Should Entrepreneurs be Perfectionists?

When someone says “I am perfectionist,” it sounds good, but it is not helpful for Entrepreneurs.

Entrepreneurs are generally impatient. They need to see the fruits of their invention right away. If they wait to perfect it, they get bored and move on to something else. The market will not wait either – getting it to the market first is how to play the game.

As Entrepreneurs grow their business, they should be striving for measurable progress on established goals rather than perfection at a point in time. Sustained progress in the right direction is desirable than perfecting some aspect of the product, process or service without overall forward movement.

An idea that is ninety percent complete and well implemented is better than something that is not put into practice as it waits to be perfected.

While perfection might be appropriate for artists and scientists, Entrepreneurs need to be progress driven! Show leadership by demanding progress from your employees instead of perfection.

Ravi Patel

http://www.patelCFOservices.com

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Consequences of Inaction

Taking risks involves possibility of failures. Decisions to act on something have consequences. Risk averse people eliminate any adverse ramifications by inaction.

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 inaction 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

Entrepreneur as Own Boss

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.

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

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 June 14, 2016 at 3:57 am  Leave a Comment  
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Bigger or Better?

What would you like your company to be – the best or the biggest? A quick, flippant answer could be to be both.

Becoming the biggest is an ambitious objective, but achievable only if you have a special niche in the marketplace. Being bigger, with reasonable profitability, allows access to resources for further growth. However, the entrepreneurship spirit is often lost as the size of a company gets bigger. More importantly, being the biggest says nothing about the quality of the organization. Being the biggest could mask inefficiencies in the short term.

On the other hand, being the better than competitors reflects a philosophy regarding the quality of products and services, processes, customer service, people and so on. All these have to be exceptional to be the best. While short-term costs may be higher to achieve the status of being the best, the long term prospects for growth are phenomenal. Competitive differentiation is most pronounced with being the best and might allow a premium for one’s goods and services.

Being better than most allows you to become the biggest, but being the biggest does not automatically mean that you are the best.

What would Entrepreneurs rather strive for – being the biggest or the best?

Ravi Patel

http://www.patelCFOservices.com

 

Persevere

Frustration when facing obstacles is common to all endeavors. The successful Entrepreneurs are those who keep on going and overcome obstacles.

Perseverance is defined as the steady persistence in a course of action, a purpose, a state, etc., especially in spite of difficulties, obstacles, or discouragement.

How appropriate that an Entrepreneur possess this quality to be successful? Facing difficulty, obstacles, discouragement, setbacks and even failures are nothing new for Entrepreneurs.

Entrepreneurs who come through even after facing challenges are the ones who have a laser focus on their Mission and can navigate a steady, persistent course without being unduly discouraged. The story about the spider weaving a web despite repeated failures comes to mind.

If you desire to succeed in achieving your Mission, have perseverance! Your people will be inspired and support your efforts.

Ravi Patel

www.patelCFOservices.com

Published in: on June 1, 2016 at 4:01 am  Leave a Comment  
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