Formula to grow rich

This is the formula to grow rich – give more value to people in less time and increase your revenue. In my experience the effort put in is the same whether I earn Rs 10,000 or Rs 10,00,000 a month. The difference is what I think about the effort put in. And this change in my way of thinking has taken me to the heights I have reached today. This learning didn’t come on the first day or even the first year that I started working. It took time but the day I realized that I needed to concentrate on the nature of my efforts rather than the amount of effort, I knew I had found the path to financial freedom.

The question that I needed to answer in order to acquire lots of money was this : ‘How can I deliver more value to people in less time?’ There are three elements in play here : more value, more people and less time. So let’s look at each element separately and see how we answer this question.

1. How can you provide more value to people? Basically this means how can I give greater service for the same price? The answer is simple – give a little extra, do a little more than you are expected to, exchange a greeting, ask about the family, take on a little more work-load to offer satisfaction plus to your clients. The result will be positive as the quality of your offered service goes up.
2. How do you reach more people ? Thanks to technology, this is a cake-walk today. Harness technology and increase the number of people you reach and the frequency with which you connect with them.
3. How do you give more value to more people in less time ? The most difficult element but not undoable. Think and work out faster ways of doing all that needs to be done. If you do something in an hour, see how you can do it in say 45 minutes, without compromising on the quality of what you provide.

Once you achieve all this, you never have to worry again about accumulating riches and becoming as wealthy as you desire.

How do entrepreneurs achieve success ?

By hard work, perseverance and by staying totally focused on goals. This should be so regardless of what kind of conflicting advice they get from different people.

Advice can fall into two categories. One is the kind that is beneficial for the business – the other is not so. In fact the other type can prove harmful also.

It is ultimately the entrepreneur who has to decide which advice to follow. He has to remain focused on what he is trying to do and work accordingly. Even when people are trying to take him in the opposite direction, he has to think clearly and objectively and target his objectives.

It is not that they should ignore the suggestions of others. There might be some good in what they tell him. SO the trick is to hear everybody out, see what is helpful for the business and adopt that part of the advice. The entrepreneur knows his business best so only he can have the knowledge and the maturity  to decide  what to do. But he should do so by looking at all possible angles, even the ones he had not considered before they were suggested to him by his advisors.

How do entrepreneurs stay focused? Firstly they need to have a clear set of objectives, a well thought out detailed plan that will specify what needs to be done, how, when and by whom. This should be the starting point and should not be changed in any way that affects its viability or efficiency.

Secondly, they should stay calm and rational at all times. They should not let emotions and personal feelings to cloud business decisions.

Thirdly, they should set their own standards and goals and strive to achieve them without comparing themselves to others in a negative light.

Finally they should accept failures as a part of the journey to success. Failures should spur them on to do better not discourage them.

So as long as you as an entrepreneur, stay calm, collected, logical and focused, you will make a success of your business and your life.

Gut instincts usually lead to the right direction

Wise men and elders always tell us to follow our gut instincts because it usually points us in the right direction. I have experienced it in my life just as many other entrepreneurs also have. If you trust your instincts and have faith in yourself, you will succeed.

Gut instinct is what is also called intuition; it is a feeling that is not dependant on anything concrete but it somehow feels right. Many times you find yourself taking a certain decision because your heart tells you it is the correct decision even though facts might be against your taking that decision. That is instinct or hunch or intuition.

Can’t explain why

You cannot explain why you feel that way, if somebody asks you to tell then why you feel something is right you find you have no way of explaining it except that something inside you is pushing you to think that way. Later on also you cannot fathom why you did what you did. But invariably if you feel strongly about something it is right.

Therefore it makes sense to believe in your hunches – they tell you the truth even when your mind cannot distinguish between right and wrong. Psychologists say that hunches are normally based on facts that are hidden in your subconscious mind – you do not understand the logic that makes you act a certain way but your intuition guides you in the right direction. So the sensible thing to do is to trust your gut feeling, always. Its right more often than it is not so.

Take a lot of decisions

Entrepreneurs have to take a lot of decisions that have far reaching effects on their business. A right decision brings success, a wrong one can have a lot of negative effects – loss of face, goodwill, respect and of course financial loss. While most decisions are based on facts and figures, sometimes our intuition catches us unawares and makes us think of taking a very different decision.

