Entrepreneurship Lessions by Ratneya Consultancy Services

Deepak Doddamani

     Entrepreneurship Lessions by RCS

Ratneya Consultancy Services is a Management Consultancy Firm from Virar, Maharashtra founded by Mr. Deepak Doddamani on 1st August 2021. 

Entrepreneurs are smart enough to understand why they started what they started?

But it is important to convert your startups into Organizations as early as possible. 

Role of a Consultant becomes important in this aspect. RCS has been guiding many Entrepreneurs from inception of their startups. There are many advices which falls under 'Common Sense' and then there are some specialized advices done only after analysing the businesses. 

As a Serial Entrepreneur Mr. Deepak Doddamani, Proprietor and Principal Consultant of Ratneya Consultancy Services (RCS) himself has built and nurtured many Enterprises. He keeps sharing his experience and the lessions learned from them; with budding Entrepreneurs. In this blog post he has summarized few of them 

1) Three years rule: 

 It is the Entrepreneur who runs the Business for first three years. In three years the Business and the Brand becomes an entity in itself and then it starts running the Entrepreneur. Yes ! you read it write. 

An Entrepreneur starts working for that business/brand after it completes minimum three years. That's the reason, one should thrive to run the StartUp for atleast three years. No point in winding it up within three years. 

2) Average age of the people in the Organization:

It is very important that average age of the people working in the Organization should be below 30. 

This keeps an Enterprise young and dynamic. At the same time, there should be good mix of Experienced people and young and determined people who wants to prove themselves. The founders should keep the ratio in such way that Average age of the people in the Orgnaization should be below 30. 

3) Keep your Organization first:

Always keep your Organization first. If Founder and Co-founders starts giving more importance to themselves over Organization, it will never take off. It is important to keep your personal interest aside and work for the bigger goal. This  philosophy should be percoalated from top to bottom of hierarchy. 

When every team Members starts keeping Organization first, 'goal congruency' will be achieved easily which in turn take the Organization to new highs. 

4) Always hire people smarter than you:

Every Entrepreneur should understand that he need right people with right mindset in his team. Therefore, hiring right people becomes the most important task. A best performing team can be created only by chosing the best available human resource. Chosing people smarter than you to work for you helps in a big way. They can completely change your perspective, bring positivity and more productivity. When you hire people smarter than you, it helps you keep you on your toes all the time.

5) Don't diversify too early: 

Many Entrepreneurs do this mistake. Instead of building their company stronger by focussing on their core business, they get distracted by the opportunities which gives them good money in short term. An Entrepreneur should set his priority right. What is more important? Building a Successful Brand or earning more Money? Creating several income sources should not deter you from your Main Goal. 

One should not get carried away. Long term vision should always drive the business. 

Please note, these are advices given by Mr. Deeepak Doddamani, Propritor and Principal Consultant of Ratneya Consultancy Services based on his own experiences. One may not fully agree with all of them. Let's agree to disagree. 

Keep reading RCS blog for more such posts. Thank you