Twitter
Advertisement

Five tips to secure finances in entrepreneurial journey

Higher EQ defines your intensity and ability to drive through with a clear resolve

Latest News
Five tips to secure finances in entrepreneurial journey
FacebookTwitterWhatsappLinkedin

Entrepreneurship is loosely connected to “the event of starting something of your own”. However, the event is just about 25% of the real journey. One goes through volatility and confusion before eventually venturing out, to realise it’s just 25% of the journey.

There are many areas to focus on to sustain and grow this journey, which may be related to your approach, your business model, team strength, go-to-market strategy and many more. These are however the factors external to you, they are the second-tier parameters to focus on, the primary and the top five areas that make up the quality of your entrepreneurial journey and its outcome are to do with the entrepreneur.

Here are the five steps for sustaining and taking this journey to its full value:

Know your potential, your scale: Fully understand and define the landscape, the real potential/scale of your business model, more importantly your ability and resolve to take it to that scale. The long-term potential of yourself and your business model will instil the required levels of conviction and confidence. It is important to have sight of the end goal, always.

High emotional quotient: Your emotional quotient (EQ) plays a critical role in your entrepreneurial success. The level to which you are emotionally aligned with your entrepreneurial drive, defines your intensity and ability to drive through with clear resolve. To steer through with challenges requires a high EQ on your side.

Singular focus: Once you decide on a business model, there needs to be a singular focus on the business. There are a lot of compromises that are required in every other aspect of your life, to make space for the desired focus on the business. Also, do not have any plan B. While most argue to have an alternate plan, quite often, a plan B hampers your focus.

Identify your trust zones: The entrepreneurial journey is quite challenging and entrepreneurs have no choice but to travel it all alone. Often you will feel lonely in your journey and lose out on your energies. Identifying your ‘trust zones’ is the best answer to this. You need to confide in them, they become your sounding board. They help you steer through confusing times, and enable you in taking the right decisions. Trust zones.

Financial expertise: Emotion, focus, knowledge, trust prepare you for sustaining and growing yourself in the chosen entrepreneurial journey, however sound financial planning and expertise is key to see it through, to scale it through and to ensure its delivered. Execution of all the plans, depends highly on how well have you planned it financially.

TAKING CHARGE

  • Higher EQ defines your intensity and ability to drive through with a clear resolve
     
  • While most argue to have an alternate plan, quite often, a plan B hampers your focus

The writer is founder and CEO, 5nance.com

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement