Whether you’re a first-time entrepreneur, a serial entrepreneur, or a seasoned one, you’ll find ' something ' from the Bhagavat Gita: -
1. Focus on Your Work, Not the Results
Stay focused on the value creation, scalability, and sustainability of your business. Keep the valuation away. Develop your perspective: why do you want to do it, what are the goals, what should you do to be better at it, is everyone in your team clear about their duties, etc. When the result does not drive your entrepreneurial journey, you will enjoy the journey more. Rest assured that the results will find you when you’ve nailed the process. Check out these startups that turned unicorns despite the pandemic! And here’s a list of startups that were born during the 2008 Great Recession. The bottom line, when you work diligently, even challenges will turn into opportunities and generate results.
Renunciation is a valuable lesson for any entrepreneur looking to solidify their standing. Before you begin to wonder, true renunciation, as per the Gita, is giving up selfish attachments and working for the common good.
Entrepreneurs can renunciate in several ways. For instance, look at these US organizations that pledged for equal pay. This act renounces inequality at the workplace, thereby promoting appropriate division of labor and equal growth opportunities. Here’s another article shedding light on leaders who – through their organizational decisions – put their employees ahead of profits. Now, if that isn’t striving for the common good, what is?
3.Adapt or Perish
For an entrepreneur, a robust change management system is critical. While not all changes will be humongous like the pandemic, the fact is, change is the only constant. Regardless of it being ecosystem-induced or crisis-induced, prepare to change when it comes calling. Businesses that adapted quickly to changes have not only survived but also thrived. An entrepreneur must be ready to innovate, explore new opportunities, and embrace change to be successful. These companies did what they thought was the best for them to march forward and march they did!
4. Improve your Emotional Intelligence
An entrepreneur is leading a team – small or big – at all times. They are also the link between all stakeholders – employees, customers, shareholders, investors, etc. Therefore, as an entrepreneur, you need to exercise control over your feelings and emotions.
The Gita particularly mentions the importance of transcending anger. Rage brings with it a surge of emotions that can cloud one’s judgment. Bear in mind that fuming at a stakeholder or making decisions in a fury comes with repercussions. Moreover, anger is an expression of one’s inability to control a situation. Read upon how leaders deal with anger here.
5. Dig Deeper
Entrepreneurs must ensure that they don’t let their desires get the better of their intellect. Whether hiring a new team member or seeking an investor whose principles don’t align with the brand’s, entrepreneurs will have to deal with several instances where their intellect is tested. Getting rid of desires is the way to acquire true knowledge.
Further, sometimes, what’s best may not be in plain sight. Entrepreneurs must go beyond scratching the surface to enhance their knowledge. It will benefit when looking to innovate your processes or bring out a new product line and attain success.
6. Stand by Your Decisions
An entrepreneur may have to make tough choices that might sometimes result in disagreement with a partner, disappointing shareholders, facing disgruntled employees, or unhappy customers. The outcome of your action will depend on many factors, some of which may be beyond your control. In such instances, it helps to remember that you are entitled to carry out your duty in the organization’s best interests.
Make your decision in good faith that it will work out fine, and don’t look to appease everyone. Here are some CEOs who stood by their decision even though it was unpopular.
7. Business Ethics
The Gita talks in-depth about the root cause of ethical failure and how to avoid it. In brief, entrepreneurs can take notes on eternal values and moral principles that align with business ethics.
A calm mind, clarity of thought, treating everyone equally, contentment with one’s duty, and renunciation are some of the aspects an entrepreneur can focus on to build their character. Being merciful, truthful, and selfless is also discussed as part of the 26 qualities listed for a person’s character development.
Another aspect discussed in the Gita is that inaction is also a conscious choice and comes with its consequences. This is a good reminder for entrepreneurs who tend to brush off certain events in fear of making a bad decision. Fight fair, fight hard. Take cues from these leaders who believe in ethical leadership.