Entrepreneurship Do’s and Don’ts

We have more young entrepreneurs than ever before. A lot of people feel that commencing their own venture is so much better than working in an organization. Those bitten by the entrepreneurial bug are willing to take all sorts of risks to ensure that their project takes off from the ground. There are millions of start ups created and some of them don’t survive more than a year or two. Start ups are extremely challenging and difficult and as an entrepreneur one is expected to wear multiple hats instead of just being in charge of their own deadlines and tasks. Managing human resources and money are also extremely crucial for a venture to sustain growth and success. Let’s look at some of the entrepreneurship do’s and don’ts in detail.

Do’s

• Do have a business plan in place. Whether you are in a very nascent stage, seed stage, growth stage or any other stage in the business cycle. You have to know in which direction you want to continue growing.
• Do form a code of conduct. Work culture and work ethic are always passed down from the top management. It is very crucial to have a code of conduct so that the management and team members know exactly how things work in your organization, instead of everyone doing as they please.
• Do stay grounded and focussed. While dreaming big and having huge expansion plans are great aspirations, it is important to keep your feet firmly planted on the ground. Whether you are hiring new team members or raising money, make sure not to get too ahead of yourself.

Don’ts

• Don’t go overboard in the initial phase. Whether it is hiring too many people or borrowing too much capital, make sure to take small steps in the first few years of operations.
• Don’t shy from micromanaging. In the initial phase, in all likelihood, you will have a small team. Feel free to delegate and give responsibility, but make sure to hold all the reins of the business till your team members have completely won your trust and respect.
• Don’t talk a big game. It is important to walk the walk instead just talking the talk. Guard your plans and resources with a lot of care and caution instead over sharing with everyone.
• Don’t be disheartened by failures and setbacks. Let’s face it – things are not going to always go your way and sometimes you will feel that everything is like swimming against the tide. Accept that that’s just part of being an entrepreneur and do whatever needs to be done.

When it comes to running your own business, the learning is endless. There are always new challenges and milestones to be conquered.

Contributed by a Student at MET Institute Mumbai.

Myths about MBA

While everyone has heard about the one million and one benefits of doing MBA, one hardly ever discusses or debunks the myths attached to this “magical” degree. There is so much controversy surrounding MBA and PGDM – which one has more value, which one will be recognized abroad and which one is the ticket to millions of dollars once you become an investment banker. The truth is (drum roll please), in the end it only depends on you. No matter how much you study or how hard you work, if you do not access your full potential you are leading a half-baked life, with or without a MBA. While it may sound very brutal, there is no denying that the right education and experiences always open the right doors, but don’t hold your breath! There are many other factors at play; let’s look at some overhyped MBA myths.

MBA plucks you out of the “masses” category and puts you in the “classes” category: Well some people think that simply doing MBA will make them conversation prodigies and networking geniuses, as they will know how to approach opportunities and create a leverage. Well, while these things may work in a professional environment, if you try to convert every social interaction into a professional opportunity, you will soon find your name being dropped from all lists.

MBA will finally give you the tools to implement that multimillion dollar idea: A lot o aspiring entrepreneurs think that if they go ahead and do their MBA before starting their own venture, then there is no stopping them. While it’s good idea to be positive and ambitious, it’s best to take off the rose tinted glasses in the start up phase. MBA or no MBA, it’s going to be a rocky ride – your idea may not generate the response you thought it would, you may have to shelve the company altogether or start from scratch for the third time in two years of operations.

It will all become smooth sailing and easy with MBA: Nothing could be further from the truth! It’s never going to be easy, especially after your MBA. Today’s corporate world is all about deadlines, strategies, crisis management and cash crunch. So if you think that life will be all about holidays and luxurious lunch meetings after MBA, then think again.

The degree matters, not the institute: Choosing the right institute for doing your MBA is extremely important, if you want it to add to your profile while applying for jobs. It is all about the institute, the syllabus and what you could extract from the whole experience. 

Putting your best foot forward

Life is all about finding your purpose and creating a differentiating factor. What makes you stand out in a crowd? How are you different from a group of people? What are your main qualities and unique selling points as a person? It is very important to create your individuality in order to enter the winner’s circle. Winners definitely do things differently from the rest of the world; that’s what makes them different; that’s what makes them pioneers. When it comes to goal setting and becoming successful in all walks of life, you just cannot ignore putting your best foot forward. Whether it is doing a MBA to get the edge or simply taking all the steps needed to start your own digital media venture.

Let’s define what putting your best foot forward means:

·    Being highly goal oriented and target driven is very important for putting your best foot forward. Shooting in the dark is a waste of time, effort and resources. So whether it is admission for higher studies, taking a job in a specific industry, moving to a new country for career advancement of simply deciding to go back to studies after a break; always have a plan before making a decision.

·    Once you have decided to move in a certain direction, do not let self doubt or lack of focus cloud your judgement. Any thought or action that takes you away from your goal is a distraction and you should snap out of it as fast as you can.

