At first glance both business owner and an entrepreneur have similar definitions.
But looking closely there is a big difference between and entrepreneur and a business owner. By definition, owner simply means that you own something; it doesn’t reveal the work that goes on, or the fact that that one actually enjoys owning the business. The objective of a business owner is to keep his possession safe, not try too many things that seem out of the box.
This is in contrast to what I believe an entrepreneur does. An entrepreneur is one who sets up a business with a particular vision in mind and executes on it. One who is looking to push themselves and their companies to new heights with new thinking.
My parents started a jewellery business when I was only a child. I am passionate about jewellery, and love producing it, but over the year got too comfortable staying in my comfort zone. I started thinking inside the box more often than I should have.
In 2013 things began to slow down, because of the global economy effecting India. My skills of running my company were tested, and I wasn’t doing too well. This is because I was using the same principles which had given me success in the past, thought processes I learnt 10 years ago, and was trying to apply them in today’s world. Success of the past was going to be my biggest hurdle to overcome.
After much struggle, I decided to become a student once again, to learn and maybe re-learn the traits which bought me success previously. I began to read, and start paying attention to the success stories of others. Slowing but surely I began to see the world today in a very different light. The world had changed in the last decade, and it was about time I started to adapt to this new fast paced changing world or be lift behind reminiscing about the good old times.
Knowledge is important, but being able to see the relevance of knowledge is CRITICAL.
I am 33, I shouldn’t be thinking about good old times, I have a lot of my life left to live. This was my time to make these the best years of my company. I had to fuel the fire which I had when I first joined my father and mother in the company.
So I started taking a few action steps that have helped change my mind-set from simply owning a business to taking charge of the new direction of my company.
Investing in myself
I knew the change had to first come from me. If I wasn’t ready to make the effort I knew nobody would. I started reading books and hearing podcasts. I started seeing the world from a different perspective. Successful people had made mistakes so that I didn’t have to. I shifted my focus from a person who knew it all to person who is actively learning.
Trusting my team
I had to get over the mental block that only I knew what was best for my company and didn’t trust in my team’s’ ability to deliver. Drawn the power of systems, I started by converting my thought process into systems and start to hand them over. First, the small daily task and later the other decisions. This started to free my time so I could focus on the bigger picture of the company, the thing that only I could to best for my company.
One of my big traps I fall into is to procrastinate on decisions. I would always wait for the perfect moment to make the perfect move. I like to see all the angles before making a call, this was and still is tough for me. Now I give myself a clear deadline by which a decision needs to be made. My biggest fear was that of failure, I had to work on the fact that negative outcomes were okay, and indecision was more dangerous.
To always have the mindset of an entrepreneur is hard. One has to be conscious of the fact that we are not standing still. Always learning, investing in ourselves and our teams so that the actions be taken at opportune times.