Monday, July 23, 2018

Indian entrepreneurs and challenges!


Image result for entrepreneurs
Our social perspective is totally biased when it comes to the ambitions and a drive to become rich. Tenth century onwards, new emerging philosophies mostly professed simple life, abhorred richness and trusted in good deeds to have the better life after death that penetrated our psyche so much so that we became moreover destiny centric and disinterested in the present life. Everyone thought the present life is an outcome of the deeds of the past life and hence nothing can be challenged! The zeal to make efforts to change the circumstances almost died. People were in the traditional businesses but with the lack of any motivation, they stopped to become innovative. The glory and prosperity of the past vanished to leave them to rot in the poverty for almost over a millennium! 

To the Indians, it was only God who had already designed their life and there will not be any change in it. Saints too preached that with all contentedness live the life the way God has chosen for you. In the early last century, we saw an explosion of literature, arts, cinemas they almost all glorified the poverty. As if being poor was a boon and the sign of honesty and richness was dishonesty, an evil! 

These philosophies of renunciation those aimed at the better life after death made our mindset inactive. If everything was predestined there was nothing in the hand of a human to change it. In such an atmosphere, there could not be any kind of innovation and ambition. Rather the ambitions were connected with the greed. Being ambitious was considered an evil! Even many entrepreneurs also thought on the same line and restricted their growth. The post-independence era saw a great rise in the job seekers but the enterprising class was almost difficult to find. 

Rather no specific efforts were made to change the socio-psychological environment that had become inactive and ambitionless. It did not occur to the modern educationist that for the wealth creation you need to shape the social mindset of the citizens in such a manner that it not only creates entrepreneurs but also the specially skilled generation that assists the entrepreneurs with equal ability to achieve the common goals.  

The education system is designed in such a way that can only create unprofessional job-seekers. Rather entrepreneurship is not considered as a necessary academic discipline. Our economists do not think that entrepreneurship is the basis of the economy and hence it has to be focused. The books available in the market on entrepreneurship are mostly anecdotal stories of few business tycoons or guiding on the superficial elements of the entrepreneurial qualities. Many books just claim to give business ideas those contain inadequate and superficial information. In fact, nothing can help any to understand different types of entrepreneurship and different entrepreneurial behaviors. 

It is essential to understand that entrepreneurship behavior is interconnected closely with the psychological and sociological elements such as the personality traits of individuals and socio-cultural environment. We need to prioritize the entrepreneurship psychology and should help the youth to mold their mindset in an order to create a burning fire of the ambitions in an appropriate manner to strive for it!

Our social psychology does not encourage the risk appetite. No one wants their children to be struggling in an area where there is no any kind of certainty. The job is the only solution to them. But we are well aware that there cannot be enough jobs unless there are a good number of job providers. One must think of becoming the latter rather than preferring standing in the endless queue of the job seekers. This is why most of the time jobbers' mentality does not match with the aims of the enterprise and mostly they become a hurdle in the growth. 

Becoming an entrepreneur only because there was no choice is mostly a common fact in India. Many have to run the family business because they have no choice. They are not in business because they had own desire and ambition to become one. Some are impulsive and in an outbreak of the emotions leave their jobs or education to start the businesses they have taken instant fancy in. They think they have the right and revolutionary idea and if time is lost they will lose an opportunity. Many fail in their ventures, many keep on struggling for a long time repenting on their impulsive decisions. 

In fact, every kind of venture needs a different kind of the psychological setups. Getting consumed by some idea wouldn't help much. Inspirational talks won't come to their rescue. In fact, there is no shortcut to success. One has to develop a logical mind before making any decision regarding the venture and an idea that has driven him or her. They should know well in whom to trust and in whom not. The impulsive decisions many times leads to the disaster, sooner or later.  Before taking any step one should know first how much risk reasonably can be taken and whether he has enough patience and tolerance level to face the bad days those may land upon. Though entrepreneurship needs good planning and even if he has, things never go as planned. Many things are beyond the control. Sudden unexpected jolts need to be expected. Entrepreneurs mind needs to have prepared in advance so that he can find ways to get rid of them with the calm and unconfused mind. 

The man had been enterprising since the remote past and the present fruits of the development are the product of their innovative entrepreneurship. We the Indians lost our zeal as we fell in the crevasse of discouraging philosophies and this is why we are still underdeveloped. Individual psychologies need to be nurtured so that the generation of the good entrepreneurs can be ready to take challenges of the present and future!

-Sanjay Sonawani







Friday, July 13, 2018

Why you need a mentor?



When you think of starting a new venture, besides other essential things like deciding on the product or service, raising capital, market strategy, and so on, keep in mind that you also need a mentor. 

Most of the Indian budding entrepreneurs never think on this vital factor. A mentor is a person who has deep insights into the business those come with the experience that becomes a ready guide for you. He helps the young entrepreneur in taking the right and timely decisions to avoid common mistakes that almost every unguided entrepreneur do! 

He can navigate you through the challenges that come your way. 

He possibly knows of some or many solutions to the single problem and guides you to choose the right one to save your invaluable time, money and trouble. 

A mentor is a place where you can unload your tensions to get the right guidance. 

He helps you to clear up your confusion when you become indecisive while facing some unexpected problems.

