TALK ON 'ENTREPRENEUR MOTIVATION' AT BADRUKA INSTITUTE OF FOREIGN TRADE
- NOVEMBER 13, 2009
Let me first thank you all for taking the time to be present here for this talk on ‘Entrepreneur Motivation’. It is a wonderful topic that makes great sense – whether you do become an entrepreneur or not. Let me explain why?
But before that I must congratulate UOH and AICTE for this fine initiative which should open up your thoughts to the subject of entrepreneurship that I wish to share with you all management students.
How many of you want to turn into entrepreneurs? How many want to do jobs? How many don’t want to do anything? Great.
Anyway one or two things that I share today may make a difference to the way you go about with your career and your life. And if that is achieved I think my coming here had achieved its purpose.
WHY THINKING LIKE AN ENTREPRENEUR MAKES GREAT SENSE
Whether you work, or turn into an entrepreneur, or become a politician or anything else in your life, you will become a great success if you understand the mind of a ‘successful entrepreneur’. It is in this context that I will address this lecture to you because it sets the stage for you to become successful in whatever you do. A successful entrepreneur takes the highest risks – plays with his life- requires great planning, great will power and commitment, leadership skills, team building skills, knowledge of the business he is doing, takes entire responsibility for the enterprise, for his money, his family, his people – he is taking the biggest risk of losing all if he fails when he could have chosen an easier way out. But then the successful entrepreneur takes the challenge and fails, and recovers and comes back and fails and then learns and then succeeds, despite all odds against him. He has a burning desire, great knowledge about his business, skill, details, vision, rock solid attitude, self belief, flexible, adaptable, innovative, clear fundamentals.
THE MIND OF A SUCCESSFUL ENTREPRENEUR IS ONE OF A PERSON WHO IS CONSTANTLY PUSHING HIS LIMITS, ITS YOU AT YOUR BEST AT WHATEVER YOU ARE DOING. An enterprise, a book, a game, a job, a painting, this mindset brings out the best in you. And I love this. You and I and all of us in this world are here for this, to be the best we can. It’s exhilarating, liberating and growing. You will find limits that you never knew existed if you imbibe this mindset.
There are some qualities to these successful entrepreneurs we shall discuss. I would like each one of you to imbibe these qualities because they make sense in whatever you do. You will find happiness, purpose, direction and contentment.
INTRODUCTION OF A CONFUSED MBA
But first, my story? Who am I to talk to you about these entrepreneurs? Why does it make sense to you? As an MBA this is what I did with my life. Intro. My career. Corporate. That’s where I met entrepreneurs of all kinds – big, small, successful, unsuccessful - (a clear case of going around not knowing what I wanted).
And then while playing cricket at a reasonably good level I learnt some lessons that taught me how success can be achieved. Nothing comes faster than on a cricket ground. I combined both – and connected this to the idea of successful-entrepreneur-mindset.
I identified this writing bug. I quit in 2004 and wrote my first book which got published in 2007. TMW is India’s first cricketing novel in English and has hit bestselling numbers. Now it is touted as a self-help, management book in the guise of fiction. It is about how to achieve dreams.
4 audiences. One of which was the corporate sector. I always felt cricket had great life lessons but when I joined the corporate sector I realized there were corporate lessons too. How someone can have a seemingly impossible dream and achieve it? I put these down in a step by step fashion, telling the story through the protagonists – the school boys who need to win a championship to save the school. It is actually a step by step guide to achieving your dreams as I see it.
An entrepreneurs first quality is his capacity to dream. And to make the dreams come true.
ACHIEVING DREAMS – BY DESIGN OR BY DEFAULT? HOW DOES THE ENTREPRENEUR DO THIS?
We all dream, then why don’t our dreams come true?
Another question – do dreams come true only by default or can we design them? There are no defaults in the business world. What have you learnt here – to do business by default or by design? As MBAs we aim to plan the outcome – want to set up a steel plant, I don’t end up setting up a poultry do I? So why are these defaults in our life?
The difference the between the successful entrepreneur and us?
