Dream with Your Eyes Open

1. Risk is Calculated, Not Reckless

Risk means pushing the envelope when others want to take the safe route, and caring more about potential rewards than possible losses.

Beyond Foolish Behavior. True risk-taking isn't about blindly jumping into uncertain situations; it's about strategically pushing boundaries when others choose the safe path. It's about weighing potential rewards against possible losses, and having the courage to pursue opportunities that others might shy away from. This involves a deep understanding of the situation, not just a reckless disregard for consequences.

Childhood Lessons. The author's early experiences, from organizing plays to selling premiere tickets, instilled a sense of calculated risk-taking. These weren't grand schemes, but small ventures that taught him to observe markets, identify needs, and act decisively. These early lessons shaped his entrepreneurial spirit, emphasizing the importance of observation, action, and a willingness to learn from both successes and failures.

Leap First, Look Later. While the author advocates for calculated risk, he also emphasizes the importance of being proactive rather than reactive. He prefers to jump rather than be pushed, embodying a "leap first, look later" mentality. This doesn't mean ignoring potential pitfalls, but rather having the confidence to act decisively and figure out the details along the way. This approach is about taking ownership of your path and not waiting for others to dictate your direction.

2. Opportunity Knocks, Open the Door

When you’re new in business, ask questions without worrying about what people will say or think. At worst, they might say no.

Openness and Curiosity. Recognizing opportunity requires an open mind and a willingness to explore new experiences. The author's story of stumbling upon toothbrush machines in London highlights the importance of being receptive to unexpected possibilities. It's about having a "zero agenda" and being curious about the world around you.

Action Over Analysis. While research and planning are important, deep knowledge comes from doing, from getting your hands dirty, and from asking questions others are afraid to ask. The author's approach to starting Lazer Brushes involved diving headfirst into an industry he knew nothing about, trusting his intuition, and learning as he went. This highlights the importance of action over analysis and the willingness to learn by doing.

Funding is a Hurdle, Not a Barrier. The author's experience with Lazer Brushes demonstrates that a lack of funding should never be a barrier to starting a business. He secured loans by leveraging the value of the machines and his personal guarantee, highlighting the importance of resourcefulness and the ability to find creative solutions to financial challenges. This underscores the idea that a strong vision and a willingness to fight for your goals can overcome a lack of initial capital.

3. Communication is Currency

Culture is the lifeblood of successful endeavors. Everything you do and everywhere you go creates opportunities to communicate in impactful ways.

More Than Elocution. Communication for entrepreneurs is more than just speaking well; it's a form of currency that can boost or burn a business. It involves clarity of thought, the ability to deliver a strong message, and the speed at which you understand things. It's about being authentic and connecting with people on a personal level.

Culture of Openness. The author emphasizes the importance of creating a culture of openness and respect in the workplace. This includes avoiding distractions like mobile phones during meetings, being courteous in communication, and valuing everyone's time. This approach fosters a healthy corporate culture where team members feel empowered and respected.

Charm and Persuasion. Effective communication involves the ability to persuade with your tone, your willingness to be inclusive, and your knack for being clear and articulate. It's about disarming your audience by listening keenly and sprinkling humor into even the most serious situations. This approach builds trust and fosters a positive environment for collaboration and growth.

4. Embrace the Outsider Mentality

The difference between predator and prey in a business ecosystem is determined by the strength of one’s next idea.

Strength in Difference. Being an outsider can be a source of strength, allowing you to challenge conventions and bring fresh perspectives to the table. The author's experience in Bollywood highlights the importance of following your instincts and not being afraid to go against the grain. This approach can lead to innovation and disruption.

Gut Over Consensus. The author's decision to greenlight the movie Barfi! despite its unconventional storyline demonstrates the importance of trusting your gut and not being swayed by popular opinion. It's about having the courage to take risks and back your own vision, even when others may doubt you. This highlights the value of intuition and the willingness to break from established norms.

