Learning To Handle Shame And Failure Is An Important Entrepreneurial Skill

June 5, 2018 in Cultivate, Startups

You are making the biggest mistake if you think you must be a good enough CEO for your employees to give their best and build the company. Many successful entrepreneurs were not the ones who were admired and liked by their employees. Remember, it is never easy to get a group of people and make a band out of them. The toughest part of entrepreneurship is perhaps managing people than managing time, resources and business processes.

Learning To Handle Shame And Failure Is An Important Entrepreneurial Skill

Often if you had successfully retained a team for quite some time working together on a project, you have reasons to pat your back for doing a rare and wonderful job. Shame and failures are part and parcel of any big mission. Here is how you can successfully handle fears and failures without burning yourself in the process.

Learn to be critical of your own work. As a founder and CEO, you have a long journey ahead of you and you can always learn from shames and failures to become better and more successful. Understand your employees thoroughly so that you can put an engaging content in front of them. Nevertheless, if you are unable to please them, it is none of your faults. When the book you write is not something they wish to read, it neither means yours is a bad book nor can it suggest that they are bad readers.

Be open to every possibility in life. This openness will give you forgiveness. In turn, you also develop the freedom to move forth and give a try even if it means to fail once again. Develop the following two hopes to handle shame and failure in the right way.

Provided whatever you feel shameful about is not a malicious intention, you have no reasons to feel shameful. If you are a bit more patient and persistent, you will find your friends supporting you.

Accept the possibility that what you have created and what you intend to create must resonate with everyone. If one of your ex-employee says they hated working in your business, it is perfectly OK and it is neither your fault nor that of the one who says so.

Find Pain to Build a Successful Business

March 30, 2018 in Cultivate, Startups

Why pain?

Well, if you could find pain, and then find a solution to alleviate that pain, you have a business opportunity. Whatever solution or service you will provide to lower or remove that pain will sell. It may have to do with a delivery, security, commuting, saving time, or whatever—if you could find a pain-point of people’s lives and can build a solution around it, you are up for a nice business experience.

Too many professionals want to leave their jobs and start doing something on their own; however, sustaining on a business is not easy if you don’t have an already-flourishing business in place. Establishing a new one takes time and money both—if you don’t have either or any of them, you can’t think of leaving your job.

However, if you have thought and are seriously making plans to start something on your own, think what troubles others or maybe yourself. Find a pain-point in the day-to-day life of the family members, friend-circle or the colleagues.

Figure out if there is a solution for that pain. If yes, figure out can you build something more efficient, cheaper or better? If no, figure out the solution—everything else can be done later on.

Once you have built a new or a better solution, start promoting your solution through your close-ones before you could take the initiative of leaving your job. Remember, your product or service may fail and may face problems that you might not have foreseen—it is always better to test it with actual users before betting your future on it.

If you feel there is a demand or want of your product and you can scale the market for the same, you can go to launch yourself fully as an entrepreneur and even look for funding etc. to scale your product or service. Before that, it is always better to stick to your job and continue evolving into a better strategist.

Are You Looking for a Co-Working Space for your Startup

March 22, 2018 in Cultivate, Startups

In the last couple of years, the buzz around co-working spaces has increased a lot. There is a definite upside when it comes to cutting costs, and in the environment of startups having lean teams and just looking to find a place with bare minimum facilities, having a co-working space proves like a boon. Later on, as the team and the business grow, the startup could be moved to a bigger place and maybe exclusive office can be leased.

The first thing to consider as an entrepreneur looking for a co-working space obviously would be cost. However, there are other related things that you can think of before making your decision solely on the basis of budget.

How are the basic facilities like the furniture, coffee machine, rest rooms and the internet facility? If these things are checked, there is hardly anything else that you would consider.

Though commuting, availability of parking, nearness to public transportation services etc. are few other features that you would love to have.

Further, if you have a product and you are looking to launch it soon, it is also good to know what kind of team or companies are already in that space. More often than not, those co-workers could become your first customers or provide you with a lot of interesting feedback about your service or product. They are not directly related to you and therefore their observation about your service or product would be totally unbiased, which is pure gold when it comes to launching your product based on user reviews.

As mentioned earlier, co-working spaces are great for cost reduction but they could also help you in making your business streamlines. You just have to research a bit before you opt for any facility that may look interesting or inviting in its visual appeal.