Lessons for Entrepreneurs from Martin Luther King

The nation celebrated Martin Luther King’s birthday yesterday. It is interesting to review what lessons Entrepreneurs can learn from Martin Luther King (MLK).

Dave Kerpen wrote an article on Inc. on January 19, 2004 listing seven lessons from MLK that are still relevant today. Here is my summary:

  1. Dream big – if you don’t dream big, you can’t achieve significant things
  2. Persuade without power – don’t be a “boss.” but be a leader through the power of persuasion
  3. Give people something to believe in – have passion in your Vision so people are compelled to adopt it
  4. Embrace fear and be courageous anyway – be honest with people about the challenges but have the courage to face them anyway
  5. Get everyone involved – Entrepreneurs can’t do everything themselves. They need to have other people involved to build their company.
  6. Create a sense of urgency – have a bias for action to get ahead of competition
  7. Inspire people – without inspiring leadership it merely becomes a job for your people. Have them motivated to fulfill your Vision.

These are lessons that Entrepreneurs can definitely learn from and adopt.

 Ravi Patel

http://www.patelCFOservices.com

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Reality Check

Entrepreneurs come up with new ideas to start businesses to make a difference. Their passion can be ignited only if they dream big.

However, Entrepreneurs should first see things as they currently are before visualizing what they could be.

Taking an assessment of the situation as it currently stands is critical before embarking on a dream. A reality check, often with advice of trusted confidants, helps to bring facts into the situation. Ignoring the current state of affairs and only imagining where you could be might pose a problem if not dealt with correctly.

It is not wrong to dream, but in order to achieve one’s Vision it is necessary to start from facts as they are now and then chart a realistic plan to get where you visualize your end point. Depending upon the current situation, the path might be easy, difficult or not possible at all. Ignoring the difficulty of the path is not rational.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on April 1, 2014 at 5:18 am  Leave a Comment  
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Making your Dreams a Reality

“Vision without execution is a daydream. Execution without vision is a nightmare” – Japanese Proverb.

Many people with good ideas keep on dreaming of making it big. But they don’t (or can’t) as they do not put their ideas into practice. Not executing your vision gets you nowhere except in your dreams.

Entrepreneurs can make their dreams into reality! How?

Taking on any major project begins by breaking it down into smaller tasks. (How do you eat an elephant? One bite at a time.) First, break down your project (dream) into smaller, discrete, meaningful segments.

Then establish measurable milestones with a realistic timeline – goals! Get your organization committed to these goals and monitor periodically progress towards achieving the established milestones. Disciplined activity towards achieving these goals will eventually lead to fulfilling your Vision.

If you put realistic and measurable milestones with timelines on your dreams, they could become goals for your success!

Ravi Patel

www.patelCFOservices.com