Qualities of Entrepreneur – Dutch Uncles

Entrepreneurship Lessons from Coco Chanel: One of The Influential Name of the 20th Century

Monica Behura — Sat, 01 May 2021 03:35:05 +0000

Coco Chanel, the fashion legend, whose name resonates in the world of fashion even today after nearly a century of the brand’s existence has left an indelible mark in the global fashion business. Looking back at Gabrielle Bonheur Chanel’s career, she rose from being a seamstress to a French fashion designer and a successful businesswoman. Gabriele’s hobby of designing hats evolved into a commercial enterprise in the early 1900’s. She became a licensed milliner (a person who designs, makes, and sells women’s hats) in 1910 and opened a boutique in Paris named Chanel Modes. Chanel’s millinery creations flourished as famous personalities like actresses, models started wearing her hats and popularized it.

‘‘

Chanel taught us diversification is not only the best way to expand your product range, it ensures financial stability

Chanel’s journey to becoming a fashion ‘icon’

From accessories to couture, Chanel in 1913, soon launched her clothing line – deluxe casual clothing suitable for leisure and sport for women rep. She ventured on a completely different league, creating a market where no one treaded before and replacing the “corseted silhouette”. Her boutique’s address was a prime fashion high street of Paris that previously housed an established clothing business. She sold hats, sweaters, jackets, and mariniere, the sailor’s blouse. She modelled her clothes on her sister and aunt who paraded through the town and on its boardwalks, advertising the Chanel creations.
The Chanel couture became a profitable business enterprise, by 1935 employing 4000 people. She targeted the rich and wealthy as her products went from street wear to high fashion. A prolific fashion creator, Chanel expanded her creative influence beyond couture clothing, realizing her design aesthetic in jewellery, handbags and perfumes. Her signature scent Chanel No.5, is an iconic product endorsed and loved by A-list celebrities like Marilyn Monroe, Charlize Theron. Chanel designed her famed interlocked- CC monogram, which has been in use since the 1920s.
Chanel’s concept of the little black dress (LBD), is cited as a great contribution in the fashion lexicon, a style worn to this day.

Coco Chanel became a prominent designer around the world as her brand mirrored the image of the new age women: confident, independent, provocative and rebellious. She started selling clothes made from cheap jersey material for exorbitant prices and targeted women with money as her audience. Since she was offering something new, and aspirational they were willing to pay a premium price. Her brand created an aura that her customers wanted for themselves. The reason she became an iconic designer of her time.

Facing the Competition

Post World War I, Chanel was the undisputed queen of Parisian fashion. She captured a major share of the market with almost no competitor for over two decades. For the first time in 15 years she faced a real competitor by the name of Elsa Schiaparelli and later Christian Dior and Cristobal Balenciaga among many others. Schiaparelli’s style statement in couture was innovative and surreal, won critical acclaim and generated enthusiasm in the fashion world. But Chanel’s fashion stayed intact – functional, simple and modern.
Chanel collaborated with theatre, ballets and movies, and created designs for artists which was mocked by critics. Chanel’s place on the throne of haute couture was threatened by her contemporaries. In 1939, at the beginning of World War II, Chanel closed her shops, as a result of which 4000 female employees lost their jobs.

The Battle over Chanel No. 5

There was a legal fight to take control of Parfums Chanel – Chanel No. 5 between French businessman Pierre Wertheimer and Chanel. Finally, Wertheimer and Chanel came to a mutual agreement on renegotiating the original contract wherein her future share would be two percent of all Chanel sales worldwide. Wertheimer also agreed to pay all of Chanel’s living expenses for the rest of her life. In 1947, Chanel received wartime profits to the tune of $5 million from the sale of Chanel No.5. Her earnings were projected at $25 million a year, making her at the time one of the richest women in the world.
Gabrielle Coco Chanel had an incredible business sense and the way she built her business is still applicable to young entrepreneurs starting up today. She was a shrewd businesswoman and very hardworking. She learned all the business tricks first hand from scratch.

Lessons Entrepreneurs can learn from Coco Chanel

Find the market gap and fill it

In her shop in Deauville, she offered luxury clothing for leisure and sport. She created her own unisex, easy going style and turned into contemporary clothes for women. Swimsuits for women that were non-existent at the time, Chanel invented it and created a huge demand in women. This was the gap she found and fulfilled it. Chanel had a keen eye towards seeing such opportunities and providing for it. She became a style icon that many emulated, be it her hair cut, or her dressing style. She became more visible in the media, party circuit to flaunt her look to lure and widen the customer base. She even started giving away her clothes for free to induce a sense of desire in people.
Therefore, one needs to find a niche in the existing market and fill it with your strength. Building mysticism and curiosity around the brand is pertinent to draw an audience.
Chanel was creating a demand for something that was new, made from inferior material but she still managed to create a want. The lesson here was build demand and attraction around what you sell. Influencer marketing and blogger outreach in today’s social media generation.

Innovation needs a vision

Chanel gave women of her times the chance to see the other side of clothes and fashion. At a time when corset and tight dresses were norm of the day, Chanel made people realise there was a different way of dressing. Women fell in love with her ideas, brand. Innovation works when you make people see the world in a different way.

Name is everything

When people see the Chanel brand, they think of the women behind the brand, the reason it happens is because Coco Chanel put in so much effort into creating her brand, she became a popular personality hobnobbing with the upper echelons of the society. She positioned her brand into a luxury one targeting the ultra-rich people.
The lesson is, focus on why your product stands out. Your name is what you make of yourself so put in all efforts into making one.

‘‘

One needs to find a niche in the existing market and fill it with your strength

Power in diversifying and perfect integration

Chanel taught us diversification is not only the best way to expand your product range, it ensures financial stability. If one of the multiple things you are working on falls through you will always have a backup.
She ventured into perfume making, she got herself involved at every step of the making of the iconic perfume which was named Chanel No.5. From the choice of fragrance to the shape of the bottle. From its making to designing of the bottle to naming it, from marketing to its selling she was deeply involved in the entire process ensuring the integrity of the brand. Chanel partnered with a French businessman who was expert in the field of making perfumes. Therefore, even today after 100 years, Chanel No.5 is the most selling perfume in the world. According to statistics, it sells one bottle every 30 seconds.
Diversification doesn’t necessarily mean success at every product line, but as long as you take quality control the chances of success gets higher. Unlike many designers of today who dilute their brands either by not getting involved into the last detail or by licensing to people who don’t understand the essence of the brand.

You can rise from the Fall

Coco Chanel reigned at the top for two decades, then she remained in a self-imposed exile for 14 years. At 70, she made a comeback but by that time she was out of the business and had to start all over. Other fashion houses had gained popularity in France, so she was panned out by critics for getting her same old style. Chanel then decided to target the American market, as the rich women in America resonated her style profile that was- athletic, easy, practical. Her new line created a huge sensation and she re-established herself within a year of her arrival. Known personalities like Jacqueline Kennedy wore her trademark simple and classic suits, Chanel was reclaimed and came back strong.
The lesson here is Ideas can change lives. Know your target audience, an intensive market research is what sets a powerful brand apart from the rest.

Creative Advertising

Chanel No.5 was, “A very improper perfume for nicely brought-up ladies.” This tagline goes with the rebelliousness of the brand. Invest time and money into developing a great advertising- a good catchline for your brand that goes with the essence of the brand.

Do the unexpected that wows all

Chanel took the color black- a color of mourning and turned it into a glamourous evening dress. What can you do that is unexpected? How can you take existing resources and use them in a different way to provide a product or service that no one has thought before? Invest time in thinking how you can flip the table.

The power of a good story

Gabriele Chanel’s personal story draws sympathy and inspires many. Her background of living in an orphanage and being abandoned by her father is what people feel sorry for and at the same time take inspiration from. So invest in your story as the founder of your company and the company story that you communicate to the market. A compelling story that one wants to be associated with.

Long term plan

Chanel No. 5 perfume remains the major source of revenue for the company. Chanel was farsighted. She knew this product would yield massive profits in the longer term. Chanel had the deal renegotiated multiple times but still ended up earning 10% of the profits, 70% goes to Wertheimers whose factory produces the perfumes, they continue to control the perfume company today. The rest 20% of profit is shared by department store owner, Theophile Badar. The lesson here is no matter how great the equity seems at the start of a business, only make a deal you can live with long term.

Take Risks

Chanel initially started out selling women’s hats in her high street Paris store. She then ventured into clothing, which soon became very popular with women. She never tried to fit in on the old-fashioned corseted clothing that was the trend at that time. She took risk by introducing something that was never seen before. She always ventured territories nobody treaded before- swimsuits, signature perfumes. She took the risk by entering these segments without testing the market and succeeded.

The post Entrepreneurship Lessons from Coco Chanel: One of The Influential Name of the 20th Century appeared first on Dutch Uncles.

Your Start-up is a Part of Your Life, Not Your Entire Life

Joseph Varughese — Sun, 18 Apr 2021 03:30:04 +0000

If you have ever had several stressful weeks in a row, you are probably familiar with the symptoms of burnout like; energy exhaustion; negative feelings or cynicism related to one’s job; or reduced professional efficacy.

For founders, the topic of work-life balance can be elusive – the line between work and life is very thin. With the weight of a company’s responsibilities on your shoulders, it’s hard for founders to maintain a typical work life balance. They work late nights, answer calls, send emails, finalize pitch deck etc. throughout the weekend without taking a break and end up exhausted and tired.

We have heard of different types of entrepreneurship like; Innovators, Imitators,. Researchers, Buyers, Hustlers, etc. People who work hard and put in constant effort are known as hustler entrepreneurs. They often start small and work toward growing it to a bigger business with their hard work rather than capital. Their aspirations to succeed are what motivates them, and they are willing to do whatever efforts it takes to achieve their goals. They do not give up easily and are willing to take up challenges to get what they want to achieve in their life.

Hustling is important – maybe the most important thing for startups – but we are still human. It’s critical to have a structure in place that allows you to get the work done that is necessary for the success of your business. But I also think people need to be a little more flexible and kind to themselves. At the end of it we all work to live, we don’t live to work.

‘‘

Hustling is important - maybe the most important thing for startups - but we are still human.

Prevent Burnout by Trusting your Team

It is not that the 24/7 hustlers of the world are anything bad, but it’s unrealistic – not to mention unhealthy – to expect everyone to hustle 24/7. Honestly, if you find yourself working too much, it means you don’t have trust in your colleagues and team and, hence you might not be delegating enough. You might be over-stretching yourself by not allowing others to do the job they are mandated to do.

There is a tendency on the part of some founders to do everything themselves without delegating the responsibilities to the team and this is one thing that leads to burnout. It adds to the perils of work life imbalance and the consequent stress on founders. This is an unhealthy trend or attribute and if not tacked it will do more bad to you than good.

The excessive “hustle” startup culture, which is something like working all hours, is dangerous and damaging to people’s health, people’s expectations of themselves and others, and to life and culture as a whole. We have heard of people who have burnt out and walked away from the companies they’ve started and spent so many unsociable hours working to build. It doesn’t have to be that way to be successful.

Are you getting addicted to your startup?

