Improve Through Feedback

Entrepreneurs receive comments, criticisms, suggestions and feedback from many different quarters. Whom to listen? What to do?

Entrepreneurs can’t let criticism from outsiders with limited perspective and facts affect them. Critics often make comments without a lot of information or understanding the circumstances behind certain entrepreneurial actions. Such feedback might bother Entrepreneurs but they should accept such with a grain of salt, if not totally ignore it.

However, heed for performance improvement to valid feedback from insiders. Entrepreneurs need to surround themselves with key neutral advisers who are open to providing honest and realistic feedback to Entrepreneurs. Such advisers could be informal friends and business associates, members of a Mastermind Group, key stakeholders or the Board of Directors.

Entrepreneurs should not dismiss all negative feedback, but they should discern what is constructive and what needs to be discarded. Be willing to accept valid feedback and make improvements based on that.

Ravi Patel

www.patelCFOservices.com

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Seek Counsel Not Sympathy

Entrepreneurs need to surround themselves with key neutral advisers who are open to providing honest and realistic feedback to them. Entrepreneurs can use the concept of a Mastermind Group as a worthy resource as they grow their businesses.

Once the Entrepreneur seeks good advisers and forms an advisory board, the important task then is to seek advice and bounce off ideas and issues with these advisers. The Entrepreneur should be prepared to receive honest feedback including any constructive criticism.

The key element of this relationship must be for the Entrepreneur to seek counsel, advice, and constructive feedback from the advisers. In no event should the Entrepreneur use the advisory board to constantly complain about problems and seek their sympathy. This is not the primary role of any adviser.

Maintain a healthy relationship with your advisers by seeking their counsel and not their sympathy!

Ravi Patel

http://www.patelCFOservices.com

Asking for Assistance

” I need help!” These three words are so misunderstood, especially by Entrepreneurs.

Asking for assistance is sometimes incorrectly perceived by Entrepreneurs as a weakness in leadership or deficiency. Or as, it is too expensive to ask for help. Nothing could be farther from the truth!

It is widely accepted that Entrepreneurs initially start businesses because of unique, innovative ideas – not because they are professional chief executives. It is not fair to expect that Entrepreneurs are well versed in all major functional areas of a business. Asking for help in areas that are not their strength is not a sign of weakness.

In fact, soliciting assistance at the right time is rational and could save Entrepreneurs time, people resources, and money in the long term. As a strategy, Entrepreneurs may want to create  a team of advisers whom they can ask for help at any time.

Asking for help at the right time is smart business.

Ravi Patel

www.patelCFOservices.com

Published in: on March 17, 2015 at 4:30 am  Leave a Comment  
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