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Entrepreneurship is not Easy – Five lessons from my journey so far

Entrepreneurship is not Easy – Five lessons from my journey so far

No, I am not complaining. To live a life of my choosing and to do work that I love is a blessing indeed and I thank my stars every day for this. An adventure it is, but it is not all fun and games. And the next time one of my ex-colleagues from the corporate world tells me that I am living THE life and I have it all easy and set – be warned, I might just punch you. I was prepared for the hard work, the dedication and the perseverance that is needed to build something valuable from scratch – that’s the easy part. The hard part has been some of the experiences in the past two years since I moved from being an employee to a  micropreneur to an entrepreneur – some known, some forgotten, some unique, some learnt – but all experiences that have taught me some tough lessons. Lessons that I hope will help me grow and become more successful as an entrepreneur.

Today’s post is a summary of some of the jottings in my diary in the past year since I launched a full-fledged business – jottings that helped me understand, clarify internally and get clarity to take decisions. As I look back, some of the jottings assume special significance and I believe are worth sharing. So here are the big five lessons from my diary on entrepreneurship in the past year:

Entrepreneurship Lesson #1: A “NO” is not Personal – and I can’t move ahead if I don’t learn to recognise and accept all the nos quickly. I have reached out far and wide in my contacts to get more business. And of course, there are more nos than yeses.  And while I am really thankful for the yeses that got me started, it took me some time to accept that a no from my circle of contacts is not a personal rejection. Given all the nos, now I have this background track of a door opening and closing (with various levels of sound effects) playing in my mind whenever I make the pitch. There is the direct “bang” NO – brutal but efficient in the long run. There is the “creaking” half-hearted no – I will see what I can do (no), Call me next month (no), let’s wait for my budgets to be clear (no). And there is the deadly “total silence” no – no response at all to emails, calls, etc. I am a great believer in the power of sales funnel conversion stats – my belief in myself can be shaken but not my belief in the infallibility of numbers and metrics. It took me some time but now I have learnt to be happy with a no. The quicker I finish my quota of nos, the faster I can reach the yeses in wait for me.

Entrepreneurship Lesson #2: Every Hire is not a Great hire – With all my experience in hiring and managing people, this is one mistake that hit me hard. I have been very careful in building my initial team – this is the team that after all will determine what the company culture will be. The team that will walk the talk of the mission, vision and values and set examples for the rest to follow. It hurt when I realised that even after careful screening, I had hired someone who did not fit in with the core culture of my company. It hurt more when “sitting down” and having a discussion with the team member did not work. I had to take rapid action to let the person go. And that is the lesson – that even after being very careful, there will still be people who may be great performers but are not “right” for the organization. Hire slow and fire fast – strong words but very important ones for a startup.

Entrepreneurship Lesson #3: Every Customer is not a Great customer – And there will be times when I need to let a customer go. I have to let go of the temptation to add customers indiscriminately (and especially at the time when I can count all my customers on fingers of my hands). Being small and starting up, I needed to be careful about where I am directing efforts towards. And my fingers were burnt badly when I spent a lot of time and money working to satisfy a customer who though was known to me in my earlier life, I was not very comfortable taking on. There was a conflict in values when I initially assessed the opportunity and I should have listened to my gut feel/instincts that this conflict cannot be ignored and things will not work out. After a lot of back and forth and heartburn – it didn’t. Lesson learnt – I would rather stay small than compromise on what I need my business to stand for.

Entrepreneurship Lesson #4: Cash on Invoice is not Cash in the Bank – Can’t believe it even now, that I with all my revenue and cash flow management experience was sliding into this trap of false security. But I was – serves me right for building castles in the air and nearly building a few on the ground based on all the $$$ that I had raised invoices for. One big bill paid and my castles fell apart. And common sense came back. I now plan my costs and investments only based on the cash in the bank. Being self-funded, this is quite tricky but absolutely necessary for my peace of mind and my company’s financial well-being. That’s another thing about entrepreneurship – money balance in bank is the last thing on my mind before I go to sleep every night. Money was never a priority for me when I was in a job – never thought I would see this day or night 🙂

Entrepreneurship Lesson #5: Expect the Unexpected – I made an excellent business plan in December and had to throw out more than 50% of the planning on customers, revenue streams and sources by February end. Solid depression for a week (how could my planning have been so flawed? Who was I kidding? Is it time to wind up even before it starts properly?)  And then another revenue stream opened up. A customer was served up to me on a plate by a connection who I did not expect it from (thank you so much A). And I was back in the running :). Lesson learnt – things change. And things change rapidly. Have a Plan B (and C) in place. Be flexible and go with the flow. A plan is great but if the real world throws up some opportunities or challenges, be ready to grab them or fight them. And to prepare for change I now expect it and experiment with change by shaking things up and around a little bit more often in my business.

