How Do You Judge Success?

When Entrepreneurs start and build businesses, their definition of success is most often that of  “making lots of money.” When they reach their desired level of this definition of success, then what? What about the process of reaching there?

Success is not only about making money or attaining wealth. Long term success should be judged by the degree to which you are enjoying health, love of family,  friendships, balance in life, and internal peace.

Evaluate your self-improvement, the number of people you have mentored, the lives in which you have made a difference, and the communities that you have benefitted to gauge your true level of success.

Making lots of money of course, does help in reaching the road to success.

Ravi Patel

www.patelCFOservices.com

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What Possibly Could Basketball Teach Entrepreneurs?

Entrepreneurs can learn business lessons from a variety of situations and basketball can offer a few pointers. Entrepreneurs are often faced with dealing with competitors. How do you compete effectively while retaining an advantage, but doing so within the confines of the law?

Basketball offers at least two competitive strategies that could be applied to business – setting a pick and boxing out.

To enable your teammate to take an open shot or go around an opposing player, it is acceptable to set up a legal pick and block the other team’s player. Entrepreneurs can do the same in business. Find ways to establish competitive advantage by setting up a pick – legal ways to block your competitors such as having proprietary technology, services, trademarks, or creating formidable barriers to entry.

Basketball players box out their opposing players to prevent them from getting a rebound. Are there ways that Entrepreneurs can do the same to their competitors? If you can find legal ways to box out your competitors from getting to your clients (superior customer services, value pricing, etc.) or markets (first to market, dominant market share, continuous innovation, etc.), Entrepreneurs could certainly win the game.

Learn from competitive sports to run your business.

Ravi Patel

www.patelCFOservices.com

About C-Level Reflections

Ravi Patel has over 35 years general, financial and operational management experience in C-Level executive positions with multi-sized companies in diverse industries.

Having substantial experience in leading and consulting with entrepreneurial companies, Ravi utilizes this blog to share useful management thoughts to hopefully assist Entrepreneurs in growing their companies.

Ravi is the President and CEO of Patel CFO Services (www.PatelCFOServices.com) that provides financial and entrepreneurial consulting services .  He can be reached at Ravi.Patel@PatelCFOServices.com

Published in: on April 10, 2010 at 2:07 pm  Leave a Comment  
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Creating Music in Business

There are several similarities between creating melodious music and Entrepreneurs developing a fine-tuned business.

Creating a melody requires the correct musical notes. While a spectrum of notes is available to all, picking the right notes to create a musical piece is critical. One or more wrong notes and the resulting music is noticeably out of tune.  Similarly in business, an Entrepreneur has access to various resources – markets, clients, management team, employees, facilities, investors, suppliers, advisors and so on. Creating the right blend of these resources, just like selecting the appropriate notes, will allow the development of a beautifully functioning business. A wrong choice or decision here and there ruins the musical piece or a well-oiled business machine.

Playing only the correct musical notes does not make a melody; the notes have to be played to the appropriate beat. The business activities of a growing organization have to be running at the right pace. You cannot have some parts of the company forging ahead while others are lagging. Moving towards the goal at a managed pace leads to success.

Entrepreneurs do not have to be musicians, but applying lessons of music might help them in successfully growing their businesses.

Ravi Patel

www.patelCFOservices.com