Entrepreneurship can be taught

Ronnie Screwvala

I've always been a firm believer in the importance of imparting entrepreneurial lessons that can truly help build successful businesses. I've had countless young and old, aspiring and established entrepreneurs ask me questions that affect day-to-day decision-making in their organisations. Here are my views on some of the most pertinent questions that entrepreneurs need to solve for.    

How important is culture in an organisation?

Companies succeed or fail based on culture. The sooner you begin to instil the culture in your organisation, the better. As a leader, you set the culture. Part of a great culture is a great office, though that doesn't necessarily mean free breakfast or video games. Rather, let's emphasise on liveliness and energy. Courage is another important characteristic — create a work culture that encourages people to take decisions while knowing they'll be supported. Culture formation is an ongoing process that comes from innumerable single moments modelled from the top by a consistent leader and followed by all. 

How should I come up with a vision statement for my company?

The vision statement refers to three or four lines that define your company's identity and your reason for being to the team members, customers & all stakeholders. State with clarity and honesty what is right and appropriate from the company's point of view. Keep in mind that a vision statement doesn't guarantee success, but not having one can become an obstacle and a challenge. Make sure it's simple, clear and easily understood. Above all, the vision statement should inspire and set the benchmark for the company's ambitions.

How do I find the right mentor? 

Before targeting a specific mentor, know exactly what you're looking for. Most mentors can't give you a 360-degree view, but you should not give up looking for someone with that breadth of invaluable knowledge. A mentor should be able to put herself in your shoes and extrapolate from experience. My personal recommendation would be to stick with one mentor, invest time in each other, get into a rhythm and be honest to a fault. And never look for a mentor in your family, it's just a bad idea, plain and simple.

How do I motivate my team when business is on a decline?

In two keywords: communication and decisive action. People need to see body language, read facial expressions, hear proper communication and trust the leader's tonality and confidence. It's not always what you say, but how you say it. For organisations, often the best time to reflect on and discuss cost and strategy is during a period of decline. Institute focused communication in smaller groups. Know what your team needs to hear, and don't give bad news in drips and drops — do one complete briefing. As a part of your culture setting, you need to be able to let go of those who lose faith in the company during crisis time. Instead, focus on the team members who will be around thick and thin.

—The writer is Chairman & Co-founder of upGrad, an online education platform