I have a long way to go yet and a lot to do. But if success is measured in terms of personal growth and experiences gathered, my first year as an entrepreneur has been quite successful. I am happy in the now and my team is happy in the now too 🙂 – what else could I ask for? Right – more money in the bank would be a good ask too, but I will get there.

Intrapreneurs, entrepreneurs and entrepreneurs-in-the-making – what do you think? Any advice for me – anything I should know now before I burn my fingers? Help me by sharing your thoughts and wisdom with me.

Pic courtesy – Flying_Solo_by_Chocoreaper

From Managing to Leading – Five Attitudinal Shifts To Become An Inspiring Leader!

From Managing to Leading – Five Attitudinal Shifts To Become An Inspiring Leader!

Why is it so difficult to find great leaders in the world of work? What is the missing element that makes most super achievers fall short of being super leaders or mentors? What does it take for a skilled manager to become an inspiring leader as well and why do so many managers fail to make this leap? In this disruptive world, there is a burning need for leaders. Much has been written on this topic but there is always space for a new perspective. For today’s post, I invited Nilisha Mohapatra to share her insights on this topic. She has studied and worked in the Human Potential Development field and is a keen observer of people in work environments.

A few thoughts on management and leadership from John P. Kotter before we move on to the insights – he has said that “leadership and management are two distinctive and complementary systems of action” and that “leadership complements management – it doesn’t replace it….strong managers produce predictability, stability and order, but leaders create, communicate and implement visions of the future, which enables companies to change themselves in a changing competitive marketplace.”

Organizations are all about its people – which is why, a lot of research has gone into understanding what motivates people! This breadth of on-going research and innovation underlines one fact for me – that people management is the most crucial and most dynamic aspect of an organization. It is difficult too, because there are people involved. So many of them!

So how does one make the shift from managing people to leading people?

There are no cookie-cutter fixes for people management. The more I mull over this, I realize that for me it is all about attitude shifts that we need to bring about, rather than finding tricks for success. It all starts with the mind-set. As Gautam Buddha says, ‘The mind is everything. What You think, You become.’
Let this saying be our Pole Star for this blog post.

Here are my five cents to answer this big question:

1. People are capable and able of owning their careers and their lives. They do not need to be ‘managed’. I believe, all people need, is active mentoring and inspiring leadership. Each individual has a Pandora’s Box of talent within them. I mean it. All it takes is a nudge here, a push there, humaneness and occasional guidance, to unlock this. I have known a lady who continued in a data entry job for 10 years because her seniors believed her capability rested there. The moment she received mentoring to try out something new, she soared. Today she is a successful artist, creating social change using various arts media! This happened when she was at the receiving end of trust, acknowledgement of strengths, encouragement for risks, and effective role modelling. This approach is a belief system shift. It can create magic.

2. Respect people for the choice they make to work with You. The part about the choice here is to believe that many people take up their jobs because they want to do that work. They are drawn to it, have a passion or vision for it. They do not just take up a job for the sake of it.  It is for us to really respect this very choice and nurture it. They choose to join You in the journey/trajectory of your organization and career, to work with you. Not for you. With You. If we can accept and value this, it will go a long way in the team members really having a sense of purpose in their careers, feel more valued and encouraged to contribute more. Engagement will sky-rocket.

3. Invest in people’s learning, and let them grow. At every point of our careers, we all need to learn. We grow because we learn. The higher up we go in our careers and seniority, the more privileged we are to work with increasing number of people. At that point it is then our responsibility as Mentors to facilitate the same kind, or even better opportunities than ours, for our team. Believe it or not, the learning is going to reach you eventually. The beauty of your experience comes into play when you mentor such growth. Investment can be in the form of allowing them to experiment, implement multiple ideas, unleash their creative thinking etc. When you can, create opportunities to invest in your team’s growth. You will foster high performance!

