Journey of a Serial Entrepreneur

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How to get from where you are to where you want to be

A Small World

“Never before in history has innovation offered promise of so much to so many in so short a time.” Bill Gates

Today after being on a conference call between three different time zones, I stopped to marvel at the amazing transformation the internet and telecommunication tools have had on business. My father reminds me of the days he was in Saudi Arabia in the early 80’s, when using the telephone was a luxury and all business transactions were either done in person or through telegrams. I cannot even begin to fathom doing that today. With the explosive growth of computers and the internet, the world has suddenly and truly become a small world. No one is really inaccessible and everyone is linked to each other through various social networks. At times however it can be quite overwhelming knowing that one is constantly plugged into this network be it through a computer, laptop or mobile phones.

The world having become increasingly more connected has brought about many new opportunities for entrepreneurs in it’s wake. Today you can be sitting in Singapore talking to your supplier in Guangzhou, China and selling your product to someone in Brazil. All this with the help of Skype, E-Banking and some collaboration software. However, not enough entrepreneurs are being able to see the multiple opportunities that exist now that we are able to bridge these massive divides. My father and many of his friends are in the import/export business. They can literally conduct business anywhere in the world just by using a phone. Other opportunities such as outsourcing are also becoming increasingly popular and Timothy Ferris has dedicated an entire chapter in his book “4 Hour Work Week” to it.

I have quite a few friends who use e-bay and other such websites to make a decent part time income to supplement their primary income streams. Some of them are the first ones to get the latest mobile phones from Asia and sell them to buyers in the West; others buy handicrafts from China and supply major retail stores. This definitely requires doing your homework, finding a niche and seeing whether you can locate a gap to fill. By leveraging on technologies which are readily available today this has become increasingly simpler from days of yore when you needed to go to the post office to send out a telegram. This is only one of the ways we can leverage on available technologies. I will discuss the impact of these technologies on various aspects of business processes in the near future.

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5 Components to build Trust

“Self-trust is the first secret of success.” Ralph Waldo Emerson

This series started with a post regarding how the trust I had in PayPal was shaken when my account got compromised. In life, our trust in people and businesses will often be tested. That is life, and we have to accept it. The fact of the matter is, without trust, we would not get far in life. The trust building process comprises of several components. Each of them plays a vital role in the process, and provides us with  benchmarks to help achieve the level of trust required. 

1. Integrity: Integrity is based purely on the actions and decisions we make in life. They reflect who we are and what we stand for. Three measures to use to benchmark our own level of integrity are ; firstly, are we congruent in our thoughts, words and actions? The second one is, do we honor our promises and commitments to ourselves and others? The last one, do we possess the courage to stand up for our values and beliefs in the face of resistance? These questions can serve as a guide to learn more about personal and business integrity levels. To read more about trust and integrity please click here.

2. Competence: Competence is a pre-requisite for the process of trust building. An individual or business is deemed competent in a particular skill set when they have proved themselves adequately. However, for a new startup, without a track record, this is a challenging task. Competence needs to be communicated through actions in a younger team. Using academic credentials, talents and skill sets or references can be used to help prove a younger team’s ability and capability. To read more about trust and competence please click here.

3. Consistent Communication: We have all come across businesses where senior management says one thing, middle management says another and the customer service representative says something completely different. When there is inconsistency in communication, building trust will be an arduous task. As younger startup companies, we have to instill the importance of consistent communication, from the beginning of our operations. This includes the alignment of senior management’s agenda, marketing strategies as well as how customer service representatives are supposed to interact with clients. To read more about the importance of consistent communication and trust please click here.

4. Genuine Concern: An individual or business can have high levels of integrity, be competent and communicate with consistency, yet, a lack of genuine concern for others or your customers, will dramatically slow down the trust building process. I believe a genuine concern for your customer with honest intention is the ‘x-factor’ in the trust building process. It is important that we get a deep understanding of our clients needs and wants and craft our strategies around them. It is only when we are able to communicate the importance of this component to the rest of the team in the form of actions will we actually notice results. To read more about trust and genuine concern please click here.

