Priceless Life Lessons From a Successful Entrepreneur
Guhesh Ramanathan is an entrepreneur, patron, and founder of the startup advisory firm Excubator. He is an entrepreneur with over two decades of experience and an alumnus of the prestigious business school, Indian Institute of Managment-Banglore.
Guhesh Ramanathan has vast knowledge and experience in start-ups and entrepreneurship. He has founded six companies in twenty years and has seen lot’s of ups and downs as some of his firms were sold or shut down. Thus he is a valuable source of life lessons, which can’t be learned in any school or college.
In an interaction with Goodvitae, he has shared the following valuable lessons:
1. On Finding Passion
“Ask yourself this: what bothers you so much that it keeps you awake at night? that you keep talking about to literally everyone you meet? that is what you are passionate about.”
2. Advice to millennial for long-term gains
“Start saving :-). Nothing beats savings to create long-term gains.”
It’s important to conserve and spend money wisely whether you are running a business or doing a job. We millennial want everything in a short period of time and we spend more, but if we keep patience and save more, than it will help us in long-term.
3. An important tip to improve life
“Spend below your means. Decide what you can do without, very early in life. this will help you irrespective of whether you are in a job, or running your own company.”
4. A quality that is rare nowadays and can make one successful
“Common sense. seriously.”
5. On handling failures
“Build a thick skin. when you face a failure, remember that it is not you who failed, but your idea that failed.”
Many people are afraid of failures. But failures teach you important lessons that can bring success. To back this point you can consider the example of Google. Google believe that failure is the key to success, many of the board members earn “F” grade when goal completion is considered. This compels their employees to learn and evolve. It also pushes them to become ambitious and achieve big goals. So make sure to fail and evolve.
6. A habit that can make a person successful
The living example of perseverance is Sir James Dyson, who failed 5127 times before making a perfect prototype of a bagless vacuum cleaner. Today at the age of 70 he is 156th richest person in the world with 8.96 billion dollars net worth. You cannot achieve success without facing tough phases in life. In life, most things never work according to plan as failures are inevitable. So you must prepare yourself for odds and build a fighting attitude. In order to build perseverance, you have to respect and love your work. Love for work is what keeps you going through good and bad times.
7. On comfort zone and success
“No, success can come from within your comfort zone itself. My opinion is that only if you are truly comfortable with what you are doing (sports people call it being in the “zone”) will you be successful. But don’t confuse that with being lazy or wanting to maintain status quo .. these two can be killers for any success.”
8. Advice to budding entrepreneurs
“Go find your passion, and do something about it! don’t be afraid to try and be prepared to fail.”
Follow your passion and set goals that will compel you to grow. You will fail in the course of achieving them.
Important points to remember:
a. Do the work you love and be prepared for failures
b. Spend less and save more. Be patient and show persistence to become successful in life
c. Become comfortable with your work but make sure to improve and evolve every day