·    Information and knowledge are armours that will always come in handy in any field. This is exactly why you should become a voracious consumer of anything you have set your mind to. What are the requirements for the project? How realistic is this deadline? How to manage or avert certain crisis? Once you have the aptitude to manage these situations, it will be impossible for anyone to catch you with the switch off.

·    Giving your absolute best to any task at hand is definitely all about putting your best foot forward. And giving everything comes from dedication, commitment and hard work. At the end of the day, no task is too big or too small; you just have to perform to the best of your abilities.

·    If you are not excited about what you do in your day, it is not possible to be happy or successful in the long run. Excitement comes only from finding what you are meant to do; knowing what your purpose in life is.

At the end of the day, putting your best foot forward is all about making your own rules and living by them. The best form of motivation only comes from within.    

Choosing the Right Vocation

The need to create value and the desire to make a difference in the grander scheme of things; these are two things that haunt most people. For some this need to define themselves and their purpose starts at a very early age and somehow magically the right career and vocation finds them instead of it being other way around. For a lot of people, however, it is a constant challenge to find their ultimate purpose in life. They change jobs, get promoted, are good at what they do, but something is always lacking. Is it really possible to combine your career and your vocation aka your true calling? Or will the career always remain something you “have to” do to pay the bills and the vocation will always remain a passion area / creative pursuit?

In order to find one’s true calling or vocation, it is important to correctly define it first. The term vocation is always confused with other correlated terms like job, work profile or career. All these terms, however, mean different things to different people. A job is something you do in order to get a paycheque at the end of every month; in short it is a means to an end kind of proposition. A career on the other hand can be best described as a ladder –promotion, more responsibilities, higher designation are all steps ahead. The rewards in a career are definitely higher than rewards in a job, where you don’t exactly have a sense of direction.

A vocation is something you may invest time, money and effort in, even if it is not really adding to your job or career. It is something that you are really, really passionate about and something that you want to do without snoozing the alarm three times before rolling out of bed.

Everyone is born with a unique set of skills that differentiates them from the crowd. These are gifts that people are born with, but they may take time to identify these gifts in themselves and turn them into a passion or a career. Choosing a vocation has a lot to do with having access to these gifts – it could be attention to detail, time management, being in charge of plans or simply throwing magnificent parties at home. These are the same people that become highly successful in everything from e-commerce ventures to running a cute little bakery to mastering the business of event management.

It can be really frustrating to find satisfaction in what you are doing professionally while you are still trying to figure out your vocation. That’s why it is important to be patient; it is also essential to hold on to your day job till you know exactly where you are headed.

Careers other than MBA

Some people are of the opinion that once they do their MBA, everything in their professional life will be laid out in front of them on a silver platter. Others are of the opinion that getting hands on work experience in their desired field will help them gain mastery over time; MBA may not necessarily be the right step for these people. Every year, when millions of students across the globe graduate from colleges, they make an important career decision, which will probably affect their entire professional life. 

For some that decision is taking the responsibility of pursuing a Master’s Degree and for others it is finally taking on full time employment. Some may choose the middle path of working and doing a part time course. The whole idea behind doing a MBA is keeping your options open after graduating from business school. But what are the other career choices for students wanting to study further?

If you are fairly certain of the industry you want to gain mastery of, then by all means get enrolled in a specialized course pertaining to that industry instead of doing MBA. You can obviously do your MBA by specializing in a specific field like finance or marketing, but if there is a possibility of doing an absolute niche course, then go ahead and choose that.

If you are thinking of starting your own venture and are also keen on studying further, then doing a part time post graduate course is your best bet. Earning and learning at the same time is definitely worth it, as long as you can juggle the two without creating a giant mess.

It is very important to remember that when you join a company, your cost to the company will always be calculated after evaluating your worth. So if you clearly see yourself as a Social Media Manager for a renowned digital agency, then make sure to get the right knowledge for the right job. With everything going digital, there is no industry that is shutting out social media, so your options would be wide open.

Remember that in some cases MBA can be done once you have done a specialized course in your skill area – like fashion, beauty, baking or photography. Once you have your skill in place and some relevant work experience, you can always do your MBA to get the edge and scout out for senior positions in that industry, or to start your own company.

Job satisfaction is extremely important today, as most people spend a large chunk of their day working. Do what you love and love what you do.

Ten Tips for Time Management

We all have 24 hours in a day; but somehow some people are always pressed for time. No matter how much time they are given to work on a project or a deadline, they will always find themselves struggling till the last minute. Not having enough time to do what needs to be done, is often related to poor time management and has very little to do with the task at hand. Some of the most successful people in the world are juggling multiple hats. They are entrepreneurs at the top of their game, devoted parents to their beloved children, have a great social life and manage to commit to philanthropic causes also. They find the time to squeeze in their marathon training before a board meeting too. How do they do it? It’s all about time management!

Here are top 10 tips for time management:

·    Make a to-do list. If you don’t know what exactly has to be done, chances are you won’t get to it. Sometimes, mental lists just don’t work. So make a list on your phone, on paper or on your computer.

·    Put a deadline next to each task; make sure it is a realistic deadline; it should be believable to you. Even if it is about returning a phone call, put it down in writing and put the timing next to it.

