5 Key Steps for Your Evolution as An Entrepreneur
Business is considered to have a variety of different components associated with it. Business requires the input of every element to ensure that all of the tasks that have been laid out are effectively achieved. This is the foundational base of systems thinking.
The concept of Systems Thinking was introduced by Peter M. Senge which provides that several different components together create a system. If any of these components are not performing or underperforming, then it is likely that the overall system will lose its potential.
However, the mere creation of a system is not enough for the business. The system must be strengthened, nurtured, and trained expertly that it would function in the right direction as laid by the top management. But it has often been observed that the top management is not much focused on nurturing every element.
It is essential for the business firms, especially the start-ups to understand that even the smallest element of the organization has a lot of potential to harness the opportunities. Hence, the young entrepreneurs must understand some basic rules which may help them excel and attain their objectives. Following are the 5 key steps which will help you to become a successful entrepreneur:
1. Don’t push growth; remove the factors which are limiting growth
It is a matter of the fact that the organizations grow for a specified period and after that, these organizations stop growing. Hence, the limits to the structure of growth can sometimes be found useful for identifying and evaluating the situations where the growth may bump up against the limits. Thus, the entrepreneur should identify such limits and focus on removing those.
2. Understanding the Structure
If a start-up is taken into consideration, then it usually proliferates when the firm is small, providing that the promotional opportunities are extensive. This results in boosting the morale and the talented junior members are often highly motivated expecting to attain the required level of growth within ten years or so. However, as the firm becomes larger, the growth of the firm is likely to slow down. Possibly it happens because the market niche starts to saturate or the firm might attain a size where the founding members of the firm are not interested anymore in achieving sustainable growth. Thus, the structure should be adequately evaluated and used to identify the limits which are causing a delay in accelerating growth.
3. Achieving leverage
On an average, most of the people are likely to react towards the limits to growth situations by pushing it hard. However, in the way of achieving growth and dealing with the limits to growth, firstly it is essential to evaluate the pattern of behaviour that is being integrated with the organization and thus, changing the limiting factor. However, it is not that easy as it seems to be. This may require some actions which have never been considered in the past before or have been overlooked by you till now. In the way of maintaining productivity and morale needs an array of norms as well as rewards which establishes that the work has been done effectively. Thus, an entrepreneur should leverage the different tasks and assign it to the people who are lower in the hierarchy which may help boost their morale to work hard.
4. Transformational conversations
Rasheed Ogunlaru, in his famous book “Soul Trader” emphasized over the need for transformational conversations. He provides that transformational conversations have a direct impact on the people who are working for your organization. These people are your real asset, and if these people are not motivated enough, you can never think of attaining your goals. However, there are some things which you must take care. You must be creative enough to bring a transformation in your organization by creating magic with a mix of action and inspiration. You must be at your best and must use your time and energy wisely.
5. Explore where your heart is?
Last but not the least, it is the owner or the founding members who know the worth of their business and what they are expecting to be in the next ten years. But at times, it happens that the owners reach to a point where they feel that they don’t feel like working anymore in that area. At such a point, it becomes essential for the owners to seek some clarity to “know who they are; and must walk their unique path.” The owners must analyze that if their heart is in the business or not, and if it is not, then, why are you? Focus on building your business with heart.
Nobody knows your own business more than you do. You know its actual worth, use your inner strength, and change your attitude towards what you do. Put your heart in everything you do and see how you can evolve as an entrepreneur.
