Kuldip Maity

Many of my readers are owners of micro-enterprises and have requested that I provide related examples from my professional engagements so that they can visualise them better. I will try my best.

Entrepreneurship is a test of patience, especially when you’re running a micro-business. Whether you’re operating a small tailoring unit, a local food delivery service, a mobile repair shop, or a two-person digital marketing agency, minor setbacks are part of the daily grind. These could be a cancelled order, a missed payment, a negative review, or even a small technical glitch. While none of these might seem massive at first, the real challenge is how you react to them.

The first step is to recognise that minor setbacks are a normal part of the process. If you’re running a home-based bakery and a customer complains that the cake was too dry, it’s not the end of the world. These things happen. What matters more is your ability to absorb the feedback and move forward. Don’t overthink a single bad review or a day without any new orders. Every business, big or small, faces ups and downs — what keeps you afloat is consistency, not perfection.

When something goes wrong, take a short pause. This doesn’t mean you stop everything. It simply means you give yourself a few minutes or hours to think clearly before reacting. For instance, if your supplier fails to deliver raw materials for your handmade soaps on time, panicking won't help. However, pausing to look for an alternative supplier or adjusting customer delivery timelines with clear communication might improve trust. In micro-businesses where operations are lean, every decision counts — rash moves only create more issues.

Breaking down the problem helps. If a customer did not receive their order on time, ask yourself: was it a delivery issue, a stock problem, or a miscommunication? Instead of jumping to conclusions, get to the root of the matter. A home-based tiffin service owner might realise that a delay was due to overbooking. The solution could be as simple as limiting orders per day or developing a more effective delivery plan. Most small business issues are fixable once you understand them in parts.

Communication is key. If your tailoring service messed up a blouse fitting, don’t hide. Call the customer, explain the issue, and offer a correction or refund. People are usually more forgiving than we assume, especially when you’re honest. In small businesses, the personal touch is your biggest asset. Use it to your advantage. A mistake owned up to is often more appreciated than an error covered up.

It also helps to record your mistakes. Keep a simple note of what went wrong and how you fixed it. This could include anything — forgetting to carry change for a cash payment, printing a wrong logo on a client’s T-shirt, or missing an online meeting. Over time, these entries form a kind of handbook that helps you improve. Every mistake carries insight. Don’t let it go to waste.

Your well-being matters too. In micro-businesses, the owner typically handles everything — from marketing and service to finances and even delivery. So when a problem arises, it hits you harder. Don’t burn yourself out over one mistake. Eat well, sleep well, and take short breaks. A tired mind will only multiply problems. If you’re a one-woman homemade pickle brand and your shipment leaks during transit, you need energy to fix the issue, not guilt and exhaustion.

Don’t compare your journey. A neighbouring small café may look busier on social media, but you don’t know what goes on behind the scenes. Focus on what you can control. Micro-businesses grow at their own pace. You’re building something real. That takes time and persistence. One day with fewer orders doesn’t mean you’re failing. It just means business is unpredictable — and that’s part of the deal.

Lastly, keep going. A missed sale today can become a learning moment that improves your service tomorrow. A mehendi artist who arrives late once can build a better booking buffer for future clients. Improvement is slow, but it adds up over time.

Setbacks are not signs to stop. They’re signals to change, learn, and adapt.

 

 

When, in my last blog, I mentioned that entrepreneurship affects far more than work, my intention was not to scare you off, but to prepare you.

Entrepreneurship touches personal life, finances, mental health, and relationships. Here are a few situations that come to mind, along with my suggestions on how to address them.

Family Commitments Take a Hit

This is the toughest situation of all. Starting a business demands time and money, both of which come at the cost of personal life. Long hours mean missing birthdays, anniversaries, and other family events. Financial stress adds to the pressure. Vacations get postponed. Lifestyle changes are needed. Family members may feel ignored or undervalued, which leads to distance and tension at home.

