Focus on Sharing

In a previous post on “Balanced Life for Entrepreneurs” I had mentioned that one of the corners of a balanced life is the community that you live in and conduct business.

Some Entrepreneurs dedicate a significant amount of time in civic, charitable and community activities. This effort is commendable.

For others, it might make sense to establish some type of focus on giving and sharing. What better time to start than around these holidays. In addition to your individual efforts in this area, you might want to involve your company and employees in community activities. Not only will that inspire your employees, but it will reflect your company’s s desire to share and give in the community that you belong to.

Happy Holidays!

Ravi Patel

 

Completing the Balance Sheet

In a previous blog, I suggested that Entrepreneurs “take an inventory” of their businesses.

Taking inventory identifies the “assets” of your Balance Sheet  (not in the technical accounting sense, but similar). In order to complete the “Balance Sheet,” you also need to focus on your “liabilities.”

What are the areas in your business that are weak and need to be improved? What technologies and processes need to be beefed up before they cause serious problems? Do you have employees or managers that need to be discarded because they are becoming liabilities? Do a few of your clients and suppliers pose issues that account for most of your time for resolution?

Taking a true assessment of your “liabilities” and coming up with plans to address those will definitely strengthen your “Balance Sheet” to acheive your Vision and Mission.

Do the Right Things!

Ravi Patel

 

Entrepreneurial Wisdom from Magic

At a keynote speech at a banking forum, Magic Johnson made several philosophical comments that are worthy of consideration by Entrepreneurs.

Magic is a self-made, successful Entrepreneur and highlighted three principles of his business philosophy:

• Make Money and Do Good – Magic believes that Entrepreneurs should make money, but in the process of doing that they should also do something good for the community or society
• Partner, Partner, Partner – Magic attributes his success to strategic partnerships. He stressed that Entrepreneurs should complement their skills and strengths (and weaknesses) with key partnerships with others.
• Focus Making Money for Partners, Not Me – Concentrating on making money for his partners is Magic’s focus. If he is succesful doing that, money for him will definitely follow.

Magic offers thoughts that Entrepreneurs should seriously consider. Do the Right Things!

Ravi Patel