My Proficorn Way (Part 65)

When Things Go Wrong

Things will go wrong. Mistakes happen. Some are small and can be fixed easily; others are serious ones and cause trouble to customers and therefore need to be addressed proactively. And every so often something happens that shakes the very foundation of the business – a life-or-death moment. Those are the ones which keep the entrepreneur always on the edge. If not tackled right, such unanticipated events can lead to setbacks which are hard to recover from.

In my entrepreneurial life spanning almost three decades, I have had many such ‘death knell’ moments. It could be a critical employee leaving, the loss of a key customer, a competitor launching a faster-better-cheaper alternative, an algorithm change done by Google which changes the game completely, a government diktat that upends the state of play, a data hack that leaks sensitive customer information, or a software error that causes a system crash leading to downtime for mission critical operations. In recent times, it was the zero-revenue nightmare caused by the onset of lockdowns after Covid-19 hit. The question in all cases for an entrepreneur is one of business survival.

When many years ago, TRAI jacked up SMS prices by a factor of 10, I was faced with such a life-and-death moment for MyToday. There was no way we could absorb an overnight increase of 10X in the costs of sending SMSes, and so I had no choice but to kill the service. I had not anticipated such TRAI action. If I had, perhaps I could have switched from SMS to email as a mode of communication. In the midst of the war, I did not think clearly and thought that that was nothing possible.

When Covid-19 started spreading in March, I worried about what actions the government would take. I told our HR department to start planning for employees to work from home. That early action gave us a week’s lead time before the harsh lockdown was announced. That week made all the difference – it allowed us to get laptops for people, get key teams acclimatised to working from home, and gave us early learnings on how to make the transition. Had we not planned, the business impact would have been very severe for many individuals and teams, and therefore for our customers.

It is the rare business that does not suffer setbacks. As an entrepreneur, it is important to make a list of things that can go wrong. This needs to be done when things are going well – what I call ‘peacetime.’ During those times, it is possible to think with a calm mind and work out possible actions. When the problem happens, it is ‘war time’ and because the entrepreneur is in the midst of battle, there is a fog which can cloud one’s thinking. Of course, not every eventuality can be thought through, but the more that can, the better one can plan. The focus should be on extreme events. Ask a single question: What can happen to kill the business overnight? List all such things, and what possible steps can be taken to forestall such actions or reduce the fatality from such an action. Thinking through this will let you create the airbags which can help you survive.

The same principle also applies to life. Excluding death (in which case one cannot do anything), can you plan better for extreme eventualities – the ‘Black Swan’ moments in our life? Spend a few hours thinking about this. The hope of course is that none of it will happen, but if anything does, you (and those around you) will be better prepared.

Will be continued soon.

My Proficorn Way (Part 64)

Mountains beyond Mountains

This is a phrase I use often in conversations to describe the series of challenges an entrepreneur faces when building a business. I first came across this phrase many years ago. It was the title of a book by Tracy Kidder on the life of Paul Farmer. One of Tracy Kidder’s previous books, “The Soul of a New Machine”, had won a Pulitzer Prize. The book, published in 1981, told the story of a team at Data General that was building a next-generation computer. “Mountains beyond Mountains” was published in 2003. It chronicles the life of Farmer, who was fighting tuberculosis in Haiti and other countries. The title comes from a Haitian proverb: “Beyond mountains, there are mountains.” It means that as you solve one problem, another will present itself.

From an enotes answer on the book’s title: “The mountains could metaphorically represent obstacles, and this proverb could be read in a negative way to mean that there are always more obstacles in your way. However, it’s also possible to read the proverb in a more positive light if we interpret the mountains to metaphorically represent opportunities. A mountain, after all, represents an opportunity for self-betterment and an opportunity to achieve something significant by reaching the summit. Reaching the summit, or overcoming the problem, is a cause for celebration.” Another answer adds: “The proverb gives us the sense that as soon as an obstacle is overcome or a problem is solved, another one is waiting.”

The life of an entrepreneur is very much that of climbing one mountain only to see another higher one waiting. The second mountain was perhaps obscured by the mountain in the front, so it only comes into sight after the first has been climbed. And so it goes. One problem after another, one challenge after another. Day after day.

Building a business is not like walking down a straight road. Climbing a mountain requires courage, determination and stamina – and some luck. One misstep and the consequences could be disastrous – getting lost, a fall, or even death (failure).  The journey is never finished – because once one problem has been solved, another one awaits to be tackled.