When you’re a founder, your company is part of your identity – but you have to take care of yourself, your well-being, your body and mind. There are jobs, there are careers, and there are passions. When you take the massive risk required to start your own business, it probably falls in the third category, passion. It’s something you’re deeply passionate about and identified with. Your work is almost like your identity. It’s something you couldn’t imagine stop doing.

When your business is your passion, you might not even realise how hard you are working. It’s nice when your work doesn’t feel like work, but it also means you have to be extra mindful of your energy levels and take care of yourself. You get addicted to it may not be an overstatement.

As a founder, it’s your job to increase efficiency of working. Your team needs trust, space, and resources to deliver – and they need to be supported enough to take time to breathe and focus on other things in their lives that matter. This culture comes from the top, the founders and evolves to be part of company culture.

What the founders follow in their startup is what will become the foundation of the company culture and the culture emerging out of unhealthy work life balance will be detrimental to the sustenance and growth of the company.

What is work-life balance for an entrepreneur?

What a work-life balance means to an entrepreneur and what it means to another individual, can be vastly different. A structured time schedule, coffee machine chit-chat, scheduled holidays, efficiency based on corporate performance measures and universally accepted professional codes which helps employees maintain a balance, essentially fly out the window.

When you have a startup to run or are a small business owner, you have no choice but to forget the 9 am-5 pm work environment and embrace a 24×7 work week. Responding to client calls and emails, through the day and night, last-minute projects, demanding roadmaps, pitch deck final touches, conference calls, and meetings are your new normal. Vacations and holidays are a daydream; tight deadlines are your new weekend agenda, and your social life seems to revolve around your colleagues and clients.

When that’s the case, it’s difficult to figure out the work-life balance that works for you. Because your work is your life, and your life is your work. If you were ever asked to stop, it would be like telling a runner not to run or a singer to stop singing. It would tear out a part of you, and you wouldn’t be the same person comfortable with the situation.

You have to be realistic about your schedule, calendar and commitments. I truly believe most jobs can be completed in the allotted time if you’re focused and dedicated. Some startup founders say they work nonstop, and maybe they’re in the office for the majority of the day—but they’ll break for an hour in the middle of the day to play games or take coffee breaks. They aren’t working the entire time they’re in the office. So instead of trying to show up an impressive number of work hours, make the hours you do work matter. This is good.

How to win the Marathon of Business?

Founding a company is a marathon, not a sprint. We have seen entrepreneurs who go hard for six months and can’t keep it up. They go through sleepless nights. And then when the company needs them the most, they’re tired and useless. Their mental energy is completely exhausted. They are burnout!

That’s why I prefer to think about founding a company like a marathon. You could sprint the first 25 kilometers—but there’s still 25 more kilometers to go. Your time will be terrible. You’re better off keeping a moderate, sustainable pace.

‘‘

Work-life balance is not about getting something over on someone—it’s about making sure your mental state is good to go every day so you can steer the ship forward to reach the desired shore

It’s the same in business. You can up the pace occasionally when it’s necessary, but you don’t need to slog sacrificing your sleep.

Science teaches us, with less sleep, you get diminishing returns. Studies say anything less than five hours of sleep puts you at 60% capacity. I believe you can’t run a successful business at 60%. You need to be at 100% capacity because that’s what your clients demand, your team demands, and your family demands.

If you pace yourself, you’ll discover just how much more productive you can be.
Of course, there will always be more work to do. You could be selling more, could be marketing more, and could be writing more code. Absolutely. But at a certain point, you need to hang your hat and let go of what is unimportant. Otherwise, you’ll drive yourself insane. Work-life balance is not about getting something over on someone—it’s about making sure your mental state is good to go every day so you can steer the ship forward to reach the desired shore.

It is also the leading cause for burnout, loss of motivation, loss of enthusiasm, and then the pessimism and negativity slowly sets in. Taking your work home can make one feel edgy all the time. These adverse factors slowly start to take hold of mental, physical, and emotional health and work efficiency which will not help you succeed in your dream venture.

Tips on How to Keep the Balance in Work-life and avoid Burnout

This is not an exhaustive list of do’s and don’t for founders to follow in order to maintain work-life balance by remaining healthy and balanced. However, this is a list of tips that can open up the mind of founders toward exploring ways to reach their goals without burning out. Here are some.

Don’t take on more than you can do or chew, even when you feel you may be the only one who can accomplish the task. Keep a good network of friends, colleagues, professionals, and freelancers to whom you can seek help or outsource. There is always an alternative that you can tap on.
Learn to say no. This is something difficult to practise but a must in business and profession to avoid burnout. Say no to your client, investor, colleague or family when you do not want to undertake a task or meet a schedule or go for a party. Prioritize what you want to do.
Time management skills are a blessing, if you have it in you. If not, see which time management tools work best for you and implement them in your workday.
Get a mentor who has done all of this before. Seek his/her advice before embarking on difficult tasks. Make things easier for yourself, so that you aren’t spending that extra time ruminating over it at home.
Make sure to have an exercise schedule, early in the morning or late in the day, short breaks between sessions for a breath of fresh air and to stretch your legs.
Make play a part of the work. Ask yourself what you can do to bring in the fun element into the workspace — music, movie nights, team bonding, light humour, all of this helps disperse the tension at the workspace not only for your but for your team too.
When you are taking a weekend off or a break, tell your colleagues or employees clearly that you will not be checking messages or emails during that period and stick to it.
Keep a dedicated device for work, a phone and/or laptop for work calls, notifications, emails, and messages. Sometimes work communication can get so overwhelming that it can become hard to differentiate between friends and family, clients and other peers. Be honest with your family or partner if you are having trouble with balance, ask them to point out to you any areas where you are allowing work to loom over personal life and relationships.

The work-life balance, as an entrepreneur is a tricky battle, but like any other, it is nurtured with practice, fostering skills, and dedication to the highest good of yourself and the business.

A work-life balance is a necessary part of any healthy work dynamic, a personal life constantly invaded by work can cause sleepless nights, irritable mornings, anxiety, low moods, and general listlessness. Entrepreneurs understand that they cannot follow elaborate health schemes and protocols. What they can do is include small check-ins on how they are feeling and how they can keep track of their mental, physical and emotional health.

If you don’t balance your act but work as if your start-up is your entire life, you may end up living a worrisome and frustrate life without achieving what you aimed for. This becomes a major reason of burnout. Failure is not the end of your life, if you are healthy enough mentally and physically you can try again. Many successful startup founders went through a series of failures before striking gold. Hustling is good but only as much as it is practised judiciously and carefully.

The post Your Start-up is a Part of Your Life, Not Your Entire Life appeared first on Dutch Uncles.

Being Busy and Successful are Not the Same Thing

Tripti Nath — Sat, 17 Apr 2021 02:35:03 +0000

Some years ago, I worked in an organisation where a bespectacled man nearing retirement feigned efficiency by sitting for hours on end before the desktop or television. His productivity was negligible but he had mastered the art of projecting himself as the most dedicated and loyal employee in the company.

Entrusted with the task of monitoring news, he was actually playing games on his computer and even checking his luck in the fluctuating stock market. Obviously, the screen was not visible to the bosses and he got away with professional dishonesty. He had been on the payrolls for more than three decades. To impress bosses, he would not step out for lunch and was even hesitant going to the washroom when they were around. Like an elementary level schoolboy, he would cup his mouth by ducking under his desk to secretly catch a bite from his home packed tiffin. In between monitoring news, he would also offer to do odd jobs such as getting Wi-Fi connections fixed, calling photocopy machine engineers to service the machine, calling lift maintenance companies and what not. Strangely, this was not his work. It was clear that he was presenting himself as an indispensable multi-purpose worker, doing the work of everybody else but missing stories in his own domain. Unfortunately, he succeeded in tricking some gullible bosses with his misleading dedication to work. Support staff made fun of him as he encroached on their work territories as well. But if you were to ask me, “Was he successful?” I would say, “No.” Here lies the fine difference between being busy but not being productive or useful to an organisation.

Thankfully, some smart bosses could see through his armchair journalism. The fact is that he was bluffing himself. Since he would not go to the field for gathering news, he had no real sources. So, when big news break happened, he would struggle to get information and contact sources that mattered. All he could manage was information from secondary sources such as news agencies, live updates on digital platforms, television news. These were his lifelines. When asked to get a quoteworthy opinion on a critical issue, he would fabricate quotes by stealing opinions of experts from opinion pieces on think tank websites and pass these off as his own. The smarter and the more discerning bosses dismissed him as manipulative and hired a professional staffer to teach him real journalism.

The idea of giving this example is to drive home the fact that such staffers don’t do any good either to themselves or to the organisation. They cling to the job only for a stable pay cheque but are not really rated successful or professional by the organisation

‘‘

Know the difference between being a workaholic vs. a high performer. The former wants to look more important, but the latter seeks out important work. Knowing the difference can help you do more in each moment of your day.

- Jullien Gordon, High performance coach

Workaholic and High Performer: What’s the Difference?

In contrast, the highly productive people are real go-getters. They know how to master the day by setting small term accomplishable goals and logging their activities. Just as some people maintain a record of their expenditure to know where they are spending the money, the successful people track the time.

Jullien Gordon, High Performance Coach says, “Know the difference between being a workaholic vs. a high performer. The former wants to look more important, but the latter seeks out important work. Knowing the difference can help you do more in each moment of your day.’’

To be successful, one must have a clear conscience. My argument about this is plain and simple. How can somebody who feigns to be super busy at his workplace without any substantial meaningful contribution have a good night’s sleep? Honesty is a prerequisite for real success, not success that is achieved by shortcuts like lies, deceit, credit stealing and manipulation.

The reason is simple. Nothing can be achieved by a person who only feigns that he is busy. As the late U.S. President Abraham Lincoln said, “You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all of the time.”

Understanding Types of Work

It is equally important to understand that distractions do not contribute to productivity and it is therefore essential to eliminate them. We are taught early in life by our parents, teachers and guardians to do everything in our power to give our fullest attention to the task at hand. In reality, the highly productive people are real go-getters. They know how to master the day by setting small term goals and logging their activities. Most of us also get bogged down by the regular flow of workplace mails. It makes sense to unsubscribe from unwanted mails as much as it is to exit avoidable WhatsApp groups where random posts from members can actually interrupt your work.

In his book ‘Deep Work: Rules for Focused Success in a Distracted World’, Cal Newport introduces two types of work: Deep work and Shallow work.

Deep Work

According to him, deep work involves discharging Professional activities in distraction-free concentration that push your cognitive capabilities to their limit. It creates new value, improves skills, and is hard to replicate. Researching, exploring ideas, writing thoughtful content, analysing data, and developing a strategy are all examples of deep work.

Shallow Work

His definition of Shallow work involves logistical tasks that don’t require much brainpower and are often done while distracted. This work does not usually create new value and is easy to replicate. Dealing with email and chat messages, checking social and platform notifications, pulling reports, and data entry are examples of shallow work.
To my mind, a bird that flies far to collect twigs and material to make a nest is an exception. She is both busy and successful. But in real life, overstressed executives who are forever complaining of paucity of time are not really successful.

Are we fearing inactivity?

