You have to build a core team, delegate and empower your people. When you have done something on your own for 5-6 years you can obviously do it better than anyone else who joins you. So there is always a frustration over why this person I have recruited is not doing the way I would have thought or done. But you have to get over that, train your team, and let make things happen. Of course you can’t go hands off very soon or things will go out of control. It’s a delicate balance.
Entrepreneurship is risky. So you should have a mindset, should be prepared to fail. If you are not prepared to fail and can’t handle failure, than this is not your cup of tea. As late as 2003, we were prepared to lose everything and give up and start once again on our own.
You should have the ability to build a team of the right people and not people you like. Many times you have grown with certain people and become very friendly with them. It is difficult to give negative feedback or get performance out of them and this is a human problem. But you can’t get emotionally attached to people and base business decision on that.
Ideally, you should work is a good medium size organization before starting in your own. That always helps.
Whatever the number of partners, there has to be one leader. It there are 3-4 people at the same level and you try to arrive at a consensus that is the worst of all. Whether it’s an army or a country, or a company there has to be one person, one leader in charge.
If you are an artist like MF Hussain or a player like Tiger Woods your individual skills only matter, and not how good a team you can build. The analogy applies to business as well.
You always run a risk; it’s a game of probabilities. You have to be sporting… however good you are, you may get out for a duck.
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