Learning from Setbacks. The author's early struggles in Bollywood taught him the importance of resilience and the ability to learn from setbacks. He emphasizes that the difference between predator and prey is the reception of your next film, highlighting the need to constantly innovate and adapt. This underscores the importance of a growth mindset and the ability to bounce back from failure.

5. Disrupt, Don't Just Change

When we seek opportunity, human nature compels us to follow success. Often, this means following the herd. But when we’re following the herd, all we see is the rear end of the person in front of us!

Beyond the Status Quo. True disruption isn't about change for the sake of change; it's about challenging the status quo and creating something fundamentally different. It requires deep thought, a long-term vision, and a willingness to go against the grain. This approach is about creating new markets and opportunities, not just following existing trends.

Innovation with Purpose. Innovation isn't just about having a great idea; it's about understanding the context and relevance of that idea. It requires a constant cycle of iteration and adaptation to ensure that the innovation is not only novel but also commercially viable. This highlights the importance of continuous improvement and a willingness to learn from feedback.

Understanding the Market. The author emphasizes the importance of understanding the Indian market and its diverse demographics. This involves asking key questions about your target consumers, their spending habits, and their consumption patterns. This approach allows you to identify untapped markets and create products and services that meet their specific needs.

6. Scale is a Mindset, Not a Milestone

Inflection points need to be pursued. Look round the bend, spot trends, set the bar high, and build a team and a culture forward-focused on scale.

Beyond Modest Success. Scale is not just about growth; it's about having a mindset that seeks to expand your reach and impact. It's about looking beyond modest success and striving for something bigger and better. This requires a willingness to take risks and a commitment to continuous improvement.

Differentiator is Key. The author emphasizes the importance of having a clear differentiator that sets your business apart from the competition. This could be a unique product, a superior service, or a disruptive business model. Without a differentiator, scale will be elusive. This highlights the importance of innovation and the ability to stand out in a crowded marketplace.

Team and Culture. Building a team and a culture that is forward-focused on scale is crucial for long-term success. This involves empowering your team members, giving them a clear mandate, and providing them with the support they need to succeed. This underscores the importance of leadership and the ability to inspire others to achieve a common goal.

7. Failure is a Comma, Not a Full Stop

Insulating yourself against failure doesn’t ensure success; it only makes success more elusive. Plan for failure. Embrace failure.

Inevitable Part of the Journey. Failure is not an endpoint; it's an inevitable part of the entrepreneurial journey. The author's experience with console games highlights the importance of accepting failure as a learning opportunity and not letting it define you. This underscores the need for resilience and a growth mindset.

Survival Plan. A realistic success plan should be your focus, but a survival plan is equally important. This involves understanding your worst-case scenarios, gauging your ability to cope, and working on viable solutions without panicking. This highlights the importance of preparation and the ability to adapt to unexpected challenges.

Communicate Openly. When facing setbacks, it's crucial to communicate candidly with your team and stakeholders. This involves being honest about the challenges you're facing and sharing your plan for moving forward. This approach builds trust and fosters a sense of shared responsibility.

8. Stay the Course, Always

If failure is the most difficult obstacle for aspiring entrepreneurs, your greatest attribute is your ability and willingness to stay the course; this is the Holy Grail of business.

Beyond the Initial Rush. Staying the course is about more than just passion and enthusiasm; it's about having the grit and determination to persevere through difficult times. It's about overcoming the inevitable challenges and setbacks that come with building a business. This requires a long-term perspective and a commitment to your goals.

Resilience and Adaptability. The author's experience with UTV highlights the importance of resilience and the ability to adapt to changing circumstances. It's about being able to bounce back from setbacks and continue moving forward, even when things don't go as planned. This underscores the need for flexibility and a willingness to learn from experience.

