Determination

A quality that is essential for Entrepreneurs is determination – firm or fixed intention to achieve a desired end.

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 Vision and Mission, have determination!

Ravi Patel

www.patelCFOservices.com

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Published in: on July 25, 2017 at 4:38 am  Leave a Comment  
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Seeing What People Could Be

“A good coach will make his players see what they can be rather than what they are.” – Ara Parasheghian.

Like good coaches, Entrepreneurs have to find the potential in their people. When hiring, don’t merely evaluate the current skills and experience of the applicant. Rather, determine what the person can become with proper coaching and training.

Given the right coaching, raw talent can be molded to perform at exceptional levels in any organization. The problem for Entrepreneurs is that they mostly focus on short-term needs and do not have a long-term vision for human resource acquisition and management.

When a sculptor views a stone, he/she is evaluating whether it could be transformed into a thing of beauty. Similarly a land developer sees beyond the empty expanse of land and has a vision of what a housing community or golf course it could become.

Entrepreneurial leaders have a great vision of what their idea or product could become. They need to use a similar vision towards their people and see their potential rather than what they are right now.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Published in: on July 18, 2017 at 4:35 am  Leave a Comment  
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Facing Facts

Facts can be cruel. They could pour cold water over an Entrepreneur’s vision and path to imagined success. Entrepreneurs, especially hard-headed ones without wise counsel, forge ahead regardless of reality.

One might not like the facts but can’t ignore them!

It would be unwise for Entrepreneurs to ignore facts. Facts present a true portrayal of the situation and not taking them into account in your action plans could be critical. Entrepreneurs sometimes have a vision fixed in their mind and if anything detracts from that scenario, they tend to discount it if not completely ignore it.

Use facts to bolster your plans. Facts rather than assumptions build a robust case for you . It is not wrong to make reasonable, calculated assumptions when facts are not available. If the available facts don’t fit your case, it would be devastating to ignore them and use your assumptions.

Use facts, and if they pose a challenge to your plans build in options to address such situations. That would a wiser course of action than ignoring the facts altogether.

Ravi Patel

http://www.patelCFOservices.com

Published in: on July 11, 2017 at 4:17 am  Leave a Comment  
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Maintain Independence

After celebrating our nation’s Independence Day yesterday, a few thoughts on how Entrepreneurs could maintain their independence.

Entrepreneurs start their own businesses because they 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 retain 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 5, 2017 at 4:18 am  Leave a Comment  
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