So, why do entrepreneurs do it? Why do they stake it all for the hard life? For the entrepreneur, it is not always about money. Of course, the financial rewards are an important motivator. But there is much more. Just like Paul Farmer dedicated his life to conquering disease and making the world a better place, so too does the entrepreneur – risking everything to improve something seen as inefficient. It is this belief that things can be made better that provides the energy to wake up every morning and climb higher, fall a little, and start all over again. And once one peak has been reached, it is onward to the next one. Mountains beyond Mountains.

Tomorrow: Part 65

My Proficorn Way (Part 63)

Where to Invest

Bijal, a colleague at Netcore, pointed me to a question asked on Twitter by Paras Chopra (founder of Wingify): “If you were the founder of a bootstrapped company with enough money to invest into business, how would you invest it such that your VC funded competitors will not be able to do replicate?” Bijal wanted to know my views on the question.

My initial reaction was: “Business is not like physics or maths! Answers differ for everyone, and every business. Every company has to make its own choice. Some can invest in new experiments, some in buyback, some in acquisitions… And at times you have to just save for a rainy day also — like a Covid-type situation.” And as Paras clarified: “The point is to do something different that turns out to be valuable.”

I then read some of the replies on the Tweet thread:

  • There isn’t that much difference between money, but I guess one big difference is that bootstrapped companies can diversify more? VC money is typically used to double down on what you already have.
  • This means the investment will have to be something VCs would never sign off on. Maybe a second profit center, or a community
  • Be insanely patient and think in years/decades and not days/weeks/months. Most VC funded competitors are not encouraged nor incentivized to think in years.
  • Invest in things that money cannot quickly scale. Like a good SEO based strategy. A good white hat campaign cannot be replicated with VC money, while Ads can scale, Sales can be scaled. Eg: Canva, Freshbooks
  • Investing in experiments in markets where there is no consensus about “massiveness of the market”. Ex – 40+ internet users in India, teens in India, pet owners in India, home gardening in India etc. VC’s never invest without conviction on market size.
  • Find the right people for the right Hard to compete in Money, but can make a difference in choosing people.
  • I wouldn’t worry about VC funded competitors. I would focus on the founders, their vision, the problem and the market and will decide based on that and will try to help the founders to succeed.
  • Sharp focus on capital allocation…and hence prioritise on what enhances the moat around your business. Capital allocation is a skill that founders of bootstrapped companies need to acquire/get help with vs VC funded competition.
  • Do things where capital isn’t the primary moat / irrespective of capital that aspect takes time to build. Some egs : in B2C -> SEO, in B2B -> strong founder level relationships with the largest clients (assuming capital = strong tech)
  • Chase profits and growth at the same time, not just growth singularly. That’s a lot more valuable than just burning truckloads of cash and then raising more and more to sustain/further grow the biz
  • Invest in companies in adjacent domains which help you create a MOAT to keep and protect your business forever.

Interesting answers. As I thought more about the question, I came to another conclusion. In today’s world, growth and scale are both important. A single company cannot solve every problem. There will always be startups doing interesting things faster than a larger company can. What a profitable company can do is to do an IPO and get listed on the exchanges – because this does two things. First, it provides currency for acquisitions. Second, it provides liquidity to employees. Both are critical for the proficorn to maintain an edge. Private companies end up having to pay in cash for acquisitions if no benchmark valuation has been set.

So, as a bootstrapped company, the aim should be to achieve scale to do a listing which then provides the capital and currency for accelerating growth via acquisitions (and also bringing on more talent). There will always be many startups (VC-funded or bootstrapped) who will be looking for an exit. Acquiring and integrating them rapidly can provide a powerful playbook for even more profitable growth.

Tomorrow: Part 64

My Proficorn Way (Part 62)

The Rule of 100

A few years ago, I came across the Rule of 40 – the principle that for a software company, it’s revenue growth rate and profit margin should exceed 40%. Here is what it means in practice:

  • If a business is growing at 100%, it can have a profit margin of -60%
  • If a business is growing at 60%, the profit margin can be -20%
  • If a business is growing at 20%, the profit margin should be +20%

Bain has more on the Rule of 40:

The Rule of 40…has gained momentum as a high-level gauge of performance for software businesses in recent years, especially in the realms of venture capital and growth equity. Increasingly, software industry executives are embracing the Rule of 40 as an important metric to help measure the trade-offs of balancing growth and profitability.

