ASK GURU - Prabhjot Singh
In conversation with Prabhjot Singh, Founder of Money Max Financial Services, Foodie Doodie and Brandlicious on what makes one a successful entrepreneur.
- What, according to you, are the top three skills needed to start and run a successful business?
Team Management- Having the right team in place to support you is important. Therefore carefully select you team, take good care of them. Satisfied and happy employees are the most productive and thus an important asset. Take care of you team and they will take care of your business
Patience- We often begin a new venture or a business dreaming of great success, returns and profits. However we forget it takes hard work and time to reach this pinnacle of success. Patience is the key here , I have seen many people back out in early stages of new businesses due to the lack of patience and unrealistic expectations. Just like a seed takes nurturing and time to grow into a tree and bear fruit a business takes commitment and continuous work to become successful
Planning- ideas always seem to look great on paper but once we execute them in real life we meet a lot unexpected obstacles and impediments. Right planning with attention to details and possible obstacles should be studied well in advance. All possible outcomes should be looked into whether positive or negative.
2. How do you generate ideas for your new ventures?
I study the industry diligently and keep up to date with trends through extensive reading. I go through the trade journals , websites and articles that catch my interest or relate to my industry regularly.
I then discuss these trends or any ideas I might have with my colleagues and friends. These casual chats always spring up new avenues and opportunities, which we then study closely before deciding to go ahead with them.
3. How do you overcome impediments? What keeps you motivated?
Hurdles and obstacles are a part of any new business and should not faze you. Always start from the beginning and do not take shortcuts. Study the environment, political and economic, the policies and laws affecting your business. This will help you plan ahead and overcome most hurdles. However some unseen obstacles may still arise. Always be patient and do not loose hope in such a situation and you will over some these too.
Good work, new challenges and finally happy clients who appreciate my work are my biggest motivation
4. What is success for you?
Success has different meaning for different people. Success for me is knowing I have given my best to every project I have been involved in. Success mean appreciation by clients and customers of new and unique ideas I have worked on in the past and new concepts created by me. It also gives me great satisfaction when I see others in the industry take inspiration from these concepts. Finally success for me means peace of mind and contentment.
5. What advice would you like to give to young entrepreneurs ?
Have patience and follow the points mentioned above
