A Short Guide To Succeed In Entrepreneurship - A Business Leader's Perspective

A Short Guide To Succeed In Entrepreneurship - A Business Leader's Perspective

CK Kumaravel, CEO, Naturals Salon & Spa, 0

In a recent interaction with CEO Insights, Kumarvel shared his valuable insights on entrepreneurship, what the ideal approach must be for achieving success and many other interesting aspects. Read on to know further about these exciting topics -

As a successful entrepreneur and business leader, what is the foremost quality that every aspiring entrepreneur must possess?

Back in 2000, customers were frustrated with the highly unorganized nature of the salon industry and were on the look-out for high quality yet affordable salons, as most of the good ones were available only in 5-star hotels. On the other hand, the local barber shops and beauty parlors lacked severely in terms of both the quality of their services as well as the products they used. Recognizing this potential opportunity, we established Naturals Salon with the vision to offer high quality salon services at affordable rates. This is the foremost quality every entrepreneur must possess - identifying potential business opportunities in the market and bridging those gaps through their own unique offering.

Throw some light on the key challenges entrepreneurs face during their initial phase. Also, what must be their ideal approach to build a successful business?

Entrepreneurship is all about going from one failure to another without losing the enthusiasm. During the initial stages of our entrepreneurial journey, I had little to no knowledge of the salon industry, which most people would think of as a very bad decision. However, I strongly believe that not having adequate knowledge of the industry presents huge oppor-tunities to disrupt the industry. Take the example of a Tesla car; when all the car makers were busy thinking of ways to make a car engine more efficient, only Elon Musk, who was not originally from the automotive industry, thought of a car that didn't require an engine to function.

The third challenge most entrepreneurs face is to find the necessary investment. Most people have a false notion that they cannot take-up entre-preneurship without having the necessary education and money. But in reality, passion, perseverance, dedication, grit, determination and team building skills are the key aspects that decide the success of an entrepreneur.

Suggest a few effective strategies for business leaders and entrepreneurs to hire the right talent.

Firstly, business leaders must select the talent who carry the right attitude and then train them on the necessary
skill sets. Since most of the candidates today come well prepared for the interviews, it is difficult for the business leaders to judge the candidates despite having long, detailed interview rounds. Thus, my approach to this is that I give the selected candidates 100 days to showcase what value they can add to the company, and based on their performance during that time period, I decide whether to keep them or let go of them.

Briefly explain about the evolution of the concept of job and workplace expectations among today's young professionals.

Our earlier generations worked to make ends meet in terms of food, clothing and shelter. Slowly, the focus of people shifted towards improving their standard of living and providing basic facilities & amenities such as education, AC and others. But today's generation are more focused towards the quality of life instead of education, money or any other survival necessities. Thus, candidates now look for workplaces where meritocracy is appreciated, and can experiment freely without the fear of mistakes.

I strongly believe that not having adequate knowledge of the industry presents huge opportunities to disrupt the industry

Suggest a few strategies for business leaders to maintain a resilient mindset during times of uncertainty or change.

For every business leader, it is important to always be associated with people who carry a positive mindset. When Buddha said Buddham Saranam Gacchami - meaning, be with enlightened people, one of his disciples asked how to do so when Buddha, the enlightened master is going away. Buddha then said Dhammam Saranam Gacchami - be with the teachings of the enlightened master, and Sangham Saranam Gacchami - be with the right minded people. Similarly, business leaders must surround themselves with people who are mentally sharp, positive and progressive to march towards the pinnacle of success.

How can a business leader imbibe the necessary qualities to be a successful innovator?

Innovation is the ability to solve a problem with a long term objective in mind. To be successful at innovation, every business leader must have the visionary mindset and be capable of how their idea can create an impact on the society in the future. Secondly, they must have the heart of a scientist and be capable of bringing their thoughts into action. Lastly, they must possess the enterprising nature of an entrepreneur. Only when these three qualities are connected within a single person can that individual be considered a successful inno-vator.

CK Kumaravel, CEO, Naturals Salon & Spa

One of the pioneers in the Indian salon industry, Kumarvel cofounded Naturals along with his wife Veena in 2000. He strongly advocates women empowerment and aspires to create a 'housewife free India'.