Some of us take great pride in our ability to do several tasks at the same time.. Experts say that multi-tasking actually slows us down and busyness actually makes us less productive. Neuroscience studies on the functioning of the brain suggest that every time we switch tasks (what we call multi-tasking), it’s “expensive” for us in terms of lost time and productivity. A study published in The Journal of Experimental Psychology showed that those who multitask are less effective than those who focus on one project at a time.

Researchers from the University of Chicago found that the belief that busyness is a sign of success and hard work is so prevalent that we actually fear inactivity. The researchers also found that people use busyness to hide from their laziness and fear of failure. They burn valuable time doing things that are not necessary or important because this busyness makes them feel productive.

True productivity is the ability to create high impact results in a short amount of time.

Management Consultant Peter Drucker said, “Until we can manage time, we can manage nothing else. To be productive, you need to keep your motivation high.”

How often have we come across salesmen in groceries who play deaf when a customer inquiries about a product? They come to the shop at 9 a.m. and some of them even work beyond the eight hour shift but what is their contribution? It is not uncommon to find salesmen complaining of unrealistic monthly sales targets to sell white goods such as air conditioners, television sets, washing machines, coolers, heaters and laptops.

‘‘

Many organisations fail after they succeed because they think they own success and forget the rent is due every day

- Pat Sullivan, A coach, teacher and administrator

Customer satisfaction is the Prerequisite for Productivity

Kory Kogon, author of The 5 Choices: The Path to Extraordinary Productivity, points out, “We do feel that busy equals productivity and it is not.”

In the super competitive world of journalism, a reporter is as good as his last story. The hours he spends chasing news and sources and digging out information must yield a regular steady flow of news stories and exclusive news reports. Way back in 1993, my first Chief Reporter in the New Delhi bureau of The Statesman, one of India’s most respected news dailies, told me that in journalism, a reporter’s by line or credit line is a measure of his/her productivity. Abid said that journalism is an open show where readers and peers judge you on the basis of your actual output that is instantly visible. Of course, this theory may not hold well in case prejudiced desk person tosses out a reporter’s by line.

Pat Sullivan, a successful coach, teacher and administrator in the Chicago area for 44 years, says, “Many organisations fail after they succeed because they think they own success and forget the rent is due every day.”

So, what is important is to keep challenging oneself to do better every day.

Look at a watchmaker. He spends a good part of the day straining his eyes to repair watches. But his success at the end of the day can be measured only by his satisfaction with his output. The same is true of a daily wage worker like a cobbler sitting by the roadside. It is not about how many hours he sits on the pavement with his head bent down to fix footwear and leather goods but what he actually repaired. If his clients come back to him or refer him to their friends, surely his work has yielded results. Satisfaction of the customer is a prerequisite for good productivity.

Don’t be Busy, Be Productive

Noted author Robin S Sharma has said “Don’t confuse activity with productivity.” Some people are simply busy being busy.

Let us look at the number of civil service aspirants in India who change their routine and spend hours on end everyday preparing for the examination. Some of them join well known coaching academies and others join online classes. Those who cannot afford either of these seek solitude in libraries and sit in the reading room from 10 a.m. to 5 p.m. Once they are back home, they resume studies after a two hour break, stay up all night and sleep barely five hours. The question is how many of them succeed in the preliminary examination. What is crucial is not the number of hours that one needs to invest to succeed but a focused approach where even five hours can guarantee success.

In my view, productivity can be guaranteed if people begin to prioritize tasks after making a things-to-do list, eliminate distractions, focus on completing one thing at a time and try to delegate tasks that can be done by someone else. So, how can one eliminate distractions in an era where most of us are addicted to checking our mobile phones? The best way to get rid of distractions is to put the phone on silent mode, turn off email notifications, put a do-not-disturb sign on your door and have a clutter free workplace.

In his book Being Busy is Not Always Productive, Delhi based author Deepak Gupta writes, “You know why people fail because they use their right energy in the wrong place. They use their energy at the place where they can’t even judge how much capability they have to accomplish the right tasks. People fail at the wrong tasks and get afraid to do the right tasks in life. Time has nothing to do with productivity.’’

Being busy and being successful are surely two very different things. So next time, you don’t answer a call and text declaring, “I am busy”, give it a rethink. It makes manifold sense to be productive and say. “I am productively preoccupied.” This affirmation will push your limits to justify your affirmation.

The post Being Busy and Successful are Not the Same Thing appeared first on Dutch Uncles.

How to Manage Your Mental Health as an Entrepreneur?

Geeta Sahai — Sun, 11 Apr 2021 00:35:04 +0000

“I have spent a fortune in setting up my online garment business. Earlier I was getting orders, but there’s hardly any growth from the last few months,” says Sushmita, owner of Sampoorna collections. “Besides that, it is a lonely road,” she adds. She is joined in her endeavour by her husband, M Biswas, who also works in a private office. “These are difficult times, and it is difficult to sustain.” He also echoed his wife’s fears of being lonely and how it impacted their peace and mental health.

It is said that “it’s lonely at the top”, but the fact is, as Sushmita mentions, “it can be very lonely on the way up but much worse at the bottom.” In COVID times, with working from home, online meetings, and no connection with the outside world, “it is like living in a bubble and is lonely.”

Human beings need associations. Author Johann Hari writes in his book – Lost Connections – “humans need tribes, like bees need hives”- and it would not be wrong to say that the cocktail of all things that happened in the last one year has made everyone, more so entrepreneurs, with their ventures suffering losses, susceptible to various mental health issues.

Just the Absence of Mental Health Problems is Not Enough

Mental health is defined by the World Health Organization (WHO) as not merely the absence of mental health problems but as a “state of well-being in which every individual realizes his or her potential, can cope with the normal stresses of life, can work productively and fruitfully, and can make a contribution to her or his community.” During recent COVID times, entrepreneurs are facing challenges to sustain. They are unable to cope with the stress, and financial stress has subdued their excitement and courage. Their productivity has decreased, and often family relationships get impacted.

Dr Mridula Seth, author, development communications professional and mental health activist, says, “Life satisfaction is connected with our work, family and environment. And for entrepreneurs, it is connected with their work and self.” Her nephew is an entrepreneur and runs an online store.

As per the WHO definition of mental health, the community’s role becomes vital in tackling the rising mental health issues. A study by the University of San Francisco researcher Michael Freeman while dissecting the number of mental health issues, opines that the impact is more visible among the entrepreneurial community. The findings of the research are pretty shocking. The study points out that nearly 49% of entrepreneurs suffer from one form of mental health conditions in their lifetime. His research mentions that start-up founders are:

Twice as likely to suffer from depression
Six times more likely to suffer from ADHD (Attention Deficit Hyperactivity Disorder)
Three times more likely to suffer from substance abuse
10 times more likely to suffer from bipolar disorder
Twice as likely to have a psychiatric hospitalization
Twice as likely to have suicidal thoughts

‘‘

Nearly 49% of entrepreneurs suffer from one form of mental health conditions in their lifetime

Job Satisfaction for Entrepreneurs: Is the formula different?

For entrepreneurs, job satisfaction is more closely related to satisfaction with life, family and self than it is for employees, reflecting the centrality of work in their life. Entrepreneur Shikhar Pabi began his entrepreneur journey in 2019. His company Purple Rabbit is into digital marketing and has an e-commerce portal. He says, “It is very challenging to be an entrepreneur. Yes, it does affect our mental health. There is uncertainty, and nowadays, investors are not coming forward. And to survive these difficult times, one needs to have inner strength and conviction.” To overcome obstacles and maintain a healthy mind, he motivates himself by seeing autobiographical films. “Motivational films help me to maintain sanity and give me strength to chase my goal.”

He emphasized that entrepreneurs face working conditions that are more challenging than those of salaried employees. “Being an entrepreneur means uncertainty, responsibility, and complexity. As an employee, one is sure of the salary at the end of the month. But as entrepreneurs, we have to generate income to support ourselves, employees as well as to think about the scalability of our projects.”

Often entrepreneurs are trained to ignore the qualitative needs of their well-being measured in meaningful relationships, satisfaction and happiness. As an entrepreneur, they believe in the traditional sermon – ‘no pain, no gain.’ They have internalized this advice from elders and believe that success can only be measured in quantitative returns. “What matters is how much we invest and the return it gives us,” says Rakhee Singhi, an entrepreneur based in Chennai. She runs a health and body fitness centre. She began her entrepreneurship journey immediately after college. It has often given her sleepless nights. “I began a boutique, experimented with many other projects, but today I am a health and body expert.”

Entrepreneurship satisfaction and happiness depend on return on investment and profit. There’s a constant tussle between quantitative returns and qualitative sustainability. And in this puzzle, many a time entrepreneurs crumble, their mental health deteriorates in the cutthroat competitiveness.

A dream career full of potholes

Rahul Sachdeva (name withheld on request) dreamt of being an entrepreneur from his school days. After college, he, along with his friend, began an IT firm. For the initial two years, they hardly had clients. The loan mounted. They picked up all sorts of work, and in front of the employees, they pretended. But their calm demeanour masked a secret. Alone, they would discuss their fears. Their ship was sinking deeper into the debt. Then came the boiling point when both of them reached the brink of financial collapse and nervous breakdown. Both of them saw their dreams crumbling. From employers, they became employees. “We were completely broken. Our mental health was bruised,” recalls Rahul. It was because of their understanding families that both of them were able to pay off the loans. This happened five years ago, and they have not forgotten their dream. They hope to restart their entrepreneur journey once normalcy returns.

Unlike them, not everyone who walks through darkness sees the sunshine. On 27 January 2013, well-known founder Jody Sherman, 47, of the e-commerce site Ecomom died by suicide. A few days later during the board meeting, a shocking financial fact was shared – the company was broke. Its liabilities were far greater than assets. Ecomom was shut down. The company that began with 28-people, managed to raise more than $12 million total – ran out of cash. And surprisingly no one at the company knew anything about it. Jody Sherman’s death sent shivers down the spine of the start-up community.

‘‘

The definition of leadership has changed with the advent of social media. Expressing oneself in social media is no more a sign of frailty.

Globally, the business forums began to show concern for entrepreneurs’ mental health and the associated stigmatization of mental health issues. Unfortunately, even now mental health issues are discussed behind closed doors. Families are still labelled and often isolated. And entrepreneurs are part of this society and mindset. “All said and done, mental illness and mental health issues are still unacceptable to families and society,” says Dr Mridula Seth. In her book- Minding the Mind: A Volunteer’s Insights on Mental Health, she writes, “Media plays a pivotal role in the stigmatization of mental illness and therefore could also play a role in the de-stigmatization process.” According to her though awareness is essential, concrete steps are needed to minimize the mental health risks of entrepreneurs “who day after day are caught in the conundrum of quantity, quality and investment return.”

Despite the road to top being full of challenges and bumpy, many view entrepreneurship as glamorous, full of excitement, a dream career where one is one’s own boss. True. But the journey is full of potholes and often gives birth to fragile mental health. In this scenario, many young entrepreneurs feel that there should be healthy competition, and each should make other competitors less lonely. “Only this can make entrepreneurs less vulnerable to mental health issues,” agrees Shikhar Pabi.

How to Make Entrepreneurs Less vulnerable to Mental Health Issues

According to Rakhee Singhi, there is an urgent need to discuss each others’ problems. “There should be honesty and trust. To be honest about our stress, anxiety, depression, panic attacks, loneliness – about any emotion. We all are human, and we have our bad days, good days, and mood variations as a human. Competition does not matter. What matters is to care for someone else.”

