The power of discipline in entrepreneurship

A teller arranges money before placing it in a detecting machine. An entrepreneur should keep track of all their financial transactions to avoid losses. Photo by Faiswal Kasirye.

What you need to know:

Starting something on one’s own is a dream for many but only a few attempt to turn it into a reality.

Today let’s consider the power of discipline in entrepreneurship. Do you know that many businesses, big and small, collapse basically due to indiscipline? Have you ever considered the role discipline plays in your enterprise? What do you think was the main reason behind some of the historical billion dollar corporate scandals and subsequent business failure, we hear about in the international business scene? In the words of Andrew Carnegie, ‘The man who acquires the ability to take full possession of his own mind may take possession of everything else to which he is justly entitled’.

Of course there are several other fundamental causes of business failure such as inability or reluctance to change, lack of strategy and planning, poor knowledge of and approach to the market, out rightly detestable products and services, undercapitalization, inadequate knowledge in business management etc. However, discipline in enterprise management is an extremely important element in running successful enterprises, don’t you think so? I guess you appreciate what I’m talking about. Let’s consider the following perspectives.
• Financial discipline enables you for example to maintain adequate records for your business transactions. It also enables you to know the limits of your drawings from your business in order to avoid wrecking the business. A disciplined entrepreneur knows what he can borrow from banks and comfortably pay, taking into accounts various operational aspects of the enterprise. Discipline ensures that you carry out your business in line with required legal and statutory guidelines.
• Operational discipline ensures that you manage you enterprises operations well. Operations cover the design, execution and control of activities that convert resources into goods and services for your customers and clients. You won’t cut corners to intentionally produce substandard or hazardous products for people if you are disciplined. You won’t knowingly emit poisonous gas beyond recommended limits. You won’t manage your supply chain haphazardly to the detriment of your customers or clients. Just imagine pharmaceuticals companies lacking the discipline to meet essential drugs supply deadlines. I guess you know the effects on humanity.
• Your discipline in human resource management directs you to provide a safe and healthy working environment for your employees. Don’t you need safety and health as an entrepreneur? If so, why not for others? Are you proud of your working environment? Discipline ensures that you don’t just bring in incompetent relatives into the enterprise, but hire right. It ensures that you abide by labor laws and regulations. It ensures you don’t overwork your people until they break down. You treat workers fairly when you are a disciplined employer.
• What about the marketing and sales aspects? Are you disciplined enough to promise only what you can deliver? Do you have some hidden clauses in your sales terms and conditions that unduly exploit people? Are you ready to restore when necessary? Now, I like the example set by companies such as Toyota that are sane enough to recall hundreds of thousands of cars due to some defects detected late. Though people complain they don’t do enough but there is a lot of sense in what they do. Are you surprised that there are Toyota cars literally everywhere in the world?
• Personally as an entrepreneur, are you disciplined? Do you realize your responsibility to society and play your part? Do you appreciate your knowledge limitation or you exhibit the know-it-all attitude? Are you free to seek expert advice? Do you balance your business life and social including family life?

In conclusion, you need discipline as an entrepreneur. It does not matter at what level you are. Develop the habit of discipline and you have greater chances of running a successful enterprise while adding value to society.

The writer is the author of The Wise Entrepreneur - available in local bookstores. You can get more details at www.thewiseentrepreneur.co.ug.