Is your life by default? You are MBA students who are looking to manage the world – do you have a plan for your life? What’s your dream? Have you tried to implement what you learnt in your life? In a small way. Do it. If something goes wrong with the project it is expensive, if something goes wrong with your life, it could be more expensive than that.
So let’s do what we are trained to do. Manage our lives better first. Be the success in our life. And there’s no better way to do that than by doing it with an entrepreneur mindset. Is that okay?
The Men Within Story – ABOUT ACHIEVING DREAMS BY DESIGN
TMW is a story of school kids who have to win the championship. Problem 1. Tough goal, limited resources. Will you take it?
They are to their coach a raw material that is far from desirable, he would have liked to play with Dhoni’s team. But his brief is clear, win with these boys. How does one motivate someone to die? What’s the cause? If you are the coach of DC what would you do? Would you take the challenge? What will you do?
Win – or it’s off with your head. This is the situation that an entrepreneur finds himself in. Win or you are dead.
HOW DOES THE SUCCESSFUL ENTREPRENERU DO THIS?
THIS IS WHERE EXCELLENCE COMES IN- HE PURSUES A PATH WE CAN FOLLOW AS WELL
Easy. Humans love to be good, to excel. Everyone has the streak in them. Only problem is that most of us want recognition, fame and money before we excel. Right?
The coach appeals to the excellence within. The men within the boys. The tiger within the kitten. The potential within you. It all comes down to you. How good are you? Are you good enough for this? And then something awakens. Yes. Then boundaries are stretched. Limits are pushed. Excellence is touched. Magic happens. Someone becomes a Shahrukh, a Dhoni, a Tendulkar..Let us see how the coach does it. Extrapolate it to your life, your business decisions.
To making dreams come true!
THE PROCESS THE GOES ON IN A SUCCESSFUL ENTREPRENERU’S MIND –THE GAP TO WHAT WE NEED TO DO QUICKLY TO GET THE SUCCESSFUL ENTREPRENERUS MINDSET
First we need a dream.
I. Dreams. Do you have any dreams? Can you see your dreams? Can you feel your dreams? Are you scared of your dreams? How big are your drams? Are they your own? Get clear about it. Tell me your dreams… And as you go, make your dreams clear. Why am I joining this company? What am I achieving? When you see your dreams you will realize how limited we are even in our thinking. The same dreams, the same limited dreams. Is there anything new? Do you have new dreams? If Reliance is a 1 lakh crore company, can you imagine a 1000 lakh crore company?
- Take ownership for it. Can you tell others about it? Mad people they say but we need more. Pagal Parsu, Your dream must consume you, it must be yours. Write, business, art …only when it’s yours will you own it. You must own your dream.
The entrepreneur mindset. Not about small or big but your own dream. Your signature dream, It must make you feel go YES, it must make you feel full, of life, of yourself, it must scare you enough, cause enough discomfort, but it must arouse a mad passion, ITS MINE.
As an MBA, don’t be vague – set your dream – which company, an enterprise, an NGO? Be clear. Dream.
- Then YOU start putting a plan together. This is not the hard part, it’s the easy part, when you are excited about you dream. All the details. Numbers, time, people. So detailed that there is no chance of a mistake. Even thought is an action (not thinking about thinking, thinking about an action is action)
- 100%. First touch your outermost limits. When do you know it’s touched? When you have given 100%. When do you know you have given 100%? You will feel it – physically. The YES factor. As we do in appraisals. In accounting. In maths. And then the most important item. When was the last YES factor you had? Have more. Have one everyday. You are growing. (Figure of person growing upto 100% and then onwards)
- Action. No excuse for no action. In fact action itself can take you far. Most times our thoughts and plans come to naught because of no action but sometimes bad plans are fruitful because someone dared to act. Once you have committed yourself there is no turning back and then something comes up, someone come sup and you’re off to some other plane. Normally when you put in a hard, sustained effort you are destined to win more times than fail. And then it makes sense.
The journey is more interesting than the result. Give your 100% first before you look for results. The only question I ask when people don’t have results is this…have you given your 100%? If not go back. Give your 100%. And then look at it again, plan again, go over each step again and you’ll find what you missed. And then you will get your results.
