Teja Chekuri, Global Entrepreneur. Founder and managing director of Ironhill Brewery.
Entrepreneurship: A rollercoaster of exhilarating highs and challenging lows. Each up fuels ambition, while every down teaches resilience. It’s a journey where determination conquers setbacks and innovation thrives on adversity. The pursuit of dreams is not always smooth, but I believe that the ride is undeniably worth it.
While on this ride, the one thing that is constant is change. The value system that you built your startup on is likely not what the younger generation cares about. The steps you took to build your brand may no longer matter to the new workforce and the output and definitions of success that you dreamt about may no longer be a shared dream (or even one that makes sense) to your current team.
However, resilience and adaptability are the middle names of every entrepreneur. As the winds of change shift tides, I believe that fellow entrepreneurs and future moguls need to pay heed to these three outdated ideas about entrepreneurship that have outlived their welcome.
1. It’s all about the hustle, 24/7.
Yes, we’ve all heard it: “You need to hustle like your life depends on it.” But let’s be real, folks. Burnout is not the secret sauce to success. It’s about working smarter, not harder. Remember, even the most powerful smartphones need recharging. Take a step back, breathe and let those innovative ideas flow during your downtime. The hustle is essential, but it’s only one piece of the puzzle.
Of course, that’s easier said than done. The entrepreneur’s brain never really shuts off. And this is also because you want to do everything well and make sure everything is done. However, there is only so much you can do as an individual. To put my “hustle brain” at ease so I can take some time off, I use technological tools to support my teams. Things like receiving quick updates once a day are easier to check and monitor than worrying about reports all day long.
2. Failure is not an option.
Oh, the fear of failure. It’s time to kick it to the curb. Entrepreneurship is a rollercoaster, and yes, you may face setbacks. But guess what? Those setbacks are just pit stops on the road to greatness. Failure is not a full stop; it’s a semicolon. Embrace it, learn from it and come back stronger. The most successful entrepreneurs have a failure or two (or even ten) under their belts.
The entrepreneur’s mind always takes failure hard. And maybe that is the reason they try harder the next time around. But this is a double-edged sword that can also cut both ways. The mind needs to rest to be able to perform better and live to fight another day. I have realized that the mind can be trained, but you need to take the initiative. The work discipline that helps you be a successful entrepreneur comes in very handy here. Train your brain to let go and view failures as stepping stones. Personally, yoga and meditation have helped me create the discipline I need to manage the lows and ride the highs with a level head.
3. You need to do it all by yourself.
Sure, it’s your vision, your dream and your passion, but that doesn’t mean you should carry the weight of the world on your shoulders. Entrepreneurship is a team sport. Surround yourself with a crew that complements your skills, challenges your ideas and lifts you up when you’re down. Delegating and collaborating are not signs of weakness; they’re signs of wisdom.
Broad spectrum micromanaging is a classic symptom of a lot of entrepreneurs. We relinquish control for some time but never lose sight or control of the reins. And somewhere, it seems justified since your reputation, money and company are all at stake.
While delegating and collaboration might not be new terms for you to hear, it is time now to live them. Take it off the posters on the walls and start implementing them. It is tough. But it has to be done if you are to move to the next phase of success. This is one of the toughest things I had to unlearn and relearn to do.
The notion of a micro manager is not only off-putting to the new workforce and customers but also closes the loop around the entrepreneur, leading to overwork and stress. Be the leader your team needs.
Create your legacy.
Let’s bid adieu to these antiquated notions and welcome a new era of entrepreneurship—a world where balance, resilience and teamwork reign supreme.
Remember, we’re not just chasing success; we’re creating a legacy. So, let’s do it smarter, together and with a dash of wit. Together, we can build businesses that thrive on collaboration, learn from failures and empower us to live well-rounded lives. Cheers to another season of breaking molds, defying conventions and rewriting the rules of the game.
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