·    Be honest with yourself and with others. Agreeing to things you have no intention of doing is a sure shot recipe for wasting your precious time and resources. The same rule applies to doing something half heartedly. So take on what you can and be honest about what you don’t want to be accountable for.

·    Get your priorities in order. Sometimes, the tasks just need to be placed in the right order for the chaos to disappear.

·    Don’t let one responsibility suffer because of another commitment. Sometimes we just don’t have a choice in this matter; but barring family emergencies and other dire situations, finish what you start before moving on to the next task.

·    Take responsibility. If you have messed up or made a mistake and you are in denial about it, you will end up wasting more time on covering your tracks instead of finding a solution.

·    Give up on blame. It is always easy to blame hundreds of things on the external circumstances. But it hasn’t helped anyone be successful; so let go of things that are causing unnecessary stress and focus on what’s important.

·    Set aside personal time for things you enjoy doing. Nothing recharges the mind, body and soul like a passionate hobby few times a week. It could be playing a sport, learning a language or playing a musical instrument.

·    Know when to throw in the towel. There is no bravery attached to flogging a dead horse. Accept if something is not working out and create change instead of wasting time over something that’s not going to change.

·    Have fun. You have to enjoy the things you do on a daily basis.

Efficient time management is definitely important to lead a well-balanced, wholesome life.

Tips to Succeed at MBA admissions

During the last year of graduation, most students are already either planning internships or doing preparations to get into a good MBA college. While it is a personal decision whether to start working immediately or do a post graduate course, both the options have to be thoroughly investigated before taking a final call. For example, if you want to look for a job, it is important to start scouting for companies that are hiring fresh graduates or the ones that have an internship program. Depending on the field of your choice, it is best to keep your options open. A lot of big corporate companies are looking to hire second or third year graduate students too for their summer internship programs. On the other hand, if you want to pursue a MBA from a recognized college or university, it is best to be prepared way in advance to ensure admission in your choice of institute.

Here are some tips:

1. While keeping your options open is a good idea, it is important to narrow down to at least three colleges that you would want to get into to do your MBA.
   
2. Once you have chosen the top three universities, the next thing to know is the requirements you need to meet to be eligible for admission. Remember, each college may have a different set of requirements.
   
3. The entrance exam is something that you need to prepare for way in advance. It is best to find out the details of the entrance exam, how demanding it is and what kind of score you need to get into the college of your choice.
   
4. It is very important to have all your documents in place at the time of admission. It is advised to keep several attested copies of all important documents.
   
5. Depending on the requirements, the next step after the entrance exam is usually the group discussion and personal interview. Some colleges may only need you to give a personal interview, while others may need you to participate in a group discussion.
   
6. You can get in touch with ex students to know what kind of preparation would be needed for the personal interview. Reading up on current affairs and having knowledge on various subjects are always plus points.
   
7. It is also very important to make a great first impression in the personal interview. Being well dressed, well spoken with your hair in place and shoes spick and span will make a good first impression.
   
8. While it is a good idea to be forthright and confident, steer clear from being too cocky or aggressive in the group discussion or personal interview. Put across your point in an assertive yet calm manner.
   
9. Don’t be disheartened if you don’t get into your first choice. The important thing is that you are pursuing your degree / diploma from a recognized college with good faculty, infrastructure and syllabus to kick-start your career.

How to find out the right career for you

What we do somehow always forms a large part of the puzzle when it comes to answering who we are. We are living in a society where our professional life and identity define to a great extent our social standing and background. With so much importance on career, it goes without saying that there is immense pressure to choose the right career. Not that you cannot change your career, but we all know what a lengthy and time consuming process that can be, especially when there are other financial and family responsibilities. This is exactly why it is important to carefully choose a career and get the right academic qualifications. Hard work, overtime, sleepless nights and deadlines all seem a lot more meaningful when you actually love your work.

Here are some tips to identify the right career choice for you.

• Capitalizing on your strengths has a lot to do with the right career choice. For example, if you have a really analytical and mathematical mind and love numbers, then accounting, risk consulting, audit, etc. may be the right industries for you. But if you choose this career only because everyone else thinks it has a bright future, then you are obviously going down the wrong road. Nobody knows your strengths better than you; so it is best to define what comes naturally and effortlessly to you.

• The next thing to identify is what do you see yourself doing every single day? Some people love the idea of sitting in a fabulous office in a glass building while others simply cringe at the idea of having a desk job. Do you have a more outgoing personality or do you prefer a desk job with a small team? How are your interpersonal skills? What about your convincing abilities? These will all define whether you will do wonders at a back-end job or as front end person.

• Some jobs involve a lot of traveling, moving around and adapting in new environments, while others may involve constant thinking and analyzing of strategies. Depending on the type of personality and attitude you have, you can decide what kind of high pressure situations you will be best equipped to manage. 

Some of us are luckier in the career department than others. Some people just know at a very early age what they are meant to do when they grow up. If you have always known what career you are meant to live and breathe, by no means take a second guess. Go ahead and become a voracious consumer of all the possible information and knowledge in your industry and dive in head first.