- Preparation. To me all action is nothing but preparation. Good preparation is the job well done. What is preparation? Getting ready for the next level. Be ready to hit the ground running. To be as good as your boss in one month. Most important.
2. Belief. The difference between those who make it and those who don’t is belief. In yourself and in your dream. One belief. One strong thought. You have had it in your life. Is it different from what your heroes have? Look at any of them. They have enough reason not to be there. But they believed in themselves and stuck to it. Another wonderful word that will come up many times. I guess we can talk about belief all day and we won’t be done by evening. But then what we lack is belief that we are good. The heroes believe that they are. So how do we earn the belief? By knowing. By being there. By pushing the limit.
What do you know?
Do you believe you are the best? But we all need outside approval. I say, you don’t. Go on till the YES factor and you know you are good. Follow the dream in the above sequence and chances are you can’t go wrong. You are hitting the zone.
Businesses, cricketers, artists, dancers, writers…all successful people follow this process.
3. EXCELLENCE OR THE ENTREPRENEUR’S MINDSET OR THE OWNERSHIP MINDSET – CAN EVERYONE ACHIEVE IT
What then is excellence? It is being the best you can be at any given point of time-as if it is the last thing in your life. Now is that hard. Is that possible? Is that a choice or some boon that god must give us.
Excellence is a choice.
DO YOU CHOOSE EXCELLENCE? THE 100% YOU?
So choose now to be the best you can be. I will at a later point come back and tell you that you already are being the best you can be – someone remind me before I am done. The 100% you, the best you, the tiger, the potential..
- Continuum. Pick yourself. Same as the heroes. It is not luck. Push the right hand side.
- 3 buckets. Mediocrity. Average. Excellence. Excuses. Champions do not make excuses. Scale the third wall. Keep pushing until the KBC factor happens.
To me there is only one thing. An excuse or a result. Our stopping is because of you. Not anything else. So if you choose your spot its yours. Do it with that in mind. Not because you never had the opportunity. If you make up your mind you can.
All success stories are those. Ambani, Gates, Ellison, Paul Allen, Richard Branson, Subhash Chandra, Steve Jobs, Michael Dell. On the other hand you have Narayanamurthy, Sameer Gahlaut, Kiran Majurmdar Shaw, Karsan Bhai Patel, Mukesh Ambani,
- The 100% example. It will teach you.
Why we don’t achieve excellence? Now we have established that excellence is within us right. We have established that we can reach it. Now it’s pertinent to wonder why we are not. Fear. Most of us believe we are not good enough. This is where belief comes in. when others say things we choose to believe them. If 9 people say you’re a purple pig we believe them. We set up for failure, for a passing mark, for floating along aimlessly. Be default. We may look at failure and worry and say I don’t want to fail. But there is a bigger fear.
More potent. Fear of success. It will keep you in failure all the time.
First and foremost we need to believe we are good. We need to increase our own opinion of ourselves. Your self worth. Because that decides what you take to the world outside. And how you fare. Think now.
Let me quickly run through how we can stick to the excellent part.
First by identifying excellence when you had it. Your moments of success. Your YES factors. Your unique success formulas. Drill them into your head. Two days ago there was a new item about how athletes perform better when they watch videos of their winning.
Then perpetuate the same thought.
QC – CERTIFY YOUR EFFORT EACH TIME
You must have felt really good. You must have felt the YES factor. In these times it does not matter whether anyone is applauding you. You are doing it for yourself. Do it again. Stop looking over your shoulder. Before anyone else certifies you YOU MUST CERTIFY YOURSELF. Have I done my best? Is there anything more that I can do to improve this? This QC makes the biggest difference.
5 questions – before your interview, your jobs, your new enterprises.
Who are you?
What do you want?
How do you think you can get what you want?
How prepared are you now to get what you want? How to fulfil the gaps?
What is the value I am taking with me? (What are your guiding beliefs, values and ethics?)
As you get more clarity about yourself your Self worth increases. We are increasing our self worth along the way. We are increasing our confidence. YOU KNOW YOUR WORTH. Your market value.
What then is your price? How much are you worth? Do it because that’s how you get salaries. Because you put a self cap. Improve self worth through your pursuit of your excellence. Be the potential you are – you’ll never know it but try and get a number there.