Be honest with your family. Don’t hide the struggle—share it. Explain why you're making certain choices. Let them be part of the journey in their own way. Even if they don’t fully understand the business, they can offer emotional support. Also, schedule dedicated time for them—no phones, no distractions. Small gestures go a long way in rebuilding a connection. Always keep in mind that it is your passion that you are pursuing, not theirs. The family is just being supportive. Show that appreciation.

People Don’t Understand the Vision

Entrepreneurs often see something no one else does. They live in the future while everyone else looks at the present. Friends may not get it. Employees might not care beyond their roles. Even co-founders may differ on key points. This leads to a deep sense of isolation—of being the only one who truly “gets it.”

Stop expecting complete understanding. Accept that the vision is yours alone. Focus instead on communicating it, consistently, and with conviction. Build a culture where questions are welcomed, but the mission remains firm. Over time, the right people will align. Until then, learn to stand firm in your own beliefs.

Investors Pulling Back on Innovation

Entrepreneurs crave to build new things. But innovation comes with risk. Often, when a bold idea is pitched, investors hesitate. Some may withdraw funding. Others might pressure founders to stick to proven models. This is discouraging, especially when the entrepreneur feels that the innovation is the key to long-term growth.

Always be ready for investor resistance. Keep backup options—such as smaller experiments, bootstrapping parts of the idea, or exploring alternative funding sources. Learn to balance vision with data. Present innovation not as a wild idea, but as a calculated risk with measurable milestones. And if support still fades, don’t hesitate to walk away from the wrong investors. It is just a temporary setback.

Letdowns from the Inner Circle

Startups often begin with people you trust—friends, classmates, ex-colleagues. But as the business grows, expectations change. Some may leave. Others may act in their self-interest. These are not just operational losses; they feel like personal betrayals. Trust is shaken. The founder feels exposed and alone.

Don’t build blind loyalty—build aligned goals. Establish systems early—clear roles, equity agreements, and exit clauses. It may feel transactional, but it protects relationships. Also, accept that not everyone is meant to stay for the long haul. Let people go with grace. Protect your peace more than your pride.

Mental Pressure and Constant Self-Doubt

Entrepreneurs wear many hats and bear the final responsibility. They don’t always have someone to talk to. They hide their stress to appear strong. Behind the scenes, they worry about failure, cash flow, growth, and people. Over time, this leads to burnout and a quiet breakdown.

Don’t keep it all in. Talk to a coach, therapist, another founder, or even a good listener. Prioritise mental health like you do business goals. Build in breaks. Sleep matters. Exercise matters. Journaling helps, too—sometimes writing things out brings clarity. Most importantly, separate your self-worth from the business’s performance.

Loneliness in entrepreneurship is not a sign of failure; it's a natural part of the journey. Accept that not everyone will understand or support you—and that’s okay.

 

 

 

Entrepreneurship is often glorified as a thrilling adventure full of success, innovation, and freedom. But behind the scenes, it is a solitary path. While friends, co-founders, mentors, and investors may walk parts of the road with you, the core journey belongs to the entrepreneur alone. The reason is simple: the vision is personal. It lives in the mind of the entrepreneur and is hard to share completely with anyone else.

At the start, the entrepreneur sees something that others don’t. It may be a new solution, a gap in the market, or a better way of doing things. This vision becomes the foundation of the venture. However, because it is so unique, others often struggle to connect with it. They might not see the potential. They may question the idea, challenge the market, or doubt the timing. This creates a mental gap between the entrepreneur and the world around them.

Even within a team, achieving alignment can be a challenge. Co-founders may understand parts of the vision, but not all of it. Employees may follow instructions but not grasp the big picture. Investors may fund the idea but still push it in directions that conflict with the original intent. As a result, the entrepreneur becomes the sole keeper of the vision. This can feel isolating. There’s no one to share the emotional burden or the fear of failure at the same depth.

This isolation is amplified by the relentless pursuit of perfection. Most entrepreneurs are driven by high standards. They don’t settle easily. They want their product to be flawless, the brand to be strong, and the experience to be top-notch. But building the perfect business requires the perfect team. That’s where the challenge lies.