5. Results: Results and past performance speak louder than any number of words. The world today benchmarks each and everyone of us to what we have achieved. Therefore, as young entrepreneurs, we must pay a great deal of attention to proving ourselves and showing tangible results. These can be in the form of academic achievements, extra curricular achievements or projects where we have documented results. It is important to become result and action oriented. When an individual has a reputation of getting the job done well, the ability to gain the trust and confidence of peers, investors and customers is enhanced. To read more about trust and results please click here.

Building and maintaining trust is a challenging task. It requires constant attention, and the slightest of slips in our behavior has severe negative impact on the level of trust. As we all know, once a vase is broken it can be put back together, but it will never be the same. The components talked about in this post are foundational elements in the trust building process. When we have the trust of a customer or friend it dramatically changes the dynamics of the relationship, to one where a lot more can be achieved. As entrepreneurs, we must strive to develop a reputation of one who can be trusted. This will have a phenomenal positive impact on the level of business as well as your life. 

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Results

“You can’t build a reputation on what you are going to do.” Henry Ford

As a young entrepreneur, some questions you hear repeatedly from prospective customers are, “Who is currently using your product/service?” or “How many users do you currently have on your system?”  These questions are asked with the aim to establish whether the prospect can trust your business to deliver what you are pitching, and whether the team has the appropriate capabilities and skill sets. Not many individuals want to be the first customer to test a brand new product/service, it is hence up to the entrepreneur to convince the customer why they should use their product/service. The question that arises is “How does an entrepreneur convince a customer to trust him to deliver on his word?”. I believe the fastest way to do this, is to reference past performance and results, and use them as benchmarks to make a convincing argument. 

Results and past performance speak louder than any number of words. The world today benchmarks each and everyone of us to what we have achieved. For example, take an individual with high levels of integrity, extremely competent, communicates consistently and has a genuine concern for what he/she is doing. However, if this individual does not have a track record of delivering when given a task, chances are that they are not going to be given a chance to step up to the plate. Therefore, as entrepreneurs, we have to constantly look for ways to prove to customers, stakeholders, investors, employees and the media that we have what it takes to succeed. We cannot wait around for things to happen or wait for the ‘right’ opportunity. Action needs to be taken, and positive results need to follow. Will we always get the results we want? Unfortunately not. However, if we persevere and pursue what we want to achieve relentlessly results will follow.

Some areas where younger entrepreneurs can display results they have achieved are:

1. Academics: This works well when you are raising early stage angel or venture funding. If one has achieved success in the form of honor rolls, awards or other recognition for academic pursuits, they should be included in some way in your pitch. From a customer’s point of view, having someone with deep theoretical knowledge about your product/service adds great value.

2. Extra Curricular: Including any information about areas such as sports, debate societies, student unions or charitable efforts one has been part of, also adds value.  A personal example is,  when I co-founded an entrepreneurship society at university, which has since grown from 10 members in Singapore, to over 2500 spread across all of Asia today. It was through this platform that I gained a valuable network, and built trust with many of my mentors today. Other examples could be contributions to charitable organizations and events, and funds you may have raised for them.

3. Projects & Initiatives: Results can only be achieved when you take initiatives and actions. Highlight areas where you took an initiative, such as, starting a blog, a website, a store on ebay, freelance projects or any other example where you have documented results. Such projects go to show that you are willing to go the extra mile to reach you goals. 

Once the business has established customers, continue to track results through all business processes. Take responsibility for all the results you get, be they positive or negative. I have found that the learning process is specially instructive when we do not get the results we want. I have repeated this many a time, there is no failure, only feedback. Once you have established a solid track record, and have been identified as a result oriented team member, the level of trust your peers will have in you, will sky rocket. 

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