Entrepreneurship is the new mode of transport. Everyone seems to be feeling the waters, testing the surf and riding the wave. Some successfully catch wave after wave, while some slip off and face failure within a short span of time. Research indicates that not more than 55% of Startups go beyond their fifth year. So, what is it that sets the successful entrepreneurs from the not so successful ones?

Futurist & Philosopher Alvin Toffler states, “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”

‘Unlearn to relearn’ is the phrase to remember here.

Most often entrepreneurs are first timers. Individuals who after a fairly successful run have left their cushy white-collar jobs to start something on their own. They want to be their own boss! While this is a bold step and one that needs to be lauded; what is important to remember is that they are moving into a space where every second individual too wants to be boss. Start with the basics.

Unlearn your dependence

When you work in a corporate, you have multiple departments to handle multiple things. The canteen to give you tea and food, a HR and Admin team to handle your day-to-day logistics, an IT department to handle all troubleshooting issues; so on and so forth. When you set out on your own, you will need to learn to be a jack of all trades.

Unlearn your Role

As an employee in a company, you had to focus only on your work. The project/file was prepared by someone, handed over to you and then handed over to the next department. When you set up your own company; you will have to have you hands in many pies. You will be involved from concept to execution to launch. Having in-depth understanding about each stage of the process is vital. When it succeeds you enjoy and if it fails you learn.

Unlearn and relearn the market

The view from the top is different from that at the bottom. Your understanding about the market as an employee is different from the understanding needed when you are the boss. Find the pulse of the market, research the needs of the client base, study your competitors and their products; know your product in and out and finally know the stakeholders in your market segment.

Learn your strengths

Look within, identify and note down your strengths. Work on the areas that need development. Identify courses (on-line, off-line, with mentors) that you can attend to upgrade yourself. Set goals for the year aimed at improving yourself and your skills.

Unlearn your shortcomings or inhibitions

Everyone, even Ratan Tata has inhibitions; we are after-all humans. Just like you identified your strengths, also identify your shortcomings and inhibitions. Work on overcoming them. If public speaking is your weak point; join a network where you will have to be your own spokesperson. If you have inhibitions about the way you dress and look; then join a short course on grooming. Fix the issue instead of harping about it.

Everyday is a new experience, a new learning, a new teaching. As an employee, it was mandatory for you to undergo trainings; but as an employer you should compulsorily Unlearn and Learn, because that is the first step towards success.  

Unlearn to balance Relations

When setting up your own establishment, many things come into play. Your relationships., their place in your establishment, their role and responsibilities; are all vital to how successful the company becomes. Learn to unlearn your relationships. Your equation inside and outside the office has to be different. Additionally, while setting up something from scratch, you will be spending most of your walking hours focussed on that business with little time to spare for personal life. However remember the phrase, ‘All work and no play makes Jack a dull boy’. 

Prioritize your work; but make time for your family as well. Learn to balance relationships and value their worth. A happy man is a successful man.  

For any Startup to succeed; a business plan, funds, resources and a fair amount of luck is needed. However, Learning, Unlearning and Relearning are the most important attributes of a successful entrepreneur. So reinvent yourself, learn, unlearn and relearn!