Be instrumental in polishing uncut diamonds.

4. Appreciation: Criticism = 4: 1. It is a scientifically proven fact by psychologist John Gottman that we need to have a 4:1 ratio of positive comments to negative (four acknowledgments for every one correction) in all relationships to have a healthy one. As mentors, we need to LIVE this. This practice really allows you to validate and acknowledge each of your team members for their work. They will feel seen and heard. What is wonderful about this practice is how it opens up the space for each person to receive constructive feedback and accept the room for improvement. If we want them to do more and be more, this would be a great place for us to start with. Genuine validation is all it takes. Start with 3:1 and then get to 4:1.

5. Be Authentic. Be real and allow the person that you are, to come through in your interactions. This is a great way to build a trustful and synergetic environment in your team. This for me is also purely about walking the talk, and leading from within. If you want to motivate someone to be more accountable, you yourself have to take on the next level of accountability. Want your team to take more risks? Demonstrate risk taking. Set the tone with this authenticity. That way everyone knows that You as a mentor will always have their back!

Over time as I have discussed these ideas with people I meet, I have been told that such mentors are a rare breed indeed. And I understand why it is so. Because this is a conscious and persistent choice we are talking about, which will undo years of conditioning, which might have its roots in the beginning of the Industrial Revolution! But I firmly believe that with these five attitudinal shifts, we can really transform the landscape of ‘people management’ into ‘people mentoring’. And that is the need of the hour.

“We all need to be leaders, regardless of our formal title or role. This starts with inner self-leadership and moves outward to influence, guide, support, and lead others. The process of becoming a leader is the same as the process of becoming a highly effective human being. Leadership development is personal development. Leadership ultimately shows itself in what we do “out there.” But it starts “in here.” “~Jim Clemmer – Growing the Distance

Be your indulging mentor. Let it start with you, because You Matter! I believe that the choice to start a phenomenal trend, lies with You. So let it roll!

What have we missed ? What are your observations on making the shift to inspiring leadership ? Nilisha and I would love to hear back and learn from you.

Nilisha is trained as a Mentor Trainer, delivering complex training to Indian volunteers learning to become mentors to disadvantaged children. She has a Masters in Applied Psychology and has transformed herself into a creative and inspiring trainer who both taught acceptance and behaviour change as well as living the principles in her training. This is Nilisha (@NilishaM)’s fifth guest post for Happy In The Now and you can read all her blogs at fantasycluster.wordpress.com

 

Pic Courtesy :

http://www.theolivebranchblog.com/wp-content/uploads/2013/11/lead-by-example1.jpg

Be Sensible, Be Kind – Five Things Not to do on Social Media during an Impending Tragedy

Be Sensible, Be Kind – Five Things Not to do on Social Media during an Impending Tragedy

India and the world are holding their breath waiting for the super-cyclone Phailin to hit land. The storm has strengthened at one of the fastest rates ever recorded, going from a tropical storm to a category 4 cyclone in only 24 hours. On Friday (Oct. 11), it became the equivalent of a category 5 hurricane—the strongest on the American scale—with sustained winds of 160 mph (260 kph). That official wind speed has tied Phailin with the devastating 1999 Orissa Cyclone which killed more than 10,000 people—currently India’s strongest storm ever. Cyclones in India are the same as hurricanes in the United States — different words for the same thing – as reported by ‏@EricHolthaus Lead Meteorologist & Weather Editor for@weathermob & @qz.

In Twitterverse, #Phailin is trending and I have been following this hashtag since the last two days. I am from Orissa – the state which is expected to bear the brunt of this cyclone. I am at a distance from all of my loved ones back at home and thanks to Social Media can get live updates from people on the ground and the experts. Social media has expanded our worlds allowing us to access firsthand accounts, share worries and express our faith and solidarity in the face of tragedies. Smartphones and platforms like Facebook and Twitter allow us to “be there” while not being there. It becomes important then to be more aware of our roles and words on these platforms – to be responsible world citizens.