Software companies that can balance growth and profitability to outperform the Rule of 40 have valuations (measured by the ratio of enterprise value to revenue) double that of companies that fall “below the line,” and they achieve returns as much as 15% higher than the S&P 500. Companies whose growth slows and that fail to improve profitability often find themselves the target of activist investors and private equity acquirers.

I was thinking recently about proficorns, the profits generated and the trade-offs between profits and growth. What is a good-sized proficorn? Since proficorns do not have external investors, there is no benchmark valuation being set. How can proficorn entrepreneur’s benchmark themselves?

While my approach is not scientific or backed up by a study of proficorns, I came up with two key metrics:

  • Profits (EBIDTA): this is important because it can measure the cash being generated each year. Profits are the oxygen for a proficorn’s growth, since there is no external capital. Profits help the entrepreneur invest in new areas, expand geographies or even acquire other businesses. Profit after tax (PAT) can have many other accounting elements factored in, so EBIDTA is a better metric to use. For our purposes, we can measure EBIDTA in millions of dollars. If the entrepreneur chooses, one-off investments / gains / write-offs can be excluded from this number.
  • EBIDTA Growth percentage: Stagnation can be the death knell for a business. So, growth is important, especially in tech. Measuring growth in EBIDTA gives a glimpse into the future health of the business.

So, take these two numbers (EBIDTA in millions of dollars and EBIDTA percentage growth) and multiply them. The first goal for an entrepreneur should be to get the result to be more than 100 – for the business to have a healthy valuation (let’s say, $100 million or more). Thus, if a business is generating $5 million EBIDTA, it must have a growth rate of 20% or more to get a valuation of $100 million or more. If the business is generating $10 million in EBIDTA, growth can be lower at 10% to achieve the same benchmark valuation.

Admittedly, this is not backed by deep analysis – it is just a simple rule of 100 to guide entrepreneurs towards the magic marker of crossing $100 million in valuation. In today’s world, growth is being valued even more highly. But in my thinking, growth cannot come at the cost of profits. The Rule of 100 can help proficorn entrepreneurs balance the two – ensure the right mix of cash generation to invest in the future, and maintain a steady growth trajectory.

Tomorrow: Part 63

My Proficorn Way (Part 61)

Return on Capital: 10-20-30

As an entrepreneur who has been successful once, I am asked a question by many people – Why do I want to work hard again? Why go through all the ups and downs of running a business? Why not retire and enjoy life? Besides the answer that I do love running a business and that is life, there is another answer to these questions. Building and owning a successful business is the best path to wealth creation.

Let’s say you have some money. Where do you deploy it? One obvious answer is to invest it in the markets – maybe a mix of equity and debt. Since an entrepreneur is not necessarily an expert in investing, this will be done via portfolio managers or mutual funds. Long-term returns from such investments will be 10% per annum. Luck aside, it is hard to do passive investing that will give high returns.

One could then move to active investing – studying industries and stocks, and making long-term bets on specific companies. One could also invest in private companies – as an angel or via other venture capital funds. Given that this is likely to be in a basket of companies, some will succeed and others not. The ones which succeed will give very good returns. Long-term, one could perhaps hope for returns of about 20% per annum. Not easy but doable.

The third approach, which I favour, is to grow a proficorn. Once one has got past the initial stages of a business (where the mortality rate is highest), the odds of success improve dramatically with each passing year. Over a period of time, an entrepreneur should be able to deliver growth and returns of about 30% per annum. If dilution is limited, the upside is captured by the entrepreneur.

While a 10% difference may not seem much, apply the power of compounding over a decade and see the difference:

  • 10% growth for 10 years will see Rs 100 become Rs 260 (2.6X)
  • 20% growth for 10 years will see Rs 100 become Rs 650 (6.5X)
  • 30% growth for 10 years will see Rs 100 become Rs 1,400 (14X)

For an entrepreneur, investing capital at 10% returns will yield less than a fifth of the returns than owning a successful and growing business growing at 30%. The decision to therefore keep running a proficorn is a no-brainer! Why would I sell (if I can see sustainable high future growth), convert it into cash and reduce my financial returns by 80%? A proficorn entrepreneur should therefore only sell if the prospects of growth diminish or the value paid by the buyer is extremely high.