According to her and many other young entrepreneurs, the definition of leadership has changed with the advent of social media. Expressing oneself in social media is no more a sign of frailty. It has dimmed the distance between entrepreneurs and employees. “By being honest on social media, one passes a message to employees that by being honest about my mental health, I respect their mental health status, too,” says Shikhar Pabi.

We talk about Inc 500 companies. We worship successful entrepreneurs. But we forget entrepreneurs like Sachdeva and Jody Sherman who couldn’t make it. We forget about their mental health. We forget that every entrepreneur who has made it big has spent sleepless nights fighting demons of mental health – alone. They keep searching for happiness, healthy return on investment and live fearing ‘what if’ everything crumbles.

Entrepreneurship is a long, narrow, challenging journey and often lonely. But being considerate about competitors and honest about one’s mental health passes a positive message to the employees. Dr Mridula Seth states, “Reaching out will create an entrepreneurs tribe and give assurance that one is not alone. Only such acts can create the difference in the lives and mental health of entrepreneurs.”

The post How to Manage Your Mental Health as an Entrepreneur? appeared first on Dutch Uncles.

Bill Gates Think Week Will Make You Think

Tripti Nath — Sat, 10 Apr 2021 00:35:04 +0000

I have vivid memories of school when my father, a legendary journalist, would check us if he would find us studying nonstop and urge us to step out to play badminton or go cycling. If he found us immersed in books at midnight eight hours before an examination, he would switch off the lights. We were told not to overload our brain with information lest it reach the Plimsoll line.

We know that The Plimsoll line is a reference mark located on a ship’s hull that indicates the maximum depth to which the vessel may be safely immersed when loaded with cargo. The example was to ensure that we did not strain our brain with gluttonous curiosity and last-minute reading. Instead, he advised us to appear in the examination with a fresh mind.

Habits of highly successful people continue to inspire generations and 65-year-old American business magnate Bill Gates is no exception.

What exactly is Bill Gates ‘Think Week’?

In my understanding, Bill Gates concept of Think week is also aimed at giving the brain much needed rest for optimum results. Gates takes a self-proclaimed ‘Think Week’ break twice a year. During this time, he spends time in solitude in a cabin in the forest away. By keeping himself away from the distractions of daily life, Gates is able to sit down and think. Gates has said that it is during the “think week” that he comes up with his best ideas.

The Think Week is worth exploring as it can be a game changer for productivity and career focus. The health benefits of having a cabin in the woods are enormous. According to studies, tree therapy enables individuals to inhale negatively charged ions which are believed to boost serotonin, alleviate depression, reduce stress, get much needed doses of Vitamin D away from the comfort of air-conditioned offices, enhance day time energy levels and prevent burnout. Another study found that hikers who disconnected from technology and took a break in natural surroundings for four days were able to improve creative thinking and problem solving by a full 50 per cent.

‘‘

I would literally take boxes out to a beach place and sit there for a week reading them day and night and scribbling on them to put it entirely online.

- Bill Gates

It is said that Gates began taking think weeks in the 1980s with quiet visits to his grandmother’s house.

Gates, a Harvard dropout with an IQ test score of 160, became the richest person in the world in 1995 at the age of 31.

As the boss of Microsoft, Bill Gates would escape for a week to a secret cabin somewhere in a cedar forest in the Pacific northwest. He would arrive by helicopter or seaplane. During this week, he would read papers written by Microsoft employees presenting ideas for new innovations or potential investments. He read as many papers as possible, sometimes doing so 18 hours a day, staying up until the wee hours of the morning, according to The Wall Street Journal.

″…I would literally take boxes out to a beach place and sit there for a week reading them day and night and scribbling on them to put it entirely online,” Gates said in a 2008 video of Microsoft’s CEO summit.

Visitors were not allowed to Gates’ cabin during Think Week. Exceptions were made for anybody delivering two meals a day at the cabin. One year, an exception was made for a Wallstreet Journal reporter who saw the cabin stocked with Diet Orange Crush and Diet Coke.

Work accomplished during one Think Week eventually led Microsoft to launch the Internet Explorer in 1995.

Laura Stack, President and CEO of consulting firm The Productivity Pro, endorses Gates “week in the woods’ idea as “smart’.

She says, “People should have a third place’ that isn’t work or home, where they can find focused time to think and create and clarify their strategic thinking.”

Backers of the Think Week

The Think Week idea has many takers. Canadian writer Chris Bailey who has written extensively on the subject of productivity, has summed up how he benefited by taking a Bill Gates-inspired “Think Week.”

Bailey who has authored two books ‘Hyper focus’ and ‘The Productivity Project’ shared last year in an article titled ‘A life of Productivity’ the gains that he made by spending seven days all by himself in Jamaica. He said, “I learned five key things: the more time we spend keeping up, the less time we spend getting ahead; that we need to strike a balance between reflecting and doing; that stepping back from our daily grind helps us to be grateful of the lives we lead; that our lives need more solitude; and finally, that we all need to take more think breaks, regardless of their length.”

Bailey went on to say that while few of us have the flexibility in our home and work schedules to take a full seven day think week. He suggests ways to bring the values of a think week into our lives. “We can do this by finding more solitude in our lives. The first comes in the form of small blocks of reflection time (waiting in line without your phone, quietly sipping your morning coffee). The second is the extended periods of reflection time where we get to disconnect for the weekend or take a temporary digital detox during a long flight, we need more of both.’’

Harsh Goenka, a fifth-generation entrepreneur from one of India’s best known business families, has hailed the idea of a Think Week. In a tweet, Goenka who is listed as the 77th richest Indian, said, “Twice a year, Bill Gates goes into seclusion to have a “Think Week” with no communication with family, friends and employees. He reads books, comes up with new ideas and works on personal development. A lot of breakthroughs at Microsoft stem from these “Think Weeks”. A good idea!”

It is up to individuals to try the Thinking week concept that Bill Gates has been practising for more than two decades. It is important to block off time for the event well in advance so that meetings and deadlines don’t come in the way. Anybody who wants to try the Thinking Week must know what he wants to accomplish from the think week. It is a good idea to carry along inspirational books, white papers, notebooks and pens, to encourage the flow of ideas. It is important that any individual who tries the Think Week must come back refreshed and recharged.

In his bestseller- Stillness is the key, noted American author Ryan Holiday argues for a break from work. He writes, “Yes, we have important duties- to our country, to our co-workers, to provide for our families. Many of us have talents and gifts that are so extraordinary that we owe it to ourselves and the world to express and fulfil them. But we’re not going to be able to do that if we’re not taking care of ourselves, or if we have stretched ourselves to the breaking point. Man is not a machine. Work will not set you free. It will kill you if you’re not careful.”

‘‘

People should have a third place’ that isn’t work or home, where they can find focussed time to think and create and clarify their strategic thinking.

- Laura Stack, President and CEO of consulting firm The Productivity Pro

I have distinct memories of reading in my college textbook an essay titled ‘On doing nothing’ by British author, novelist and broadcaster J.B. Priestley. The title appealed to me not because I found literary justification in being “delightfully lazy” but because his lucid humorous prose actually made a lot of sense. “All the evil in this world is brought by persons who are always up and doing, but do not know when they ought to be up nor what they ought to be doing,” wrote Priestley.

I now hear my friends talking of taking a break from super addictive social media platforms and mobile phones. They call it detoxification from the cacophony of disturbances. We are leading stressful lives. The Corona pandemic has posed fresh challenges. Lockdowns and restrictions on mobility have made us bigger addicts of Facebook, Instagram and Twitter. For a long time now, doctors have been warning against lifestyle diseases caused by sedentary lifestyles. Most people rush to the office in their private vehicles, take the elevator, use remote keys to open car doors, order junk food using mobile Apps, work on their laptops and are addicted to checking messages on several media platforms. By the time they drive through patience testing traffic and reach home, it is time for dinner. Add to this the job pressures and domestic obligations which hardly leave most office goers any time for physical activity. A journalist friend working with a foreign newspaper which has no culture of holidays tells me that the only time she gets to introspect or reflect on her life is when she travels.

It is important for us to realise that our health is more precious than our job and managers in workplaces must not expect workers to work like robots without legitimate breaks.

Mark Zuckerberg, internet entrepreneur and co-founder of Facebook, also takes regular think week to invigorate thinking. Many super successful people including top entrepreneurs and investors have begun to swear by a regular week off the grid.

Blaise Pascal, 17th century mathematician and philosopher said, “All of humanity’s problems stem from man’s inability to sit quietly in a room alone.”

One has heard of weekend getaways. These are necessary to reflect. Retreats after summits of world leaders are not uncommon in diplomatic planning.

Takeaway

In an article titled ‘Benefit from a Think Week, Just like a CEO’ Hongkong based journalist Michele Koh Morollo, writes that Bill Gates, Mark Zuckerberg, and Steve Jobs popularized the term “Think Week’. She noted, “But something changed after I embarked on my first Think Week. By physically extracting myself from life-as-I-knew it and from the distractions of my hyper-connected urban environment (I live in Hong Kong, a city that I’ve heard described by Manhattanites as “New York on steroids”), I began to see which goals and projects best aligned with my values, interests, wants and needs, and found the momentum needed to move forward with them.’’

Michelle is convinced that anybody who wants to live with more purpose can benefit from a think week. She however warns that persons trying the think week must be prepared to face challenges. “Think Weeks require that you get comfortable with your own company and strike the right balance between doing and being. You might feel lonesome at times.”

She also says that during the think week, she resisted an overpowering urge to play ‘Candy Crush’ or watch “Old Saturday Night live’’

YouTube clips. Instead, she would do some stretches, ten sun salutations or go for a brisk walk around her cottage.
Michelle has drawn attention to the American essayist Henry David Thoreau who published Walden: Or, Life in the Woods in 1864. He chronicled his time away from civilization, living deliberately, and fronting “only the essential facts of life” in a self-built cabin near Walden Pond in Concord, Massachusetts. “I did not wish to live what was not life, living is so dear;” wrote Thoreau.
She says when people return from Think Week, they know where to focus their energies.

The post Bill Gates Think Week Will Make You Think appeared first on Dutch Uncles.

Good and Bad Times Are Part of the Entrepreneurial Journey

Richa Bansal — Sun, 04 Apr 2021 00:35:04 +0000

A CEO resigns her job, sells her apartment, breaks all her fixed deposits to follow her passion, and make a success of it
From 2 co-workers to 200
From a part-time office allowed to function in a kindergarten school to a clientele of almost 400

These are just three instances in a country with the third largest — after the US and China — start-up ecosystem in the world.

Now close your eyes. And, imagine.
The excitement and fear as one by one she dismantles the ecosystem around her –

Secure, high-paying job – gone
Owned apartment – sold
Fixed deposits – broken

The uncertainty of a young man from a small town, almost a “misfit” in the wild Delhi high fashion circuit. All he has is his talent that speaks for him. He starts with 2 weavers from the town he comes from.

He is from a family of bankers but he is told not to get into banking – “no respect for the work you will do.” He is encouraged by family to set up his own business. Gather some friends to start a business and one partner’s mother offers her kindergarten space to work from once the kids have all gone home. Business starts slow, gathers momentum and almost crash lands.

