Everyone has his own definition of success and way of measuring achievements. For entrepreneurs, success can mean anything from building a loyal customer base and making money to having more free time with loved ones.
Success. Who wouldn’t want it? The whole world is on a constant everyday struggle to achieve success. While the meaning of this word differs from one to another, what truly defines success? Is it the ability to achieve all that you started out to achieve, or is it the journey and the learning that you gain along the way? The debate is never-ending. Some say it is the company’s revenue; some say the brand recall defines a company’s success; some say the ability to sustain in the competitive world is what success is, says noted Astro Strategist cum Business Astrologer Hirav Shah.
Hirav Shah says, “Whatever be the definition of success, for an entrepreneur or businessman the main definition of a successful venture is quite simple, and that is the ability to stay independent, no matter what. Independence of what you do, independence of choosing one’s environment, independence to retain individuality, independence to choose why, where and who of life, independence in every form. Independence equals freedom of choice, which is the highest form of achievement. Not accepting defeat and not depending on someone else to rescue the business that would also define success for an entrepreneur.”
Shah adds, “From time immemorial, the success of a business is dependent on few very basic principles which apply to the business world no matter what. A good and quality-oriented product, professional and efficient team to promote the product, a sound financial model which includes fewer liabilities, more assets, a structured approach to reach the end customer, and finally ensuring that the end customer’s satisfaction. This model of functioning has never failed. Like a well-oiled engine, a seasoned process like this always makes the business run on its own profitability.
But one thing that needs acute attention would be the fact that changing times also require a change in action plans. Competition in today’s business world has a whole new meaning. With startup’s overtaking established company’s share of the market, personal trading being replaced by e-commerce heightened awareness of the end consumer due to easy accessibility to information, and many such other factors, the face of the business world has changed. While the basic mantra for a successful business still stays the same, for the new age market and new-age customers, just this approach is not enough.”
Hirav Shah explains, “Market share in today’s business is highly diversified. While earlier most of the industries had the monopoly of established companies and the government, now the startup culture has started to dominate the market scene. As the established companies stick to what worked for them in the past, the budding enterprises have an edge in recognizing their loopholes and cater to clients in a reformed and renewed way. Although a well-oiled approach gives stability and structure to the functionality, to beat this competition, which has been doubling up as time passes by, innovation and reinvention is another crucial aspect that needs equal and, in some cases, more important.
With the changing market trends, globalization, technological advancements, and the even more dynamic customer base, new business opportunities are always around the corner. With creativity and innovation being the norm of the day, every product and service has a market share as even the end customers now have started to adapt and accept new concepts and products. So constant innovation, investment in new business opportunities, hiring the best of the talent in the market, opting for a stable yet flexible financial model, and adapting to the changing clientele have now become the new success mantra for every business out there. The answer to beat the competition is to stay ahead of it.”
Hirav Shah concludes by saying, “Success is not just about selling, acquiring, accomplishing or becoming rich. You are a success in every moment within which you enjoy the step you’re at while at the same time staying motivated to go for more. The ability to love wanting while enjoying what you have and where you’re at is my definition of the attainment of success.“
