IT IS NOT JUST STARTING BUT ABOUT SCALING UP

The fascination of entrepreneurship has caught the spirit of the times. We are increasingly seeing entrepreneurship emerging as a viable career option and some of the best students embracing ideas and converting them into institutions. Entrepreneurship has also democratised leadership and youngsters are getting a seat at the corporate table much before, the norm of the yester years. The pace of some of these ventures often defy conventional logic but very phrase does not have meaning, as we see a ‘new normal’ emerging in business.

- Rajesh Nair

Crisis and calamities like the current COVID 19 scenario induce fractures which require greater repair than confronting it with the great idea. It requires the diligence to go back to the drawing board and rethinking a lot of the strengths that may have been the foundation of the venture itself. It is necessary for the entrepreneur to think winter when in summer. The sky will not always be blue and neither the clouds fleecy. You have to prepare for the winter, come what may, because the winter always comes!

But it takes far more than great ideas and innovative business models – to build an institution of repute. Popular research reminds that companies are not entering their teens anymore! They run into closure in the first twelve years. But the more worrisome part of that research is that barely a few survive the first five years. Now, that is disturbing – not just the risk of failure but also the pace of failure. To move from the start-up to building an institution it requires an attitude and focus that is very different from the first few years. Here are a few cognitive changes, one has to take into account.

The holy grail of execution