Till last year there were more than 50,000 start-ups in India, each with a different story, undergoing even as I write, a growth or slump trajectory which only the next couple of months or years will reveal. What is their mental and emotional status as they ride this roller-coaster? Do they feel a sense of fear? And as the big wheel moves fast and at times slow, are there thoughts that scream – “I wish I could get off now!”

A mid-career professional is “seriously toying” to “chuck the not-so-cushy job since the pandemic struck” and “launch my own business” but “it has not been easy. I have a family to feed and this includes my ageing parents. The thought of emptying the nest egg with some missteps is scary. But this to-do-or-not-to-do bit is annoying and honestly taking a toll on my mental health. I feel terrible when I am all grouchy in a corner. The wife is supportive but it is tough on the children.”

‘‘

Keep a positive, solution-focused approach and focus only on controlling the controllable.

A 22-year-old trying out the “see-saw” that is entrepreneurship, talks on conditions of anonymity: “It is still very early for me to talk about anything. It has been a good ride so far but it does get maddening at times when I am not able to do the things I want to do. My internship months in two organisations brought home the fact that I wish to be my own master; as an entrepreneur who has just started out, work is crazy and challenging – the sense of achievement when I am able to put something right is immense, but the real challenge comes during people management and keeping the finances going, plus one too many hydras pop up so often. But this is a choice I have made and I have to stick to it”.

The operative words here are “stick to it”. How often do entrepreneurs in the start-up ecosystem wish to get off the lion they have mounted!?

Impression management is what social psychiatrists call this – fake it till you make it, all the while wondering, “will I be able to make it or will this lion devour me?”

Says the fashion designer Samant Chauhan who started out with 2 tailors and today works with 200 of them (including weavers) in Bihar’s Bhagalpur where he hails from. “When I started out, I had not worked with any designer. I did not know how the business of fashion works. So, it was very difficult for me. I was absolutely blank, and the fear for me was that I don’t know anything (laughing deprecatingly)! Each time the fear was of losing out everything! The first two-three years were tough. I was doing only menswear then. I started with my award money and whatever I would earn I would keep investing into my business. I did not borrow any money from relatives or friends and neither did I go for a bank loan. But yes, I created a support set-up around me. So, if I had to get some digital printing done or make a hang tag, I built a good working relationship with my vendors and they allowed me a long credit time. That was the key. It took almost 6-7 years to build my niche. And yes, there was a stage when I felt I was losing more and earning not enough.

“One day I sat down and calculated that even if I sell a hundred or 200 shirts, I will make only INR2-2.5 lakh which is not enough to grow or reinvest the money. I realised that I am doing something wrong. That’s when I changed tack. I decided to broad base and balance my collection with creative styles and some lines that could earn me the money I need.

“Money is critical. The fashion business is labour-oriented with a lot of hidden and fixed expenses. For me, the end of the month was very scary paying the rent and the team. I learnt gradually how to deal with it. It was only in 2011 that I launched a commercial collection and I saw a queue of buyers once I was done with my show. Some buyers bought a lot of my ready stuff, some samples too and it was then that I knew that I would be able to make it. We have since grown as a brand. One needs to be patient and slowly find your way.

“I had nothing actually. No one to fall back on if I lost out on my investment. And it was very early into my work that I decided I have to grow organically – plough back the money earned into the business so that even if I lose, it is entirely mine. First four-five years I used to sleep every alternate day! And at this point of time, I don’t think I can go back and do all that now. When you are young you want to do everything which is not possible, but that is how you learn not just how to run the business but also deal with the uncertainty. Now I am building my team. All of this is a process which is critical to one’s growth. We have to learn from our mistakes.

“One should believe in their ideas. My journey has always been in what I believe in. When I started no one used to sell whites and off-whites, and everyone wanted me to make in colour. But we kept doing whites season after season after season. Now we have built a clientele that does not want any colour from us!”

What has been his mantra to ease the always-on-simmer tension? “Find your whistle! For me the way to release pressure is to take a quick lunch break, go out for a day, divert my attention, call my team and take suggestions from them so that any decision is not entirely mine! The minute I share, the tension is also shared.”

Debjani Mukherjee’s Nanighar is a food tech start-up delivering home cooked food with the provision of a cloud kitchen facility. “This is my dream to empower women – the homemakers specially and of course realising my own dream to do something of my own.”

From selling her apartment to breaking all her fixed deposits, to an approximate INR28 crore valuation (currently under way), the road was not easy. “I was a busy CEO with 3 young daughters and looking for trustworthy home food makers. I was not getting it and that’s how the thought came up of launching a platform where moms can cook, and busy people or senior citizens can have homemade healthy food. When I met a few mom chefs I felt that we need to build a community. Here were women who could cook up a delectable storm but with the kids having flown the nest there was that sinking feeling of emptiness. They needed our support, more so emotionally. That was the trigger and the kick.

“But when I was finishing all my savings, I felt helpless many a time, but the moment I met the mom chefs I felt energised, and all the toil felt like sweet success. Like every entrepreneur there is always a fear of failing and moreover it’s when a team and their family’s livelihood is depending on you. We are still bleeding but very hopeful. Nanighar is an initiative, keeping in mind women empowerment, supporting homemakers in realising their long-cherished dream of becoming a successful entrepreneur. Through Nanighar we have also tried to bring back old local culinary dishes which are becoming rare in daily family life due to time constraints. Not only Bengali dishes, Nanighar is set to serve many cuisines like Rajasthani, Parsi, Punjabi, Sindhi, Coastal, etc., to your home. It is not a mere food delivery company, rather a platform and an opportunity for those who have the best of talent to use their culinary skills, work from their home kitchen and become an entrepreneur.”

‘‘

To cope with high pressure situations, it’s the attitude that matters the most.

Piyush Somani’s ESDS Software started as a web hosting support business in a shared space with INR25,000 given by his father and today it claims an INR160 crore revenue with more than 800 employees. In between he was staring at bankruptcy and that’s when he decided to rejig and recalibrate his business. “I had lost all my earnings and savings. We had grown fast and now there were lives dependent on us. It was a very tough period when I had to scale down from 60 to 25 people. From supporting web hosting, we plunged into web hosting ourselves working day and night, and even acquiring some companies in this space. It was in 2010 that we launched our first data centre, and six years down the line we had built one of the largest data centres in Mumbai.

“It was a roller-coaster all right and a fast moving one at that. We were resilient, we thought on our feet, making the right pivot at the right time and today I can proudly claim that more than 200 government organisations host their data on our cloud and we are touching the lives of 600 million fellow citizens”.

I talk to an investor to find out what they look for when putting their money out. Vikram Duggal, investor, mentor, advisor and managing partner at Ekcle Ventures — an angel syndicate that invests in early stage start-ups, and its sister arm, Ekcle Advisory Services helps founders scale up their business with market linkages, strategic changes in revenue models, and fund-raises up to $40 million says: “As investors, we look for founders who have strong domain expertise, passion, humility, resilience, flexibility and open-mindedness, and who can leverage their network and inspire teams to achieve the impossible.”

As an investor into start-ups, how does the high-pressure uncertainty weigh on the mind?
“Since this is a high-risk-high-return asset class, the pressure and uncertainty for investors is part of the package. Hence, one should choose a ticket size (investment amount) that one is comfortable to write off as a loss, as nine out of ten start-ups in the early stages do not survive or give back any returns. And yet, no matter how well one is mentally prepared for all this, when the losses do happen the stress is inevitable. But once an investor starts getting the returns and becomes more seasoned or comfortable with the high-risk nature of this asset class, it becomes much easier to deal with the uncertainty and pressure.

What can one do at the conscious level to help you ride the rough with the easy?
Try and maintain work-life balance by spending time with close family and friends, playing sports, listening to music, travelling, and doing things that you love or enjoy. All this helps keep things on an even keel and one must not forget that we’re all here for the experience of the journey, not just reaching the destination.

Dr Samir Parikh, an eminent psychiatrist sums it all: Having an entrepreneurial mindset means having a vision that is your own, and one that you believe in and are committed to. Highs and low are part of every journey, and resilience is key. It’s important for anyone starting out to take success and failure in their stride, learn from their mistakes, and find opportunities in what others consider crises. Open yourself to different perspectives, worldviews and life experiences. As you move forward, invest in people and take time to cultivate relationships. Be true to your values, yet be flexible and willing to seek guidance and ask for help when required.

To cope with high pressure situations, it’s the attitude that matters the most. Keep a positive, solution-focused approach and focus only on controlling the controllable. Take breaks and develop the ability to switch on and switch off from work – spend time with friends and family, and talk about interests other than work. At the end of the day, take some time for yourself to do things that calm you down, it could be spending time with plants or a pet, listening to some relaxing music or taking a stroll in the park.

The post Good and Bad Times Are Part of the Entrepreneurial Journey appeared first on Dutch Uncles.

Richard Branson’s success order: It boils down to Family, Friends, Fun, Purposeful Work and Money

Santosh Mehta — Sat, 03 Apr 2021 00:35:03 +0000

Sir Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate, investor, and author. In the 1970s, he founded the Virgin Group, which today controls more than 400 companies in various fields. Branson expressed his desire to become an entrepreneur at a young age. His first business venture, at the age of 16, was a magazine called Student. In 1970, he set up a mail-order record business. He opened a chain of record stores, Virgin Records (later known as Virgin Megastores) in 1972. His Virgin brand grew rapidly during the 1980s as he started Virgin Atlantic airline and expanded the Virgin Records music label. He founded more companies such as Virgin Airlines, Virgin Express, Virgin Mobile, Virgil Hotels, and Virgin Cruises.
In 2004, he founded spaceflight corporation Virgin Galactic, based at Mojave Air and Space Port in California, noted for the SpaceShipTwo suborbital spaceplane designed for space tourism.

In March 2000, Queen Elizabeth knighted Branson at Buckingham Palace in London for “services to entrepreneurship”. For his work in retail, music and transport (with interests in land, air, sea and space travel), his taste for adventure, and for his humanitarian work, he has become a prominent global figure. In 2007, he was placed in TIME magazine’s 100 Most Influential People in the World List. In February 2021, American business magazine Forbes listed Branson’s estimated net worth at US$6.5 billion.

One can get inspired by the real story of a successful business entrepreneur like Branson who wanted to be an editor or journalist and was keen to join the media profession. He was not interested in becoming an entrepreneur. But to get his magazine running successfully, he needed money. Thus, he took an interest in business entrepreneurship so that he can earn money and can survive as an editor.

One can easily read and understand the fascinating example of Branson, who is not only a multimillionaire but famous business guy who launched his first business when he was just a teenager. He started a mail-order record business and after two years he was running a chain of record stores at the age of 22 years. He then went on to found many companies.

No doubt, he had exceptional qualities along with self-confidence. Having the ability or knowledge to create entrepreneurial success sets him apart. Branson seems very happy. During his busy official schedule or working along with his team, he makes it a point to spend quality time along with his family and friends. He always takes his time and does some efforts to utilize and utilize his precious time for positive thoughts.

‘‘

Dream big and you will be presented with the opportunity to lead the world on an incredible adventure.

