Entrepreneurship is about leading life on your own terms. Dream huge. And when you do, dream with your eyes open. It is something that can be taught and learnt, so here are few things to keep in mind.
Defining your company
Your vision statement should refer to three or four lines that define your company’s identity and your reason for being to the team members, customers and all stakeholders. State with clarity and honesty what is right and appropriate from the company’s point of view. Keep in mind that a vision statement does not guarantee success, but not having one can become an obstacle and a challenge. Make sure it i simple, clear and easily understood. Above all, the vision statement should inspire and set the benchmark for the company’s ambitions.
What makes companies succeed or fail?
The larger the company grows, the deeper the culture. The sooner you begin to instil the culture in your organisation, the better. As a leader, you set the culture. Part of a great culture is a great office, though that does not necessarily mean free breakfast or video games. Rather, emphasise liveliness and energy. Courage is another important characteristic — create a work culture that encourages people to take decisions while knowing they will be supported. Culture formation is an ongoing process, that comes from innumerable single moments modelled from the top by a consistent leader and followed by all.
Importance of mentoring
Before targeting a specific mentor, know exactly what you are looking for. Most mentors can not give you a 360° view, but you should not give up looking for someone with that breadth of invaluable knowledge. A mentor should be able to put him or herself in your shoes and extrapolate from experience. My personal recommendation would be to stick with one mentor, invest time in each other, get into a rhythm and be honest to a fault. And never look for a mentor in your family, it is just a bad idea, plain and simple.
Motivation
In two keywords: communication and decisive action. People need to see body language, read facial expressions, hear proper communication and trust the leader’s tonality and confidence. It is not always what you say, but how you say it. For organisations, often the best time to reflect on and discuss cost and strategy is during a period of decline. Know what your team needs to hear, and do not give bad news in drips and drops — do one complete briefing. As a part of your culture setting, you need to be able to let go of those who lose faith in the company during crisis time. Instead, focus on the team members who will be around through thick and thin.
Ronnie Screwvala is the co-founder of UpGrad — an online higher education platform that provides programmes focused on building careers of tomorrow.
