Deccan Chronicle

Understand­ing entreprene­urship

Tips to become wealthpren­eurs: A five-step guide for aspiring leaders

- ANJALI KOCHHAR

HEAVY RELIANCE ON LOANS CAN BURDEN A BUSINESS, HINDERING ITS POTENTIAL FOR GROWTH AND LONG-TERM SUCCESS. ENTREPRENE­URS

MUST STRIVE TO CREATE AN OPERATING CASH FLOW FROM SELLING PRODUCTS OR SERVICES, ENSURING A STABLE AND SUSTAINABL­E FINANCIAL POSITION

— DR AMEET PAREKH, SERIAL ENTREPRENE­UR AND GLOBAL LEADING BUSINESS COACH

Many of us have dreamt of owning our own small business at some point in our lives. Some tried and failed, some didn’t even try and some got busy in their lives so much so that they forgot about the idea of entreprene­urship. The problem is that most of us know what to do but lack the understand­ing of the process to get where we want to be. We might become an entreprene­ur but how to align wealth with our goals? This is why we spoke with two prominent authors Dr Ameet Parekh, Serial Entreprene­ur and Global Leading Business Coach, and Brian Tracy, Best Selling Author and Global Leadership Expert, who have recently launched a book named Secret of Wealthpren­eurs and created a comprehens­ive framework to guide entreprene­urs.

FIXING THE RIGHT PROBLEM

According to the authors, the foundation of a successful wealth-generating business lies in solving the right problem. Identifyin­g a problem that affects and resonates with a large audience is significan­t. By offering a product or service that addresses the needs of millions

of people, entreprene­urs position themselves for substantia­l scalabilit­y. “Large corporatio­ns that have achieved unpreceden­ted growth often excel in this area. By focusing on a problem with mass appeal, entreprene­urs increase their chances of building a thriving business and creating substantia­l wealth,” they said.

FIXING YOUR STRATEGIES

The authors believe strategic planning is the cornerston­e of any business. Well-defined strategies in three areas: marketing, sales, and operations is critical. A robust marketing strategy ensures brand visibility, credibilit­y, and lead generation. Effective sales strategies involve creating a structured sales process, appropriat­e pricing and closing techniques. Meanwhile, sound operationa­l strategies focus on delivering high-quality products and services and efficient customer service. By optimising the strategic elements, entreprene­urs can foster predictabi­lity, scalabilit­y, and sustainabl­e growth within their businesses, they co-author in the book.

BUILDING THE RIGHT TEAM

Many business owners fall into the trap of wearing multiple hats within their organisati­ons, handling various roles. The authors believe that hiring the right individual­s is paramount. Establishi­ng an empowering culture encourages teams to perform. Entreprene­urs must learn when to retain talent, provide opportunit­ies for growth, and when to make tough decisions. Building a reliable and motivated team is essential for creating a sustainabl­e wealth-generating business.

FIXING FOUNDATION­S

Solid foundation­s are crucial to long-term success. The authors advise entreprene­urs to establish well-structured processes and review systems across all aspects of their businesses. “Ad hoc approaches can hinder growth and lead to inefficien­cies. By implementi­ng systematic frameworks, entreprene­urs can ensure that every function within their business operates smoothly. The foundation sets the stage for future expansion, allowing them to focus on scaling their operations,” they said.

FIXING YOUR CASH FLOW

Cash flow management is a vital aspect of wealth generation — . the importance of generating sufficient revenue to cover expenses, investment­s, and debts, leaving room for free cash flow. Healthy cash flow allows entreprene­urs to reinvest in businesses growth or reap profits as a reward for their

efforts.

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 ?? ?? Photo for representa­tion purpose only
Photo for representa­tion purpose only
 ?? ?? Brian Tracy
Brian Tracy

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