Take Care of Your Employees First

“Charity begins at home” means that you should take care of family and people close to you before you worry about helping others.

Does this apply to Entrepreneurs and business?

Most Entrepreneurs and small business owners have a desire to be generous to causes they believe in. It is noble to give back to the community they work and live in.

However, it is important to first take care of matters close to business and then outside. This entails making sure you first address the well-being of your employees. Ensure that your employees are compensated commensurate with their performance, have comprehensive benefits, opportunity to learn and develop their skills,  and well-defined path for advancement.

Giving to charity and noble causes is great, but if you don’t take care of your employees first you might not be paying homage to the “charity begins at home” philosophy.

If you help others without first taking care of your employees, it might be at the latter’s expense and they might resent that. On the other hand, if you take care of your employees first, they might be motivated to join in and participate and contribute to your charitable causes.

Do the Right Things!

Ravi Patel

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Published in: on August 28, 2018 at 4:30 am  Leave a Comment  
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Differences Between Inventors and Entrepreneurs

Inventors and Entrepreneurs both have new ideas, some of them quite unique. Yet, both have different perspectives on these ideas.

The “Shark Tank” TV show allows potential Entrepreneurs to pitch their ideas to the investors for possible funding. It is amazing to see many interesting ideas and inventions do not get funded because the person pitching the idea has not figured out how it could be commercially successful.

Therein lies the difference between Entrepreneurs and Inventors.

Entrepreneurs, the successful ones, know the importance of being able to build a business model around an idea and realizing the maximum value of that product/service. Generally they focus on that product/service before embarking on a new project.

Inventors, on the other hand, love to invent regardless of realizing value from their inventions. They keep on moving from one invention to another without thinking through the business aspects of their ideas. They are primarily driven by discovering new things and not money.

All Inventors cannot be successful Entrepreneurs. It is more important for such Inventors to turn over their inventions to business-oriented Entrepreneurs that can create a value for those ideas. Then the Inventors can continue their passion for inventing, hopefully funded by their previous successful inventions.

Ravi Patel

Published in: on August 21, 2018 at 4:31 am  Leave a Comment  
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Create a Strong Foundation

Watching a tree sway with the gusty winds brings forth a business analogy.

To survive strong winds, a tall, growing tree needs to have a strong foundation (deep roots) combined with the flexibility to sway with the gusts instead of being rigid.

Similarly Entrepreneurs need to build a solid foundation to combat competition, market and regulatory forces and changing economic environment. Absent a solid foundation a business might not be able to grow significantly. It would be akin to building a castle on sand.

What are some of the key ingredients to build a strong foundation? It starts with a system to deliver quality products and services repeatedly and consistently. In order to do that one needs a competent and dedicated team of employees and management utilizing robust business processes and procedures. A superior customer service mentality coupled with continuous innovation and improvement adds to the mix.

Just as a tree cannot remain rigid to survive gusty winds, a company must be nimble and flexible to adapt to the changing environment and customer needs to grow the business.

With such a foundation and flexibility not only survival but also significant growth is possible. Have you created a solid foundation for growth?

Ravi Patel

Invest in the Right Things

Businesses require investments. Entrepreneurs are aware of the capital necessary to start a business – whether it is for working capital, machinery, equipment, or so on.

As the business grows more investment might be needed. Are Entrepreneurs investing in the right things? If Entrepreneurs only think of investment in material things, it might be short-sighted.

Long term success requires investment also in softer areas of the business. For example, in order to have consistent results it is necessary to invest in developing robust business processes (not necessarily computer systems). This takes time and resources, but it is a wise investment.

Entrepreneurs need to make similar investment in their people. Identify the key potential people in your organization and invest in them. Urge them to improve their skills, train them in functional areas, and take a risk by giving them projects and assignments that challenge them. Investing in your people, just like other assets, will pay off in the long term.

Entrepreneurs need to identify all areas of their business to determine if they have invested wisely in such areas to generate superior returns.

Ravi Patel

www.patelCFOservices.com

Published in: on August 7, 2018 at 4:43 am  Leave a Comment  
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