Entrepreneurship and its Collective Agenda – a Mentoring Context

July 5, 2021 6:53 pm

There is always a poetic conflict in the field of Business and Management.

It is nothing but, entrepreneurs are coming to business to solve a problem statement identified by them in the market. But, unfortunately, after coming to business, they produce lot of critical statements in their routines in terms of managing sales, team conflicts, poor accounting practice, taxation-based issues and so on. As a statement, externally, it might look like a joke, but if we move closer to the core, surely the said measures are real pain points for all the entrepreneurs in their way. So, as a mentoring forum, We, Wonderpreneurs explore the key gap areas to be considered in each layer of business. Few expert views also have been added as a part of complementing mechanism. Most of the individuals get into problem as they are unable to visualise a vibrant story of them in the market space neither logically nor emotionally. It is impossible then to build a powerful corporate down the line 25 to 30 years.

So, having a clearly defined goal during their employment days for a minimum period of next 5 years can validate their decision before jumping in to the business field. Next to the Goal conceived, having a Good Team inside the entity is the vital move which every entrepreneur must perform. Eventually, enterprises with one man army approach never win in the game and delegation is the neural system of any enterprise at any cost.

“In Indian system, we don’t believe that we need a coach or mentoring system for our business model. We hope our domain knowledge and few of our insights could drive the entire business model. On the other side, western entrepreneurs or aspirants strongly believe that a coach or mentoring system can make a major difference in their enterprise life. So, there is a huge shift in the thought process is a must for the beginners. Apart, lacking in regular updates on changing market dynamics also slow down the growth factor” adds Prithivi Raj, Management Trainer, Chennai.

Decision to become an entrepreneur might have thousands of reasons. But, Success in those demands one important thing, that is the Detailed Project (DPR) with right problem statement. Apart, budgets on CAPEX & OPEX, Sales & Marketing Plans, Market inputs and Cash flow statements for few quarters are the important bottom line factors. Most of the aspirants are making a biggest compromise in this aspect thereby ending up with confusions and road blocks on the mid of the travel. Beyond all these strategic and operational factors, legal system getting followed in the business model is important.

We, at wonderpreneurs, took an expert opinion on that aspect also to strengthen the overall perspective. “It is always a fundamental mandate for every individual or organisation to conceive and build right legal structure to their entity from the beginning. It might be the company structure, tax systems, registrations, internal and external agreements get legally verified are the core of business. In fact, this legal system is the backbone of any entity and deviations of any kind would definitely affect the growth sooner or later. Apart, it is very important to have clear hold on Intellectual Property Rights (IPR) as it is the ultimate property of any business. So, we support enterprises to ensure their procedural growth and to be in right track anytime” expressed by Vivek Singh, Managing Partner, Lex Alliance, leading Legal consulting firm, New Delhi.

Apart, in the world of global economy, IT and e-com models also have become fundamental part of every business. Almost they drive the core engines of every business as they could reduce cost, time and resource optimisation too in the case of B2B and B2C solutions. Eventually, enterprising individuals should adapt IT orientation in their service approach itself to win better growth. By and Large, as a mentoring forum, Wonderpreneurs would like to conclude that all the said elements are the key factors around in the process of converging success for any enterprise and they could build better eco system for the internal as well as external systems thereby support the entrepreneurs to sustain and scale to the next level.

Authored by; S. Muthukumar, Chief Mentor, Wonderpreneurs.