There are two types of budding enterprise creators that we see in the world of business today – the early-plungers and the fence-sitters. The early-plungers are those who are in a mad rush to turn their innovative ideas into successful ventures. Often, these hastily put together enterprises die a quick death due to lack of proper planning. The fence-sitters, on the other hand, are unable to take the plunge as they tend to over-plan and, therefore, get frequently tangled in a web of what-ifs and what-if-nots. Meanwhile, other opportunity-grabbers make away with their unique ideas and convert them into successful businesses while the fence-sitters continue to deliberate ad-infinitum. It is, therefore, extremely essential for aspiring entrepreneurs to know how to tread the fine line between these two varieties if they wish to attain success. Drawing from the positives of both these types and steering clear from the negatives can help one achieve the appropriate balance.
Mr Ashutosh Garg, founder of Guardian pharmacy and a corporate honcho who has devoted many years to prominent companies like ITC, Lockheed Martin and Hughes, believes in the 4C mantra when it comes to entrepreneurship. While it is vital to stick out one’s neck and take risks to gain entrepreneurial success, it is also crucial to imbibe the 4 Cs listed below to ascertain longevity and sustainable growth.
1. Consistency – Create a brand that is known for its consistency. A good example of a consistent brand is Ralph Lauren. RL clothes are known for their ‘classic’ American look and feel. Year after year, the company creates designs that are true to its brand image and by doing so, lives up to the expectations of its buyers. Such consistency is cherished by customers and is, therefore, the foremost mantra when it comes to attaining success.
2. Credibility – Be known for your credibility and honesty. Be it customers, clients, or partners, every stakeholder is much more wary of scams and rip-offs today than they were ever before. The most credible companies as per the yearly survey done by the Reputation Institute are also the ones that are doing exceedingly well from a business perspective. Rolex and Lego were ranked number 1 and 2 respectively in 2018 and both are renowned for their transparency and uprightness.
3. Confidence – Cultivate a confident personality so that you are able to leave an indelible mark on people who come in touch with you. Being at a loss for words or struggling to communicate your thoughts and ideas especially when interacting with important stakeholders is not a good situation to find yourself in.
4. Connected – Build connections if you want your brand to be famous. As per a study published in the Journal of Corporate Finance, CEOs who have sound connections with people belonging to different demographics are more likely to build higher firm value. Besides, a strong network can help you get personalized advice on important matters like roadblocks to look out for and things that should top your list of priorities. Use social media tools like LinkedIn, Instagram, Facebook, and Twitter to build a network and stay active on it.
In your quest to create a successful brand, never lose sight of the fact that being different does not mean losing your own identity. Choose a path that appeals to both your heart and your brain and tread on it confidently even if it seems like an off-beaten path. If your logical and emotional side are in harmony over an idea, in all likelihood the idea is going to hit the right mark and be a grand success!