Will you flounder or fly? Will you fail or shine in the face of adversity? These are some questions that you as an entrepreneur need to ask yourself. Simple as they seem, theres what you need to analyse to come up with an answer.
As an entrepreneur one needs some of these crucial topics of self-analysis and criticism from different perspectives. They are as follows:
Communication: Everyone needs to have not only efficient but effective communication so as to go on their day-to-day activities smoothly. As an entrepreneur, one must be able to communicate well with employees, customers, suppliers, shareholders, family etc,or else you will barely get anything done without proper communication. One must listen with the intent to understand, rather than to reply. Explain yourself in a way that the other parties will understand that efficient flow of information requires two-way traffic. Each party must therefore confer to some basic but important conventions.
Situational analysis is also something that entrepreneurs should learn to do efficiently. As an entrepreneur, finding yourself in sticky situations is inevitable. Rather than wallow in misery, you should ask yourself why you are in that situation? Aim to find the root cause of your situation. The sooner you find the answer to your question, the sooner youll be able to solve it. Find the best way to solve your problems and not the most profitable, for how you deal with it will determine what trend you adopt in sorting out future problems. If you resort to corrupt ways in the initial stages of your business, you will end up having bigger integrity issues and when your company grows, chances are that the corrupt culture manifested in the business might just drag it into court cases and legal woes that could have been avoided earlier.
Character is crucial, not only personally but also in our professional lives. One should be able to analyse themselves and understand what you can do and what you cant. One of the reasons entrepreneurs fail is because of the superman syndrome as Mrs Patricia Murugami put it. People often dont want to admit to their shortcomings. Not wanting to share the spotlight often finds us overworking ourselves. We then end up exhausted or performing below our expectations. Entrepreneurs should be able to trust others to work for them. Distributing the workload will always give a better performance, less exhaustion and sane timelines.
The session was based on the inspirational story of Derek Redmond a runner who broke the British 400m record at 19 years of age. At the 1992 Olympic Games in Barcelona he tore his hamstring in the 400 metres semi-final but continued the race limping and, with assistance from his father, managed to complete a full lap of the track as the crowd gave him a standing ovation. This story shed light on the wise J. William Fulbrights quote -The true mark of greatness is not stridency but magnanimity.
Dereks misfortune turned out to be one of the most inspirational stories in sports history, one that will never be forgotten.
The lesson we learn as entrepreneurs is: Do not despair for the darker the cloud, the brighter the silver lining.
This Session was by Patricia Murugami during the Owner Manager Class (OMP) 2014 Module one class.