The entrepreneurial mindset is the magic element in the recipe of successful startup development. There are many challenges that may come in the way, along with ups and downs that might create barriers for personal development.
This is where it’s important to have context in a given situation. When we can’t create a successful match for where we are and where we want to be, we get frustrated and don’t have the right mindset to approach problems. We can’t then fully take advantage of the ‘growth mindset’. PhD researcher and professor at Stanford University, Carol Dweck knows all too well about this entrepreneurial phenomenon.
“For twenty years, my research has shown that the view you adopt for yourself profoundly affects the way you lead your life. It can determine whether you become the person you want to be and whether you accomplish the things you value. How does this happen? How can a simple belief have the power to transform your psychology and, as a result, your life? Believing that your qualities are carved in stone — the fixed mindset — creates an urgency to prove yourself over and over. If you have only a certain amount of intelligence, a certain personality, and a certain moral character — well, then you’d better prove that you have a healthy dose of them. It simply wouldn’t do to look or feel deficient in these most basic characteristics,” he says.
The popular saying ‘When times get tough, the tough get going’ is a dictum that’s truer than time itself. We learn from grit and hard work that we need to extend ourselves beyond our capabilities. We need to understand that we can’t lose productivity over thinking about what we need to do, instead of just doing them anyway.
One of the richest CEOs in India, Vijay Shekhar Sharma (Paytm) had his beginnings from humble backgrounds.
"I had days when I didn't have money for dinner. Let's say having two cups of tea was a perk for me. I couldn't take the bus so I walked to save Rs.10,” NDTV quotes him as saying.
But Vijay didn’t back down from the challenge. He built Paytm from the ground up and took it new heights, never seen before. He went on about his business and worked tirelessly to create the massive brand that India uses every day. Without Paytm, there would have been no local business, and no flourishing digital economy.
What about the youngest CEO in India’s startup unicorn history? What does it take to lead a company into a multi-billion dollar valuation? Ritesh Aggarwal, CEO of Oyo rooms believes it’s all about execution and passion.
“For me, it is about having a passion for solving a big problem and leaving a huge impact. Once you have that, everything else falls into place. You take ownership, build conviction, and build capabilities to transfer that belief to investors, employees, and customers. You must be willing to stretch out of your comfort zone, take risks, and be emotional (in a good way) about your venture and the stakeholders involved,” he is quoted as saying.
Ritesh firmly believes that in order to succeed as an entrepreneur or in business, you must be careful about the nitty-gritty aspects of your business. Hire correctly and have a mindset that makes quick decisions and lean execution.
Not just entrepreneurs, but the incumbents too, such as Ratan Tata have wise words for upcoming entrepreneurs and leaders in the country. He wants successful leaders to not get impatient, but to focus on long-term vision and success for their companies. The will to win will often trump the will to lose, but it is up to us to do the right thing for our brands and businesses.
“Life is unfair, and it’s nowhere written to be fair. But it’s not only you or me, it’s for everyone. My talent differs from yours and yours from another person’s, but we have equal chances to succeed in our respective fields. When there’s a will, there’s a way,” Economic Times quotes him as saying.
Indeed, life is all about overcoming challenges, and things can get troublesome when in doubt. However, the greatest entrepreneurs and business leaders in the world want everyone to focus on one thing – hard work. Through hard work we can accomplish the things we want to and keep the wheels rolling. Or as Ratan Tata says, “No one can destroy iron, but its own rust can”