Being Your Own Boss

Entrepreneurs often start businesses as they want to work for themselves and not for others.

Entrepreneur magazine states that people who work for themselves are happier because of the freedom that working  for one’s self permits. So valuable is the opportunity to be one’s own boss that  studies show you have to pay people twice as much to get them to work for others and still have the same level of job satisfaction as being self-employed.

Being your own boss will grant you freedom, but it does come with serious responsibilities. No one else is there to take responsibility of your company and its stakeholders other than you.

Self discipline is paramount as someone else is not telling you what to do each day – you need to set you own agenda. Setting an example of leadership for the organization is your responsibility – there is nobody else above you. If you consistently play hookey, how can you expect your people to work?

Freedom is great, but make sure you learn to be a responsible “boss” for yourself!

Ravi Patel

www.patelCFOservices.com

Published in: on August 27, 2013 at 5:01 am  Leave a Comment  
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Accepting Feedback

Entrepreneurs receive comments, criticisms, suggestions and feedback from many different quarters. Whom to listen?

Entrepreneurs can’t let criticism from outsiders with limited perspective and facts affect them. Critics often make comments without a lot of information or understanding the circumstances behind certain entrepreneurial actions. Such feedback might bother Entrepreneurs but they should accept such with a grain of salt, if not totally ignore it.

However, heed to valid feedback from insiders. In fact, Entrepreneurs need to surround themselves with key neutral advisors who are open to providing honest and realistic feedback to Entrepreneurs. Such advisors could be informal friends and business associates, members of a Mastermind Group, key stakeholders or the Board of Directors.

Entrepreneurs should not dismiss all negative feedback, but they should discern what is valid and what needs to be discarded. Be willing to accept valid feedback.

Ravi Patel

www.patelCFOservices.com

 

Published in: on August 20, 2013 at 5:23 am  Leave a Comment  
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Vacations as a Benefit and More

Summer is generally for vacations. Most companies offer vacation as a paid benefit to employees. But, is there more to it?

Vacations are offered at almost all companies. Employees use this time to spend leisure or social time with their families. Employees can hopefully recharge their batteries to come back to work rejuvenated.

Do you require vacations to be mandatory or can employees use the unutilized vacation time as extra cash compensation? If it is the latter, you might be doing a disservice to your employees. Vacations are meant to be used as a benefit for relaxation and should be used as such.

There is another important internal control feature in requiring mandatory vacations. It allows companies to uncover any irregular activities, if there are any, during the absence of  employees. Entrepreneurs should keep in mind this internal control aspect.

Also, it allows companies to test whether their business processes are people or system dependent. If people dependent, things might come to a standstill when certain individuals are on vacation. This is definitely not a desirable situation. Having employees take vacations reveals such weaknesses and allows companies to fix the system and train others to serve as backup performers.

So consider vacations as more than just an employee benefit!

Ravi Patel

www.patelCFOservices.com

Published in: on August 13, 2013 at 4:43 am  Leave a Comment  
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Sustained Incremental Progress

Entrepreneurs like to think big! Nothing wrong with that.

Developing a plan to achieve those big dreams and putting it into action is a requirement, among other things, for Entrepreneurial success. A related post Making Your Dreams a Reality focuses on that aspect.

Some Entrepreneurs want immediate success. This is unrealistic. Having sustained incremental progress towards your Mission and goals is a more realistic path to success than hoping for overnight results.

While overnight success stories happen from time to time, the odds are very high against it. Entrepreneurs need to focus on making incremental, but sustained, progress in achieving realistic milestones. Celebrate those moments of success!

Consistent effort and making incremental progress on a realistic timeline might be slower that one wants, but that is ultimately what gets you to your goal.

Ravi Patel

www.patelCFOservices.com

Published in: on August 6, 2013 at 4:36 am  Leave a Comment  
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