Tag: entrepreneurs

Here are the essential leadership skills for entrepreneurs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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It may take years to build a business, and what helps the process is the leadership skills in order to manage the organisation and people, and to make the business successful. While many take these leadership skills for granted or never develop them fully, there are few in the lot who are natural leaders. And while every entrepreneur out there has his or her own leadership style, here are some tips to enhance it further.

“Knowing themselves with clarity leads them to the right deals and business ventures. If they do not have acute self-awareness, they will come up against the counterforce of out-of-control emotions, leading to their downfall,” Sherrie Campbell, psychologist and author writes on Entrepreneur.com.

Becoming self-aware would mean a leader to cultivate a few characteristics such as mastering emotions, taking risks, and being patient and cultivating wisdom.

Passion and innovative business ideas are key characteristics of an entrepreneur. They need to develop a strategic vision for their business as well as their organisation, as to where they want to see their company be in the future.

“It’s about adopting a broader view of the organization, having a unique mission and constantly creating value to propel the business forward. Most importantly, it’s being able to connect short-term goals to the bigger picture for yourself, your employees, investors and customers so that they’ll buy into your vision,” the article read.

A ‘know-it-all’ attitude is neither going to help the organisation nor the leader. Being receptive to learning new information and skills and to make them stronger, empowering others in the process helps the organisation to grow. A lot of entrepreneurs find it difficult to let go of some responsibilities after all the business is like their child. However, giving employees more autonomy at work energizes and empowers them and helps in motivation and productivity increases. This also includes hiring the top talent out there in the market and willing to accept a different idea other than their own.

As they say, ‘First impression last long,’ dressing for work should be taken seriously. “That means making sure your appearance is consistent with your personal and professional brand. Begin by asking yourself how a leader with your aspirations should appear to others. And don’t limit appearance to just yourself. Apply it to your company” explained Mark Sanborn, president of Sanborn & Associates Inc.

Take up constructive criticism as they come. As you go to your potential customer to find out whether or not they like your product. Similarly, ask your team as to how and where the business can be improved. After all, they are your workforce and run the business for you.

“Finally, becoming a strong entrepreneurial leader is not hesitating in seeking advice from other successful people. You could work with a business coach, find a mentor, or read articles or books. By following the advice, inspiration, mistakes, and success stories from those who have been and done are one of the most effective ways in sharpening your own leadership skills,” the article concluded.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ratan Tata’s advice to entrepreneurs: Strongly believe in your idea

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s top industrialists such as Ratan Tata, Kumar Mangalam Birla and Mukesh Ambani are a source of inspiration to thousands of entrepreneurs thinking about starting their ventures.

The brands that they have established defines success, but when one looks at the path that they have trodden, the challenges become as visible as the feats. And, they co-exist in equal measures too.

Ratan Tata, the chairman emeritus of Tata Sons, also known as the “Man of Steel” has established one of the biggest business conglomerates in the country. He has been an inspiration to many entrepreneurs, who have either started out in the cold or are well established in their fields.

In one of his interviews, Tata said he is a strong believer of a unified vision asking youths to remain united on the business field and never forget that they are Indians first.

“Before any state, creed or religion, we should not forget that we are Indians,” Ratan Tata said.

Addressing the young entrepreneurs, Tata said that it does not matter what one does until it’s what they believe is right for them and advised that it did not matter how other people quantify the situation one is in. He explained that one should always learn to figure out what their thoughts tell them, and whether their set of beliefs will take them to the right destination.

Tata urged entrepreneurs to go out and pursue their dreams and work hard for it.

“There are a plethora of ideas out in the world but only a few have the courage to go ahead and execute it. If one strongly believes in his idea, he must also muster all the courage and not fear to put it into action”, said Tata.

“Certainly, the world is full of great ideas, but success only comes through action.”

Live like there is no tomorrow. A sentence that many of us have heard in various motivational speeches and Tata, too, stressed on the same for young businessmen to always aim for making a difference in whatever they do, be it a disruptive or constructive difference they are trying to make.

“One should aim to deliver more than what is expected of him. It stands out to be a great practice to get noticed for the difference one is making”, he added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Risers Accelerator to shortlist 200 start-ups for mentoring in 2019-20

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Risers Accelerator, a newly-launched platform that aims to provide financial, infrastructural and knowledge support to young entrepreneurs, on Wednesday said it would shortlist 200 start-ups for mentoring in 2019-20.