A perfect team doesn’t exist. Talented people come with their ambitions, limitations, and values. They may not match the pace, pressure, or intensity expected by the founder. Skills can be hired, but passion can’t. Loyalty can be encouraged, but it can’t be forced. There’s always a mismatch—small or big. This mismatch leads to frustration. The entrepreneur ends up doing more than they should, simply because it’s faster, better, or more aligned with the vision.

Family and friends try to support, but their understanding is limited. Unless they’ve been entrepreneurs themselves, they may not relate to the stress, the long hours, the uncertain future. Conversations become shallow. The entrepreneur starts hiding fears to avoid sounding negative or weak. They smile in public and worry in private.

The mental toll is real. The constant push for growth, perfection, and validation drains the entrepreneur. There’s no off switch. Vacations are interrupted. Sleep is compromised. Relationships suffer. And yet, they keep going because quitting feels worse than failing. Because the vision still burns inside them.

This loneliness doesn’t mean entrepreneurship is not rewarding. The joy of creation, impact, and independence is unmatched. But it comes at a cost. It requires a strong mind and thick skin. It demands self-motivation when no one else believes in you. It calls for patience when results take time. And above all, it requires resilience when the journey feels empty.

The best entrepreneurs learn to embrace this loneliness. They accept that no one will care as much as they do. They stop expecting perfect alignment. They build strong systems, not just strong people. They create cultures that support ownership but don’t demand obsession. They find mentors and peers, not to walk the same path, but to share honest conversations. They use solitude to think more clearly, plan more effectively, and stay true to their vision.

Let me sum up by saying, entrepreneurship is not about popularity or companionship. It is about belief. The path may be solo, but the impact can be massive. And that is what keeps entrepreneurs going.

 

 

Many of you approach me asking for advice on the career path to take. Mostly, the questions revolve around the choice between salaried options and entrepreneurship. While the answer depends on the individual, their background, and aspirations, many who are fearful of losses in their entrepreneurial journeys need not worry about it. I strongly believe that, aside from non-value-added trading, no entrepreneur ever incurs a loss.

Entrepreneurship is often viewed through a narrow lens of profit and loss. But those who have walked the path know it's more than numbers. It's about learning, adapting, and growing. Even when an entrepreneur faces a monetary loss, the experience gained becomes a valuable asset. In the bigger picture, that loss is not a defeat. It’s a lesson. And lessons, when learned well, lay the foundation for future success.

Every business venture, successful or not, teaches something. A failed startup may reveal what the market truly needs. It might highlight weak areas in planning, execution, or leadership. These insights cannot be bought. They are earned through real-world exposure. Classroom theories and case studies can't offer what a real failure can. Entrepreneurs become better with each setback because they face reality head-on.

Losses are also the best teachers of resilience. Building something from scratch, watching it struggle, and sometimes watching it fail, builds mental strength. That kind of endurance is hard to teach. Entrepreneurs who have failed once know how to manage pressure. They know how to make tough calls. They understand what it means to risk everything. That kind of experience often becomes the reason they succeed the next time.

In every failed business, there are hidden profits. The network was built during that time. The knowledge of how markets react. The insight into customer behavior. The skills developed include team management, financial planning, marketing, and problem-solving. These gains don’t appear on balance sheets, but they are real and lasting.

Also, failure humbles an entrepreneur. It makes them listen more. Observe more. Plan better. Pride often fades after the first failure, and wisdom takes its place. The next idea, the next pitch, and the next venture are more grounded. The entrepreneur becomes more cautious but also more confident. That balance often leads to better outcomes.

Loss builds character. It teaches patience. It teaches the importance of timing. It teaches that no idea, however good, will succeed without effort and persistence. Entrepreneurs learn that they can't control everything—markets shift, trends change, and unexpected events happen. This realization enables them to stay flexible and adaptable.

