Today's learnings from the class of Entrepreneurship...........

Today, we had a session on entrepreneurship with Satya at IWSB. Every Thursday, we have a session on entrepreneurship in our college. We are four who attend these sessions as students of entrepreneurship. This session starts at 8:30 AM every Thursday. Somehow I reached late in the class, finally session started. We started with discussions about our businesses. Satya started discussing with individuals one by one. Jaydeep and Amit discussed about their work first, Diksha discussed after these guys. Finally my turn came, I and Satya discussed pits and falls of my business and what kind of growth has happened over a period of time. It’s around fourth month of my business and I am facing very difficult issues as it was severe drought just before some time in Aligarh and I am into a business which is related to agriculture. This drought put me down on my knees; it was time of no sales. I discussed each and every in and out of the scenario of my business.

Because of continuous challenges, few negative feelings started coming into my mind. Sometimes I felt that my passion for my business is reducing slowly, my passion is most valuable asset for my business. I and Satya discussed about such issues, he shared his experience about his early stage when he just started Career Launcher education foundation.

Then we discussed about the operations of my business. We discussed about the main three areas of any new start up 1) Research, 2) Strategy formulation and 3) Ground work (Implementation of your idea). There should be a balance in all three. Once you have idea ready in hand, you need to do enough research work about various issues of your business. On the basis of results of these researches, you need to prepare plans and strategy which will provide you growth in your business. If research work has not been done properly, planning and strategy comes from instincts and beliefs an individual can have. But these instincts and personal beliefs don’t work most of the time and entrepreneurs put themselves in the problems. If research work has been done carefully then chances of success for your plans/ideas become much more. Once you are through with formulation of strategy then it comes to implementation part. If implementation is following a deep research and thoughtful plan and strategy then it becomes very easy for entrepreneurs to handle their businesses. Most of the entrepreneurs make the mistake of jumping directly to the implementation of their idea on ground and it’s where problem starts. Some are lucky to succeed in such scenario but most are not. Entrepreneurs do it because of many reasons e.g. they are passionate about their idea so don’t look at downside of their idea and directly go for implementation, research and strategy formulation is very boring kind of work. At the time when you too much excited about your idea it’s really hard to sit relax and give it a deep thought, there are many other reasons as well.

When things go wrong, entrepreneurs realize that something has gone wrong, but it’s better to look your idea from other’s perspective. You must have to be open for suggestions which generally don’t happen with all the people. These are few issues when your passion becomes your negative part. So you must need a balance in all these things and always start with research which will avoid future difficulties.