As an entrepreneur you are master of your life and business. So at such times it is best to go with your instinct. Not everyone has faith in intuition, not everyone has strong instincts, but if your gut instinct has helped you in the past – believe in it. It will not let you down. Don’t be scared to follow your heart. It is an advantage you have over many others so exploit this trait that you possess for it will earn you rich dividends.

Culture once established is difficult to change

Culture once established is difficult to change

Business dictionary.com defines organizational culture as “the values and behaviours that contribute to the unique social and psychological environment of an organization…..includes organisation’s expectations, experiences, philosophy and values that hold it together……based on shared attitudes, beliefs, customs, written and unwritten rules that have been developed over time and are considered valid.”

Culture once established  is difficult to change and wisdom and experience say it should not be changed in a hurry either. Research into organizations have shown that companies with a strong culture have a stronger market presence, greater RoI, higher profits and larger market capitalizations vis-à-vis companies that have a shifting culture. They have greater positive interaction between employees who are more motivated and committed towards organisational goals. There is greater creativity, more innovation, less turnover and hence higher productivity, better quality of products and services and a loyal, dedicated work force.

Backbone of the organization

Culture is the backbone of the organization and it originates from its people. Their behavior, outlook, mind-set, standpoints define culture and set norms for newcomers to understand, follow and internalize. The standards are set by the leadership of the organization and it flows from the leaders to all employees in all levels of the company.

Culture comprises various elements – the attire, behavior, thinking and manners of employees, the way the office is laid out viz open offices vs closed cabins, the recruitment and training/induction procedures for new employees, the ethics, values inculcated in people in the organization and their commitment to the mission and vision of the company.

Nurture and maintain

While the leader/s define the culture by their thinking and actions, it is the employees who have to nurture and maintain this across the organization and across time. They need to follow the examples set by their leaders and inculcate the same values in their juniors and newcomers.

It is not easy building organizational culture but in its absence the company has no foundation to stand on. It is the role of the leader to develop this culture and ensure that is adopted by all within the company so as to ensure business success.

What defines a successful entrepreneur?

What defines a successful entrepreneur?

Apart from having determination and perseverance, an entrepreneur needs to be clear-headed about his objectives and has to be motivated to want to make a positive difference. The successful entrepreneur possesses the kind of mindset and the qualities that lead him to his goal. To my mind the most critical traits and attitudes for this are :

·         The ability to foresee failure : It is not uncommon for entrepreneurs to fail in their initial attempts or be unable to achieve the desired results. If you anticipate obstacles, you are better prepared to meet them. But more than that, you should look upon these failures as learning opportunities. Not only do they teach you not to repeat the same mistakes, they also make you stronger and more capable as you travel towards your end-goal.

·         Learning to trust and to delegate : The successful entrepreneur knows when to step back and delegate work to colleagues. You need to recruit your employees wisely so that they learn the work correctly and can take over responsibility of jobs from you. You have to trust them to honour their commitments and leave you to manage at the macro level so that they can take care of the day-to-day operations.

·         Being open to learning new skills, techniques : You never stop learning till the day you die. Successful entrepreneurs are aware of this and are always motivated to enhance their knowledge and skills. Any new knowledge or skill that is gained can be put to use somewhere or the other, whether it is related to your particular business or not. The minute you think you know it all is when you stop growing, and your business stops growing. Have an open mind about anything new and it will help you succeed in life

·         Have faith in your instincts and intuition: There are no specific rules laid down for success in business. It is also not possible to always obtain the right advice or help. When running a business, remember that instinct and intuition play a very big role in telling you what to do. If your instincts are in conflict with facts and figures, chances are your instincts are right. So go by that – it will help in the long run.

·         Being a risk-taker – Entrepreneurs need to be fearless when it comes to business. If you want to succeed in your business, inculcate the habit of undertaking risks. You do not have to be blind to the possible outcomes of your decision, but remember it is smarter to work out possible outcomes before you arrive at a final decision.

Decision making takes into account the past, present and future

Decision making takes into account the past, present and future

Is there a formula that helps decide matters ? Is decision making a science or an art? Going by experience I’d say that is a combination of both – using the scientific of knowledge with the personalized application called art.

