What Could Entrepreneurs Learn from Music?

Making melodious music and Entrepreneurs developing a fine-tuned business have some similarities.

Creating a melody requires the proper musical notes. A spectrum of notes is available to all, but picking the right notes to create a musical piece is critical. One or more wrong notes results in music being noticeably out of tune.  Similarly in business, an Entrepreneur has access to multiple resources – markets, clients, management team, employees, facilities, investors, suppliers, advisors and so on. Blending these resources properly, just like selecting the appropriate notes, will allow the development of a beautifully functioning business. A wrong choice or decision here and there ruins the musical piece or a well-oiled business machine.

Only playing the correct musical notes does not make a melody; the notes have to be played to the appropriate beat. The business activities of a growing organization have to be running at the right pace. One cannot have some parts of the company forging ahead while others are lagging. Moving towards the goal at a synchronized pace leads to success.

Entrepreneurs do not have to be musicians, but applying lessons of music might help them in successfully growing their businesses.

Ravi Patel

http://www.patelCFOservices.com

Advertisements

Being Thankful!

Entrepreneurs have a lot to be thankful for!

First and foremost are our country and the free market system that allow Entrepreneurs the opportunity to create and grow businesses and prosper.

Employees are the backbone of companies and Entrepreneurs should be thankful for the dedication, loyalty and hard work put forth by their people to make businesses successful.

No business can sustain itself without customers and clients. Be thankful to your sources of revenue for putting their trust in you to provide services and products.

Entrepreneurs should also appreciate their suppliers and service providers who continue to supply essential goods and services to sustain their businesses.

Shareholders and financiers who have invested in your abilities to grow the business and provide a return on their capital should be high on the list of people to whom Entrepreneurs are grateful.

Do not forget to appreciate your gratitude to your business advisors who provide a sounding board for you to share ideas and seek advice.

Lastly, the community that you operate your businesses in should be appreciated also.

So on this Thanksgiving, I encourage Entrepreneurs to express their gratitude to the above stakeholders in your companies.

Ravi Patel

www.patelCFOservices.com

Saying Sorry

Everyone makes mistakes and so do Entrepreneurs.

What separates leaders is that when mistakes are made, genuine leaders offer a sincere apology. What does that entail?

Have you heard someone say sorry and then add a “but?” In those cases there are all kinds of excuses after the “but.” All these apologies are watered down by offering excuses.

A sincere apology is just that – sincere! When you make a mistake, no matter affecting which stakeholder, just say a sincere sorry without any excuses or reasons. This will be more genuine than trying to explain what happened to cause that mistake.

To be even more effective, you should privately analyze the reasons for the mistake and establish corrective actions to prevent that in the future. This will appear more sincere to the offended party.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Perfection Not for Entrepreneurs

How often have you heard someone say “I am perfectionist.” It might be ideal, 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 the name of 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 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

Doing the Right Things

Entrepreneurs often complain that they don’t have enough time. This isn’t about traditional time management!

Instead, think about time management in another way. If you don’t have time to get things done, are you actually doing the Right Things?

Entrepreneurs, especially early in their careers, often have a tendency to not only do everything themselves, but also focus on doing tasks right – whether they are important or not!

The focus for Entrepreneurs should be to define and do the Right Things and delegate the rest. Once you discover and focus on the Right Things, you will probably have more time to do them. Wasting time on things that Entrepreneurs like to do, being perfect on insignificant tasks, or not delegating steals time from more important things to do for your business.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com