As I read through all the tweets and posts (most of it useful), what strikes me and makes me angry is the sheer stupidity and insensitivity of some of the tweets. Tragedies are personal and it could be difficult for some people to “get that” sitting at a distance. We saw this happen during the Tsunami in Japan and other major events since social media became popular. Though this post, I want to spread the word to be kind, be sensible, be sensitive and be responsible in the way we use social media in the face of such events. Since I am more of a twitter user, I take some tweets from the past 48 hours as examples of what not to say or do during an impending crisis:

1)      Rumour Mongering: It is scary enough already, do you really need to add to the stress ?

2)      Callous Humour:  Humour is good, but seriously ? Talk about bad timing

3)      Politicize: Now is not the time to add politics to the mix, definitely.

4)      Heckle and Hate: I hate you, too, thank you. Please stop this nonsense.

5)      Advocacy and One Up-Manship: Yes, we know you have a Cause. But can you please get down from your platform for now ?

To sum it up, if you don’t have something useful to say or share – Don’t. Let’s cut the noise and allow the information to filter though.

My thoughts and prayers with the people on the east coast of India. And gratitude for the administration, army and volunteers braving it on the ground for crisis management. Let’s hope this will indeed turn out to be a zero casualty event and not a tragedy.

Picture courtesy – https://twitter.com/EricHolthaus

Five Life-Altering Philosophies from Calvin and Hobbes – Happy In The Now

Five Life-Altering Philosophies from Calvin and Hobbes – Happy In The Now

Have you ever experienced how the simplest of things can trigger and unfold a whole world of profoundness, weaving itself into the weft and warp of our lives? Be it a gesture, a remark, or a few words, they sometimes leave behind an impression on our lives that last for ages. One such thing that has gone a long way to rearrange my perspectives on life is the timelessness and wisdom of Bill Watterson’s Calvin and Hobbes.

Calvin’s conversations with Hobbes have become life lessons for thousands around the world, and I am no different. Having read and re-read numerous Calvin and Hobbes comic strips over the years, I realize that through its humour, simplicity and wisdom, it has become one of my guides to understanding life.

Here are five life altering philosophies that are landmarks of my journey with Calvin and Hobbes, and have contributed to making me what I am today:

Philosophy #1: Curiosity does not kill the cat!

Calvin cannot stop thinking about things and happenings around him, and neither can I. It is his musings about life, relationships, school, parenting et al that has made me a reflective person. I cannot comprehend how people stop thinking about things when there is still so much to know! Delving into Calvin’s explanation of phenomena around him has exposed me to a world of humour, perspectives and a different culture of thinking. Needless to say the perils associated with being a thinker cannot be discounted for. But the depth I’ve gained is priceless!

Philosophy #2: The best things are learnt outside of textbooks.

Calvin’s rebellion in Ms. Wormwood’s class has been my biggest source of joy because it resonates with one of my beliefs which I value most: Learning through experience is powerful, life changing and everlasting. Texts books are only meant to clear exams. It is also this belief of mine that got me my job! The constant effort to evolve as a better human being in any role we play is only enhanced by life’s lessons, and not through chapters or pages. Any experience holds in it the magic wand of transformation, and when embraced, it helps us become the architects of our own lives, designing our own big picture.

Philosophy #3: Play saves the day!

No matter what happens, each day in Calvin’s life has an element of play in it. Only then does he consider it worthwhile. When practiced, I found that I could not let go of this habit. And over the years, play for me has taken different forms. Today I like to indulge in a variety of activities like writing, music, cooking, running, painting, or anything that gives me a sense of immense joy and satisfaction at the end of the day. Though the child in me wishes I could graze my knees more often!

Philosophy #4:  Express. Not suppress.

Calvin’s favourite form of expressing how he feels is through snowmen. It seems strangely cathartic, and I love it. Unfortunately I live in a country which doesn’t get snowfall. But learning from Calvin’s bravado, I consistently use various forms of expressing myself. Predominantly it is through blogs or colours. And I have found it to be extremely liberating. This practice has helped me deal with days when “even lucky rocket-ship underpants don’t work”. Brings things into perspective!

Philosophy #5: There is treasure everywhere.

