Last updated on June 26th, 2019
Do not build to sell but build to create something. That is the right approach to establish a successful enterprise. Unfortunately, most new business owners do not adhere to this practice. They aspire to make it big in their field in quick time, compelling them to take short routes. But that seldom works. So, they ultimately end-up closing their shops, and possibly with debts.
A majority of new entrepreneurs need to rethink over the mistakes they or others from their fraternity made and learn the lessons. To help them get an insight into what the right approach is, Designhill — a top-notch platform for designers and design seekers stepped in. The marketplace has started a new webinar series on different business-related topics. So far, hundreds of attendees from varied business backgrounds have benefited from the webinar.
Recently, on June 12, the webinar was organized on the topic – How to Finance Your Business. To educate people on how to secure finance, Designhill invited noted business management expert Ron Malhotra as the guest speaker. Ron is the Managing Director of Maple Tree Wealth Management and the founder of The Successful Male. An award-winning wealth planner, author, influencer, and global speaker on wealth creation, he is today globally recognized speaker on business-related issues.
During the webinar, Ron Malhotra touched many of the issues that new entrepreneurs confront. Most of them do not know their steps well. Ron draws them out of their dilemma by making the concepts clear to them.
We decided to excerpt that part of the webinar where Ron is elaborating on why business is all about psychology and character.
Here Is What Ron Malhotra Has To Advise The New Entrepreneurs
01. Stop Blaming Others And Take Responsibility
One of the primary traits that I know is that you got to take a hundred percent responsibility for everything that happens. If your employees steal, if your product does not work, and so on, you are responsible for everything.
Another thing to note here is that anytime you find yourself blaming somebody or holding someone responsible, you are starting to weaken yourself as an entrepreneur. So, even if you are not at fault, you have to take a hundred percent responsibility.
02. Know The Psychology Of Business
The other thing with finance is that statistics tell us that every hundred people that pitched to angel investors, capitalists or private equity investors, only two get funding. I have been on both sides of the fence. I have acquired and provided financing. So, I will tell from my experience. Here is what I believe.
First, you need to understand the psychology of business. Entrepreneurs have to be extremely resilience. The number one trait you should have as an entrepreneur is you have got to embrace uncertainty. This is because there is no uncertainty in business. It is just a lifestyle. Being an employee is a bit like going a merry go round while being an entrepreneur is a bit like going on a roller coaster. And, the roller coasters do not stop.
Just like that, if you are a true entrepreneur, you will never stop. If you start to make a lot of money, you will not stop because you want to build something next. So, entrepreneurs are not really driven by money but by the desire to create something.
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03. Two Types Of Entrepreneurs
There are two types of entrepreneurs — the ones that build to sell and the others who love the whole practice of actually making something. So, some guys want to get to the top of the mount, and they do not care how they reach to the top. Then, some love to climb the mountain because it builds character. I can tell you nothing develops your personality more than entrepreneurship. It will test you.
So, the first thing is psychology. Once you get psychology right, you get to know what you want. I can’t even tell you how many business people know what they want. They are opportunistic. They just go after a fad and trend that are happening here or there. I am going to jump on Shopify, I am going to jump on Amazon, but they actually do not have any goals.
A problem with not having goals is that from a psychological perspective, you are not going to have motivation and inspiration to sustain yourself. So, you should have goals.
04. Goals And Objectives
But there is a difference between goals and objectives. Goals are kind of high levels while objectives have a dollar value and time value attached to it. Therefore, you got to take your goals and extract some specific objectives out of it.
Another significant issue is the plan. I have seen it time and again that people are not planning in business. They do not like to schedule. They do not actually sit down and think. They just want to believe in many cases. Now, you need to think and do. If you over think, you will go to procrastination. If you do too much, you are going to get disastrous outcomes. So, the art of blending, planning, and doing is where the magic happens.
Then, there is a strategic aspect. This is basically to sit back and know what my broad strategy is. What is my long term perspective? What do I really want? Only then you are going to the tactics part.
Now, what I have experienced is that a lot of inexperienced entrepreneurs will start with tactics. They want someone to teach them how to get Facebook ads, teach me how to get money from investors. They completely missed everything else. They think that they can bypass the steps and go straight to the top.
Well, talking of myself, I used to be one of those guys as well. I used to think that my idea is better than the others. Then, if you tell me quickly what to do here, I will work everything out. I never worked. I failed, and I had too many setbacks because I did not have the foundations.
So, it is like you are building a house and ask somebody which bathroom tiles I should get. Then, they say but have you got the architect to look at your plan first, have you got the foundations. Why are you talking about the bathroom tiles at this stage? This is precisely how most people think in business. That is why they fail. It reflects in their business failure. Their quality of thinking is not up to mark.
07. Know The Landscape
You should know the landscape you are playing in. If I do not give you the context, then it is like playing baseball or cricket and not knowing the rules of the game. So, it does not matter how good a batsman you are, if you do not understand the rules, you will still fail. That is the reason that you need to understand the landscape in which you are operating. This is exactly the reason I give context before giving the content.
These were the essential tips that Ron Malhotra came out with for the benefit of the new entrepreneurs.
We hope that they can now rectify their mistakes to move ahead in the business world with confidence.
Designhill is helping business owners by organizing webinars on current entrepreneurial issues and inviting experts to speak to the audience directly. The marketplace offers design solutions to enterprises to build their visual identities with logos, business cards, websites, etc. This is the platform to source your unique design requirements at the right price.
Ron Malhotra, a well-known influencer and motivational speaker, advises new entrepreneurs to take responsibility for whatever happens in their company and rectify it. They should know the psychology of business. It is also essential to understand the difference between goals and objectives as well as planning and strategy. Most importantly, new entrepreneurs should also know the rules of the game.