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In today’s era, the world of startups is no less than a war zone, where there is uncertainty and challenge at every step. In such a situation, the thoughts of Acharya Chanakya, the great economist and strategist of Indian history, are equally appropriate in today’s modern business world. If you are going to start a new startup or want to take your business to new heights, then Chanakya’s policies can act as a guide for you. By adopting these 5 bitter but necessary lessons, any entrepreneur can strengthen the foundation of his success.
Chanakya’s first mantra: Choose the right team
According to Chanakya, no empire can succeed unless its generals and soldiers are loyal. Even for a startup, your team is your biggest asset. Chanakya says that before including anyone in your team, check his morality and efficiency. Choose people not just based on qualifications, but based on their ability to align with the company vision. One wrong person can spoil all the hard work, so putting ‘the right person on the right job’ is the key to success.
Second lesson: keep your strategy secret
A business mantra that remains equally relevant today is this—don’t reveal your next move until it’s complete. Chanakya Niti says that the noise of your plans should be made only when the work is successful. Excessive transparency can sometimes become your weakness in the startup world. Do not let your competitors know about your strategy and carry out the work with complete secrecy. This provides you a competitive advantage in the market.
Third lesson: proper management of resources
Chanakya clearly believed that management of wealth is the basis of the state. It is most important for an entrepreneur to save capital and invest it in the right place. Startups often burn through their budget just to show off. According to Chanakya, avoid wasteful expenditure and keep an account of every penny. Do not let lack of resources become your hindrance, rather making maximum use of your limited resources (Optimization) is the identity of a true entrepreneur.
Fourth lesson: Don’t be afraid of failure, change strategy
Acharya Chanakya says that if one path is closed, do not waste time in looking for another path, but change your strategy. Sometimes in business it is necessary to ‘Pivot’. If your product is not working in the market, then instead of being arrogant and sticking to it, adapt yourself to the customer’s needs. Only those entrepreneurs who change their plans according to the circumstances are able to survive for a long time.
Fifth lesson: An eye on the target like Arjun
In the end, the biggest lesson of Chanakya is to never stop until the goal is achieved. Starting a startup is easy, but sustaining it is like penance. Many entrepreneurs become lazy after initial success. Chanakya teaches that until the goal is achieved, keep your attention completely focused on it. Maintaining patience in the face of adversity and remaining steadfast towards your objective is the only way to turn a successful startup into a unicorn.