In a statement announcing the launch of its operations, Risers Accelerator said it is positioning itself as a “platform to transform the game-changing ideas of start-ups into feasible and profitable businesses”.

The new start-up accelerator initiative is backed by a team of 35 young entrepreneurs from diverse backgrounds and sectors, it added.

During 2019-20, Risers Accelerator will shortlist 200 start-ups across the country to support and nurture them.

“In case a start-up fails to raise funds by its own, Risers Accelerator will invest up to Rs 50 lakh per start-up,” it added.

Risers Accelerator has teamed up with Indraprastha Institute of Information Technology-Delhi to help its students become entrepreneurs through financial assistance and mentorship, and get the institute’s technological assistance for start-ups, the statement added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jeff Bezos thinks smart people make decisions differently than everyone else. Here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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We admire our leaders for being decisive, continual and unwavering. But that’s not the only qualities that we admire. We look up to them for being first-movers as well.

In a market strategy term, the concept of “first-mover advantage” is defined as the advantage gained when an organization is the first to market in a new product category. The logic goes that when you make a decision and act quickly on it, you’ll be placed ahead of your competitors, Make It-CNBC said in an article.

However, industry stalwarts like Jeff Bezos and Steve Jobs thought the opposite. Amazon.com’s chief executive Jeff Bezos in an interview once said people who are right a lot of time were people who often changed their minds. Bezos explained that it is healthy and encouraged to have an idea tomorrow that contradicted your idea today.

Bezos said: “The smartest people I have observed were always revising their understanding, reconsidering a problem they thought they’d already solved. They’re open to new points of view, new information, new ideas, contradictions, and challenges to their own way of thinking.”

According to Amazon’s chief, people who are ‘wrong a lot’ can often be associated with having a tendency to be obsessed with details that only support one point of view. If a person cannot climb out of the details and see the bigger picture from multiple angles, they are often wrong most of the time, Bezos explained in the interview.

It’s important to note here that Jeff Bezos implies smart people are comfortable with being wrong, which then allows them to analyse new data and be open to new opinions and revisit long-standing positions, the article read.

In 2012, at a D10 conference, Apple’s chief executive Tim Cook shared a similar story about the company’s co-founder Steve Jobs.

He said, “Steve would flip on something so fast that you would forget that he was the one taking the 180-degree polar opposite position the day before. I saw it daily. This is a gift because things do change, and it takes courage to change. It takes courage to say, ‘I was wrong.’ I think he had that.”

So the next time you make a decision, it is okay to change your stand as the goal is to get it right. It is okay to take bold stances and hold strong opinions but they are temporary and that’s the best way to ensure that you will actually get it right.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Here’s what Steve Jobs did to master his work life

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The mundane world has engulfed each of us in its claws and somewhere down the line, we lose track of how beautiful, inspiring and amazing it was when we started out on our venture.

Do you live by paycheck-to-paycheck or do you have a higher purpose for everything you do?

Do you live to work or work to live? A question we all might have asked ourselves several times when we are faced with difficulties and have reached a dead end out of disappointment.

Apple’s co-founder and chief executive Steve Jobs, however clearly knew where he was headed at all times. Despite being diagnosed by pancreatic cancer, Jobs intended to push students to pursue their higher aspirations and see the opportunities even when faced with hardships, according to an article in Inc.com.

At a speech delivered to Stanford University graduates, a year before his demise, Jobs said:

When I was 17, I read a quote that went something like: ‘If you live each day as if it was your last, someday you’ll most certainly be right.’ It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: ‘If today were the last day of my life, would I want to do what I am about to do today?’ And whenever the answer has been ‘no’ for too many days in a row, I know I need to change something.

When life delivers a devastating blow, staying strong during the adversity and not losing the internal compass that keeps pointing to your true north – your whole reason to be alive and working is what Jobs tried to emphasize at the speech.

Often in the pursuit of doing more and be more, we forget the importance of focus. Jobs, during a speech delivered two decades ago at the Apple Worldwide Developers Conference in 1997 said:

People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things.

