9 tips for new entrepreneurs from a 5x founder
As a new entrepreneur, you are excited and determined to do something different, but you must know the hard reality of entrepreneurship in order to sail in the right direction and avoid future disappointments. That’s why we like to share tips for new entrepreneurs from a person who has been through most phases of a startup.
Rahul Varshneya is a five-time entrepreneur and knows what it takes to build a scalable business, plus he knows when to change the direction of a business, as he has successfully exited from one of his ventures. In an interaction with GoodVitae, this amazing entrepreneur has shared practical tips for new entrepreneurs via a question-answer session:
1. Does passion play an important role in the life of an entrepreneur?
The single most important virtue that is common among every successful entrepreneur is persistence. It’s a virtue that goes above and beyond having a passion for something. Passion is highly overrated in business. Do you think Steve Jobs was passionate about personal computers? No, he realized personal computers could change the world, and he wanted to be a part of that transformation. Similarly, I’m scaling my venture Arkenea, where knowing that by building something of value, I could play a part in another entrepreneur’s success story.
2. What should an entrepreneur do to have a strong bond with his employees?
It’s all in the leadership skills of an entrepreneur. Entrepreneurs that are goal-oriented often treat their employees as necessary obstacles, although unintentionally, to accomplish a task or a desired outcome. It pretty well establishes the fact and the context that they are the boss, and the employee is subordinate.
Now, the situation can be turned around and also help build a strong bond with their employees when they drop that appearance of authority they have over their employees and treat them as equals. And when they do that, that’s when they approach them on a more human level. A simple thing as this can help build long-lasting bonds with employees.
3. How can positive thinking in tough times help an entrepreneur?
Positive thinking implies whatever you will do, the outcome will always be positive. This isn’t the right approach when times are tough. Instead, when the times are tough, it’s important to remember why you started this company, staying true to it and relentlessly focusing on what makes a difference. In tough times, more than anything, a focus on doing what’s right for the business to get you out of the situation is more important than thinking about the positive outcome. Because if you do the right thing, chances are the outcome will be positive.
4. Can you share an important quality that an entrepreneur must possess?
Have a ‘just do it’ attitude. The prefrontal cortex, located immediately behind the forehead, is a portion of the brain that allows you to integrate information and make decisions and get the job done. But that’s not automatic; you have to kick yourself into gear.
Stress or anxiety about starting a task can keep us from acting. But the moment you start acting, the anxiety starts to wear off. All you need to do is start, and start small. That’s the quality that an entrepreneur must possess.
5. Do you think an entrepreneur must be bold and risk-taker?
Boldness and risk-taking come in many forms, and some people are more risk-averse than others. But, giving up their career to start a business is the biggest and the boldest risk that anyone can take. Anything beyond that, it’s just part of the journey of an entrepreneur.
6. Can you share a tip for effective time management?
Always set quantifiable goals that have a defined timeline. Let’s say you want to make a million dollars in 12 months. Break it down into quarterly goals of what you would have to do to achieve that goal. Then break that down into further smaller monthly goals/tasks you need to do in order to achieve your quarterly goals. Keep going until you come to that one thing you need to do every day to get to your overall goal. Knowing this will help you manage time more effectively and can be applied in business as much as in life.
7. Do you think questioning each step of yours can help an entrepreneur?
No, it does not help. Although, being aware of the step you’re taking before you do and being mindful of what you’re expecting as an outcome can certainly help.
8. Does working only for money can help an entrepreneur?
When you’re working for money, it’s a short-sighted goal. Because when times are tough, you tend to give up and fall back on what’s easy. But when you’re working towards building something larger than yourself or working towards the worthy goal of making an impact, it makes you tougher as an entrepreneur and eventually succeed. Money is a byproduct of that.
9. Do you think financial knowledge can help an entrepreneur stand apart from others?
There are different stages in an entrepreneur’s journey where different things take more precedence. While beginning your journey, basic financial knowledge can certainly keep you navigate the early stages. At a stage, when the business is growing, it is better to seek outside help in controlling finances. I do not think it’s an important skill to acquire to be an entrepreneur, which can stand out. But if you do have the knowledge, you can potentially make better decisions about managing money in the company.
He is the co-founder of Arkenea, a custom software development company that builds custom mobile and web apps for entrepreneurs and enterprises. Rahul has been featured as a business technology thought leader in numerous media channels such as Bloomberg TV, Forbes, HuffPost, Inc, among others.