When we look at successful entrepreneurs, many questions tickles our mind. How did they get till here? What caused them to choose this path? Why did they become an entrepreneur?
Gurbaksh Chahal is one of the successful entrepreneurs. He is the founder of the world’s first High-Frequency Marketing OS, named as “Gravity4”. It will be interesting for the readers to know that how Gurbaksh Chahal become an entrepreneur? What he likes and what he dislikes about being an entrepreneur? What business strategies he has been following? What hurdles he faced to get till here? Did he ever experience any black day during his journey?
In a conference hosted by Stanford Graduate School of Business, Gurbaksh Chahal told that he was 16 years old when he started his entrepreneur journey. The thing that caused him to be an entrepreneur was a little different. His family was going through some hardships and they were facing tough time. He then decided to help them out. His very first and only job was trying at McDonald’s where he was rejected but he didn’t lose hope. For him survival was a reason but on the top of that he loved building stuff.
Thing he liked most about being an entrepreneur is that he loves to create something out of nothing and then seeing its positive results as quickly as he makes them happen. According to him the downside of being an entrepreneur is that it is not stable as a typical company where you have enough things and places you do not have to worry about like revenue, profit and many other things.
Tips for Startups:
Gurbaksh Chahal shared the following useful tip for startups.
Finding your dream team
Entrepreneurship is all about being passionate and making a change. If one is passionate about his work, he will definitely have so much fun. But finding your dream team is very essential for this purpose. You have to pick right investors for the right reason. They can add a tremendous value. Gurbaksh Chahal emphases on picking up the right partner because if you are picking wrong then they can take a lot of values. It’s pretty crucial to find your dream team, especially first 5 or first 20 employs. If someone fails to find his dream team, he can face disappointments and failures.
Facing a Black Day
For any success march, everyone has to face few black days, as they ground you and teach you a lot of things. Gurbaksh Chahal was 16 years old when he started his first business. In first 6 months of his business he didn’t have any formal contracts. He just had few primary engineering people who were managing the technology. But then he was threatened by some workers that they will shut him down. Since he was just 16 and he didn’t have much experience so they shut him down. He was out of business for a week. It was a mess until he recovered from that situation. But he didn’t give up and learned a lot from it. He realized that a couple of things one should always have:
- If you are an entrepreneur always have a backup plan.
- Always surround yourself with the people who can make you win or see you win.
- Make sure you have the right “rock stars” with you.
According to Gurbaksh Chahal, rock stars are actually those right people in your dream team. If you do not have those right people, you will face a lot of horror stories over and over. On the other side, Black days prepare you for the future as they end up in giving us a positive outcome.
Gurbaksh Chahal says, “My entrepreneur journey came from making mistakes.”
Fear and Failure
Gurbaksh Chahal pointed on another important thing that mostly people walk with fear and failure. First people think of a big idea and then they are spending 80-90% energy on the fact that they will face failure verses of that 10% may be they will not fail. One should be going with the positive energy that this is my plan and this is my point of how far I will be taking it. You should think that I will spent 100% of my time and efforts to make it happen. The flip side is that when u haven’t started it, when u have nothing to even go ahead and you are distributed with this negative energy that I will be failed. To be a good entrepreneur you should always believe that “Failures are not an option.”
Characteristics of an Entrepreneur
Gurbaksh Chahal emphases on one and only characteristic of being a good entrepreneur is that you should swallow really hard and embrace rejection. Which is actually the hardest thing to do as a human being. But if you can swallow it and understand how to deal with it, you will be able to solve 80% of your problems easily. To be clearer with his point he came up with the example of a billionaire author J. K. Rowling. She was rejected seven times from her first book but she did not give up. All that comes to human nature of realizing what your pain tolerance is for embracing rejection. Simply focus on your objective, you will prevail.
Entrepreneurship is an Art
Gurbaksh Chahal thinks entrepreneurship is an art and you have three stages of it.
- The very first stage is where you are the creator, you are an inventor and you are trying to prove a concept.
- In the second stage, you are the manager and you are trying to go ahead to build a company.
- Third stage comes when you are the executor. You are actually executing a potential outcome and that itself is a different strategy.
So all the three stages require a complete different approach and it is up to you as an entrepreneur to see if you can mould yourself as company grows. You should know how to go ahead and act like a creator.
Problem with Entrepreneurs today
According to Gurbaksh Chahal, most of the entrepreneurs get too much emotional with certain things. Whether it is about earning certain amounts or controlling certain amounts.
He is of the view that there are two types of entrepreneurs:
- Type one are those who believe that they can change the world with their crazy ideas. They can come up with the ideas that nobody has come up before. They can prove themselves easily on the basis of these ideas.
- In the second category we have entrepreneurs who copy exactly what other people are doing. They believe that they can copy someone’s idea and then they can execute better than others. That is how majority of successful companies have actually started. Gurbaksh Chahal believes that as an entrepreneur there is a lot of risk in category one. Even he will not take risk of coming up with something that is totally different.
Ideas and their Execution
Gurbaksh Chahal’s part of philosophy is that idea is 1% of the journey, 99% is all execution. You should really focus on the outcome. He said, “I never did anything for money. For me it’s all about being successful and proving myself.” To be successful, you should know the formula so that you can change yourself accordingly for the next opportunity.