What truly matters in your life? The guard rails you have put up to guide yourselves and maintain the correct course and focus to achieve your dreams either in your current job or business or just life at large.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Leadership lesson from former PepsiCo CEO: Be a ‘heart-centered’ leader

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Parting with PepsiCo after an eventful journey of 12 years, the former CEO Indra Nooyi joined Amazon as one of the directors. The appointment of Nooyi came after shareholders of the largest online retailer had pressurised the board to make it more diversified with the inclusion of more women.

The former PepsiCo CEO shared her experience on what takes it to become a ‘genuine heart-centered leader.’ Nooyi has a track record of realising healthy profits for the company while utilising a solid moral compass to lead the way.

Creating an environment of trust and support and focusing on the whole self of the employee, a leader in an organisation will allow each person to tap into their talent and distinct abilities to the benefit of the company, as well as, everyone associated with it, Inc.com added on how to win the trust of the employees.

We Are All In This Together

“The one thing I’ve learned is don’t lie to the people. Don’t tell your people one thing when the reality is something different,” Nooyi recently said in a podcast interview. A heart-centered leader embraces openness and honesty. It takes a great deal of courage, to tell the truth, is non-negotiable. No matter what situation, the employer should be able to explain why a piece of particular information cannot be shared with the employees.

Staying Calm During Turbulent Times

Many a time, entrepreneurs who are starting out early, get disheartened or panic when something goes wrong with the business or is just does not work out. Highs, lows, gains and losses are all part and parcel of running a business, after all.

Being in the state of equanimity represents the ability to function as the still, “eye of the storm” during high-impact, high-stakes interactions with people and allows you to remain in that state of calm. You can also instil a sense of security in others when you are able to get on board with your associates by asking for their opinions and help during tough times. Ultimately as a leader, you must strive to let go and trust them to make good decisions, Inc.com said.

Being A Good Listener, Welcoming Feedback

In an open letter to her employees in 2018, Nooyi said, “…be good listeners. When someone gives you feedback, assume positive intent. Assume they’re genuinely trying to help. Think their words over, and be willing to challenge your assumptions. I promise it will make you better associates and better people.”

Whether you agree with the other party or not, be an active listener and remember that every opinion counts. Allowing people to help you with work also goes a long way, Nooyi said, adding that “If you don’t develop mechanisms…with everybody around you, it cannot work…Being a CEO for a company is three full-time jobs rolled into one.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Anny Divya: The world’s youngest Indian pilot to fly a Boeing 777 shares her success story on Women’s Day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a patriarchal society and a male-dominated sector like aviation, Anny Divya, dared to dream of becoming a pilot and she went out and became one.

In 2017, Divya became the youngest Indian woman to pilot a Boeing 777. Her story on how she fought societal conventions, language barriers, and family pressure to succeed in a male-dominant profession made her a LinkedIn Influencer, sharing the space with global personalities like Narendra Modi, Bill Gates, Richard Branson, Priyanka Chopra, Oprah Winfrey, Justin Trudeau, Sachin Tendulkar, and Kiran Mazumdar Shaw among others.

“When I became the youngest woman to command a Boeing 777, I didn’t realise that I had unknowingly become an inspiration to young women around the world, who want to pursue a profession in flying… I look forward to inspiring others through my personal story,” the 32-year old Divya told LinkedIn in an interview.

Hailing from the temple-town of Vijayawada in Andhra Pradesh, Divya had limited exposure to the aviation sector. But she knew what she wanted to become a pilot, and her mother helped her fulfil her dream.

“A lot of individuals, coming from small cities and towns, get intimidated and almost always fear that they are getting judged by people around them. However, this may be true, sticking to your passion and dream and not letting go of it is the key to success”, Divya said.

She added, “Maybe getting those marks, high and low, was because I was not bothered about being judged by anybody. I do what my soul says and I just love to learn.”

A big lesson that Divya learned during her training days was that it is okay not to know, but it is not okay not to learn. Many young entrepreneurs or individuals when they start out on pursuing their dreams, most of them are not aware of the hurdles that they are about to face. They know what they have to achieve, but they do not how to do it.

Learning is a constant process and every failure is not the opposite of success, it is a stepping stone.

“You should learn what is best and how best you can do and get the best out of yourself. You have to choose your struggle and do it well. So once you’re passionate about something, I think you’ll go beyond your capabilities to work towards it, and that’s what happened. I did it. I thought every profession that I go for would have its own challenges and obstacles, so I might as well stay here and fight for my dream,” Divya said.