Team Commitment. Staying the course also involves building a team that is committed to your vision and willing to stick with you through thick and thin. This requires creating a culture of ownership and empowering your team members to take responsibility for their work. This highlights the importance of leadership and the ability to inspire others to achieve a common goal.

9. Spot Trucks and Trends

Identifying trucks and trends is one of the most valuable skills any leader can possess.

Beyond the Obvious. Spotting trends isn't just about following the latest fads; it's about understanding the underlying forces that are shaping the market. It requires a deep understanding of your customers, your competitors, and the broader industry landscape. This approach allows you to anticipate future opportunities and challenges.

Avoiding the Trucks. Identifying "trucks" – potential problems or threats – is equally important. This involves being aware of the risks and challenges that could derail your business and having a plan in place to mitigate them. This highlights the importance of risk management and the ability to anticipate potential problems.

Communication and Teamwork. Spotting trucks and trends requires open communication and collaboration within your team. It's about creating a culture where team members feel comfortable sharing their insights and concerns. This underscores the importance of teamwork and the ability to leverage the collective intelligence of your organization.

10. The World Isn't Flat, and Who Cares?

Even though 99 per cent of us feel we are unequal to a task at some point in our lives, entrepreneurship provokes us to confront and conquer that myth.

Beyond the Level Playing Field. The author challenges the notion that the world is flat, emphasizing that some entrepreneurs start with more advantages than others. However, he argues that this shouldn't be a deterrent. It's about focusing on your own strengths and creating your own opportunities. This highlights the importance of self-belief and the ability to overcome perceived disadvantages.

Create Your Own Luck. The author emphasizes that luck is not a passive force; it's something that you create through hard work, preparation, and a willingness to take risks. It's about being proactive and seeking out opportunities, rather than waiting for them to come to you. This underscores the importance of agency and the ability to shape your own destiny.

Focus on Your Path. Instead of comparing yourself to others, focus on your own journey and your own goals. It's about understanding your unique strengths and using them to create value. This highlights the importance of self-awareness and the ability to stay true to your own vision.

11. Exits are Transitions, Not Endings

Ask anyone who has successfully exited a business, and he’ll tell you—you can’t time exits.

Beyond the Sale. Exits are not about abandoning a business; they're about transitioning it to the next stage of growth. It's about creating a liquidity event for your stakeholders while ensuring the long-term success of the company. This requires a strategic approach and a focus on the future.

Value Creation Over Exit Strategy. The author emphasizes that building a strong business should be your primary focus, not planning for an exit. Exits should be a natural outcome of building a valuable company, not the driving force behind your decisions. This highlights the importance of long-term thinking and a commitment to building a sustainable business.

Communication and Transparency. When an exit is on the horizon, it's crucial to communicate openly and transparently with your team and stakeholders. This involves being honest about your plans and ensuring that everyone is on the same page. This underscores the importance of integrity and the ability to build trust.

12. Dream Your Own Dream, Eyes Open

My sharing here is about staying real, practical, feet-on-the-ground and focused. So Dream With Your Eyes Open is the perfect blend of the 30,000-foot view, when you’re flying and thinking big, and the ground view, where you’re walking the talk and making it happen.

Beyond the Status Quo. The author encourages readers to dream big and pursue their passions, but also to stay grounded and focused on the practical aspects of building a business. It's about having a vision for the future while also being realistic about the challenges you'll face. This highlights the importance of balance and the ability to navigate both the big picture and the day-to-day details.

Focus, Choices, Empathy. The author emphasizes the importance of focus, making tough choices, and having empathy for others. These three qualities are essential for building a successful business and a fulfilling life. This underscores the need for self-awareness and the ability to connect with others on a human level.

Action and Impact. The author's final message is a call to action, urging readers to take control of their own destinies and make a positive impact on the world. It's about embracing the challenges of entrepreneurship and using your talents and passions to create something meaningful. This highlights the importance of purpose and the ability to make a difference.

Last updated: January 30, 2025