What amazes me constantly by this last Calvin and Hobbes strip is the feeling it leaves the reader with. This very piece is what has inspired and triggered my love for travel. Every time I read this I feel a great sense of wonder and it pushes me to explore all the possibilities that await me. I have come to realize that I’d rather save up to travel and see the world, than trade the experience for ‘things’. The explorer in me thanks Calvin for instilling and reinforcing this outlook.

Though when Bill Watterson ended the Calvin and Hobbes comic strip in 1995, he said he had contributed all that he could, for me the Calvin and Hobbes School of Learning does not end at all. The reason I picked these five today is because I have constantly made an effort to live these and it has changed me. So now I welcome you to dive into the goofy world of Calvin and experience the magic. Pick your favourites and share with us your experiences through Calvin and Hobbes. We would love to relive the magic with you!

This post is dedicated to the genius of Bill Watterson. In eternal gratitude.

This is Nilisha Mohapatra’s (@NilishaM) third guest post for Happy In the Now. Her two previous posts are “ Five Steps that help me be Here and Now – Being Mindful and Happy In The Now” and “Five Life Skills that give wings to your Career”. Nilisha is a Post Graduate in Applied Psychology, and is a content designer and trainer for Transformational Programming and Life Skills development.

P.S : I love Calvin and Hobbes too !

Five Essentials to Consider before venturing into Entrepreneurship

Five Essentials to Consider before venturing into Entrepreneurship

It has been a year since I went solo. Fifteen years into my career and I would rate this past year as the most satisfying and fulfilling year of my life. Hard work has been a common theme through all the years but nothing beats the satisfaction levels and the thrills of trying out something of your own and nurturing it to growth. However, entrepreneurship is not all fun and joy. There are ups and downs, small victories and big fails and we need a special mind-set and support system to ensure that we are not bouncing like a yo-yo along with our venture. Keeping the balance is absolutely essential.

I have written about the mind-shifts that I had to make within myself a few months after I plunged in an earlier post. For this annual event, I asked a very special woman, an amazing mother and a successful entrepreneur – Devina Mahapatra – who has been there, done that – to share with my readers and me on what helped her survive and thrive on her entrepreneurship journey. What are the essentials to consider before venturing into entrepreneurship, that we need to have in place to succeed? And here is her take:

A few years back, I found myself taking time off from the corporate world to dedicate to raising our kids. My goal: be home till the younger one is two. At this time, I was only expecting my first. While the joys of mommyhood is incomparable to anything else I had experienced, I got restless very quickly because there’s only so much you can fuss over an infant. By the time my first-born was a year old, I had started a business. And before I knew it, my husband had quit his high-profile IT position in a leading upcoming biotechnology firm to join the business. We quickly were living the entrepreneur lifestyle – very different from the regular 9-5 positions we had both held in the past. The accolades as well as the trials were rewarding. After seven years, our first business was sold, and my husband went on to start on his second, thereby entering the coveted group of serial entrepreneurs. Once you have a taste of being a business owner, it’s virtually impossible to turn back. However, I believe that without a few ground rules and work ethics, we would have burnt out before giving success a true chance.

Here’s my list of 5 Essentials to consider before venturing into entrepreneurship:

Essentials #1: Have unconditional support of your significant other –

By support, I mean holistic support – be it mental (challenging business strategy), emotional (provide encouragement when things are slow), physical (waking up to care for the kids at night) or public relations (keeping a calm composure and positive outlook when you just lost your biggest client). Confide in and communicate with your significant other – Err on the side of more than less. No one’s a mind reader. By unconditional, I mean in great times and terrible ones…alike.

Essentials #2: Don’t be a stranger to the facts –

Do research, and then some more. Know your competition. Know your product/service. Know the demand. Interview other business owners. Set a timeline target that’s realistic. Research goes a long way in saving you time and money.

Essentials #3: Know yourself –

Know your personality type. Running a business needs constant self-motivation in good days and bad. It takes an enormous amount of self driven discipline. Ask yourself if the business is enough motivation to get you out of bed every morning – for times to come. If yes, you’re a natural. If not, keep a motivation plan ready. Be accountable to yourself.

Essentials #4: Surround yourself with positive thinkers –

The easiest thing for people to say is no. Surround yourself with positive thinkers who emit positive energy. You will need it. Don’t hesitate to distance yourself from nay-sayers, mindless gossip and anything that doesn’t add value.