Another key benefit is credibility. Investors and partners respect someone who has tried and failed more than someone who hasn’t tried at all. It shows courage. It shows a willingness to take risks. A failed entrepreneur who gets up and tries again is taken seriously. They’ve seen what can go wrong, and that makes them more capable of making things go right. The emotional growth is also immense. Entrepreneurs learn how to deal with rejection, criticism, and self-doubt. They grow thicker skin. They begin to separate their self-worth from business outcomes. This maturity improves decision-making. It helps them remain calm in the chaos. It allows them to focus on long-term goals rather than short-term setbacks.

Finally, the mindset of “never losing” is powerful. When entrepreneurs view failure as feedback, they never stop moving forward. They are always evolving. This mindset is what makes them unstoppable. Even if they fall ten times, they rise the eleventh time—stronger, wiser, and more prepared.

An entrepreneur may lose money, time, or even a company. But they never truly lose. Every loss adds to their toolkit. Every mistake becomes a lesson. Every fall becomes a step up. The journey may be rough, but it builds an unshakable foundation.

In entrepreneurship, experience is the real profit. And with that, no venture is ever a waste.

 

We established that thinking rationally is always the best approach to making any critical business decision. But rational thinking also needs a formal approach. As discussed in the last blog, let us discuss the steps that guide us towards rational decision-making.

To support structured thinking, one can use decision-making frameworks. Tools like SWOT analysis help understand internal and external factors and categorise them into Strengths, Weaknesses, Opportunities, and Threats. Cost-benefit analysis compares the value and cost of each choice. A decision matrix scores each option on key criteria, such as cost, time, and return. These tools simplify complex decisions and help make comparisons easier and more objective.

Another important part of rational decision-making is involving the right stakeholders. This includes people who will be affected by the decision or those who will implement it. Feedback from key departments or experts ensures that the decision is practical and covers all relevant angles. It also increases acceptance and cooperation during execution. Failing to consider stakeholders can lead to resistance or failure during implementation.

Rational decisions are not only about immediate results. They should also consider the long-term impact. A decision that solves a short-term problem but causes future complications is not a smart choice. The question to ask is whether the option aligns with the company’s broader goals and values. Does it help build long-term stability, reputation, and growth? Rational thinking extends beyond immediate fixes and focuses on lasting results.

Once the evaluation is complete, it is time to make a decision and take action. Overthinking or delaying can harm the business. A rational choice backed by data and analysis should be implemented with discipline. This includes setting timelines, assigning responsibilities, and tracking progress. The job doesn’t end with the decision; proper execution is just as critical.

Finally, every decision should be reviewed after implementation. Did the expected results occur? Were there any surprises? What can be learned from the process? This reflection improves future decision-making by building experience and insight. Learning from each choice, whether successful or not, helps create a decision-making culture based on improvement rather than blame.

Rational thinking in business decision-making is not about avoiding mistakes entirely but about reducing them. It brings structure, clarity, and confidence to the process. By focusing on facts, exploring all options, evaluating risks, and removing bias, business leaders can make more informed, timely, and reliable decisions.

But, even if mistakes happen, early indications help control the losses and optimise our learning outcomes. 

In my previous blog, we discussed how making sound business decisions depends on rational thinking. This week, let me try to break it down further.

It begins with clearly defining the problem. It is important to avoid vague goals and instead focus on what exactly needs to be decided. For example, instead of aiming to “improve revenue numbers,” the focus should be on a specific, actionable question, such as whether to launch a new product or enhance the footprint to a new territory. A well-defined objective gives direction and ensures that time and resources are spent efficiently.

Once the problem is identified, the next step is to collect relevant data. Rational thinking relies on facts, not assumptions, unless it is impossible to progress without them. This involves integrating both internal and external data. In the example above, internal data would include sales numbers, customer feedback, and performance metrics, among others. External data might involve market trends, competitor activities, and economic indicators. Data should be recent, reliable, and complete. Decisions made on incomplete or biased data can lead to poor outcomes. It is essential to incorporate both quantitative data, such as numbers and financial information, and qualitative input, including expert opinions and market sentiment.

After gathering information, it’s necessary to list all the possible options. Rational thinking requires examining more than one path. Limiting the decision to only the most obvious option can lead to missed opportunities. Even unlikely or unconventional options should be explored, as they might offer better outcomes with fewer risks. Listing multiple alternatives opens up more choices and prevents tunnel vision. Sometimes, doing nothing is also a valid option if it results in fewer risks or costs.