In fact, he is a guiding force to his mentee who helps him to make better-informed decisions at every step that any upcoming venture needs. He helps in keeping motivation level up when the times are difficult or some tough decision have to make. 

As an Industrialist and businessman, I many times have gone through tremendous psychological pressures when the things weren't shaping up the way I had planned. It was a lonely journey because the concept of the mentor who could guide towards the right path was absent then. Very few those had ancestral business background were only the exception. The scenario hasn't been changed much. I sailed through the troubled waters, but not so easily. I had to pay the cost of it!

Many failures come to you because you don't have a compassionate and expert guide! Finding one also is not easy.

But if an entrepreneur wants to be successful, his one of the priority should be to find one! A person who can be relied on, who has the practical business expertise and an ability to fathom the circumstances and find the solutions! 

But the most important is he should be able enough to understand you!

He should understand your business, your goals, your abilities, and shortcomings and should be able to assist you at every step in the right manner!

The mentor is not your boss but a philosopher friend whose guidance or solution is not a compulsion on you.

In fact, he helps you to take the decision and sticks with you no matter what you decide and tries to get the best out of it!

I will explain my experience as a mentor with you so that you will understand how important it is to have a mentor to become successful in your venture!

-Sanjay Sonawani





  









Tuesday, July 10, 2018

No Business Idea is Unique!

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Never think your business idea is unique!

Don’t get excited with the ideas those come to you! Never think, “I’m the only person who has thought of some unique concept!”

The possibility always remains that many could have thought over the same, maybe in a different manner, across the world! Some may have dropped them thinking it as a weird idea and did not pursue it.  

Some might have followed the idea with less conviction...and some with full conviction...and still they could be in the dark of utter anonymousness because they had failed.

Our problem is we never want to remember the failures!

We even don’t want to think that others also might have thought on the same business idea. We don’t try to find why they did not implement them or why their attempts failed?

The first thing is let us first relieve ourselves of an idea that the idea is unique!

There is nothing in the world that is unique.

The uniqueness is in the way one execute the idea to make it a grand success!

And this requires tremendous entrepreneurial skills!

Only financial resources can’t help you out!

Many financial tycoons have been failed in their some or other venture!

And some with meager resources have succeeded!

You need to analyze your idea first from all the angles!

Remember, every idea has its own horizons!

Some have none…always remember, no matter how exciting the idea sounds!

This is why analyzing idea is the first step when you want to start up something new based on your unique idea!

And they have to be measured practically without jumping in the well of an idea in the spur of the excitement!

Other steps come later.

-Sanjay Sonawani
 Entrepreneurship Psychologist & Adviser

9860991205


Monday, July 9, 2018

Why Startups fail?


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Every person desires to become his own boss at some stage of his life. Many think that the capital, good product or services, and skilled manpower are enough to become a successful entrepreneur. Entrepreneurship demands much more than this from you, and that is your psychology. in fact it's a real capital that goes unchecked before anyone takes the decision to start some business under some temporary but impulsive influences. But actual journey depends on your psychological mold that determines whether you can sail through all the odds with the same zeal to become a successful entrepreneur.

Entrepreneurship is not essentially innate quality. It can be developed or modified after analyzing your present psychological set-ups, such as strengths, weaknesses, and shortcomings. There are many budding young entrepreneurs those are ablaze with the passion to become another Steve Jobs or Zuckerberg, but the unfortunate scene is about 80% start-ups are seen being shut down within three years from the day they start! 

Why they did fail? 

They had the passion. They were intelligent. They had sufficient start-up capital. They had the good business plan and revenue model. 

And yet they have failed while most of them are facing depression and other disorders.

This is because though they had everything at hand they didn't try to analyze themselves as to whether they have the perfect psychological base that is required to become an entrepreneur. 

Did they try to get help from the entrepreneurship psychologist's help to remove those psychological barriers when they had started struggling with the unforeseen troubles to get an entry in the field they had thought would be simple? In fact, nothing is simple no matter how the idea is great! 

The common problems faced by the budding entrepreneurs are described by the experts--

1.     Lack of focus
2.     Lack of motivation, commitment, and passion
3.     Too much pride, resulting in an unwillingness to see or listen
4.     Taking advice from the wrong people
5.     Lacking good mentorship
6.     Lack of general and domain-specific business knowledge: finance, operations, and marketing
7.     Raising too much money too soon or inadequate capital.
8.     Wrong forecasts and execution.
9.     Inability to face negative circumstances.
10.  Too much anxiety when calm is required.

These are the few points out of many. You can see that most of the above-listed problems those fail you are the outcome of psychological lacunae those, later on, add to many problems like distress, frustration, and feeling of hopelessness that leads to one after another wrong decision to meet the failure sooner or later.  

These problems can be avoided. Only thing is you need to understand yourself with the help of the expert. You must know whether you have the psychological abilities to take over the venture and if not how the abilities can be gained. You can identify your lacunae in advance and can overcome them with the right help. Entrepreneurship characteristics can be suitably developed to enable you to achieve success! You need an expert or mentor, not only to prepare you but to advise you when the things don't move the way you had expected. Only then you can sail through the rough weathers to see the sunshine of the success!

-Sanjay Sonawani
Entrepreneurship Psychologist & Adviser

9860991205

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