- Richard Branson

Just keep going until you succeed

Richard Bardson says: “Creating such a life is pretty simple. You can love others and be grateful for all you have in your life and also kind and be mindful. Above all, never say no. Don’t give up. Just keep going until you succeed.” That’s great advice by a successful business entrepreneur.

It’s important and necessary to take some tips from the successful master, who shares some valuable ideas for upcoming business entrepreneurs so that those people can benefit and implement his ideas while starting or launching their businesses.

Don’t measure your success by the amount of money you make.

It’s quite common that most of the people always measure their success by the amount of money they are having by their business. It does not matter how much money you are making. Branson says that having fun while working with good people or having a peaceful environment is also important. Then, money will come automatically.

As a millionaire and popular entrepreneur, Branson felt very uncomfortable when people measured their success with the amount of money they have, or are making. It’s totally wrong and a misconception.

Success is a moving target.

No matter what you have achieved in life, you should always feel there is more to be done. Success is a moving target: it’s about striving to continue growing, but also appreciating what you have in the moment. And he believes in face-to-face conversation.

Secondly, most people love modern technology. So does Branson. However, he sees its limitations, especially when it comes between him and those he cares for. He focuses on face-to-face dialogues or meetings with people. During such meetings, one should keep one’s mobile phone on the side, just to avoid unnecessary disturbance during the meetings.

Branson focuses his attention on whoever he is listening to. He takes notes during his conversation or meeting with that particular person, and he makes it a point to put his phone aside. While having family get-together or dinner along with his family members, he also encourages other people to put their technology down. “People who are busy and stuck to their cell phones ruin their family life and being constantly glued to your phone can have a big impact on your relationships,” Branson writes.

Instead of working to live, you should live to work!

The third important thing is that whatever you are doing, it should be fun and you should really enjoy doing it.

If you aren’t having fun, you’re doing it wrong. In everything you do, you should find ways to enjoy and appreciate your life, says Branson. In other words, instead of working to live, you should live to work. Because work is fun and enjoyable.

Says Branson: “Fun is one of the most important things in your life. When you no longer enjoy a project, it’s time to move on. If you’re not having fun, then it’s probably time to quit and try something else,”. There is no point wasting time doing things you hate or dread, as that will only suck the joy and happiness out of your life.

Find a hobby that gets you outside.

A major key to happiness, Branson says, is finding hobbies that encourage you to spend more time outdoors. Being outside can help you deal with stress and anxiety, and it has a way of recharging your batteries. “It’s a great way to boost your mood and feel more in control.” One should have passion or hobby besides his business or work which keeps that person growing and happy.

Having passion for biking, or hiking and windsurfing are some of the ways Branson is energized by connecting to nature, but you can also do something as simple as taking your dog for a walk, or even spending time gazing into the night sky.

Dream big.

Branson once tweeted: “Dream big and you will be presented with the opportunity to lead the world on an incredible adventure.” Branson’s success started with an audacious dream that seemed out of his league. He was in his early 20s when he launched Virgin Records and took on the music industry.

Everyone told him it wouldn’t work, but he ignored those. There was no guarantee he would be successful, but his belief in his dream fuelled his motivation to keep pushing through. Our dreams are what make us who we are. If you never have the courage to see them through, you’ll never know what you’re capable of.

‘‘

I know I’m fortunate to live an extraordinary life, and that most people would assume my business success, and the wealth that comes with it, have brought me happiness. But they haven’t; in fact, it’s the reverse. I am successful, wealthy and connected because I am happy,

- Richard Branson

Learn as you go.

Life should be one big learning experience. We should always seek to broaden our minds and increase our wisdom and knowledge. Branson never went to any university for his formal education and he left high school early. But he never stopped learning. He looks at life as one long university course, and seeks to learn at least one new thing every day.

Branson has launched a wide variety of ventures over the decades, often in areas he’s not familiar with. The key is: When you dive into a new area, you need to learn quickly, but you also should be motivated to do so, he says.

According to Branson, if you see a great opportunity, go for it, even if it’s not in an area you are familiar with or specialize in. Focus on learning as you go and embrace the chance to make new connections. Push yourself to make the most of opportunities when they present themselves. “It’s really important to realize that it doesn’t matter if you don’t know. Because you can always find out. Seize opportunities and don’t give in to self-doubt.”

Branson has never been afraid to say yes to new concepts, ideas and pursuits. This is a big reason why the Virgin Group is now an empire of over 200 diverse companies. He hasn’t limited himself to one area; he’s branched out and is open to trying new things. He encourages everyone to push themselves outside of their comfort zone. It’s the only way to truly see how far you can go.

Make happiness a habit.

Take time to find a bit of happiness each day, in each moment if you can. Happiness isn’t the result of success, but happiness from within can support you in becoming successful, according to Branson.

“I know I’m fortunate to live an extraordinary life, and that most people would assume my business success, and the wealth that comes with it, have brought me happiness. But they haven’t; in fact, it’s the reverse. I am successful, wealthy and connected because I am happy,” he wrote in his blog.

Branson encourages us to stop chasing after happiness but happiness is right in front of you; you just need to recognize it and seize it. “Stop and breathe and be healthy. Be around your friends and family. Be there for someone, and let someone be there for you. Be bold. Just be for a minute.”

Branson says his mother was passionate and determined to make all of his family members independent when he was just four years old. She would stop her car from some distance to reach their home and make him walk around the fields.

As a business tycoon or entrepreneur, never be disheartened by your failures. When at one time you don’t get success, try again. Never give up and chance may favour you. Do Not be embarrassed by failures.

Branson says that his definition of success is that the more you are actively and practically engaged, the more successful you will feel. As a successful business person, he is open to new ventures, new concepts and always anxious to take and learn new ideas which he can take and implement in his work. He was prepared to achieve great success by just being confident and having great vision, and focussing on whatever he does.

Success does not just mean making pots of money, or enjoying luxuries. It means the person who is making and creating opportunities for others and giving his workers and co-workers a peaceful atmosphere or comfortable lifestyle – good living and healthy conditions – is also successful.

The post Richard Branson’s success order: It boils down to Family, Friends, Fun, Purposeful Work and Money appeared first on Dutch Uncles.

Learn How to Manage Your Most Precious Resource Effectively

Tripti Nath — Sat, 27 Mar 2021 00:30:08 +0000

“Time is money”, said Benjamin Franklin in an essay ‘Advice to a young tradesman. This oft-quoted aphorism by none other than one of the Founding fathers of the United States, holds eternal value as it forcefully underlines a sure recipe for success.

The aphorism actually means that time is a valuable resource. Therefore, it’s better to do things as quickly as possible. Losing time means losing money. And anybody in a job or enterprise must remember that lost time is as expensive as lost money. Successful entrepreneurs will tell you that they are as careful with their time as with their money.

Franklin who lived till the age of 84, created time blocks to manage his time effectively and protect his day from unexpected interruptions. He created a plan of action each morning and dedicated time for a subject separate from work. His daily schedule was aimed at doubling productivity and his life accomplishments speak volumes of the success of his schedule. Franklin invented the lightning rod, made significant discoveries in Physics, composed music and founded many civic organisations.

Time Management: An early lesson in life

Time discipline begins at home from kindergarten days and children get used to stepping out of homes at a certain time to go to school and know that they get a tiffin break and finally a break to pick up their bags and go home. Once children move from elementary level to junior school, they follow a daily schedule in school where a seven hour school day is divided into classes of 45 minutes each. It is in these classes that children are introduced to different subjects- English, Hindi, Mathematics, History, Geography and Science.

So, it is rather early in our lives that we learn to process information on a variety of subjects. The annual academic calendar in school, college or university which is interrupted by summer and winter vacations teaches us how to manage time well and use these breaks to find time for study and leisure. The examination system is also governed by a date sheet that spells out the time, date and venue for examination.

‘‘

An individual who embarks upon his own enterprise must master multi-tasking and learn how to manage his/her time well.

Time Management Tactics from British and Japanese

The British and the Japanese are known the world over for their punctuality. Not many people know that in Japan, a train conductor will usually apologise to the passengers even if there is a one minute delay in service. The trains depart at the exact departure time printed on the train time table for all railway and metro services and halt normally for less than a minute at the designated stations. This reflects the huge significance that the Japanese give to time and efficiency. For the Japanese, it is important to stick to schedules as per the appointed time. In Japan, anybody who fails to turn up at the appointed time is not considered dependable and cannot be trusted.

Likewise, the British too are known to keep the time.

In the Japanese work system, being late at work is completely unacceptable and they are known to abide by their time schedule with clockwork precision. It is often said that in the Japanese work culture, there is 90 per cent planning and ten per cent execution. A Japanese company employee said that the Japanese try to do their best to meet the deadline. He explained that the importance of time is taught to children at a very young age in Japanese families. Since most parents are working and have very demanding work schedules, their children cannot afford to miss the school bus and therefore, the parents teach the children to prepare their school bags the previous night to be well in time to reach the bus stop.

How to manage time in the Work-From-Home Model?

Every job around the world has fixed hours for reporting at work. Although work from home has become the new normal in Corona times, that too calls for work discipline from home which is not easy with distractions in a home setting.

An individual who embarks upon his own enterprise must therefore master multi-tasking and learn how to manage his/her time well. He must have clarity about his goals and learn to be efficient and quick and know how to make the best out of a workday. I know a journalist in Greater Noida who helps his wife in her export business. Apart from monitoring news, he finds time to talk to prospective buyers overseas and plan the proper packing of goods. If anybody happens to call him when he is busy, he does not hesitate to remind the caller that the 15-minute conversation has cost him a loss of money. His logic is that he could have spent his precious time responding to business queries from prospective clients. It may sound offensive but the fact of the matter is that a businessman knows how to calculate the worth of an hour. Saving those 15 minutes helps him earn extra income.

Women Entrepreneurs: Masters of Time Management

A peep into the lives of three women entrepreneurs convinced me that all of them have common qualities that keep them going. Apart from being clear-sighted, they have a passion for work and have mastered the art of efficient time management. Take the case of Puja Sahu, a 44-year-old businesswoman who runs a Potbelly chain of restaurants in Bengaluru, Delhi, Gurugram and Patna.

Born in Muzaffarpur in Bihar and educated in Nainital in Uttarakhand and Delhi, Puja decided to start her own restaurant from Shahpur Jat in Delhi. It has been ten years now from the time she set up her first restaurant. Encouraged by the overwhelming response to Bihari cuisine, Puja started Potbelly restaurant in Bihar Niwas near Delhi’s Diplomatic enclave in Chanakyapuri relying on her mother’s recipes. She then moved on to setting up another restaurant in 32nd Milestone in NH 8 in Gurugram. The fourth restaurant came up in Bihar Museum in Patna and the fifth one in Bengaluru. While Puja agrees that running a restaurant is a hell of a task alongside raising her five and a half year old daughter, she has learnt to manage things with her core team. “ You have to set Standard Operating Procedures (SOPs) at regular intervals and ensure that they are being followed. When you are running a large enterprise, you have to learn to delegate work. You cannot micro manage everything. In business, a like-minded core team is very important.’’

