Seeing the Potential

“A good coach will make his players see what they can be rather than what they are.” – Ara Parasheghian

Like good coaches, leaders have to find the potential in their people. When hiring, don’t merely evaluate the current skills and experience of the applicant. Rather, determine what the person can become with proper coaching and training.

Given the right coaching, raw talent can be molded to perform at exceptional levels in any organization. The problem for Entrepreneurs is that they mostly focus on short-term needs and do not have a long-term vision for human resource acquisition and management.

When a sculptor views a stone, he/she is evaluating whether it could be transformed into a thing of beauty. Similarly a land developer sees beyond the empty expanse of land and has a vision of what a housing community or golf course it could become.

Entrepreneurial leaders have a great vision of what their idea or product could become. They need to use a similar vision towards their people and see their potential rather than what they are right now.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

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Published in: on July 9, 2013 at 4:54 am  Leave a Comment  
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Giving Your Best

Leaders often encourage their followers “to give their best” to whatever they are doing. Entrepreneurs do the same when motivating employees towards fulfilling the Mission of the company.

In a team environment it is normal for all employees to contribute to fulfilling the objectives of the mission. However, is it always true for the leaders?

If Entrepreneurs expect the best from their employees, then they too should give their very best to the employees and the company. Do they? Leadership by example is not just a catchy phrase!

Entrepreneurs need to give their best to the organization to inspire their employees to do their very best. If Entrepreneurs show an attitude of “do what I say, not what I do,” their employees are not going to be motivated for the long haul.

Doing the right things for leaders means giving 100% or more to prove to the employees that they all are part of the same team and everyone needs to contribute their very best.

Ravi Patel

www.patelCFOservices.com

 

Offering a Sincere Apology

Everyone makes mistakes; Entrepreneurs are no exception.

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.

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 March 26, 2013 at 5:03 am  Leave a Comment  
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Earning Respect

Business leaders might accept not being loved, but they would definitely like to be respected. Entrepreneurs are no different.

Respect though is earned not by the title of a leader’s position, but by his or her actions, behavior, and consistency of decisions. Business leaders have to prove themselves to their employees to earn respect.

One’s position allows you to command and direct subordinates to do certain things. Having their respect will make them more willing and happier to carry out their tasks for you. In the long term, earning the respect of your employees builds lasting loyalty.

So as business leaders and Entrepreneurs do what is necessary to gain respect by how you treat people, make decisions, and carry yourself. If you respect your people, they in turn will do the same.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Matching Thoughts with Action

Many people dream up big ideas and constantly broadcast their thoughts. Very few people put their thoughts into actions.

Actions represent visible expressions of your thoughts. Make sure they are in sync.

Entrepreneurs are in the category of people who actually go about realizing their dreams by building on their ideas and actually making them work. They launch companies and develop and sell their products and services, all started by their thoughts

But, they need to do that as business leaders too when dealing with their stakeholders. Match what you promise your stakeholders with specific action. If you ask your employees to do something, you should too should be setting an example in that regard. Don’t expect people to blindly take your word for it if you do not actually do something concrete in that aspect.

As they say, actions speak louder than words – they actually do!

Ravi Patel

www.patelCFOservices.com

Sharing Your Knowledge

Business leaders over their careers acquire considerable knowledge and wisdom. Knowledge that is not shared is lost forever. Here are some thoughts on how to share your knowledge with others:

  • Instead of giving answers to your employees or doing things for them, make them learn from you and do the tasks themselves. Resist the tendency of doing it yourself to save time. Take the time to teach someone.
  • Allow your employees to make mistakes while they are learning from you. No one is perfect the first time.
  • Mentor other Entrepreneurs and young business leaders. Guide them with your knowledge and experience.
  • Encourage and motivate your employees to develop a continuous learning philosophy
  • Teach in a formal setting
  • Write articles and make presentations to industry groups, educational institutions and forums

Sharing your knowledge will be the most lasting legacy you will leave for future leaders and employees. Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Find a Solution Rather than Fault

Don’t find fault, find a remedy – Henry Ford . There is a lot for Entrepreneurs to learn from this statement.

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

In the real world it is 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

Doing Nothing

Taking risks involves possibility of failures. Decisions to act on something have consequences. Risk averse people eliminate any adverse ramifications by doing nothing.

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 “doing nothing” 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