“Man of many hats” - An Entrepreneur - I

As an entrepreneur in the early stages of a start-up with limited funding, he has to wear many hats. He has to be Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer to name a few roles into which he would see himself quite frequently. He has to set goals, keep finances intact and do market research and planning. So, he needs to be a generalist rather than a specialist.

But a person can’t be into many positions at the same time. The foremost job of an entrepreneur is to see his enterprise achieve its objective i.e. become sustainable in the shortest possible time and progress day by day without any hiccups. The answer is to delegate certain functions to his staff but ultimately he will be responsible because only duties can be delegated, not responsibility. He has to perform an oversight function to make sure that everything works in sync. He should have knowledge of each critical function a little bit and must have passion for his main business idea. So, he must be a Generalist who’s passionate about his business idea.

No person in this world is perfect, and no one has the complete knowledge and wisdom to do so many things on his own. The only scheme which can make things work in this world is interdependence. We need each other to live a life in this world. The same is true for business. You need many people to run your business. Some will be your employees and some will be advisors. An entrepreneur must have two advisors viz. (1) A mentor (2) A Business Consultant.

Why a mentor is important and how it would help you and your business? “The Role of a Mentor” by Javier Inclan describes in detail what a mentor can do for you. A mentor plays a significant role in an individual’s personal, social and professional development. He encourages the entrepreneur to apply his ideas and offers positive criticism. He clarifies the big picture by offering suggestions as to what efforts will be necessary to make intended goals a reality. He serves as a role model. A mentor could be anybody who has weathered the world’s ups and downs, has lots of experience in any field, who could offer you some wise words. He could be your teacher, a senior person you can get hold of at the time of consultation, your father who would like to see you succeed more than anyone or any relative who is willing to guide you. Heidi Cope has come up with 11 characteristics of a good mentor. The following four characteristics are very important.

Do you really need a Business Consultant? The answer to this question is invariable yes. Sanjay Parekh offers Three Great Reasons Why You Need a Business Consultant. According to him, you don’t have time to focus on the big picture because of your daily responsibilities. A consultant can suggest solutions to the problems you can’t solve yourself. Since he is an expert in his field, he has many resources needed to tackle the many common issues facing businesses. A business consultant is like a doctor to your business. He is here to help you to diagnose any problem, offer solutions to the problem, warn you about any misstep with the regulatory process and provide you necessary medication against any illness like any issue with tax matters or some claim from your customers, etc. 

There is one other thing that an entrepreneur needs and it is an entrepreneurial mindset. An Entrepreneurial mindset is a way of thinking that enables you to overcome challenges, be decisive, and accept responsibility for your outcomes. It is a constant need to improve your skills, learn from your mistakes, and take continuous action on your ideas. Anyone willing to do the work can develop an entrepreneurial mindset.