What is Success?

Success means different things to different people.

When Entrepreneurs start and build businesses, their definition of success is most often that of  “making lots of money,” or fulfilling their Mission. When they reach their desired level of this definition of success, then what? What about the process of reaching there?

Success is not only about making money or attaining wealth. Long term success should be judged by the degree to which you are enjoying health, love of family,  friendships, balance in life, and internal peace.

Evaluate your self-improvement, the number of people you have mentored, the lives in which you have made a difference, and the communities that you have benefited to gauge your true level of success.

Making lots of money of course, does help in reaching the road to success.

Ravi Patel

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Published in: on October 9, 2018 at 4:45 am  Leave a Comment  
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Being Persistent

Frustration due to obstacles is common for all endeavors. The successful ones are those who keep on going and overcome obstacles.

Persistent is defined as continuing firmly or obstinately in a course of action in spite of difficulty or opposition.

How appropriate that an Entrepreneur be persistent to be successful? Facing difficulty, obstacles, discouragement, setbacks and even failures are nothing new for Entrepreneurs.

Entrepreneurs who come through even after facing challenges are the ones who have a laser focus on their Mission and can navigate a steady, persistent course without being unduly discouraged. The story about the spider weaving a web despite repeated failures comes to mind.

If you desire to succeed in achieving your Mission, be persistent! Your people will be inspired and support your efforts.

Ravi Patel

Published in: on October 2, 2018 at 4:39 am  Leave a Comment  
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Getting Distracted

Entrepreneurs understand the need for a clear Vision and the requirement to develop an appropriate Mission for that vision.

How many of you are really focused on the Vision and Mission (V&M) when making significant decisions? Do you get caught up in the day-to-day or near-term issues and challenges that you lose sight of the V&M? Do you get distracted on other opportunities that seem too good to pass up?

Be aware of potential distractions (disguised as opportunities) while you focus on your Vision and Mission.

Ravi Patel

http://www.patelCFOservices.com

 

Published in: on May 15, 2018 at 4:45 am  Leave a Comment  
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Should You Seek Success?

Success is a journey, not a destination. – Ralph Arbitelle

Entrepreneurs get into business to be their own boss and make money. Most of them want to be successful which seems like a reasonable expectation or goal.

Success has to come to you; you shouldn’t be seeking success!

Being successful is process of achieving your Mission and Vision. One needs to first work on the specific, established, periodic goals of a business and accomplish those well. Meeting goals is a more reasonable short-term objective; while fulfilling your Mission and achieving your Vision are the proper long-term areas of focus.

If you do all that, success is a natural process; you don’t have to seek or strive for it.

Ravi Patel

www.patelCFOservices.com

Published in: on January 9, 2018 at 4:23 am  Leave a Comment  
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What Drives Your Business?

Do Entrepreneurs know what drives their company? Is it the product, quality, people, service or something else?

When I visited a medical device company, I was pleasantly surprised to see, in the conference room, framed posters depicting the company’s key drivers. It was very clear to ascertain the company’s focus on quality, people, financial commitment and so on. I am sure that the company has communicated to their employees these drivers and also displayed the posters in prominent work areas.

Entrepreneurs should think about developing, in addition to the Vision and Mission, key drivers in various areas of the company and communicating them to their employees. Building a company culture starts with educating the employees on and then continually reinforcing the focus towards these key drivers.

Focus on key drivers rather than making a laundry list of everything.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on August 9, 2016 at 3:45 am  Leave a Comment  
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Persevere

Frustration when facing obstacles is common to all endeavors. The successful Entrepreneurs are those who keep on going and overcome obstacles.

Perseverance is defined as the steady persistence in a course of action, a purpose, a state, etc., especially in spite of difficulties, obstacles, or discouragement.

How appropriate that an Entrepreneur possess this quality to be successful? Facing difficulty, obstacles, discouragement, setbacks and even failures are nothing new for Entrepreneurs.

Entrepreneurs who come through even after facing challenges are the ones who have a laser focus on their Mission and can navigate a steady, persistent course without being unduly discouraged. The story about the spider weaving a web despite repeated failures comes to mind.

