Slow But Sustained Incremental Progress

Entrepreneurs like to think big! Most of them left corporate jobs as they were stifled by the constraints of bureaucracy. Nothing is wrong with that.

Developing a plan to achieve those big dreams and putting it into action is a requirement for Entrepreneurial success.

Some Entrepreneurs might 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

What can Football teach Entrerpreneurs?

The football season is in full swing. It is impossible to miss the coaches on the sidelines with a color-coded sheet of possible plays to be called for that game. The head coach with all the assistant coaches spend hours prior to the game analyzing their competitor’s game, strengths and weaknesses, strategies and so on and blend it with their own team’s core competencies to create a game-plan for winning. Disciplined coaches with a good playbook are generally winners.

Entrepreneurs, do you have similar “playbook” for major strategic actions to be used against, in or with competitors, marketplace, economy, opportunities, employees and so on? Have you worked with your key leadership team to develop such a playbook?

Winning on the field, analogous to the marketplace, requires a lot of planning, analysis, strategizing to come up with the ideal game-plan for success. A playbook for winning a football game is similar to one required for succeeding in business.

Create a playbook for your business and ensure that you call the right play for the situation. Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Maintaining Control

New Entrepreneurs like to maintain control.

However, understanding and managing their sphere of “control” is crucial in growing their businesses.

When Entrepreneurs start their businesses, they feel like they need to have total control over everything that goes on in their organization. All decisions are made by them and nothing can be done without their say so.

As the business grows, the Entrepreneur is forced to give up some control and delegate tasks to other. He or she still wants to know what happened. When successful, the Entrepreneur has to transfer responsibilities to a secondary level of leadership. In that stage he or she cannot keep track of all details.

At every stage of the growth of the company, the Entrepreneur reduces his/her sphere of direct control. This is very difficult for most Entrepreneurs, especially in the first business venture.

Building a stong secondary leadership team, guiding and mentoring the team, and periodically monitoring their accomplishments towards specific objectives and the overall Mission will reduce the anxiety of the Entrepreneur. If the Entrepreneur cannot learn to reduce his/her sphere of control, it will create stress that might be detrimental.

When things fall outside your sphere of direct control (to lower levels of the organization), resist the temptation to wrest such control or stress about it. Focus on the bigger picture.

Ravi Patel

www.patelCFOservices.com

Presenting a Compelling Story

When raising money or making a pitch about their business, Entrepreneurs should resist the temptation to have a flashy PowerPoint presentation with graphs and charts.

Presenting milestones and data does not necessarily tell a good story. While such facts might reinforce your achievements, they do not tell the whole story.

Instead, build a story of how you achieved what you did. Lead the listeners through the process of what you went through to accomplish your milestones.

Building a compelling story requires the listeners to understand your skills, decision-making, and temperament.  Numbers alone can’t tell this. You need to lead the listener through your thinking process, challenges faced, and how you overcame problems.

Presenting a compelling story is more than charts and numbers. It is leading listeners through your journey while making them understand and believe in your capability.

Ravi Patel

http://www.patelCFOservices.com