Relinquishing Control

“Don’t let go too soon and don’t hang on too long.” – Mitch Albom. Quite useful advice for Entrepreneurs.

It is always a delicate balance as to when an Entrepreneur needs to let go and delegate responsibility of his/her business to someone else. If one leaves too early, the Mission and Vision might remain unaccomplished. On the other hand, hanging on too long might jeopardize long-term success.

Leaving the business to pursue other ventures is all dependent on to whom the Entrepreneur is relinquishing control. If the Entrepreneur has built up a strong leadership team and a solid foundation to accomplish the Mission, delegating responsibility to run the business to a competent CEO is prudent. However, if the leadership team and the new CEO are not seasoned and well-developed, the Entrepreneur risks a lot by leaving too soon.

Hanging on too long can be an issue also. If the business has grown beyond the capability of the Entrepreneur to successfully run it, it might be damaging to hang on to power. A new CEO is then necessary. Alternatively, if the Entrepreneur has recruited a solid leadership team and a likely CEO and trained them, hanging on will be demotivating to the capable successor CEO and the  team as they cannot show off their potential.

If the Entrepreneur runs the business on his/her own without a secondary leadership team and wants to continue doing so, he/she does not face the question of leaving too early or hanging on. But is that continued retention of control achieving the Mission and Vision of the business?

Ravi Patel

www.patelCFOservices.com

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Elevate your Thinking Level to Solve Problems

Problems cannot be solved at the same level of thinking that created them. – Albert Einstein. What a brilliant statement!

Problems occur in every business and for every Entrepreneur. Inexperience, limited skills and not fully developed thinking contribute to the situation . This is not unique and is to be expected from new Entrepreneurs.

However, learning from your mistakes starts the process of elevating your thinking. If you keep on making the same mistakes in  similar situations, you are not thinking at the next level.

More importantly, the level of thinking to solve the problem has to be at a higher level than what got you there in the first place. If you approach the issue from the same viewpoint as the one that created the problem, it would be difficult to have a new solution. Thinking from different perspectives helps solve problems.

How do you get there? Constant learning from mentors and advisors and acquiring knowledge through self-education elevates your thinking to solve problems. Asking for advice from professionals also contributes to elevating your thinking level.

Think at the Right Level to Solve Problems!

Ravi Patel

www.patelCFOservices.com

 

Published in: on September 18, 2012 at 5:09 am  Leave a Comment  
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Helping Entrepreneurs Succeed

The writer of this blog Ravi Patel, President and CEO, Patel CFO Services was interviewed by Fred Arnold on his show “Out of the Rough” on SCVTV, Santa Clarita, CA.

Published in: on September 14, 2012 at 5:25 am  Leave a Comment  
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Are you Doing the Right Things?

Entrepreneurs are normally go-getters who love to get things done. They are not afraid to roll up their sleeves and delve into tasks at hand in order to accomplish them. As companies grow in size, Entrepreneurs become knowledgeable in most aspects of the functional areas  of their businesses. In most cases they can perform most tasks as well as or better than their employees. Sometimes there is a natural tendency to do things themselves as they can do them better, faster, and right.

The passion of Entrepreneurs to do things right and to do it themselves limits the growth of their companies. Instead, they need to create an environment and culture where their people do things right. Proper training of people, even allowing them to make mistakes and learn from them, and promoting a culture of continuous improvement allows organizations to become self-sustaining and grow well. Entrepreneurs will then not have to worry about doing things right because their people will be doing it themselves.

What should Entrepreneurs do then? Do the Right Things. Please read the full article here.

Ravi Patel

www.patelCFOservices.com

Published in: on September 11, 2012 at 5:47 am  Leave a Comment  
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A Different Perspective

Flying at 35,000 feet above the earth gives you a different perspective than one from the ground. Check out this image  Have you taken that type of view of your business?

Entrepreneurs very often get involved in the day-to-day operations of their business and sometimes get too close to it. Using the often-cited saying, they are into looking at the trees rather than the forest.

Using a similar analogy, being on the ground only gives you a one-dimensional perspective of what is going on in your business. One needs to fly at a higher altitude and get a macro view of what is happening in the company and to all its stakeholders.

Taking a break and viewing the business from different perspectives, either as a forest or from 35,000 feet above the earth, would be helpful to Entrepreneurial leaders in better visualizing where they are, and where they need to be going. Are you doing that? Are you moving towards fulfilling your Vision and Mission?

Do the Right Things!

Ravi Patel

www.patelCFOservices.com