What is Success?

Success means different things to different people.

When Entrepreneurs start and build businesses, their definition of success is most often that of  “making lots of money,” or fulfilling their Mission. When they reach their desired level of this definition of success, then what? What about the process of reaching there?

Success is not only about making money or attaining wealth. Long term success should be judged by the degree to which you are enjoying health, love of family,  friendships, balance in life, and internal peace.

Evaluate your self-improvement, the number of people you have mentored, the lives in which you have made a difference, and the communities that you have benefited to gauge your true level of success.

Making lots of money of course, does help in reaching the road to success.

Ravi Patel

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Published in: on October 9, 2018 at 4:45 am  Leave a Comment  
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Small Steps for Success

Nothing wrong with Entrepreneurs thinking big!

Developing a plan to achieve those big dreams and putting it into action is a requirement, among other things, for Entrepreneurial success.

Some Entrepreneurs want immediate success which is unrealistic. Having sustained incremental progress towards your Mission and goals is a more realistic path to success than hoping for overnight results.

While overnight success stories happen from time to time, the odds are very high against it. Entrepreneurs need to focus on making small, sustained steps of progress to achieve realistic milestones. Celebrate those small steps of success!

Consistent effort and making incremental progress on a realistic timeline might be slower that one wants, but that is ultimately what gets you to your goal.

Ravi Patel

www.patelCFOservices.com

Getting Distracted

Entrepreneurs understand the need for a clear Vision and the requirement to develop an appropriate Mission for that vision.

How many of you are really focused on the Vision and Mission (V&M) when making significant decisions? Do you get caught up in the day-to-day or near-term issues and challenges that you lose sight of the V&M? Do you get distracted on other opportunities that seem too good to pass up?

Be aware of potential distractions (disguised as opportunities) while you focus on your Vision and Mission.

Ravi Patel

http://www.patelCFOservices.com

 

Published in: on May 15, 2018 at 4:45 am  Leave a Comment  
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Should You Seek Success?

Success is a journey, not a destination. – Ralph Arbitelle

Entrepreneurs get into business to be their own boss and make money. Most of them want to be successful which seems like a reasonable expectation or goal.

Success has to come to you; you shouldn’t be seeking success!

Being successful is process of achieving your Mission and Vision. One needs to first work on the specific, established, periodic goals of a business and accomplish those well. Meeting goals is a more reasonable short-term objective; while fulfilling your Mission and achieving your Vision are the proper long-term areas of focus.

If you do all that, success is a natural process; you don’t have to seek or strive for it.

Ravi Patel

www.patelCFOservices.com

Published in: on January 9, 2018 at 4:23 am  Leave a Comment  
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Set Realistic Expectations

As you start the New Year, be realistic in your expectations.

Entrepreneurs get into business with an idea that they hope to develop into something really big.

As they put together their Annual Plan, they have certain expectations of how this idea will be commercialized and the revenues and income that the business model would generate.

Entrepreneurs hire people and have expectations regarding their performance. Similarly they expect clients or customers, vendors, other stakeholders will work with them in certain ways.

Entrepreneurs need to be careful about not having false expectations or hopeful wishes when they develop their Vision and Mission. All expectations need to be realistic, rational, and take into consideration the factors beyond the Entrepreneur’s control.

Having false expectations leads to unachievable dreams and disappointment. Moderate your expectations to be realistic, so that when your expectations are exceeded one has a reason to be jubilant.

Ravi Patel

http://www.patelCFOservices.com

Published in: on January 3, 2018 at 4:24 am  Leave a Comment  
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Don’t Stress Over Control

New Entrepreneurs like to maintain control.

However, understanding and managing their sphere of “control” and not stressing out over it is crucial in growing their businesses.

When Entrepreneurs start their businesses, they prefer to have total control over everything that goes on in their organization. All decisions must be made by them and nothing can be done without their say so.

