Raj's Lab

Strategy and Entrepreneurship

What Every Entrepreneur Needs!

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While there are many qualities that make people successful, from my recent interactions with successful entrepreneurs and business men I have found two interesting behavioural traits. The amazing thing about this pair of traits is that, while I saw some who have succeeded just because of them,  I also saw quite a few who have failed simply due to their absence.

I am not listing the success and failure stories. I do not want to suggest or recommend emulation of the successful people as personally I don’t think emulation as is a very sensible idea. However learning from examples and reflecting on them might help us find our own SCS (my term for Situation Coping Systems), which alone will permit us to live our lives fully. Coming back to our two interesting traits, they are the below:

  1. Objectivity
  2. Equanimity

Objectivity can come only when one is able to distance himself or herself from the situation at hand. Most of us as entrepreneurs face numerous situations that we feel could either aid or derail our efforts of venturing into the untrodden path.  In all of these very few succeed in distancing themselves from the business situation to analyse the problem in a detached manner, so that it will result in objective decisions.   Most often due to our entanglement in the situation with extensive emotional involvement and pressure, we make decisions without analyzing the repercussions impartially and realistically. To realise this one has to just conjure an image of an entrepreneur in one’s mind – and the first thing that comes to us are the terms energetic and passionate, both signifying action and involvement.  In this state, expectation of balanced decision is rather a tall order.  Only when you develop the capability of impartial review of an outsider can you see clarity in the situation you are in.  To enable a person practice such a state of being objective, the second aspect namely ‘equanimity’ becomes essential

Equanimity is maintaining composure or balance when faced with situations of high intensity. High intensity here refers to the level of success and disappointment that can arise out of situations.  To stay unaffected (neutral) through both those possibilities  is the place where most entrepreneurs falter, When equanimity is lost, objectivity is almost never possible. But equanimity by itself does not imply objective thinking.

Entrepreneurs must make an effort to understand the importance and utility value of these two traits. Only then can they invest time and thought in developing them for their own benefit!

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