a job of  9-5 but instead over here it was 24/7, 365 days  and to top it off no monetary gratification. Lost all my sleep, money, time for my family and was constantly heckled by my Bosses (clients) for better services without better prices. Didn’t know what to do, where to go, a complete mental block and a feeling of hopelessness.

Then one day surfing the site entrepreneur.com I came across this Featured book by TIMOTHY FERRISS “THE FOUR HOUR WORK WEEK”. Saw it, bought it and it conquered me. It changed the perspective of my life. I realized that it was never too late to Reboot (Hence the Heading of my post) and  as TIM puts it “a Lifestyle Redesign”, Outsource life and live the  way I want to live and enjoy it .

To round up, ironically, I did what my clients were doing “Outsource”. I outsourced my complete business for a fixed Monthly return in 6 figures and dived into E-commerce bandwagon as I was always a tech freak and wanted to be part of it someday and decided that today is the day I do it. So hence my First post of the many to come.

Its long but  it Justifies my reason for the post Heading. I had REBOOTED……………….!

Ciao!

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