Essentials #5: Meditate Daily –

If you don’t meditate already, start anyway. Running a business will just get the universe as close to your soul as you allow. Meditation enables that. Practicing the art of maintaining peace and calm within yourself will pay off big time.

Are you thinking of going solo, starting a company or just taking a break to think about a career change? How are you preparing for this big shift in your life? What are the other essentials to consider before venturing into entrepreneurship ? Devina and I would love to hear back and learn from you.

Guest Post author : Devina Mahapatra

Pic Courtesy : Sukanya Rath

Five Life Lessons from the past year – and here is hoping that I learned them well – Happy in The Now

Five Life Lessons from the past year – and here is hoping that I learned them well – Happy in The Now

And once the storm is over, you won’t remember how you made it through, how you managed to survive. You won’t even be sure, whether the storm is really over. But one thing is certain. When you come out of the storm, you won’t be the same person who walked in. That’s what this storm’s all about.

― Haruki Murakam

A very Happy New Year to all my readers. This is my first post for the year (and the fiftieth post since I started this blog around a year back – whew!). Life has a way of teaching us its lessons sometimes in a gentle and sometimes in a harsh way. The past year has been stormy in more ways than one for many of us. And as Haruki Murakam said so rightly, we are not the same people we were same time last year. This post is a sum up of the five top insights/learning that got reinforced for me through the past year. I hope that these resonate with you as well and that you will write back to me on what you learned too.

Life Lesson #1: Miracles do happen – Don’t dismiss the moments of magic in your life as coincidences; they are indeed the miracles that you have consciously or sub-consciously prayed for. I have written about my mom’s medical challenges earlier – kidneys gone, iffy heart, multiple strokes, paralysis, speech loss – you name it and she has had it over the past year. Giving up was not an option for her and us even though everybody else almost had. My family and I were blessed to witness the miracle of her come-back to a life of dignity. I now know for sure that yes, miracles can happen – yes, they do – all it takes is a lot of faith, courage and patience.

Life Lesson #2: Choose your relationships with careLife is too short to waste on relationships that suck the energy out of you. Be it at work or at home, opt out of the relationships that take more than give, that withdraw in your times of need and that can’t withstand a bit of wear and tear. You CAN change your environment if you can’t be happy in it. There is a whole world of great people out there waiting for you to reach out – drop the negatives around you and connect to the positive. Who you know has become as important if not more as what you know – choose carefully your co-passengers in the journey of life.

Life Lesson #3: You ALWAYS have a choice – There is a big difference between accepting your fate/destiny/whatever you call it and being resigned to it. It is only when life is embraced in its totality, only when we live in the heights, depths and surfaces can we learn that we can immerse ourselves in the joys and also endure the suffering that is always near by. There is no good answer to “why me?” or “what have I done to deserve this?”.  Instead face each day with the confidence that you can handle everything that life throws at you and get better at “handling” with each passing day.

Life Lesson # 4: If you can’t fly then run – If you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward. Martin Luther King said this and he also said that the time is always right to do the right thing…. The full meaning of these quotes hit me this year in many ways both through my experiences (quit my job and went solo) and of those around me. If you believe in something, trust your instincts and just go for it – a path will open up in front of you step by step, effort by effort.

Life Lesson # 5: The moments are all we have – make the most of it – This is a reinforcement of my “Happy in the Now” philosophy that I have followed for the last year and now I can report confidently that it works, it really does 🙂 The past year has been the happiest year in my life in spite of everything and not because I did anything extraordinary – it is just that I learnt to be conscious of and savour every moment. In the “busy” ness of life, it is so easy to lose track of the moments that make up time. It helps to stop, take a deep breath and be aware of the now – be content.

Sometimes the greatest wisdom is hidden in the simplest of things. The thoughts above may seem like a bunch of platitudes but in the past year, I had some Eureka moments which taught me the meaning behind these platitudes. What common wisdom triggered an uncommon moment for you in the past year? What lesson did life teach YOU that you hope you have learned well? I would love to share in your experiences.

A BIG thank you to all my readers for your support in the past year. Without you, this blog would have died long back.

Pic Courtesy : http://www.flickr.com/photos/stuckincustoms/3155662908/