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

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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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Are you a Good Teacher?

As an Entrepreneur, are you a good teacher?

Lessons from a good teacher remain throughout life – whether in business or personal situations. One can often refer back to something that a great teacher taught you and marvel at the teachings, even after many years!

Similarly, bad lessons also stay in one’s memory; however, what would you rather be remembered for?

Good leaders most often inspire their followers not only with the actions they take, but also with what they teach their followers. As a business and Entrepreneurial leader learn to educate your employees the right way to think, and the correct actions will follow for the rest of their lives. Don’t always tell employees what to do, but make them learn how to do it.

Most Entrepreneurs and managers don’t take the time to coach their employees as they claim to be too busy and are focusing on current tasks. For the long term success of your company and as a true leader, it is more important to enlighten your employees so they themselves can be effective at what to do.

Do the Right Things – strive to be a good teacher for your employees.

Ravi Patel

http://www.patelCFOservices.com

Consequences of Inaction

Taking risks involves possibility of failures. Decisions to act on something have consequences. Risk averse people eliminate any adverse ramifications by inaction.

Is doing nothing acceptable for Entrepreneurs? Entrepreneurs start businesses as they are risk takers. For them, passion in an idea overpowers any risk of failure. Doing something in good faith, however difficult, is better than not doing anything at all.

What happens when an Entrepreneur grows the business to a point where he or she feels comfortable. Does doing nothing any more become an option? Are decisions postponed or not made because that might upset the “being comfortable” zone?

True Entrepreneurs will always be leaders and risk takers and as they continue to be innovative. Entrepreneurs who become successful CEOs need to be cautious of inaction on significant issues.

Doing nothing is sometimes worse than doing something in good faith but failing. Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Are You Really Sorry?

Everyone makes mistakes including Entrepreneurs.

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

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. In such cases one is not really sorry!

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

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on February 2, 2016 at 4:23 am  Leave a Comment  
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Maintaining Composure

Entrepreneurs and leaders often face stressful and chaotic situations. Do you keep your composure in these circumstances? Or not?

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 leader by maintaining your composure!

Ravi Patel

www.patelCFOservices.com

Published in: on October 6, 2015 at 4:33 am  Leave a Comment  
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Not Being a Hero

Entrepreneurs might think of themselves as heroes trying to hit a home run or create miracles. Is this helpful?

Heroes are generally created infrequently and for a very short time. While you might feel that you have to rescue your company from all situations, it is not always possible and more importantly not the right thing to do. A crisis manager in one situation is not always a great leader.

Successful companies need long-term leadership that builds the organization and the employee team to solve problems and exploit opportunities in the absence of the leader. Dependence on a hero can only work in the short term or in a few instances.

While Entrepreneurs might think of themselves as “super-heroes” for starting the company and making it grow though its infancy, strong business leadership is necessary to nurture it for long-term growth and success.

Be a leader rather than a hero!

Ravi Patel

www.patelCFOservices.com

Published in: on August 11, 2015 at 3:54 am  Leave a Comment  
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An Effective Apology

Do you make mistakes? Everyone makes mistakes; Entrepreneurs are no exception.

What separates leaders is that when mistakes are made, genuine leaders offer a sincere apology. How do you do that?

You often hear 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. Saying sorry in this case doesn’t mean much.

A sincere apology is just that – sincere! When you make a mistake, no matter affecting which stakeholder, just say a sincere sorry without any excuses or reasons. This 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 June 2, 2015 at 3:49 am  Comments (2)  
Tags: , , , , ,

Be a Good Teacher

As a leader or manager, are you a good teacher?

Lessons from a good teacher – whether in business or personal situations – remain throughout life. How often can you refer back to something that a great teacher taught you and marvel at the teachings, even after many years!

On the other hand, bad lessons also stay in one’s memory; however, what would you rather be remembered for?

Good leaders most often inspire their followers not only with the actions they take, but also with what they teach their followers. As a business and Entrepreneurial leader learn to educate your employees the right way to think, and the correct actions will follow for the rest of their lives. Don’t always tell employees to do, but make them learn how to do it.

Most Entrepreneurs and managers don’t take the time to coach their employees as they claim to be too busy and are focusing on current tasks. For the long term success of your company and as a true leader, it is more important to enlighten your employees so they themselves can be effective at what to do.

Do the Right Things – strive to be a good teacher for your employees.

Ravi Patel

http://www.patelCFOservices.com

 

Be a Leader, Not a Hero

Entrepreneurs sometimes think of themselves as heroes trying to hit a home run or create miracles.

Heroes are created infrequently and for a short time. While you might feel that you have to rescue your company from all situations, it is not always possible and more importantly not the right thing to do.

Successful companies need long-term leadership that builds the organization and the employee team to solve problems and exploit opportunities in the absence of the leader. Dependence on a hero can only work in the short term or in a few instances.

While Entrepreneurs might think of themselves as super-heroes for starting the company and making it grow though its infancy, strong business leadership is necessary to nurture it for long-term growth and success.

Be a Leader NOT a Hero!

Ravi Patel

www.patelCFOservices.com

Published in: on November 28, 2011 at 5:22 am  Leave a Comment  
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