Letting Go

Entrepreneurs have fun starting and building a company. They are involved in all functions and cherish control over details. There does come a point in time when they have to let go.

Parents have a difficult time letting their children venture out on their own – from the first play date to leaving home for college.

Entrepreneurs are not so different. When their businesses grow and new management is required or when Entrepreneurs need to move on to other things in life, they have a traumatic time letting go.

Successful companies are not built on single individuals, but a strong organizational team of management leading the employees. The Entrepreneur’s role is to build the management team, inspire them with the vision, and let them execute the mission.

Enlightened Entrepreneurs accept the process of letting go gracefully, while some hold on by pretending to delegate management responsibilities but continually interfere.

Entrepreneurial company management is a fine balance between letting go and holding on.

Ravi Patel

Published in: on August 27, 2019 at 4:28 am  Leave a Comment  
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Is Cash an Issue?

Cash flow management is the most critical factor in an Entrepreneur’s ability to successfully grow a business. Yet more often that not, Entrepreneurs react to cash flow problems rather than actively managing this area.

Entrepreneurs need to ask themselves what metrics they are using to monitor cash flow. Are these the appropriate measures? How timely are such metrics?

What type of tools are Entrepreneurs using to manage and more importantly increase the available cash in their business? Are these tools continually refined to make them effective?

Entrepreneurs would be better served to proactively manage their cash flows, or at least monitor this important area if such management is delegated to others in their organization.

Ravi Patel

Published in: on August 20, 2019 at 4:00 am  Leave a Comment  
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Listen to Critics

“I never learned from a man who agreed with me.” – Robert A. Heinlein.

Critics might be irritating to Entrepreneurs and might even get under their skin. Critics, however, can teach you important lessons. Listening to people who only agree with you might feed your ego, but you are not going to learn something new.

It is always important to weigh different sides of any issue to reach the optimal decision. If everyone around you only promotes one side – your viewpoint – you will never see the other side. Listen to people who don’t agree with you to understand differing opinions. You might even find those perspectives more useful than you own and it could lead to a better decision, product or service.

It is often better to accept good advice from critics than bad advice from your supporters. Just because someone does not agree with you does not necessarily make them wrong. Similarly, someone who agrees with you is not always right.

Entrepreneurs should accept good advice, no matter where it comes from.

Ravi Patel

Published in: on August 13, 2019 at 4:35 am  Leave a Comment  
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Employee Attitude and Performance

Does your employee’s attitude have anything to do with performance? Of course, it does!

Employees with positive attitudes about themselves, towards the company and their fellow employees have the capacity to perform at a higher level.

So what could Entrepreneurs do to improve the attitudes of their employees?

It is important to have an understanding on how your employees feel about the company and their fellow employees. Using your HR department to conduct formal and informal surveys could help this effort. If affordable, it might be a good idea to have an objective, outside party conduct such surveys.

Supervisors should be sensitive to the problems faced by employees outside their work and how they might be affecting their performance. If the performance of an employees does not meet expectations, determine whether it is related to the abilities or skills of the employee or whether it is related to his/her attitude.

Entrepreneurs should use collected data to develop programs that improve employee attitudes thereby enhancing performance. It is by no means a one-time effort, but should be reassessed and revised  periodically.

Ravi Patel

Published in: on August 6, 2019 at 4:32 am  Leave a Comment  
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