Being Popular Shouldn’t be a Goal

A goal to be popular is not worthy in itself. Entrepreneurs could be effective leaders and be popular, but it is not always possible.

Leadership is about making the optimal decisions for the company even though they might be tough, unfair to some, and even unpopular. In order to do the right thing for the company, a leader might lose in popularity.

Entrepreneurs are often charismatic individuals and have loyal supporters within their companies due to not only their personality, but also for creating employment and opportunities for individuals. This type of following often converts to loyalty and the Entrepreneurs normally use it to motivate employees.

However if tough decisions are required, the Entrepreneur might no longer remain popular. This could happen if the Entrepreneur fails to make critical decisions when necessary, or does make them negatively affecting people.

Leadership is not always about being popular, but being tough and fair to chart the successful course for the company. If being popular comes with it, that’s great. However, do not make your decisions to be popular.

Do the Right Things by being a Leader!

Ravi Patel

Published in: on April 30, 2019 at 4:54 am  Leave a Comment  
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Who After You?

Entrepreneurs might not find the phrase “succession planning” in their vocabulary. While Entrepreneurs do not or might not want to think about succession in the sense that they are “retiring” from the business, finding a replacement is something to ponder about.

As an Entrepreneur starts and develops one business, the spirit of innovation does not end. He or she might find new ideas for ventures that might not fit within the mission of the current business. In that case the Entrepreneurs might have to start one or more companies.

In order for the Entrepreneur to focus on his/her entrepreneurial passion, the current business would require a capable leader to run the existing company. This is the type of “succession” planning the Entrepreneur should be thinking about.

If one wants to grow multiple businesses, then “succession” planning is critical for an Entrepreneur.

Ravi Patel

Published in: on April 23, 2019 at 4:39 am  Leave a Comment  
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Don’t Create Confusion in Your Business Process

While travelling recently, we stopped at a food establishment in the airport.  This chain had an established process of ordering and delivery of food items. However, this process was neither intuitive nor well-posted for patrons to understand, creating confusion and frustration.

There is a lesson for Entrepreneurs. As you focus on reviewing and improving business processes, do not forget that such processes have to be well understood by the users. There should be a strong emphasis on effective communication of the established processes.

For external users of your business processes, such as clients and vendors, lack of proper communication could negate the effectiveness of your procedures regardless of their excellence. Periodic follow-up with these users as to their understanding and feedback on the process would create an opportunity for refinements.

For internal users, communication combined with training is absolutely necessary. Developing a business process, no matter how good it is, will be effective only if your employees understand it.

Develop, improve, effectively communicate and fully train the users about each business process, otherwise confusion will kill your processes.

Ravi Patel

Apologize with Sincerity

Making mistakes is human.

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

How often 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.

Entrepreneurs, Do the Right Things!

Ravi Patel

Published in: on April 9, 2019 at 4:20 am  Leave a Comment  
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Simplifying Your Business Plan

A “Business Plan” doesn’t have to be a thick document with graphs, projections and glossy visuals. Entrepreneurs need not worry!

A business plan is conceptual. It should be crisp and to the point. Including lots of words (and graphs, spreadsheets, visuals) on paper isn’t necessary.

What should this simple business plan include:

  • What are you doing? Describe your product or service in simple , non-technical terms
  • Why are you doing this? Is there a need in the market place? What is the size of the market or need? What share do you expect to get? Are there competitors? Why are you better? What challenges/barriers are there? Do you have proprietary technology?
  • How and where are you going to do this? Describe your organization to design, manufacture/provide, deliver/distribute your offering. What are your selling channels and how will you reach your potential customers?
  • Whom do you have to support you? Review your management team and key personnel
  • What are the economics? How will you make money and how long will it take? How much do you need and how much will you make? How realistic are your numbers?

This is it – plain and simple. If you have thought through all these questions you are almost there. Practice your pitch and perfect it. Now put it in a nice, readable, short presentation and you are done.

Ravi Patel

Published in: on April 2, 2019 at 4:42 am  Leave a Comment  
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