Many small businesses fail because they are in an 'adventure mode'

In the last few years, you may have observed that most small entrepreneurs take a lot of risk and many of them still remain in the mode of adventure.

In this particular pandemic it is very important for small businessmen to realize that without having a proper revenue or creating value in business, one should not take an unwanted risk.

Many entrepreneurs go in an adventure mode by not doing proper risk mitigation. In fact, you must have come across that most small businessmen do not study the financial aspect. You are not aware of the financial risk hence, the impact of wrong decisions can be very costly.

In these difficult times when the business is unpredictable, the environment is totally uncertain, it is better to remain focused on your existing activity by properly focusing on execution, going into deeper aspects of your business and trying to maintain its sustainability. If you try an adventure, the result in these times can be fatal for your business. In fact most small businessmen remain in adventure mode for many months and years and decades. Hence, the are unable to create an enterprise and this is one of the major reasons why scalability and growth has not taken place in the MSME sector of our country. If you have to remain sustainable during these times and be in a mode of sustaining business, you need to be people centric. You have to empower people and you have to take everybody together in a collaborative mode so that the risk is shared, even if it is a very small business.

15 virtues that are extremely important to be a successful entrepreneur

1.     Clarity of Purpose

2.     Understanding Value of Relationship

3.     Commitment to Inner Values

4.     Honest to Self

5.     Understanding – Trust-Competence & Character

6.     Smart Working

7.     Manage Cash Flow

8.     Adaptability

9.     Managing Unpredictability & Uncertainty

10.  Through Understanding of Adventure Mode and Enterprise Mode

11.  Focus on Creating Value / Wealth

12.  To create Organisational obsession on execution. Value of Commitment to Customers

13.  Develop Leaders, Have Succession Plans, Develop Shadows

14.  Embrace Technology

15.  Do good for Society

It is imperative for an entrepreneur to remain grounded, try to set your head high but at the same time, realize that business is going to be tough and there are rapid changes happening. So, work on what you know the best and focus on it in a very different way.

About Mohan Nair:

Award-winning Business and Life Coach, helping MSME's to re-vision, re-structure and re-engineer businesses; A Speaker, Thought Leader & Philanthropist; Founder- Ensigns Software & Communications Pvt. Ltd. and Founder & Director- Esquire Health care and logistics.

A Business & Life Coach by profession and an entrepreneur at heart. He has been helping organizations turn around their growth stories into sustainable business paths since the past 20 years. At Ensigns Software & Communications Pvt. Ltd., he enables small and medium businesses to transform and grow. He has been extensively working with manufacturing and service organizations.

His keen interest lies in developing the MSME sector of India, driving values and ethics in business emphasizing on Human Capital and Human Equity, Leadership Development and Succession planning.

His entrepreneurial journey started in the year 1976, starting from building the Institute of youth development for training young leaders for Nation building, wherein he represented India at the International Youth Conference, held at South Korea in the year 1988. Eventually, he trained more than 5000 professionals in public speaking and soft skills.

Established a Greenfield project for packaging material, serving companies like Unilever, Amway, L'Oreal, Johnson & Johnson, thereby leading in the supply of packaging material in the FMCG sector.
In the year 2000, he launched Esquire Healthcare and logistics, starting with warehousing and logistics for fortune 500 companies.

Associating with the Indian Institute of Material Management (IIMM), he has trained many young professionals to enter the stream of Logistics and Supply Chain Management.

With the intent of working on preventive health through awareness, education and training to
create a peoples movement on sustainable, healthy and quality life, he co-founded the Sai Health Foundation in the year 2003. Mr. Nair has also associated with the ICB - Initiatives of Change for Business, an international fraternity for business owners, since 2013, the primary focus has been to create awareness and build organizations with values, ethics and integrity.

He strongly believes that 'While being compliant, one can still be competitive'.

Many small businesses fail because they are in an 'adventure mode' Many small businesses fail because they are in an 'adventure mode' Reviewed by Newzpot on 20:28:00 Rating: 5
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