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When the world was nicer, where people were honest , where the working environment was cleaner, when there was goodwill in the world, when small things satisfied us and when the path to success was not very complicated, people followed a set of rules that worked then. But in the present when conditions are different from what they were earlier, the same rules and techniques do not work. So if a present day entrepreneur were to work according to the older rules, it would be difficult for him to make the cut.
There are some specific yesteryear rules that are completely out of place in today’s entrepreneurial life and it may be a good idea for us to go through them now. These are the rules that we need to throw out while we internalize new ones.
Old Rule No 1 – Slow and steady wins the race; New Rule No 1 – Be steady but be quick-witted and fast-acting
This does not work anymore. In today’s fast-paced world, you have to be steady no doubt, but you have to be quick-thinking and quick-acting to keep others from overtaking you.
Old Rule No 2 – Be patient, not restless; New Rule No 2 – Be impatient and challenge your limits
Successful entrepreneurs, today, hate sitting around waiting for things to happen. They go out and do things, they push the boundaries and climb greater heights.
Old Rule No 3 – Everything is under control; New Rule No 3 – Chaos and bedlam rule
When businesses are rolling along gently , without any major change or growth, then things are definitely under control. But is this what an entrepreneur wants? Today’s successful businessman is ambitious and innovative and hungry for growth – he craves chaos and unpredictability that will create conditions for his business to grow fast. He does not believe in safe controlled conditions.
Old Rule No 4 – Have steady fixed work timings; New Rule No 4 – Work all hours, make work your life
Yesterday’s businessmen believed that working fixed hours – a 9 to 5 work day – was sufficient to achieve their business goals. Today’s entrepreneurs realise they do not have that indulgence. They have to work round the clock. They have no time for personal or leisure time. Work is the new religion.
Old Rule No 5 – Stay within your limits; New Rule No 5 – Push the boundaries, overstep your limits
Older wisdom suggests that you set reasonable limits and work to attain those. But today such an action will pull you back. You need to push your limits and fly higher to meet bigger challenges so that you stay ahead.
Old Rule No 6 – A good product will sell as long as distribution is good; New Rule No 6 – Innovate, modify and renew your product/s constantly to have new offerings continuously
Staying with a product because it is successful is unwise. Others can and do get onto the same bandwagon. So innovate and find new products or product extensions to sell and distribute.
Old Rule No 7 – Stay with your dreams; New Rule No 7- Modify and adjust your dreams
Stay with your dreams but remember conditions and situations change all the time. So adapt, amend, and reformulate your dreams to stay on track with the new world of entrepreneurship.