As the business grows, the Entrepreneur is reluctantly forced to give up some control and delegate tasks to others. He or she still wants to know what happened. When successful, the Entrepreneur has to transfer responsibilities to a secondary level of leadership. In that stage he or she cannot keep track of all details.

At every stage of the growth of the company, the Entrepreneur reduces his/her sphere of direct control. This is very difficult for most Entrepreneurs, especially in the first business venture.

Building a stong secondary leadership team, guiding and mentoring the team, and periodically monitoring their accomplishments towards specific objectives and the overall Mission will reduce the anxiety of the Entrepreneur. If the Entrepreneur cannot learn to reduce his/her sphere of control, it will create stress that might be detrimental.

When things fall outside your sphere of direct control (to lower levels of the organization), resist the temptation to wrest such control or stress about it. Focus on the bigger picture and Mission.

Ravi Patel

www.patelCFOservices.com

Published in: on October 10, 2017 at 4:10 am  Leave a Comment  
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What Drives Your Business?

Do Entrepreneurs know what drives their business? What are your key drivers?

In one company’s conference room, there were framed posters depicting the company’s key drivers. It was very clear to ascertain the company’s focus on quality, people, financial commitment and so on. The company must have communicated to their employees these drivers and also displayed the posters in prominent work areas.

Entrepreneurs should think about developing, in addition to the Vision and Mission, key drivers in various areas of the company and communicating them to their employees. Building a company culture starts with educating the employees on and then continually reinforcing the focus towards these key drivers.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

What Drives Your Business?

Do Entrepreneurs know what drives their company? Is it the product, quality, people, service or something else?

When I visited a medical device company, I was pleasantly surprised to see, in the conference room, framed posters depicting the company’s key drivers. It was very clear to ascertain the company’s focus on quality, people, financial commitment and so on. I am sure that the company has communicated to their employees these drivers and also displayed the posters in prominent work areas.

Entrepreneurs should think about developing, in addition to the Vision and Mission, key drivers in various areas of the company and communicating them to their employees. Building a company culture starts with educating the employees on and then continually reinforcing the focus towards these key drivers.

Focus on key drivers rather than making a laundry list of everything.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on August 9, 2016 at 3:45 am  Leave a Comment  
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Bigger or Better?

What would you like your company to be – the best or the biggest? A quick, flippant answer could be to be both.

Becoming the biggest is an ambitious objective, but achievable only if you have a special niche in the marketplace. Being bigger, with reasonable profitability, allows access to resources for further growth. However, the entrepreneurship spirit is often lost as the size of a company gets bigger. More importantly, being the biggest says nothing about the quality of the organization. Being the biggest could mask inefficiencies in the short term.

On the other hand, being the better than competitors reflects a philosophy regarding the quality of products and services, processes, customer service, people and so on. All these have to be exceptional to be the best. While short-term costs may be higher to achieve the status of being the best, the long term prospects for growth are phenomenal. Competitive differentiation is most pronounced with being the best and might allow a premium for one’s goods and services.

Being better than most allows you to become the biggest, but being the biggest does not automatically mean that you are the best.

What would Entrepreneurs rather strive for – being the biggest or the best?

Ravi Patel

http://www.patelCFOservices.com

 

Don’t Have False Expectations

As you start the New Year, be realistic in your expectations.

Entrepreneurs get into business with an idea that they hope to develop into something really big.

As they put together their Business Plan, they have certain expectations of how this idea will be commercialized and the revenues and income that the business model would generate.

Entrepreneurs hire people and have expectations regarding their performance. Similarly they expect clients or customers, vendors, other stakeholders will work with them in certain ways.

Entrepreneurs need to be careful about not having false expectations or hopeful wishes when they develop their Vision and Mission. All expectations need to be realistic, rational, and take into consideration the factors beyond the Entrepreneur’s control.

Having false expectations leads to unachievable dreams and disappointment. Moderate your expectations to be realistic, so that when your expectations are exceeded one has a reason to be jubilant.

Ravi Patel

http://www.patelCFOservices.com