Doing Nothing

Taking risks involves possibility of failures. Decisions to act on something have consequences. Risk averse people eliminate any adverse ramifications by doing nothing.

Is doing nothing acceptable for Entrepreneurs? Entrepreneurs start businesses as they are risk takers. For them, passion in an idea overpowers any risk of failure. Doing something in good faith, however difficult, is better than not doing anything at all.

What happens when an Entrepreneur grows the business to a point where he or she feels comfortable. Does doing nothing any more become an option? Are decisions postponed or not made because that might upset the “being comfortable” zone?

True Entrepreneurs will always be leaders and risk takers and as they continue to be innovative. Entrepreneurs who become successful CEOs need to be cautious of “doing nothing” on significant issues.

Doing nothing is sometimes worse than doing something in good faith but failing. Do the Right Things!

Ravi Patel

www.patelCFOservices.com

A Silver Lining

As the cliché goes, ‘there is a silver lining behind every cloud.” So it is for business and Entrepreneurs.

A new or growing business faces challenges, obstacles and failures. If you choose to focus only on these “clouds,” you could get easily discouraged. But, every failure is a lesson and an opportunity.

There must be something positive in the fundamentals of your business that lurks behind the clouds – the silver lining. These could be your product or service, people, competitive advantage, clients, vendors and so on. Find it.

Entrepreneurs need to focus on their Vision and Mission and the positive aspects of their business. There was a reason that you started your business. Aspire to look for the silver lining behind the clouds and there is sure to be sunshine in the near future.

Ravi Patel

www.patelCFOservices.com

Nurturing High Performers

When the size of the company is still small, Entrepreneurs have the ability and span to know all their employees personally. Entrepreneurs can identify the strengths and weaknesses of each employee quite well; and if they can find time, guide each employee to develop and progress. This is especially critical for high-performing employees the Entrepreneur does not want to lose through neglect and lack of challenge.

What happens when the company grows beyond the Entrepreneur’s span of personal connection with each employee? How does the Entrepreneur identify high-performing individuals and create a system for nurturing them?

Growing a company depends on a pool of talented employees that need to be continually nurtured, mentored and developed for a solid leadership career path. It behooves Entrepreneurs to work with their HR professionals and senior management team to implement processes to nurture high performers.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Who Benefits from True Leadership?

Much has been written about leadership (as opposed to management) and what makes a great leader. A few thoughts here on who benefits from true leadership.

Abraham Lincoln, Mahatma Gandhi, Martin Luther King, Nelson Mandela and similar leaders have proved again and again that their inspiration and leadership benefited their followers rather than themselves. Lincoln abolished slavery; Gandhi and Mandela led their nations to independence; and King inspired the civil rights movement. They had little to benefit for themselves; Lincoln, Gandhi and King were assassinated while Mandela spent a lot of time in prison, yet their people came out ahead.

A  truly “successful”  Entrepreneur needs to provide leadership that first benefits his/her stakeholders and society. If and when the stakeholders and community prosper, the Entrepreneur will be rewarded also. If only the Entrepreneur benefits, it is usually short-lived.

A true leader sees a universal need and goes about influencing people to work together to solve the issue at hand. Bill Gates and Steve Jobs first solved a global need and then became rich. They did not start out to become rich.

There are many successful executives, managers and even Presidents, but are they true leaders?

What would you rather be? Something to think about….

Ravi Patel

www.patelCFOservices.com