Experience, Experiment, Explore: Three-Step Business Owner's Guide

Remember the time you decided to venture out on your own? The days of struggle, the relentless researching, never ending enquiries, possible networking opportunities, word-of-mouth promotions, and a one-man army that was ready to take on the world. A while later when you succeeded in your area of expertise, you considered diversifying. But this decision had to be made after a thorough risk analysis.

Taking risks is a part of business. But if you kept saying yes to every risk, without weighing the pros and cons, you could have also lost your business. When it comes to maintaining the margins in the balance sheets, it can be extremely tempting to oblige to any project that comes along. But if it’s not a cultural fit and does not agree with your business ethics, it can do more harm than good.

While there are no official rules as such for the business to flourish, I personally recommend these tried and tested golden guidelines.

Experience: A much-needed reality check to keep you rooted

While business school taught you a lot, it could never replace first-hand, on-ground, hands-on experience. That eventually came from having observed the industry and its evolving trends. But what if it could have been an easier journey?

Earlier, the industry was volatile and uncertain. Now, it is ruthlessly competitive. A mentor can not only help you plan for the short-term deliverables but also aid you in strategising long-term goals. A wider perspective towards your career will help you plan better. In times of confusion, a veteran can groom you to make quality decisions even when there’s a crisis to be handled. Giving you that much needed push when you are low, but also critically evaluating and providing feedback, when you end up getting used to looking through tinted glasses.