THE THREE PILLARS OF AN ENTREPRENEUR’S JOURNEY

Being an entrepreneur is not an easy job. Their mission of bringing innovation comes at the cost of facing various challenges – be it raising funds, building a team, or cracking the market. So, when an entrepreneur’s journey starts, having a guide to navigating the waters efficiently can be quite helpful for them. These are the three key pillars that lay the foundation of their success.

1. Vision

According to a McKinsey survey, 82% of employees believe that organizational purpose is important.*One of the distinct qualities of entrepreneurs is that they have a vision. While starting their entrepreneurial journey, it’s crucial to let that vision be the driving force. It also needs to be effectively communicated to all the stakeholders, be it employees, investors, partners, etc. It’s the vision that instills values and objectives, hence, its percolation to the entire system is important so everyone works towards a common goal.

2. Talent
If there’s one thing that entrepreneurs cherish the most, it’s the skill and talent required in the team. They go above and beyond to find exceptional talents from various fields, like tech experts to develop their products/services, a strong business development team to accelerate growth, etc. Hence, investing ample time to build an ideal team is crucial, especially in the nascent phase since they become the company’s founding team.

3. Strategy
A good business strategy excels on the trifecta: product, brand, and business model.**

Establishing business strategies becomes quintessential to tread continuously towards growth. A strategic approach means having a framework to understand:
– Value of the product/service offered
– Market and customers
– Evolution of business to incorporate growth
– Systems to make business more efficient
– Scalability of the model
– Assets for the business plan

As they say, ‘well begun is half done.’
It’s important that budding entrepreneurs establish these key pillars early in the system, as it helps them adapt to new challenges in their journey.

Citations:

*Organizing for the future: Nine keys to becoming a future-ready company

**3 Pillars Your Company Needs to Master in Order to Succeed

RELATED BLOG

Startups creating the demand for co-working spaces

India is the third-largest startup hub in the world.1 In 2021, 3,143 new companies were founded.2 This exponentially expanding market is playing a pivotal role in driving the growth of co-working spaces. Startups look for next-generation customizable offices to meet...

What Makes a Shared Office Ideal for Small Business

Over the past few years, the prominence of shared office spaces has increased phenomenally. Many small businesses, entrepreneurs and freelancers have chosen these workspaces to enhance productivity and ensure business growth. These office spaces are designed to...

Methods to Enhance Employee Happiness at the Workplace

For any company to succeed, it needs to create a happy and satisfied workforce. Lack of motivation and the absence of a conducive working environment can be a huge deterrent to employee productivity. To keep employees energetic and engaged, business leaders and HR...

What Contributes to Work-Life Balance at Modern Coworking Spaces

The professional world continues to be more competitive with each passing day. With strict deadlines and extra hours at work, very often professional life takes over every aspect of an individual’s personal life. Instead of making time for friends or family, the 9 to...

Co-working – The ideal workspace for the post-pandemic era

After struggling with the pandemic for over a year and a half, the world is finally regaining balance and is on course to normalcy. The offices have reopened and the workspace environments have changed. Businesses now need a space that offers the flexibility of...