Entrepreneurs need to embrace what we term the fridge approach. It is especially true in the Indian context with minimal or at times suboptimal resources. It means that as any homeowner needs to know what is inside a fridge, to cook a good meal, an entrepreneur needs to know himself and his resources extremely well to deliver value. It could include starting with very existential questions like Who I am? What do I know? Whom do I know? etc.
2. Tradeoffs and Affordable Loss.
It is critical to understand trade offs and what it means to have an affordable loss. At times all may not be going an entrepreneur's way but it is imperative to empower oneself with not only knowledge and expertise, but most importantly a strong network, that minimizes the risk to a point where it becomes an affordable loss rather than a complete one. It serves as a risk mitigation measure to the threat of failure.
3. Commitment.
It is also important to look for mutual commitments in the network that go beyond the routine and involve open questioning and bonding. Adaptation is also required for shifts in perspective that could help in resolving critical tradeoffs like making it yourself or choosing a partner for doing it, etc. It is important to look for a good partner, and once you have one, it is equally important to negotiate with her/him over the terms of engagement. It helps one be rooted and at the same time adaptable.
4. Language of Entrepreneurship.
It is advisable to use the language of entrepreneurship within your network as well as in business. With the significant growth of entrepreneurship as an academic field of study and something that people aspire to do, the language around it has been revolutionized. It has enabled one to understand the so-called intricacies in much greater depth and with clarity. It is important for a budding entrepreneur to use language of entrepreneurship to communicate as it helps to build trust and greater understanding with peers and his network.
These basic approaches can help budding entrepreneurs to channelize their energies to what matters most for being successful. It can also help India massive population to reach middle-income levels over the next couple of decades.
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