Tomorrow: Part 62

My Proficorn Way (Part 60)

Acquisitions

Some years ago, I had gone to seek advice from a wise and successful business person. My question to him was: how can Netcore grow faster? His one word answer was: Danaher. (Of course, he elaborated on it later.) I had not heard of Danaher till then. His key point was: to grow, you will need to think of acquisitions. You will not be able to build everything in-house. Danaher is one of the world’s best companies that has figured out how to make acquisitions work.

Here is a brief from Andrew Banovic: “Danaher’s business model is pretty simple, despite its continued success.  It basically acquires and operates manufacturing companies.  And not just one or two acquisitions each year.  Over the last 30 years, Danaher has completed over 400 acquisitions.  Not necessarily shiny brand-name companies, rapidly growing companies, or companies that need turning around.  Simply companies in growing markets, without large competitors, where they can use their operating model to provide a competitive advantage. Because of their specific brand of value investing, they typically stay away from flashy markets and well known companies, basically because they don’t want to pay a premium for a name.”

This is from a strategy+business article in 2015 where Danaher’s executives speak about their approach to acquisitions:

Our approach to finding acquisition targets was 20 years in the making. It started when we decided we would not wait for Goldman Sachs to call us with their prospects. Instead, we did our own up-front research into prospective markets and started to build funnels of names of companies to buy and industries to enter.

Other companies try to make one perfect bet. That’s a risky way of letting senior executives with no experience sit on a lot of cash. Instead, we continue to explore many acquisitions and bring a significant number to fruition. When you acquire frequently enough, you learn what to do and what not to do. You develop skill at assessment and integration, and you learn to hold these assets over a longer time than might happen in private equity.

Our main criterion: Through this acquisition, can we ultimately become one of the market leaders in that industry? That typically requires that we pick up one of the stronger brands or assets within that industry, and that we generate at least as much value as, if not more value than, the current owners do.

We have a very disciplined M&A process. It starts with having a clear sense of what markets we find attractive. We look for large global markets with good growth profiles and generally low cyclicality. We also look for the ability to develop sustainable competitive advantage through a brand and intellectual property. We also look, obviously, for good profitability and low capital intensity. If we don’t like the market, we don’t bother looking at specific companies.

We do 12 to 14 deals a year and turn down 10 times that, so we’re doing 150 due diligences a year all over the world. We do extensive due diligence on each one. Our pre-acquisition investigations, especially on the finance side, are designed to dig up, expose, and share every bit of risk, making sure we all know what we’re getting ourselves into. If something looks scary, let’s make sure we sit around the table and figure it out or walk away. We try to be patient and not to get emotionally tied to any particular investment.

For proficorns, acquisitions can become a powerful lever of growth. Danaher is perhaps one of the best companies to learn from on how to do acquisitions right. Just one piece of advice: as you evaluate companies, look for a cultural fit also, especially with the founders of the target companies.

Will be continued soon.

My Proficorn Way (Part 59)

New Growth Platforms

As a business, it is very important to seek out new growth platforms – especially in the fast-changing world of tech. In Netcore, if we had stuck to our original product line of Linux-based mail servers, we would have long been dead! What we have done is to look at new opportunities for growth. Netcore today has two significant growth platforms: CPaaS (communications platform as a service) and martech (automation and personalisation). Even as both have plenty of room for expansion, my belief is that we will need to add one more in the coming years.

A 2006 Harvard Business Review article discusses new growth platforms: “We identified and approached 24 companies that had achieved significant organic growth and interviewed their CEOs, chief strategists, heads of R&D, CFOs, and line managers who had delivered material growth to their companies. We asked these executives and managers the same basic question: “Where does your growth come from?” And we found a consistent pattern in their answers. All the companies grew by creating what we call new growth platforms (NGPs) on which they could build families of products, services, and businesses and extend their capabilities into multiple new domains. The platforms provided a framework in which acquisitions served less as a direct driver of growth and more as a way of acquiring specific capabilities, assets, and market knowledge. These are not small, fledgling ventures that might be funded by a business unit or an encouraging executive. The scale of the platforms is strategic and material to the corporation.”