So, how does Puja handle her roles as a daughter, mother and wife alongside her business. “Days are really short. No matter how hard I try or plan ahead, my day is dictated by my daughter’s schedule. Of course, I set goals for the day. Short term goals help me achieve long term goals. At the end of the day before I go to bed, that is the only time I get to reflect on what I have achieved that day and to set goals for the next day. I was a backbencher in school but I learnt the hard way that lax attitude and no goals can get you nowhere. One has to strip yourself of all the wealth one has and see what you have accomplished on your own,” says Puja who holds a degree in Commerce from Bhagat Singh College of Delhi University.”

Learning Human resource management and surprise visits are very important to ensure quality control, says Puja. “ One has to work closely with the staff, listen to them, address their problems and work at every level. This entails tasting food in the kitchen, ensuring that the tables are clean and reminding them to wear masks in Corona times. It is important to have a penetrating eye to identify deficiencies. One thing you should never do is ask your employees to cut corners. And what is most important is that your seeking spirit should never die.”

‘‘

Aspiring entrepreneurs must remember that passion, discipline, proper planning and customer satisfaction, are crucial for success.

Another Delhi based entrepreneur Rumana Vachha Menon, is doing well baking cakes. A jovial Parsi, 38 year old Rumana began her baking business from home four years back.

Rumana pulled out her grandmother Khorshad Vachha’s cake recipes and began studying more about baking. “ Baking runs in my blood. My grand-mother was an amazing baker. I started baking and it soon developed into my passion. I did a Diploma course from Truffle Nation in Delhi and began taking orders from people in the neighbourhood in Anand Niketan. Today, Rumana’s cakes are really sought after and she manages time effectively by taking orders only on prior notice. “ I worked in Hyderabad for six years in the sales department of a leading hotel. When my daughter was born, my priorities changed. I had to give up my job because I had to give her more time but I did not want to sit idle. I am able to manage things well at home with prior orders. It is a blessing that I am able to use some of my grandmother’s recipes. Baking gives me a lot of pleasure.’’

Like Puja and Rumana, Mumbai based entrepreneur Ruchi Srivastava has also been inspired by her Lucknow based maternal grand-mother, Rajkumari to start a cosmetic range of skin and hair care cosmetics which sell under the brand name ‘Veditatva Ayurveda’. Ruchi says she is 42 years but has a wrinkle free skin as she has always used home care skin and home care products made by her grandmother. Ruchi began making her own products four years ago from her flat and has about 4000 clients in India and overseas. She accepts orders online and delivers products, on an average 10 to 12 everyday by courier. “I was lucky that my grandmother passed on the traditional knowledge that she acquired from her father, an Ayurveda Acharya. Anything is possible if you have the passion. Getting up early helps me map and manage my day better. I have domestic helps who assist me with household chores. That helps me devote about five hours to my own business. Soap-making is very relaxing. My husband and my two sons who are 14 and 21 year old respectively, use my products.”

Ruchi says that aspiring entrepreneurs must remember that passion, discipline, proper planning and customer satisfaction, are crucial for success. “ Anybody who wants to succeed in business cannot afford to be directionless. You must work consistently and plan your day in advance and be clear about what you want to accomplish.

A look at the lives of these three women entrepreneurs tells us that sky is the limit for home businesses with social media platforms like Facebook and WhatsApp.

Where your time goes: Keep a check

Aspiring entrepreneurs must remember that most of us often try to control our expenditure by logging it. What is equally important is to cultivate a habit to log time. Logging time can give us amazing results. It helps you know where your time goes. Once we have done this exercise, we must categorise our activities as essential, important, unimportant, and wasted. This way, we will stop wasting time in needless activities.

Those forever complaining of shortage of time can try to execute the ancient Indian philosopher and economist Chanakya’s prescription of maximising time by dividing the day into slots of 90 minutes each and setting targets for these slots.

While punctuality is a sought after value in work cultures globally, there are professions that place a premium on it. For instance, the aviation business would not be able to do well if pilots would not arrive in time and take off on time. The Army would not be able to defend borders well if those deployed at the border would not keep the time. Restaurants would close down if the Chef is not able to produce the ordered dish well in time for the steward to present it at the table. 24/7 news channels hinged on the world of breaking news would close down if reporters on the spot fail to relay news on time. Alongside time management, an entrepreneur should also cultivate the concept of reaction time which is the speed at which an individual reacts to situations. This can give an entrepreneur an edge over his rival.

Military academies the world instil in young cadets the importance of punctuality by rigorous punishment.

A newspaper editor I know, says that he does not like putting off tasks for the next day. He says he goes about accomplishing tasks as he lives everyday as his last day.

As Nobel laureate Guru Rabindra Nath Tagore said, “The butterfly counts not months but moments, and has time enough.’

No talent is good enough if it is not synchronised with good time management.

The post Learn How to Manage Your Most Precious Resource Effectively appeared first on Dutch Uncles.

What Principles Does Elon Musk Live by For Growth and Self-Improvement?

Richa Bansal — Sun, 21 Mar 2021 00:35:05 +0000

The derring-do to think out of the box, nay boxes. To chart the uncharted even in the face of skid-offs. To simplify the toughest issue at hand applying an Aristotelian principle – these are just some of the rules that have perhaps helped the most influential serial entrepreneur of this century to up and emend his game, project after project. Read how.

How does one write of a man one has only read about, only on the World-Wide Net? How does one sift and sort through all those thousands of clicks that talk about the man, his businesses, his principles, his life story, his maverick play to venture where no man has gone before ever since he was 12, and what makes him one of the most influential entrepreneurs of the 21st century.

I am talking about Elon Musk, who with an estimated net worth at $200+bn is counted among the richest in the world. No silver spoon at birth, this self-confessed self-learner, self-made man must have thought through and thoroughly each project and done many things right (along with the many skid-offs) to chart the uncharted. There was a time, I glean, when this then millionaire was all set to move into his wife’s parents’ basement as he was almost going broke!

What could be the principles that govern his life that make him so successful through all the ups, downs and downs, and then up and up? Let’s try and sneak a peek into his mind through his quotable quotes (!) on his mantras for growth and self-improvement.

With interests and business straddling the worlds of automotive (Tesla), aerospace (SpaceX), satellite (Starlink), solar energy (SolarCity), ultra-fast ground transportation (The Boring Company), energy storage (MegaPack), neurotech (Neuralink), artificial general intelligence (OpenAI) and perhaps a few more, Pretoria-born Elon Reeve Musk once famously said – “If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not… There have to be reasons that you get up in the morning and you want to live. Why do you want to live? What’s the point? What inspires you? What do you love about the future? If the future does not include being out there among the stars and being a multi-planet species, I find that incredibly depressing.’

The first mantra to growth is to find a purpose, a dream that you can dream, and the gumption to work towards that dream. Be an innovator. Look for the blank spaces. Think out of the box, nay boxes! Elon Musk gives the example of Henry Ford. “When Ford made cheap, reliable cars, people said, ‘Nah, what’s wrong with a horse?’ That was a huge bet he made, and it worked.”

‘‘

A dream to dream that dream and then go chase it to the beyond to make it come true! But before it all, gain all the knowledge you can.

But even as you dream remember to ask questions. He tells how as a kid he would “question things… It would infuriate my parents… That I wouldn’t just believe them when they said something because I’d ask them why. And then I’d consider whether that response made sense given everything else I knew.” Cross-question yourself, look for the quintessential devil’s advocate to warn you of the pits and falls. He stresses on the “feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better… constantly think about how you could be doing things better and questioning yourself.”

Build on your knowledge. But before that it is “important to view knowledge as sort of a semantic tree – make sure you understand the fundamental principles, i.e., the trunk and big branches, before you get into the leaves/details or there’s nothing for them to hang on to… The first step is to establish that something is possible; then probability will occur.” The serial entrepreneur counsels and exhorts: Make books your best friend. “Imagine – if you read 25 pages every day, it is 750 pages /month (2-4 books), it’s 9000 /year (30-40 books) … And it makes a difference.” Don’t sell yourself short, says he who graduated from the Wharton School with a Bachelor of Science (BS) in economics and a Bachelor of Arts (BA) in physics, and dropped out of his PhD course at Stanford University in only two days to chase his entrepreneurial dreams. He was all of 24 years and the Internet had just about begun to explode, and Silicon Valley was roaring ahead.

Your ‘I-Can’ is more important than your IQ. Go innovate!

Elon Musk was just 12 when he sold his first innovation – a computer game for a handsome $500, and thereafter years down the line he co-founded PayPal and the rest. What set him apart was his derring-do in taking risks and pursuing what he had set his mind to, relentlessly.

“Your ‘I-Can’ is more important than your IQ. When something is important enough, you do it even if the odds are not in your favour…Take risks and do something bold. You won’t regret it. Constantly think about how you could be doing things. Keep questioning yourself… Some people don’t like change, but you need to embrace change if the alternative is a disaster. Persistence is very important. You should not give up unless you are forced to… I think it is possible for ordinary people to choose to be extraordinary… No results? Keep working! Bad results? Keep working! Great results? Keep working. Consistency is key.”

While not all can be an Elon Musk, innovation can be the only game-changer. “Banks don’t like Bitcoin, taxis don’t like Uber, hotels don’t like Airbnb, bookstores don’t like Amazon, cinemas don’t like Netflix, 9-5s don’t like remote work. Innovation is not always liked… If you go back a few hundred years, what we take for granted today would seem like magic – being able to talk to people over long distances, transmit images, flying, accessing vast amounts of data like an oracle. These are all things that would have been considered magic a few hundred years ago… If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion… Starting and growing a business is as much about the innovation, drive and determination of the people behind it as the product they sell… A failure is an option here. If things are not failing, you are not innovating enough… Going from Paypal, I thought, well, ‘What are some of the other problems that are likely to most affect the future of humanity?’ Not from the perspective, ‘What’s the best way to make money?’ which is ok, but it was really, ‘What do I think is going to most affect the future of humanity”.

Complicated and aiming literally for the stars? Yes! But then that’s what had the Ted Talks chief guy describe Elon Musk as the “world’s most remarkable living entrepreneur”. And while talking about innovation in an interview with The Wall Street Journal, Elon Musk said: it (innovation) is “absolutely learnable… It is not some mysterious thing. It’s basically being just an absolute perfectionist about the product or service that you make. Just make your product better. This is the thing that really matters.” Get out of the conference room, the mercurial Musk warns, and he speaks with firm conviction. “When I spend too much time in conference rooms, that’s generally when things have gone awry. And when I go spend time on the factory floor, or really using the cars, or thinking about the rockets, that’s when things have gone better.”

He adds: “If you find yourself spending a lot of time getting presentations and reviewing spreadsheets, you’re barking up the wrong tree. That’s the effect, not the cause. So just get out there on the factory floor. Get out there in stores and talk to customers. Being on the factory floor makes for more employee engagement.” And watch how you improve, how business grooves.

‘‘

Elon Musk, who with an estimated net worth at $200+bn, is counted among the richest in the world. No silver spoon at birth, this self-confessed self-learner, self-made man must have thought through and thoroughly each project and done many things right (along with the many skid-offs) to chart the uncharted.

