By Nandini Mansinghka
As the calendar turns with the New Year just around the corner, resolutions are often taken in abundance, from following a fitness routine to acquiring new skills or even simply focusing on oneself more. From an entrepreneur’s perspective, entrepreneurs tend to find themselves at a crossroads, reflecting on past accomplishments and setting their sights on the future. The journey of entrepreneurship is a continuous evolution, and each year presents an opportunity for growth and improvement. From the standpoint of venture capitalists and investors, there are several critical New Year resolutions that entrepreneurs should consider to increase their chances of success.
Foster innovation and adaptability
In the fast-paced business landscape, innovation is key to staying relevant and competitive. According to a recent report by McKinsey, 84% of executives believe that innovation is essential for achieving their growth objectives. As entrepreneurs, you must make a resolution to foster innovation within your organisation. Encourage your team to think creatively and embrace change. Be open to new technologies and methodologies that can enhance your products or services.
Set realistic and data-driven goals
Setting realistic, data-driven goals is paramount to the success of any entrepreneurial endeavour. As a New Year resolution, vow to establish well-defined objectives for your business and ensure they are backed by data and analytics. This will not only guide your decision-making process but also make it easier to track progress throughout the year.
Financial prudence and investor relations are key
Your relationship with investors is a cornerstone of your entrepreneurial journey. A majority of startups rely on external financing to drive growth. This highlights the importance of maintaining strong investor relations. Resolve to be financially prudent in the coming year, demonstrating responsible stewardship of the capital entrusted to you. Communicate transparently with your investors, providing regular updates on the progress of your venture.
Enhance cybersecurity measures
With the increasing digitisation of business, cybersecurity has become a paramount concern. As an entrepreneur, it is your duty to protect sensitive data and customer information. Make it a New Year resolution to enhance your cybersecurity measures. Invest in robust security protocols and employee training to safeguard your business from potential threats.
Diversify revenue streams
Over-reliance on a single source of revenue can be risky. Companies with diverse revenue streams are more resilient in the face of economic uncertainties. Resolve to diversify your income sources in the coming year, reducing the vulnerability of your business to market fluctuations.
Cultivate a strong company culture
Your company’s culture plays a significant role in attracting and retaining top talent. Particularly in today’s world, more and more employees and job seekers consider a company’s culture as a key parameter when considering working in the organisation or even leaving it. As an entrepreneur, it’s essential to focus on building a positive and inclusive work environment. Foster a culture that values innovation, teamwork, and employee well-being. A New Year resolution to cultivate a strong company culture can enhance employee satisfaction and productivity.
Invest in continuous learning
The business landscape is ever-evolving, and entrepreneurs must stay ahead of the curve. Learning and development is a crucial aspect, not just for employees but entrepreneurs as well. Make it a resolution to invest in your own continuous learning and the professional development of your team. Stay updated with industry trends and emerging technologies. This must also apply to your company and employees. Highly skilled workers are more likely to be productive, contributing to the organisations’s growth while climbing the corporate ladder themselves.
Sustainability and Corporate Social Responsibility
In today’s world, the importance of sustainability and corporate social responsibility cannot be overstated. Consumers and investors are increasingly conscious of a company’s environmental and social impact. Make a New Year resolution to integrate sustainability and social responsibility into your business practices.
Bottomline
The journey of entrepreneurship is one that requires constant self-assessment and adaptation. New Year resolutions, as viewed from the perspective of venture capitalists and investors, should be rooted in data, innovation, and responsible management. By focusing on these resolutions, you can increase the likelihood of achieving success in the coming year and beyond.
(The author of the article is Nandini Mansinghka, CEO of Mumbai Angels, and the views expressed in this article are her own)