A graphic in the article explains the idea of new growth platforms:

Investing in new growth platforms will come through envisioning the future. What does tomorrow’s world look like? What will our customers want? What do current trends and consumer behaviour changes point to? What bets do we as business make to prepare for the future? Answers to these questions lead to decisions on build-or-buy decisions for the next growth platforms.

In 2014, a colleague, Veer, first mentioned the word “martech” to me – marketing technology. He had heard it in a conversation with a customer. Veer’s belief was that Netcore needed to move up the stack from communications to offering customer engagement, and martech was the core for that. Veer and I then attended a Martech conference in Boston, and that began our journey into the world of marketing tech solutions. This became our second growth platform to complement email and SMS solutions that we already had as part of our communications suite.

The search for new growth platforms is a constant one. Proficorn entrepreneurs need to spend time in this search – because their business can be one mistake away from obsolescence (or becoming part of the “living dead”, as I keep reminding my colleagues.) For the founder / CEO, identifying where tomorrow’s growth is going to come from is as important as meeting this year’s growth targets. It is this search and discovery which keeps the excitement, adventure and journey going. And one way to make that happen is via acquisitions.

Tomorrow: Part 60

My Proficorn Way (Part 58)

Culture

I often get asked about Netcore’s culture, how did we define it and how do we maintain it. It wasn’t an easy question to answer in the early days because I never really understood what culture in the context of a company was or maybe because there were many other things to worry about. Or maybe because we were small enough that whatever I as the founder did became the culture. But over time, as the company grew, I realised there are some underlying things that define us as a company and need to be explained, reinforced and transmitted. Just as countries and their people are defined by their culture, so too are companies.

Every company culture needs an ideal and a story-teller. In Netcore, the ideal has been Kalpit and the story-teller has been Bhavana. Kalpit, our present CEO, has been with the company since day one. He has risen through the ranks, served in different positions through the years, and rose to the top as Netcore’s third CEO in 2015. Kalpit embodies the spirit of Netcore – humble, humane and yet determined to win. He is very much a people’s person in as much as I am not. Success has not come easy for him and Netcore. It has been a gritty journey through the years – and it still is. Competition comes from many different corners as companies tread on each other’s territories. Netcore has survived and thrived in the midst of all this. Kalpit – like Netcore – has grown with each passing year.

Company culture can be described in words, written on walls, and spoken in speeches. But it only acquires salience through the actions of the leaders at the top. It is what they do and not what they say that matters. Their actions are what drive behaviour of everyone else. And that is why every company needs an icon – a person others can learn from. In Netcore, Kalpit is that symbol of our culture.

Culture also needs a story-teller – someone who can talk about the actions and spread it through the teams. Bhavana is exactly that. She is a natural – when she speaks to the new joinees during the induction programme, she brings to life the atmosphere of Netcore through the stories that have made Netcore live through 23 years. Bhavana brings that touch of family and familiarity. She can connect with people across all levels. No person is small, no problem is insignificant. Conversations are full of anecdotes that reinforce the nature of Netcore. That is how culture spreads – one interaction at a time, one action at a time.

Of late, I too have been doing a bit. I have started a monthly “Ask Rajesh Anything” interaction – an open house where Netcorians can ask any question that they have. These sessions have given me an opportunity to speak about my past and Netcore’s origins – and of course, the future. I have always strived for an open culture, and this is another way of showing it in practice.

For entrepreneurs, culture becomes important as the company grows. It creates the glue that binds people together. It motivates them to do that little extra that can be the difference between good and great. So, ask yourself, who is your company’s ideal and who is the story-teller?

Tomorrow: Part 59

My Proficorn Way (Part 57)

Steps and Stones

There are two Chinese quotations that nicely capture the journey of an entrepreneur: “a journey of a thousand miles begins with a single step” and “cross the river by feeling the stones.”

The first step is often the hardest. Because it means leaving something else behind, and starting off on a journey which is unknown and where the destination may not be reached. So, there are many doubts that flood us as we prepare to take the first step. Should I do it? What happens if I fail? What am I giving up? Why should I do it? What don’t I know? Can I really do this alone? How long will it take?

In my life, I have started on many such journeys. Only in a few did I reach the destination. In all cases, the first single step was taken with great optimism and planning. And yet in many of those passages, I ended up wandering off lost and lonely. It is hard to track back one’s steps and begin again.