If you desire to succeed in achieving your Mission, have perseverance! Your people will be inspired and support your efforts.

Ravi Patel

www.patelCFOservices.com

Published in: on June 1, 2016 at 4:01 am  Leave a Comment  
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Employee Involvement

Is recruiting and hiring good employees enough for Entrepreneurs? Not really.

After new employees start work, on-boarding, orientation and making them aware of the company’s Vision, Mission and culture should be a standard part of any hiring process. How many Entrepreneurs do that?

Even if you have a robust on-boarding process, what do you do to keep your employees actively involved in your company?

Entrepreneurs don’t treat working in their company as a “job.” They need to develop that sense of spirit in their employees. Employees should feel closely attached to the Mission of the company such that they view their job in a macro sense – as having a direct impact on fulfilling the Mission rather than just completing assigned tasks.

Offering material rewards for accomplishments works for a while. What is more important is the emotional engagement of employees in the company such that they personally identify themselves with the company’s success (and failures). Finding ways to engage employees in a meaningful way should be a key objective for Entrepreneurs.

Engaged employees are generally happy and productive. Get them involved in your company!

Ravi Patel

www.patelCFOservices.com

Don’t Have False Expectations

As you start the New Year, be realistic in your expectations.

Entrepreneurs get into business with an idea that they hope to develop into something really big.

As they put together their Business Plan, they have certain expectations of how this idea will be commercialized and the revenues and income that the business model would generate.

Entrepreneurs hire people and have expectations regarding their performance. Similarly they expect clients or customers, vendors, other stakeholders will work with them in certain ways.

Entrepreneurs need to be careful about not having false expectations or hopeful wishes when they develop their Vision and Mission. All expectations need to be realistic, rational, and take into consideration the factors beyond the Entrepreneur’s control.

Having false expectations leads to unachievable dreams and disappointment. Moderate your expectations to be realistic, so that when your expectations are exceeded one has a reason to be jubilant.

Ravi Patel

http://www.patelCFOservices.com

 

Letting Go Gracefully

It is always a balance as to when an Entrepreneur needs to let go and delegate responsibility of the business to someone else. If one leaves too early, the Mission and Vision might remain unaccomplished per the Entrepreneur’s original intent. Hanging on too long might jeopardize long-term success.

“Don’t let go too soon and don’t hang on too long.” – Mitch Albom. Quite useful advice for Entrepreneurs.

Leaving the business to pursue other ventures is all dependent on to whom the Entrepreneur is relinquishing control. If the Entrepreneur has built up a strong leadership team and a solid foundation to accomplish the Mission, delegating responsibility to run the business to a competent CEO is prudent. However, if the leadership team and the new CEO are not seasoned and well-developed, the Entrepreneur risks a lot by leaving too soon.

Hanging on too long can be an issue also. If the business has grown beyond the capability of the Entrepreneur to successfully run it, it might be damaging to hang on to power. A new CEO is absolutely necessary then. Alternatively, if the Entrepreneur has recruited a solid leadership team and a likely CEO and trained them, hanging on will be demotivating to the capable successor CEO and the  team as they cannot show off their potential.

If the Entrepreneur runs the business on without a secondary leadership team and wants to continue doing so, he/she does not face the question of leaving too early or hanging on. But is that continued retention of control achieving well the Mission and Vision of the business?

Ravi Patel

www.patelCFOservices.com

Slow But Sustained Incremental Progress

Entrepreneurs like to think big! Most of them left corporate jobs as they were stifled by the constraints of bureaucracy. Nothing is wrong with that.

Developing a plan to achieve those big dreams and putting it into action is a requirement for Entrepreneurial success.

Some Entrepreneurs might want immediate success. This is unrealistic. Having sustained incremental progress towards your Mission and goals is a more realistic path to success than hoping for overnight results.

While overnight success stories happen from time to time, the odds are very high against it. Entrepreneurs need to focus on making incremental, but sustained, progress in achieving realistic milestones. Celebrate those moments of success!

Consistent effort and making incremental progress on a realistic timeline might be slower that one wants, but that is ultimately what gets you to your goal.

Ravi Patel

www.patelCFOservices.com