Basically there are three types of decision making. The type is using given, fixed facts to make a decision where the approach is scientific in nature. The second type where conditions are unknown and decisions have to be made based on past experiences and are therefore more subjective in nature and are more in the realm of an art.. The third type is where it is a mix of science and art, there are some facts and some elements of experience that combine to help arrive at a decision.

What are the factors that have to be considered to determine whether the decision is a result of science or art ?

Decision making takes into account the past, present and future. Analysis of past performance, experience and the techniques used requires a personal approach, while trying to predict the future performance involves study of existing facts and figures. Hence the final decision making is both a science and an art.

Deciding between alternatives

Where deciding between alternatives, if you choose based on your own intuition and feelings, decision making becomes an art. When you analyse alternatives based on their relative merits and demerits, you are taking a scientific approach.

Some people feel that if the questions being asked about the decision to be taken are of a private or individual-based  nature then the decision making becomes subjective and personal and hence can be termed an art. However if the questions being posed relate to work or anything in the public domain, then decision making is a science and is based on a thorough analysis of facts and figures.

Since decision making is a part and parcel of an entrepreneurs daily activities, it becomes second nature to him to use both, his personal knowledge and the available information and hence decision making becomes an blend and fusion of science and art.

Mistakes are part of life

Mistakes are part of life

Mistakes are a part and parcel of life. They happen to everybody. It is natural to make mistakes but we need to look at mistakes positively and learn from them. Mistakes can tell us where we have gone wrong and help us do right the next time. Each mistake can be a stepping stone to success.

You should not ignore your mistakes. Rather you should take them head-on and move beyond them. Do not carry your past mistakes into the present. They cannot be undone so there is no point beating yourself up over them. Get over them.

Mistakes can never be hidden. You cannot fool yourself into believing they never happened. In addition your own guilty conscience will let the secret out at some time or the other. And if even one person gets to know about your mistakes, word will spread and it will become public knowledge. As a result you will lose the respect and trust of people.

Admit to yourself

The most sensible thing to do is to admit that you have made a mistake – to yourself and to others. It is not a crime to make a mistake but hiding it may be harmful to someone. Similarly even if you are worried about being caught, it is wise to own up to your mistakes. Don’t hide them – if you do, you are just shirking your duty and your responsibility. You are accountable for your mistakes as much as for your good deeds. So accept them.

Do not waste your time and energy making excuses or feeling sorry for yourself. It does not serve any purpose. See mistakes as a chance to learn and find new pathways to grow and to handle things.

Mistakes are good for you. They enable you to learn and improve. They build character, increase your knowledge, develop your skills and abilities, open your mind. You gain experience from your mistakes and you become a more mature person. Mistakes are the milestones on your journey through life. So welcome them with open arms and use them to become a better person.

Scars are signs of your struggle and victory

Suffering brings forth strength from within even though it does leave scars behind. Scars are not nice but they are a sign of your struggle and your victory over your difficulties. Do not be fearful of scars and do not be scared of failure. Failures teach you how not to fail next time and scars tell you of the lessons learnt. See the beauty of your scars. Take pride in them. They are a living symbol of what you have gone through and what you have achieved.

Learn valuable lessons from your past experiences. You can keep learning till the day you die. See what went wrong in the past, correct matters, do things differently the next time and go on – in business or in your personal life.

Life changes

Do not live in the past. Move forward. Life changes – it does not remain the same. The same is true of you. Live every moment to the full. You may be gone tomorrow and the moment will definitely be gone.

Be grateful for what you have, focus on the present, on what is important, plan for  a better future and carry on. As the wise say, change is the only constant. Every time you make a decision, the outcome changes and the response you get changes. So you have to anticipate, monitor, adapt and enjoy change.

Acknowledge your faults

Map out your own path to success. Acknowledge your faults and weaknesses, don’t complain. Do something to correct these faults. You cannot sit around feeling sorry for yourself. Accept the pain as a trophy of your struggles and don’t make the same mistakes again. Do things right the next time.

Everyone has problems in life. Everyone has scars that heal but leave a mark – for you to remember the lessons learnt. They are a part of you, welcome them, see the good things you received because of these scars and move on. With life, with business, with people.

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