The entrepreneur’s journey is a long one. Rarely does success come – and rarely does it come overnight. It is truly a journey of a “thousand miles.” It is done one step at a time, one day at a time. And each day, the entrepreneur must wake up with the same passion and positiveness that was there at the start. Because each day has to be navigated by “feeling the stones.”

The quotation has an interesting origin. Writes Colin Hanna: “It is generally attributed to Deng Xiaoping, who used it as a metaphor to describe China’s approach towards the reform and opening which kicked off at the end of the 1970s. On one side of the river was China’s closed, Marxist, centrally-planned economy. On the other was an open, liberalized, market-driven one. China hadn’t crossed this river before, and so would need to do so slowly, thoughtfully and carefully, by feeling the stones.”

For the entrepreneur, on one side of the river is the world as it is today, and on the other is the world the entrepreneur seeks to make. The flowing river is what the entrepreneur has to traverse – one step at a time, feeling what lies underneath, constantly improvising, and yet with each step, getting closer to the bank of success. There will be many cross-currents that will push in different directions. For the entrepreneur, the stones (obstacles) are the guide. Adversity needs to be turned into advantage; the challenges need to be embraced.

The steps and stones capture the essence of an entrepreneur’s life. And as one charts the path, one has to like the feeling.

Tomorrow: Part 58

My Proficorn Way (Part 56)

Flow

We all know when we are “in the zone” – where we find ourselves intensely productive, where we are in a state of absolute concentration, when the best ideas flow. It is as if we have shut ourselves from the outside world, and there is no distraction to our thinking. The thoughts and actions just “flow.”

For me, there are two times when I am in flow. First, the early morning time. Sitting in a chair after I wake up near a window staring into the darkness outside and listening to the silence, I let the ideas come. The mind plays back the previous day, I go through my notes, and tap into my sixth sense to consider the points that stood out or the ones I missed. Dots are joined, the pieces of the jigsaw start to form a whole. The second time is when I am on long flights – especially if the journey has begun during the morning, when I am much more fresh. Sitting in the airline seat with my notebook knowing that there are many hours before I will physically move frees my mind to think in ways which are not possible while sitting on a computer with notifications on!

Flow was named by Mihaly Csikszentmihalyi. As he describes it in his book: “The best moments in our lives are not the passive, receptive, relaxing times . . . The best moments usually occur if a person’s body or mind is stretched to its limits in a voluntary effort to accomplish something difficult and worthwhile.”

Positive Psychology lists the 8 characteristics of flow:

  1. Complete concentration on the task;
  2. Clarity of goals and reward in mind and immediate feedback;
  3. Transformation of time (speeding up/slowing down);
  4. The experience is intrinsically rewarding;
  5. Effortlessness and ease;
  6. There is a balance between challenge and skills;
  7. Actions and awareness are merged, losing self-conscious rumination;
  8. There is a feeling of control over the task.

Here is more from Wikipedia:

In any given moment, there is a great deal of information made available to each individual. Psychologists have found that one’s mind can attend to only a certain amount of information at a time. According to Csikszentmihályi’s 2004 TED talk, that number is about “110 bits of information per second”. That may seem like a lot of information, but simple daily tasks take quite a lot of information. Just decoding speech takes about 60 bits of information per second. That is why when having a conversation one cannot focus as much attention on other things.

For the most part (except for basic bodily feelings like hunger and pain, which are innate), people are able to decide what they want to focus their attention on. However, when one is in the flow state, they are completely engrossed with the one task at hand and, without making the conscious decision to do so, lose awareness of all other things: time, people, distractions, and even basic bodily needs. According to Csikszentmihályi, this occurs because all of the attention of the person in the flow state is on the task at hand; there is no more attention to be allocated.

The flow state has been described by Csikszentmihályi as the “optimal experience” in that one gets to a level of high gratification from the experience. Achieving this experience is considered to be personal and “depends on the ability” of the individual. One’s capacity and desire to overcome challenges in order to achieve their ultimate goals not only leads to the optimal experience, but also to a sense of life satisfaction overall.

The state of “flow” is very important for all of us, and especially for entrepreneurs. Faced with multiple challenges and an array of choices at all times, it is important to winnow down the options and make the right decisions – especially those that are consequential and irreversible. This needs absolute focus and self-awareness. Each one of us needs to create this space for flow – be it sitting, meditating, running, or anything else that works. It is in these moments that entrepreneurs can imagine and create the future.

Tomorrow: Part 57