Let Learning Happen from Mistakes

Starting Entrepreneurs often exercise strong control where virtually all decisions are made by them. Entrepreneurs are not yet ready to delegate responsibility and trust their people with decision-making authority. Entrepreneurs do not want their people to make mistakes.

That is not the way to develop people and grow the company. Entrepreneurs have to be willing to allow their people to learn how to make good decisions on their own. This may result in a few mistakes, but let those be learning experiences rather than creating an environment of fear to make decisions.

Entrepreneurs should let their people make mistakes and learn from those situations. There is nothing wrong in having checks and balances to prevent unchecked major mistakes hurting the organization.

Managing a growing company is similar to watching a child learn to walk. Parents allow their children to fall so that they can get up and learn to walk. Entrepreneurs need to do the same.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

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Published in: on May 8, 2018 at 4:45 am  Leave a Comment  
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Entrepreneurs Need to Keep An Open Mind

Similar to a parachute, a mind only works when open. When Entrepreneurs are learning new things it definitely requires an open mind.

Entrepreneurs do not know it all. The ones wanting to be successful always keep on learning or find people who know more than they do. Accepting new ideas through self learning or from others requires willingness to accept thoughts different from yours.

If one makes up his/her mind and refuses to entertain other ideas, learning is not possible. Moreover, the person might be viewing issues from a single perspective, his/hers only, eliminating the possibility of a well-informed decision or conclusion.

Entrepreneurs need to set their ego aside and seek and be open to advice from others. Keep an open mind to learn more and to be more effective in making decisions.

Ravi Patel

www.patelCFOservices.com

Published in: on April 5, 2016 at 3:42 am  Leave a Comment  
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Recover from Mistakes

Some Entrepreneurs are just too much of perfectionists. But, they can’t afford to be so!

Entrepreneurs often try not to make mistakes. Sometimes they try too hard. Is this a good thing? Not making mistakes is good, but trying too hard not to make them could be counterproductive. Trying too hard to avoid mistakes often causes them.

Instead learn to recover, somewhat quickly, from mistakes. If one accepts that mistakes will happen, then the correct mindset should be to develop a process to recover from mistakes.

For Entrepreneurs this is even more important. First, they need to recognize that a mistake was made. If not, they might proceed too far down the wrong path costing them time and resources. Second, Entrepreneurs should train their people to recognize mistakes. Finally, they need to develop a well thought-out process to not only recover rapidly from mistakes, but also to learn from such mistakes and implement internal controls to avoid such faux-pas in the future.

Do the Right Things by recovering quickly and learning from mistakes.

Ravi Patel

http://www.patelCFOservices.com