Simplify! Simplify! Simplify! Apply ‘first principles’, says Elon Musk

Simplify! Simplify! Simplify! Is yet another golden rule that the genius innovator swears by. “First-principles” – a decision-making strategy which goes back to more than 2,000 years, propounded as it was by the ancient Greek philosopher Aristotle. The first principles method can perhaps be applied across all streams of life – from the personal to the professional which includes entrepreneurial growth and improvement!

Musk explains: “I do think there’s a good framework for thinking. It is in physics. You know, the sort of first principles reasoning. Generally, I think there are — what I mean by that is, boil things down to their fundamental truths and reason up from there, as opposed to reasoning by analogy. Through most of our life, we get through life by reasoning by analogy, which essentially means copying what other people do with slight variations. And you have to do that. Otherwise, mentally, you wouldn’t be able to get through the day. But when you want to do something new, you have to apply the physics approach. Physics is really figuring out how to discover new things that are counterintuitive, like quantum mechanics. It’s really counterintuitive. So, I think that’s an important thing to do, and then also to really pay attention to negative feedback, and solicit it, particularly from friends. This may sound like simple advice, but hardly anyone does that, and it’s incredibly helpful”.

Musk has spoken about first principles many times over the years. He explained it once while talking about the early days at SpaceX, and the physics graduate reiterated on physics: “Physics teaches you to reason from first principles rather than by analogy. So, I said, okay, let’s look at the first principles. What is a rocket made of? Aerospace-grade aluminium alloys, plus some titanium, copper, and carbon fibre. Then I asked, what is the value of those materials on the commodity market? It turned out that the materials cost of a rocket was around two per cent of the typical price… It’s very hard to do,” he said on another occasion, adding “You can’t think that way about everything. It takes a lot of effort, but if you’re trying to do something new, it’s the best way to think. It’s really a powerful, powerful way of thinking.”

Thus, he dwells not on the riff-raff, instead of cutting straight and into the chase. His daily schedule smacks of that as he slices out minutes in each day to ensure he gives equal attention to all his projects – even his 5 boys — one set of twins and another triplet!

Work like hell, he encourages. “I mean you just have to put in 80-to-100-hour weeks every week. (This) improves the odds of success. If other people are putting in 40-hour workweeks and you’re putting in 100-hour workweeks, then even if you’re doing the same thing, you know that you will achieve in four months what it takes them a year to achieve.”

Mantras that speak to the heart and the brain. Go follow!

The post What Principles Does Elon Musk Live by For Growth and Self-Improvement? appeared first on Dutch Uncles.

Take Care of Yourself, Your Business Will Take Care of Itself

Santosh Mehta — Sat, 20 Mar 2021 00:35:06 +0000

Business, like any engagement, is just an extension of an individual. This implies that the wellbeing of the individual has a direct bearing on the success of his or her business. Having a successful business means you have to be a successful team player. But many entrepreneurs are not able to understand this. This often manifests itself in unhealthy habits that aren’t healthy or productive. But there’s also something to be said for taking time to ensure you’re emotionally and physically cared for. And you have to be self-seeking! Only then can you take care of your business.

How to Take Care of Your Priorities?

Everyone’s needs are different. As a busy entrepreneur who’s grown accustomed to selflessly serving everyone’s needs but your own, here are a handful of things you can focus on:

Watch Your Diet: As busy entrepreneurs, we often get stuck in ruts. We usually stop with easy things which are familiar and comfortable. This is fine. However, it’s not always good. Sometimes, it can be risky.

As a busy entrepreneur one has to ask oneself about not having too much fast food. For instance, you are busy in the office, feel hungry and order a pizza, Chinese food or burger. But it is harmful for your body. It affects your body in the long run, and has side effects, too.

So, it’s not a great idea to simply consume fast food that takes care of your hunger. But you should have adequate amounts of vitamins and nutrients for getting physically healthy and fit.

Alcohol is another problem. Drinking too much alcohol will adversely affect your body, and you become unhealthy. Are you drinking too much alcohol? If yes, then you have to stop it before it gets too late. Getting invites and attending cocktail parties is fine occasionally. But it should not be on a regular basis. Getting addicted to these show side effects soon in your body, and you develop skin problems.

Not only side effects, but you will not get good sleep. Slowly, your memory fades, you forget important things. And you may become sexually dysfunctional. So, it’s best that you limit and avoid these dangerous things.

Are you making time for meals? If you are a busy businesswoman, it’s a challenge cooking for your family and finding time to dine with your family.

Because of your hectic time schedule, you are cooking, walking and serving at the same time. You are multi-tasking. So, you get tired. And this is dangerous. It increases the likelihood of overeating. It puts undue stress on your digestive system.

Your diet is very important to your productivity and health. If you want to stay focused at work, then you need to make time for healthy meals. Packing a lunch is often the best solution to ensuring you eat well.

Get More Sleep: Getting comfortable sleep is also one of the important factors for a businesswoman. Getting quality sleep is necessary, and you have to sleep at the right time.

“Those who don’t sleep enough are less productive at work and school. They take longer to finish tasks, have a slower reaction time, and make more mistakes,” reports the National Institute of Health. “After several nights of losing sleep – even a loss of just one to two hours per night – your ability to function suffers as if you haven’t slept at all for a day or two.”
Like eating healthy, getting sleep can seem like a far-off dream for busy entrepreneurs. It doesn’t have to be, though. By making it a priority, you can get a minimum of six to eight hours of continuous sleep each day. And the consistency is as important as the total amount. Try to fall asleep and wake up at the same time each day. This will aid your body’s circadian rhythm.

Spend Some Time in Reflection: When you’re constantly surrounded by people, you force yourself to be “on” at all times. This can be emotionally draining and, ultimately, leads to mental fatigue. The danger here is that you’ll eventually snap, or say something you’ll regret.

While you can’t necessarily reduce the amount of time you spend around your work colleagues, you can maximize the time you have to yourself. For most people, this time is first thing in the morning or late at night. Use these quiet hours to spend some time in reflection. If you’re a spiritual person, this is a great time to pray. If you like mediating, use this time to practice. However, if you like to disengage from the world around you, ensure you’re doing it for at least a few minutes per day.

Get Regular Physical Activity: Physical fitness is one of those things that we all have on our to-do lists, but rarely get around to doing. Unfortunately, being busy isn’t an excuse for not exercising. Your body doesn’t care if you’re busy with a work project or complicated assignment. Gym or other physical exercise is good for the body.

The question is, how do you make time for regular physical activity? The obvious place to start is with your current obligations. Are there things you are currently doing through the course of the day that aren’t constructive or necessary? This includes watching a show on television or on Netflix, reading the newspaper, or mindlessly browsing your Facebook newsfeed. Try replacing this time with 30 minutes of exercise. It doesn’t matter if it’s a jog around the block or a weight lifting session. Anything that engages your muscles and gets your heart rate up is better than sitting down.

Build Relationships Outside of Work: Finally, you can’t forget about the relational side of things. While it’s great to have close friends at work, you need to find friends and develop relationships outside of the office. This will help you enjoy more and take care of your work-life balance.

Opportunities for meeting people outside of work include joining local sports teams, volunteering with nearby organizations, signing up for a position with your neighbourhood’s homeowners’ association and hosting parent-child get-togethers with your kid’s friends.

Make Time for Yourself: There’s something to be said for putting others first. It’s admirable, selfless, and caring – and these are attributes that will take you a long way in your career. However, we also live in a business world that blows selflessness out of proportion. It’s critical that you pay attention to your own physical and emotional needs. And you won’t start slipping down the corporate ladder just because you adopt a few new habits.

Everyone continues to need positive feedback. With work associates, encourage your subordinates, peers, bosses, and also rivals, competitors, past partners. If you admire someone, tell them. If you think they may not need support from you, you’re likely wrong.

We’ve made great strides in recent years addressing mental health in the workplace and more generally. We need people on the frontlines rescuing the physically afflicted, but the emotional aspect will affect everyone.

‘‘

Your diet is very important to your productivity and health. If you want to stay focused at work, then you need to make time for healthy meals.

4 Ways to Take Care of Your Mental Health

How can you shore up your mental health and deepen your own emotional reservoir? Here are some suggestions:

Start with self-care: We can’t share with others a resource that we lack ourselves. The critical starting point is to take our own mental health temperature. How am I doing? What will help me combat anxiety? Am I drinking, eating, or sleeping, or crying too much? What do I need to do to stay connected?

Follow up with a plan: Begin with keeping to your normal routine as much as possible. Schedule regular exercise, which has well-documented mental health benefits. Next, think of ways to be mentally engaged either through work or activities such as crossword or jigsaw puzzles, games, reading or writing. Start a journal or blog. If possible, pursue your hobbies and take care.

Ask for help when you need it: Caregivers, parents, coaches, therapists, and even you need help. We all do right now. Don’t hesitate to seek and ask for it. In many cases, we can find the support we need from partners, parents, children, friends, and others close to us.

Look for the positive and say it aloud: We may usually be a little sparing with praise. Maybe we think that someone who criticizes us is smarter than we are, or that praising others feels like an acknowledgment that we are inferior, so we demur. Express appreciation, give compliments, and call out triumphs, no matter how small. If you see something good, speak up.

‘‘

Begin with keeping to your normal routine as much as possible. Schedule regular exercise, which has well-documented mental health benefits.

How This Womenpreneur Creates a Balance in Life?

Prachi Garg is an author, motivational speaker, and entrepreneur. She started ghoomophiro.com, an enterprise where the team organizes corporate tours based on the customers’ requirements, budget and provides them a bouquet of options. This initiative was taken up by her during her college days. Recently, Ghoomophiro expanded its portfolio for women who like to travel solo.

She also conducts workshops on entrepreneurship at major B-schools (FMS/IIMs/Miranda House/IMT) and her start-up has been covered by mainstream media and tv channels. She has won the MP tourism board Annual Awards twice. Apart from just being an MBA graduate from Great Lakes Institute of Management, Chennai, she is a distinguished alumna from Delhi’s top women’s college Miranda House, too.

We asked her how she deals with her business and personal life:

Q: How do you keep fit being busy in business.
A: Yoga and meditation help me to stay fit.

Q: Do you think the quote “Take care of yourself, and business will take care on its own” applies to you?
A: Yes, it does! I believe that personal well-being, including mental health, comes first. If you are fit, you will be able to think more creatively with a free mind.

Q: How do you manage the time to relax?
A: Usually I take power naps, plan my day early in the morning, prioritise my worklist. These tips help me to keep moving. Needless to say, “early to bed, early to rise, still holds true to me.

Q: Tell us about ghoomophiro.com
A: At ghoomophiro.com, we promote women’s solo travel. It is an initiative wherein we organize women’s travel both in India and abroad. Our USP is: we ensure women workforce during your journey, in the form of women drivers/track leads.

Q: How much money have you invested?
A: It started all online back 2010 with a mere investment of one lakh of rupees.

Q: What are the five things one will need for success?
A: 1. Passion for doing and Strong Focus;
2. Complete belief in yourself and your idea;
3. Strong Networking;
4. Never Die Attitude; and
5. Right Execution

Q: Any Tips for aspiring women entrepreneurs?
A: The world is yours. Never get tired with small hiccups. Take the chance, because this is one life, and you should not regret anything, because Sky is the limit for your dreams.

The post Take Care of Yourself, Your Business Will Take Care of Itself appeared first on Dutch Uncles.