Be fully prepared. No excuses for that.
Know what is your best.
LAW OF DESERVABILITY
You get what you deserve. Your salary is a reflection of that. Do something that pushes your boundaries, discomfort. Be comfortable with discomfort. To smile at a stranger is new. To say something nice to some one is new. But the moment you do it, you have grown a bit. You have set new limits. Remember these are the things you will remember. So try and do something new everyday. In small ways. Push those limits. When you have two choices, do the one that’s uncomfortable. Face the fear. It dissolves. Else it becomes bigger.
All of us from the outside know you are capable of moving the world. But do you? It is a commentary on our own self worth. So all that we do must be addressed at that. Even if the whole world says you are lousy, your self worth must be so good that you still say I am the best. Flattery, criticism will not affect the person who is clear about himself and what he can deliver.
Sharukh, Amitabh, Muralitharan,
To improve that we choose excellence. We push 200%. We feel new limits. We see perfection. We understand. We figure out the details. We always do a good and pucca job.
THE ENTREPRENEUR’S MINDSET
What does the entrepreneur mindset give you? Tomorrow you go to the workplace. What is it that you are taking there apart from your qualifications? What is the value you are adding? Do you know what you are there for? Just a salary. A meal. A tag.
- You are there to make a difference to this world. Believe in that. Take a dream. To be the best you can in your job. To take complete responsibility for your job and to stretch all your limits. The yes factor. Don’t be another paper pusher. Make the difference. Be the difference. In the best team in the world.
- Do not link your work to money. To appreciation. Do it for yourself. Now you have touched an excellence within you. Sweepers do it. Washer men do it. Barbers do it. Why cant you? Be the pro you are within. Give 100% without looking at salary etc. All successful entrepreneurs do it. They do it because they love doing it.
Take this to your jobs. Your careers. Your own dreams. Your enterprises. You will leave the world a better place.
There will be times when you feel like this not working. Remember perfection is already within you. Rock and sculpture. Don’t look out. Find it within. Excellence is a choice. Action is the key
- Attitude, always say YES for difficult jobs, that’s what people avoid, DO them - Learn to be the expert, its hard work but it’s the only way
- Prepare to be in the next guys shoes – be ready to handle that, when he is not there, when his boss is not there, even when the top boss is not there, learn more, about the company, the industry, the customers, your mission/vision, balance sheet, projections
- Know your role, you team goal, take pride in it, no one will tell you. As a team member you must believe that you are making a big contribution to the team
- Good ethics, values, honesty, transparency – always pays. Smart work – hard work, honesty, transparency.
- Don’t ever say you don’t know the rules, Find out, even If it takes all night.
- Don’t sign without knowing the implications - Make every job a signature job – your masterpiece. Take your time. When in doubt be doubly sure. Verify again.
- Know where you want to go and then plan to get there – don’t just float aimlessly
- As a leader you cannot blame your team – they reflect you. As a leader the only job you have is to bring the best out of every member of your team
- One other thing I would dwell on is this. Believe in yourself at all times. In your team. Dhoni. Kapil Trust your teammates Good ethics always help.
You have all the qualities of a successful entrepreneur. Find out the areas you need to prepare in fully.
Be fully baked MBAs. Knowledge, presentation, problem orientation, negotiation, public speaking, organizing, capability to take higher responsibility, eye for detail, morals and ethics, leadership qualities, team building qualities, being a team player, polish, finesse, commitment, honesty, capacity for hardwork….
Develop the entrepreneur mindset because once you take ownership for your life, you start succeeding in every area. That is taking it upon yourself to give your best irrespective of what the world says.
On the other hand the future is bright for new entrepreneurs in India. In the next 10-15 years we have great opportunities. I believe we are growing at a healthy 9% growth rate but the entrepreneur mindset is not about that – he makes it in any circumstance.
Those who wish to plunge in, start making your business plans and fine tuning them. Get comfortable, start meeting successful entrepreneurs, practice the mindset in every job you are doing. When you take the plunge, you will be ready, fully prepared.
Success is guaranteed. You choose, how big. How much of a difference.