How to Make the Right Decision?

Being faced with hundreds of decisions, how do Entrepreneurs go about making the right ones?

Generally ideal decisions are made with facts, experience, skills and other people’s input gained over time. Sometimes one’s gut or instinct plays an important role too.

Irrespective of how Entrepreneurs arrive at it, the perceived popularity of their choice must never be a factor in the decision-making process. Do what is right, not what is popular!

Right and wrong does not depend upon how many people are for or against a decision. Entrepreneurial leadership is not a popularity contest, but rather leading people the right way towards fulfilling a common Mission. Popularity comes and goes, but true leadership remains.

Entrepreneurs must have the courage to make the right decisions.

Ravi Patel

www.patelCFOservices.com

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Published in: on November 14, 2017 at 4:53 am  Leave a Comment  
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Be Credible

Talking a great game is easy for a lot of people. They convince others that they are successful even though they might not have done anything. Are they credible?

Entrepreneurs should learn from such people how not to conduct themselves.

Whenever speaking about your product, capabilities and skills, be confident and assertive yet understated. Don’t oversell yourself. In any case, don’t lie.

Let your actions speak loudly. Be exceptional in delivering results and let that do the talking for you. People who need to will be more impressed with your results rather than your promises.

Be understated in your talk, but exceptional in your actions to build credibility!

Ravi Patel

http://www.patelCFOservices.com

Published in: on November 7, 2017 at 4:34 am  Leave a Comment  
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Rapid Growth Isn’t For Everyone

Entrepreneurs are mostly focused on growing their companies and would like nothing more than rapid growth. However, is rapid growth good for all Entrepreneurs? Not necessarily.

Being ready for and managing rapid growth requires tremendous preparation and infrastructure. In addition to unique product and services and a solid management team, items such as adequate facilities, reliable IT infrastructure, communication systems, developed business processes, working capital lines of credit, access to growth capital, a group of professional advisers (lawyers, accountants, etc.), an industry advisory group or Board, and so on must be in place.

Most Entrepreneurs have a few of these things in place as they expand, but reach a crisis point when certain required elements are not readily available or in place.

While rapid growth is desirable, Entrepreneurs must ensure that they have in place the requirements to manage such growth . Otherwise, rapid growth might not be good for them.

Ravi Patel

www.patelcfoservices.com

Published in: on August 15, 2017 at 3:56 am  Leave a Comment  
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Developing a Management Team

Without having the benefit of an experienced, professional, and cohesive senior management team when they start and grow their companies, Entrepreneurs in order to expand and be successful in the long term must build a capable management team.

Blending in-house, on-the-job trained leaders complemented by key, experienced outside professionals (hired over a period), provide the Entrepreneurs the most cost-effective team. Identifying in-house personnel and training them to be managers should be the Entrepreneur’s focus once day-to-day operations have been delegated. Assessing the gaps in leadership, determining the management needs and recruiting appropriate outside leaders becomes the next step.

Having a management team in place is not enough. Entrepreneurs continually need to develop teamwork and cohesion to make the executives more effective for the long term. Entrepreneurs should find ways to train, motivate and reward the management team in a way that facilitates a group that can successfully grow the company, and allow the Founder/Entrepreneur to pursue other ventures.

Ravi Patel

http://www.patelCFOservices.com

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

Published in: on July 25, 2017 at 4:38 am  Leave a Comment  
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Resisting Temptation to Blame Others

Don’t find fault, find a remedy – Henry Ford . Entrepreneurs could learn a lot from this statement.

In a blame-rich rather than solution-oriented culture, leaders (mostly political) often seek out whom to accuse of problems rather than finding solutions. This sometimes extends to poorly run companies with unhealthy culture and negative management practices.

In reality, it should be acceptable for leaders to hold people accountable for their performance. However, it is not wise to continually blame others for problems. Entrepreneurs have to take responsibility for the issues facing their business and teach their managers to do the same.

More importantly, blaming others or even accepting responsibility does not solve the problem. Entrepreneurs need to create a culture where finding solutions or remedies to issues takes precedence over blame. Such a positive culture allows people to readily accept responsibility for decisions without having to face ridicule.

Do the Right Thing by creating a solution-oriented culture in your company and incorporating that in your Mission.

Ravi Patel

www.patelCFOservices.com

Being Fair Might be Unpopular

Good leadership is about making optimal decisions for the company as a whole, not only for certain segments of stakeholders.

Entrepreneurs are loyal to people, especially those who helped them start the business and were early employees. As the company grows, Entrepreneurs have to make decisions that might be tough, unfair to some, and unpopular.

Fair decisions involve doing the right things even it means that some people might be adversely affected by such actions. Business decisions cannot be optimal if everyone’s interest is always taken into account. Entrepreneurs, on the other hand, should not in any way go out of their way to make decisions that purposely hurt certain people. That would be grossly unfair.

While difficult, make fair decisions for your business that are ethical even if they might cause hardship for some people and be unpopular.

Ravi Patel

www.patelCFOservices.com

 

Published in: on June 20, 2017 at 4:05 am  Leave a Comment  
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Be Cool

Entrepreneurs often face stressful and chaotic situations. Do you keep your cool demeanor in these circumstances?

Have you watched firefighters, policemen or even bomb diffusers operate in high-stress situations? Their ability to act calmly reassures everyone around them not to panic.

Similarly, leaders who stay calm and keep their cool under chaotic business situations inspire confidence in their employees. Instead of panicking, they all tend to follow their leader and behave productively to resolve the issues. If the leaders lose their cool, who can blame the employees for doing so too?

Great leadership inspires people to do phenomenal things. Calm and cool leadership in volatile situations prevents their followers from panicking or performing irrational acts or even worse inciting riots.

Be a cool Entrepreneur!

Ravi Patel

http://www.patelCFOservices.com

Published in: on May 9, 2017 at 3:56 am  Leave a Comment  
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Speak With Your Actions

Actions speak louder than words! While it might be a cliché, it is no where more true than for Entrepreneurs as they build their companies.

Generally when the company is just starting, Entrepreneurs show great leadership when they roll up their sleeves and are willing to put in the effort that they demand of their employees. As companies grow Entrepreneurs sometimes say one thing and do something else.

Entrepreneurs need to ask themselves certain type of questions as they become successful:

  • Am I still putting the effort that I am asking of my employees?
  • Do I watch what I spend while I announce cost reduction programs?
  • What am I am doing to improve the company when I am preaching on continuous improvement in my organization?
  • Am I cutting corners while I demand quality from my employees?
  • Do I exhibit what it takes to provide superior customer service when demanding the same from employees?

Answers to these types of questions will determine if your actions match your words. If not, you should make sure they do!

Ravi Patel

www.patelCFOservices.com

Published in: on May 2, 2017 at 4:27 am  Leave a Comment  
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I am Sorry, but ….

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.

People make mistakes; Entrepreneurs are no exception.

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

A sincere apology is just that – sincere! When you make a mistake, no matter affecting which stakeholder, just say a sincere sorry without any “buts,” excuses or reasons. This apology 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.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

 

Published in: on April 11, 2017 at 4:18 am  Leave a Comment  
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