Hearing But Not Listening

Have you faced a situation where people appear to be hearing you intently, but end up doing some thing quite contrary or not exactly in line with what you were asking them to do? In all these situations, people are indeed hearing you, but not listening. There is a significant distinction.

The other day I was in a restaurant and asked the waitress for a glass of water without ice. She did bring me the glass of water, but with ice. She heard me say water, but did not listen completely for it to register that I did not want ice.

Entrepreneurs need to be aware that what they ask their people may be heard by them, but they might not be listening completely to follow the request correctly. What should Entrepreneurs do? Develop a routine to ask their people to repeat or paraphrase what is being requested of them, especially for significant issues. This allows the Entrepreneur to confirm that the listening process was correct and complete.

On the other hand, Entrepreneurs should be mindful that they too listen to their employees completely and do not fall into the trap of perfunctory hearing. Effective communication is a two-way street!

Ravi Patel

http://www.patelcfoservices.com

 

 

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Published in: on July 28, 2015 at 4:19 am  Leave a Comment  
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Have Positive People Around You

Entrepreneurs can be lonely when they venture into a new business idea. Most people don’t understand their Vision and stand and watch from the sidelines, if not being critical.

As the company grows, there are still a lot naysayers. It is important for Entrepreneurs to surround themselves with positive people. Positive people add good vibes and positive energy to any venture. They are generally team-players and also have the motivation to overcome challenges and look at problems as opportunities.

Negative people always find fault in whatever is being asked of them or is being done around them. They always look at ways in which things or ideas will not work instead of finding solutions. They generally sap energy from an organization. These category of constantly negative people are often intelligent, but can be lazy thus finding excuses not to do things.

Entrepreneurs should be careful to distinguish between positive people and  those who are a;ways saying “yes” to them. One can be positive but still question something if it not right. Entrepreneurs would be best served by people who are positive but are not afraid to say “no.”

Ravi Patel

www.patelCFOservices.com

Published in: on July 22, 2015 at 4:28 am  Leave a Comment  
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Uncertainty Brings Chaos

Uncertainty in any organization is a killer. When an Entrepreneur takes too long to make a decision – either due to lack of knowledge or fear of making the wrong one, it creates a period of anxiety in the employees.

A decisive person shows the ability to make decisions quickly but effectively. An Entrepreneur needs to be decisive to be a good leader.

It is often better to learn to say “yes” or “no” more often than “maybe.” Your employees will respect you for making quick decisions even though you might be wrong sometimes. Procrastination is not an admirable virtue for great leaders.

Being decisive does not mean being impulsive or basing decisions on your gut feel. You need to consider all pertinent facts in arriving at the decision, but don’t over-analyze and delay unnecessarily.

Entrepreneurs need to lead by example. Being decisive themselves will instill the same level of rapid response in the rest of the organization. Avoid chaos in your company by Doing the Right Things.

Ravi Patel

www.patelCFOservices.com

Published in: on July 14, 2015 at 4:00 am  Leave a Comment  
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Entrepreneurial Independence

Just having celebrated our nation’s Independence Day, a few thoughts on Entrepreneurial Independence.

Entrepreneurs start their own businesses primarily for two reasons. They either believe that they have a better product or service, or they do not want to work for anyone else. The latter is born out of a desire of having their own independence.

As they grow their companies, Entrepreneurs lose their independence because they cannot effectively manage their businesses and/or get into a financial bind. In such cases someone else has to come to lead the company or exercise financial control (through investors or lenders), depriving Entrepreneurs of their independence.

How can Entrepreneurs maintain their independence?

First, understand one’s limitation in managing the business and build an effective management team to adequately complement the Entrepreneur. An enlightened Entrepreneur might even have to hire a CEO or COO to lead the operations of the company while the Entrepreneur focuses on his/her core strengths.

Second, pay attention to the financial strength of the company. Manage the growth and cash flows effectively such that lines of credit and borrowing are sufficient so as not to dilute equity. Even if equity capital needs to be raised, go for it when the value of the company is high enough so that the Entrepreneur can retain the majority stake.

Entrepreneurs can maintain their independence, but they have to work at it.

Ravi Patel

www.patelCFOservices.com

Published in: on July 7, 2015 at 4:15 am  Leave a Comment  
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