Over the years, the number of women pilots in India has doubled compared to the global average, Divya said, explaining that times are changing rapidly and awareness among women is the key to open up different avenues for the myriad of professional opportunities.

On the occasion of International Women’s Day, Divya added, “Definitely there are women I look up to. I have seen right from my grandmother who has done so much hard work to my mother, who has always been my idol, and my sister who had to go through a lot of struggle to reach where she is in her life. There is a lot of inspiration in my own family to look up to. And it definitely also makes me feel inspired.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Can money buy happiness? Here’s what Bill Gates thinks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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“Money can’t buy happiness”. We all must have heard this numerous times in our lives and many of us even began to believe in this as we grew up.

However, Bill Gates thinks otherwise. On his seventh Reddit AMA (Ask Me Anything, for the uninitiated) on February 25, when a Reddit user asked him: “Are you happy?”, Gates answered with a resounding “Yes!”, as per an article published in  Inc.com. 

However, the report said that while Gates rejoiced the fact, he also made it a point to explain the audience that it isn’t his billions that make him happy but the freedom to not stress about money that helps him find contentment.

“I don’t have to think about health costs or college costs. Being free from worry about financial things is a real blessing. Of course, you don’t need a billion to get to that point,” Gates explained, as mentioned in the report.

According to the report, science too agrees with his notion of happiness. Several studies have shown that making more money will help you be happy to the point where you need not worry about covering essentials and the uncertainties life throws your way, said the report.

“We do need to reduce the cost growth in these areas so they are accessible to everyone,” Gates said, the report added.

In over five decades, the cost of healthcare and education in the United States has sky-rocketed. “The average cost of health insurance, adjusted for inflation, has increased ninefold since the 1960s. Total spending on health care rose from $74.6 billion in 1970 to $3.5 trillion in 2017. Meanwhile, the cost of an undergraduate degree at a public school rose 213 percent just from the late ’80s,” the report said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Top B-school students are not opting for entrepreneurship, here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Top B-schools students are losing interest in entrepreneurship — once a dream career — and are aiming for higher paying corporate and secured jobs.

Entrepreneurship, in modern times, is defined as “transforming the world by solving big problems, like initiating a social change or creating an innovative product or presenting a new-life changing solution”.

According to a report by The Indian Express, India’s topmost B-school, Indian Institute of Management (IIM) – Ahmedabad saw a drop in students opting out of entrepreneurship programme. Only two students of the Post Graduate Programme (PGP) in Management chose entrepreneurship as a career option against six students who took up the risky road last year.

The two students will work under the mentorship of Centre for Innovation Incubation and Entrepreneurship (CII), IIM-A.

“The number of students opting for entrepreneurship depends on their individual interests. There is no specific reason we can assign to the decline in this number this year,” a representative of the IIM-A placement was quoted as saying in the report.

One of the strong reasons behind the decline in students in the sector can be attributed to the income generated in a year, compared to what their peers earn in corporate jobs.

According to indeed.co.in, a job search website, the average salary for an entrepreneur is Rs 3,81,003 per year in India with a typical tenure of 1-3 years, far less than what one gets in a corporate job.

“From my very first day as an entrepreneur, I’ve felt the only mission worth pursuing in business is to make people’s lives better,” – Richard Branson.

Hence, a career choice taken up by Steve Jobs, Bill Gates and Elon Musk involves strong determination and appetite to take up the risk and turn the dreams into reality.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

WhatsApp announces ‘Startup India-Grand Challenge’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In an effort to encourage entrepreneurs and small businesses in India, Facebook-owned messaging app WhatsApp on Thursday announced the “Startup India-WhatsApp Grand Challenge”.

The top five start-ups will receive a total grant of $250,000, the company said in a statement.

“Ideas and business models capable of making a large-scale socio-economic impact and solve day-to-day problems have been invited to apply for the challenge by March 10,” said WhatsApp.

The messaging app, with 1.3 billion global users and over 200 million users in India, has been working closely on its business platform for a year now.

Nearly one year after debuting the WhatsApp Business application, the app is now used by more than 5 million businesses monthly.

In India, 84 percent of small and midsize business (SMBs) think that WhatsApp helps them communicate with customers, and 80 percent of SMBs think that WhatsApp helps them grow their business.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow