Belief #6: Entrepreneurship Isn’t a War, It’s About Solving Problems And Turning A Profit

Patel reveals that he is clearly against the belief that ‘Entrepreneurship is a war.’ Today people often interpret entrepreneurship to be a race to the top. “It’s all about solving problems and turning in a better profit.” Also Patel shares his experiences on confronting battle-minded entrepreneurs who treats businesses like a war. “But even if you can actually do that and become number one in your market, you will still fail if you aren’t turning a profit.” He also reminds that every single person out in the business world must realize the fact that there is enough room for multiple layers within every platform.

Belief #7: Hire Slow, Fire Fast

Patel explained the thesis behind running a innovative company with a well scrutinized single piece advice- “the single most critical part of running a successful business is to hire the right people and fire the wrong ones fast.”

“You want people that has some real passion to work for your company, people who can blend into the company so fast that they stay within the firm for a longer time span. Hire people that you find smarter than you and who can fit within your company culture. And never fire employees during a downturn.”

According to Patel, building a good company culture is the core in constructing a well-paced business. “Follow this step and you will grow like anything.”

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