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BVR Mohan Reddy: 5-Lesson From His Journey For Entrepreneur
It is important to dream about what you want to achieve in life. Think about an idea you want to work on and the idea doesn't have to be an improvisation on a copied idea - it needs to be unique. If the idea is not unique, then the product just won't last
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1. Think Big - be a dreamer
It is important to dream about what you want to achieve in life. Think about an idea you want to work on and the idea doesn't have to be an improvisation on a copied idea - it needs to be unique. If the idea is not unique, then the product just won't last.
But most importantly, any idea or dream that is not backed by strategy and execution will remain an unfilled dream.
2. The only constant is Innovation
Disruption is the new normal and to adapt, one cannot stop learning at any stage of life. The industry is evolving rapidly - being nimble footed and agile is the key to succeed in this environment. Today, one needs to improvise his organization, strategy, technology and several other aspects continuously. Automation, for example, has to be dealt with by re-skilling your workforce and equip them for a changing world and new digital technologies and all this is much easier for start-ups than for large traditional organizations.
3. A great team holds the most value
Your team is a critical part of every step of your entrepreneurial journey. Especially as you grow, choosing the right team becomes vital for the organization. You need to tell your story to draw the right people into your organization and make them believe in your dream. It's important to inculcate a sense of ownership within the organization.
4. Be prudent with funding decisions
Nobody will give you money when you desperately need it, and this will hurt your valuation. Always raise money much ahead of time. Don't wait till you are left with your last ounce of funding. It's not wrong to raise external funds but always ask your investors whether they can help you build your brand, improve governance, help in networking, and help you hire the right people.
5. Customer is GOD!
I have customers who have stayed with me for over 25 years and hence I value customer stickiness. Keep engaging with your customer and understand what he is looking for at every stage. It's important to conduct several levels of customer feedback and constantly add value to their business.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.