Management lessons are not just learned at the IIM’s and IIT’s of the world; the best lessons are learned from people who have experienced market realities which can be much different than what the textbooks would have us believe.
There are many shining examples of individuals all over the world, who gave us management insights that have gone down the annals of history as some of the most impressive management lessons. They have themselves gone on to become case studies that are taught at the most prestigious institutions worldwide.
From visionaries like Steve Jobs, Elon Musk, and Jeff Bezos to Indian-born entrepreneurs like Ratan Tata, Azeem Premji, and the more modern creators like Vijay Shekhar Sharma, Neetish Sarda and woman entrepreneurs like Falguni Nayar there are so many stories out there that are redefining entrepreneurship and what it stands for. Let’s look at a few management lessons that can help turn your venture into a success story.
Perseverance is the Key
No dream is impossible if you believe in it. It might seem difficult to implement your business idea due to lack of funds, manpower, or prevailing competition in the market; however, you need to follow through, persevere and take risks to make your idea come to life. You might have a thousand different reasons as to why you can’t make it, but you need to find that one reason why you can, and stick to it.
The Power of Mentorship and Team Work
A startup essentially lacks the manpower, tools, and resources that big companies have access to. And mostly, a fledgling business needs to make do with whatever little they have at their disposal. Therefore, it’s important to create a network of advisors, mentors, and knowledgeable people like Neetish , founders of Smartworks, who can help train your team and walk you through problems that you may encounter. Your team could be small, but don’t forget that if trained right, smaller teams tend to be more efficient and resourceful compared to oversized ones.
Communication is Crucial
A management school can teach you how to communicate, but what and when to communicate is something that you would have to learn on your own. Neetish Sharda lays a strong emphasis on the importance to be at the top of things by regularly communicating with the client as well as with the internal team to keep things sorted. It’s important to set the record straight from day one as to what the client expects from you, and your expectations from the client to avoid any misunderstandings later. And most of all, keep communicating no matter what.
Keep a Check on Expenses
Many fledgling businesses suffer cash burnouts to compete with others in the market and end up spending more than they have anticipated leading to the ire of investors. Always keep a check on your spending and factor in expenses that you have unaccounted for. However, that doesn’t mean that you should be afraid of spending if the case warrants and the risk is worth taking. Investors love entrepreneurs who take the right risks at the right time, rather than burning cash just to stay in business.
People Respect Integrity
No matter what, always be truthful. It’s never a good idea to lie to your clients, so if you are seen as an honest and truthful organisation, your clients will love you for it. The world might have you believe otherwise, but honesty and integrity still hold their place in a cutthroat world. So, if nothing else, at least be honest about the idea you are so keen on spreading to the world.
Staying on Top of the Curve
Whatever your management books may have taught you, the truth is that the ground realities keep changing while a book comes out only once in several years. Therefore, you need to stay on top of the curve and keep a hawk’s eye on the changing dynamics of the market to be able to tap into new and emerging opportunities before it becomes a lost opportunity. Neetish Sarda’s success story is a result of this approach, as he values the lessons learned from ground realities than the textbook approach.
There is so much to learn from real-life examples that you can easily attain the skills required to run a successful business by learning from others’ failures and successes. In the end, believe in your idea, persevere, and work effortlessly towards your goals to help your business scale heights.