The most important thing about making a business that will conquer the world is the way a manager develops himself. The best way one learns is along the way, like in a video game. You learn new lessons on the long and tough path of success.
Life as an entrepreneur is like being in that video game, you are on a mission, you learn new tricks as you move from one level to the next. And you eventually use these tricks, to improve your business.
As an MBA student, being in the vicinity of many such young and successful entrepreneurs has made me aware of the many skills essential for the same. Some lessons, which I believe, I can impart to you readers are:
Age Is Just A Number…
Normally, a novice manager is often conscious about his age. Being required to manage people much older in age and experience can easily waver one’s confidence in oneself. However, age is not something that should trouble you.
It is only a psychological limitation and the corporate world hardly judges you on its basis. Rather it is your talent and skill that will matter in the long run. Surely experience is not something to be ignored, but that can always be picked up along the way.
The likes of Mark Zuckerberg, Bill Gates and Evan Spiegel were all twenty-somethings when they founded their start-ups and have now established humongous empires. Their ideas and talent trumped their lack of experience.
One common mistake that managers often make is creating different personalities for work and life. The key to being a successful manager as well as an efficient leader is to mix both of these.
It emits a sense of authenticity and ingenuity. Your team trusts you more, because they know you as a person. Thus, making your entire operation more efficient.
Building a strong relationship with your team is essential for an effective management. While it is good to be a firm leader, occasionally going out with them is a great idea. Keeping in touch with their personal lives, going for picnics, dinners and such helps boost both morale as well as their dependability on the leader.
Learn From Your Mistakes; Change Course When Necessary…
Out of all, the most important skill a successful manager requires is decision making. While it is great to make the best decision for your business, it is hardly possible to occasionally not make a bad one.
Humans are bound to make mistakes. One needs not worry regarding that. It is handling the bad decisions that will make or break your start-up.
Standing by a poor decision, in spite of realizing your mistakes makes a poor manager. Admitting a poor decision and accepting your mistake will it harder for a team to lose trust in you. It shows humility and honesty.
It is fine to make a poor decision if it was bona fide and made with the best intention. Beating yourself up over it would be unproductive. Step up and do your best to steer out of the storm.
Focus on relationship building. With your team, your competitors, your customers… everyone. The more honest and reliant you are as an entrepreneur ,to everyone associated to your venture, the better chances you have of succeeding. Shortcuts can work, but they won’t take you far. And in a culture with over 90% failure rate of startups, this is perhaps the most crucial advise I got from my mentors.