The author had a few engaging interactions with a 25-year young successful Indian entrepreneur, CEO, and founder of a start-up FoodFund in London, Canada, a few days back. The start-up is working on fresh fruits and vegetable waste reduction. There are tons of odd-shaped, imperfect, differently-sized, and curvy-looking fruits and vegetables that are thrown away and wasted when millions go hungry.
These are often referred to as ‘ugly’ produce, though continue to be safe and nutritious. The start-up business of FoodFund is growing very well. The purpose of interaction was to decipher and understand those few entrepreneur characteristics needed to be successful in the transforming competitive business world. The seven characteristicsculled out from the deep interaction with the CEO go as follows;
Abundance mindset for opportunities, scarcity mindset for resources, Don't compromise the conquest. Simply challenge yourself to find the leanest path there
Embracing an abundance mindset when it comes to opportunities can be a powerful catalyst for success. However, when looking at available resources, deploy unwavering scarcity. Recognize that there is an abundance of opportunities waiting to be seized. Rather than compromising your ambitions, challenge yourself to navigate the path with efficiency and resourcefulness. Embrace the mindset of finding the leanest path toward your goals, and optimizing your resources along the way. By adopting this mindset, you unlock a world of possibilities and empower yourself to overcome obstacles with determination and creativity. Remember, the conquest is not about settling, but about embracing the challenge and discovering innovative ways to achieve your aspirations.
Stop obsessing over perfection and start obsessing over execution -- quick but ordinary often trumps slow but exceptional
In the pursuit of inspiration, it is imperative to shift our focus from the unattainable notion of perfection to the power of execution. It is time to break free from the constraints of perfectionism and embrace the value of taking action. True progress lies in the realm of action, where tangible results are achieved. Remember, success is not solely determined by grandeur or exceptionalism. Often, it is the ability to act swiftly and consistently, even in ordinary circumstances, that leads to remarkable outcomes. Therefore, one must prioritize execution, as quick but ordinary efforts frequently outshine slow but exceptional ones.
Dated technology within a valuable business creates inefficiencies. Valuable technology within a dated business creates failure
In the realm of business, the interplay between technology and its alignment with the overall organizational framework is crucial. It is essential to recognize that dated technology within a valuable business may lead to inefficiencies. However, valuable technology within a dated business will likely lead to total failure. As the world rapidly evolves, embracing modern technology becomes imperative to stay competitive and efficient. However, the bottom line is that without a solid business model and an adaptable mindset, even the most advanced tools may fail to yield the desired outcomes. Therefore, it is vital to strike a harmonious balance, ensuring that valuable technology aligns seamlessly with the business's vision and capabilities, fostering success and growth.
Develop robust mechanisms to measure churn and loss of business
Understanding why customers leave is a crucial aspect of business growth. While, it is important to know why customers choose to buy from you, it is equally vital to comprehend why they decide to leave. By focusing on customer churn and loss of business, you can gain valuable insights into areas that need improvement and make informed decisions to enhance customer retention. Developing robust mechanisms to measure churn and loss of business allows you to identify patterns, analyze feedback, and address underlying issues effectively. This proactive approach empowers you to create a customer-centric environment, improve your products or services, and ultimately inspire loyalty among your customers.
Don't expect customer loyalty. Embrace their opportunistic buying patterns to develop complimentary products and services
In today's dynamic marketplace, it is essential to adapt to the ever-changing buying patterns of customers. Instead of relying solely on customer loyalty, it is more effective to embrace their opportunistic buying behaviors. By understanding and embracing these patterns, businesses can unlock new opportunities for growth. Rather than viewing opportunistic buying as a challenge, see it as a chance to develop complementary products and services that cater to their evolving needs. This proactive approach not only allows you to stay ahead of the competition but also fosters a deeper connection with customers. By continuously innovating and providing solutions that align with their changing preferences, you inspire trust, satisfaction, and long-term engagement
Perspicacity is an extremely overlooked characteristic. Attentive, observant leaders will continue putting their teams in the best position for success
In the realm of leadership, perspicacity is a remarkably undervalued trait. Leaders who possess keen attentiveness and observant nature possess a unique advantage in guiding their teams towards success. By being perceptive and insightful, these leaders can identify opportunities, anticipate challenges, and make informed decisions that position their teams for success. Their ability to see beyond the surface and discern hidden patterns or potential obstacles enables them to navigate complexities with precision. In valuing perspicacity, leaders create an environment where their teams feel supported, empowered, and equipped to overcome any hurdles. By embracing this often-overlooked characteristic, leaders inspire greatness and foster a culture of achievement.
Could is a test of power, and would is the test of will. A team that would will always outperform a team that could, regardless of skill and talent
The power of "could" and the will of "would" hold significant influence in the realm of achievement. While skill and talent are important, it is the determination and resolve of a team that truly sets them apart. A team that merely possesses the ability to accomplish a task may fall short when faced with challenges. However, a team that possesses the will to succeed, and the unwavering determination to overcome obstacles, will consistently outperform. It is the strength of their collective will that propels them forward, surpassing expectations and achieving greatness. Skill can be developed, talent can be honed, but the indomitable will to succeed is what truly sets extraordinary teams apart.
In summary, the seven thought-provoking characteristics can facilitate a young entrepreneur in the current business world.
(Author is a Professor of Operations at Great Lakes Institute of Management Gurgaon, view expressed here are his own)