Once all the options are identified, each must be carefully evaluated. This involves examining the advantages, disadvantages, and potential risks associated with each. It’s important to consider both short-term and long-term consequences. Being honest in this evaluation is key. Ignoring or downplaying the negatives of a preferred option leads to biased and often faulty decisions.

Before settling on an option, it is wise to consider the worst-case scenario. What happens if everything goes wrong? Understanding the potential downside helps assess whether the risk is acceptable. If the worst-case outcome is too costly or damaging, then the option may need to be avoided, regardless of how attractive its benefits seem. This helps ensure that decisions are not just hopeful guesses but carefully weighed choices.

How we evaluate the options to reach a decision needs a longer explanation. Let us do that in the next blog.

 

 

 From what we have discussed, there is no ambiguity in the fact that leadership is a complex trait. It is not defined by a single quality or skill. Instead, it is a combination of traits that help a person guide, influence, and inspire others.

Among the many traits often discussed, two stand out—passion and rational thinking. These qualities are considered core ingredients of good leadership, but the question remains: which matters more?

Passion is the emotional drive that pushes a person to act with energy and purpose. It comes from a deep belief in a cause or vision. Passionate leaders often stand out because they care deeply about what they do. Their energy is infectious. They lift the spirits of those around them. Teams follow passionate leaders not because they have to, but because they want to. The belief and commitment shown by such leaders often build strong loyalty.

But passion has its risks. When emotions take the lead, decisions may become impulsive. A leader too driven by passion may ignore opposing views or data that contradict their belief. Passion can cloud judgment. It may also create a closed mindset, where the leader resists change or feedback. While passion can be a powerful force, it needs direction.

On the other hand, rational thinking brings clarity and structure to leadership. Rational leaders rely on facts, data, and logic to make decisions. Emotions or trends do not easily sway them. Their decisions are usually more measured and calculated. This makes them dependable in situations that require calm and careful planning.

A rational leader would give calm, measured responses, even during times of crisis. Their focus will be on long-term stability, not short-term popularity. Their leadership is mainly focused on maintaining trust and delivering results.

Rational thinking helps leaders make fair, objective choices. It allows them to manage risk, set priorities, and adapt to changing situations. It avoids knee-jerk decisions. However, rational thinking without emotional engagement can make a leader seem distant. People may follow them out of duty, but not out of inspiration. Without passion, teams may lack motivation and a sense of shared purpose.

The best leaders do not rely on just one of these qualities. They balance both. Passion gives purpose. Rational thinking provides direction. A leader who can inspire with vision and make sound decisions is more likely to succeed in the long run. This balance is rare, but powerful.

Leadership is also situational. What works in one setting may not work in another. Passion may take center stage in a startup environment where innovation and speed are key. A passionate leader can rally a small team, push through setbacks, and keep morale high. In contrast, in a large corporation or public office, rational thinking often takes priority. Leaders must consider complex systems, multiple stakeholders, and long-term consequences.

In times of crisis, rational thinking is usually more important. Emotions run high, and people look for calm, clear-headed leaders. But during times of change or uncertainty, passion may help more. It gives people hope and a reason to keep going.

Another factor is emotional intelligence. This is the ability to manage one’s emotions and understand those of others. Leaders with high emotional intelligence can better balance passion and logic. They know when to show emotion and when to stay neutral. They listen well, respond thoughtfully, and adapt their style.

People tend to follow leaders who show a mix of traits. They want leaders who are committed to a cause, but also thoughtful in their approach. They trust those who lead honestly, communicate clearly, and make fair decisions. Passion without control can seem reckless. Rational thinking without emotion can seem cold. The right mix is what creates a lasting impact.

The most effective leaders inspire with their vision, act purposefully, and decide with clarity. They combine heart and mind to bring people together and move them forward. That is what truly defines good leadership.

Passion is the spark. Rational thinking is the map.