Be Decisive

An Entrepreneur needs to be decisive to be a good leader. A decisive person shows the ability to make decisions quickly but effectively.

When an Entrepreneur takes too long to make a decision – either due to lack of knowledge or fear of making the wrong one, it creates a period of anxiety in the employees. Uncertainty in any organization is a killer.

Procrastination is not an admirable virtue for great leaders. It is often better to learn to say “yes” or “no” more often than “maybe.” Your employees will respect you for making quick decisions even though you might be wrong sometimes.

Being decisive does not mean being impulsive or basing decisions on your gut feel. You need to consider all pertinent facts in arriving at the decision, but don’t over-analyze and delay unnecessarily.

Entrepreneurs need to lead by example. Being decisive themselves will instill the same level of rapid response in the rest of the organization.

Ravi Patel

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Published in: on March 26, 2019 at 4:36 am  Leave a Comment  
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Validate Your Idea Before Full Development

Soon after Entrepreneurs have ideas, they tend to forge ahead on product or service development at full speed. Is this always a wise course of action? Bias for action is a commendable attitude, but it needs to tempered with reality.

It is essential to obtain validation from potential customers or users before proceeding too far down the path of product or service development.

Regardless of how brilliant the idea, it is ultimately the customer that will decide if it going to be accepted. If the customer does not buy the product or service, there is no long-term value in the idea. Asking potential users about the idea and its potential features is a great way to validate its further development. Customers might even have thoughts and features that the Entrepreneur might not have considered.

There is always the argument that for a revolutionary idea the potential customer might not even be aware of the need, and it is the task of the developer to educate the users. There is merit in this argument; however, it doesn’t hurt to obtain some initial validation of the feasibility of the idea from potential customers.

A solid product or service development process should require some form of meaningful validation from potential users prior to going too far down the path of detailed design. Do the Right Things!

Ravi Patel

Do You Know Your Weaknesses?

Knowing your weaknesses and doing something about eliminating or mitigating them is actually a strength.

As a part of the strategic planning process, it is essential for Entrepreneurs  to do a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis on their business and develop strategies for each area.

How do you find out your weaknesses?

Entrepreneurs can do an honest assessment and perform an in-depth, critical review. They could involve the management team in this process and have them openly, without fear of recrimination, list each area of weakness in the business. Have each manager of a functional area review not only his/her own area, but also other functions in the company.

Entrepreneurs could also solicit frank feedback from the Board of Directors and mentors regarding the areas that need improvement. Such feedback is more likely to be objective depending upon the relationship with the Entrepreneur.

The truest assessment of your weaknesses will come from competitors if you can obtain such information. Competitors analyze the business of their rivals very carefully to develop strategies to compete not only against their strengths but also to exploit their weaknesses. If you can find a way to gain analysis of your weaknesses performed by your competitors, it would be very useful in your strategic planning process.

Something to ponder ….

Ravi Patel

Published in: on March 12, 2019 at 4:30 am  Leave a Comment  
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Molding Consensus

“A genuine leader is not a searcher for consensus but a molder of consensus” – MLK Jr.

Every new idea, whether small or grandiose, has to be sold to people for its acceptance. A true leader goes about it the proper way.

Consensus is defined as a majority of opinion or general agreement. In many organizations, getting consensus becomes a “political” process wherein the idea promoter seeks out or searches for people who agree with him/her, largely based on personal appeal of the person rather than the idea. This is not true leadership in getting consensus on an idea.

Rather, a genuine leader stresses the virtue of an idea and actively persuades people on its benefits thereby molding or building consensus. The acceptance of the idea then becomes internal to the believer rather than being forced upon him/her through brow-beating or intimidation. If the leader is successful in building, rather than seeking, consensus the implementation of the idea is more effective and lasts for the long term. The benefits of seeking quick consensus are often short-lived.

True Entrepreneurial leadership should strive for molding consensus to generate wide acceptance of new ideas in their companies.

Ravi Patel

Published in: on March 5, 2019 at 4:50 am  Leave a Comment  
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