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Entrepreneurship

En number of startups are now being opened up, many of which even end up flourishing. This drive is mainly due to the nature of the digital economy, but also due to the growing disillusionment with the corporate lifestyle. This corporate world is still working under age- old hierarchical models, with little scope for creativity or flexibility. Talent management practices are almost non- existent in some places. For upcoming entrepreneurs, there are certain dos and don’ts they need to keep in mind. For a start, they need to experiment, before finalizing on any plan. Their financial plan needs to be realistic. A concrete plan needs to be put in place to ensure timely cash flow. One mustn’t take up any work in panic, that will distract from the real core. Most importantly, all budding entrepreneurs need to figure out their family commitments, before plunging headlong into any such risky venture.

Source:https://knowledge.insead.edu/blog/insead-blog/making-the-leap-to-entrepreneurship-10701

Uploaded Date:15 January 2019

Ernesto Sirolli is one of the best- known entrepreneurship coaches in the world. A total of more than forty- thousand enterprises have emerged from the management training sessions he has imparted, either via the direct trainees or those these trainees have in turned coached. He feels that the most important lesson learnt is to capture the right business intelligence. This can work best when people are willing to listen. This is true for both profit- oriented corporations and also for NGOs. A lot of genuinely well- intentioned social schemes go bad, because the policy makers and implementers never listened to the people on the ground. Such trends pervade all over the world. Interventions may be small to begin with. Therapies to be implemented may be both person- centred as well as business- centred.

Source:https://www.strategy-business.com/article/00273?gko=e4451

Uploaded Date:07 January 2019

Self-made billionaires, as opposed to those who inherit the wealth, have certain key tenets which have enabled them to scale the peaks. For a start, they are believers in constant business innovation, as a result of which they keep churning new ideas. But these ideas evolve with empathy, as they have, unlike the inheritors, gone through the same hassles which any consumer would have. These people also value time, so are patient. But this patience cannot be mistaken for languid, as they show a sense of urgency in getting the tasks completed, so that they may hit the market at the right time. Such people are action-oriented. This shows during their periods of inventive execution. They are risk-takers too, but not in absolute terms. It is in relation to their peers. They are also adept at talent recruitment, so know how to team up with the best of performers. Often the people they are looking for are present with them. So, these internal talents are quite often discovered by such self-made billionaires.

Source:https://www.strategy-business.com/feature/00300?gko=6d918

Uploaded Date:03 December 2018

A recently released book written by Maynard Webb titled Dear Founder: Letters of Advice for Anyone who Leads, Manages, or Wants to Start a Business written in the form of a series of letters, outlines certain tenets that all new business founders need to know. On culture and inclusion, he says that diversity as part of the talent recruitment strategy has to be implemented right from outset, else it will get complicated after a certain stage. Once funding is received from an investor, a founder typically gets about 18 months to make use of it, before it runs out and one looks for a fresh round. Technology is democratizing the professional space away from the traditional paternalistic company that was common in the past. Webb also mentions how all kinds of companies need to have a proper board of directors, to fall back on useful advice. Entrepreneurs must also learn to handle hard situations like firing employees.

Source:http://knowledge.wharton.upenn.edu/article/what-every-founder-should-know/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2018-10-11

Uploaded Date:14 November 2018

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