An Essential Quality for Entrepreneurs

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!

Ravi Patel

Published in: on September 17, 2019 at 4:03 am  Leave a Comment  
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Solution-oriented Culture

Don’t find fault, find a remedy – Henry Ford .

Entrepreneurs could learn a lot from this statement.

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

It is perfectly 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

Stand Still Sometimes

“Be not afraid of growing slowly, be afraid only of standing still.” – Chinese Proverb

Entrepreneurs do not have a problem of standing still. Rather, they are always on the move and wanting to grow – albeit too fast!

While the proverb emphasizes the point that one needs to keep on growing rather than standing still, Entrepreneurs sometimes need to stand still. Why and when is that appropriate?

Similar to a traveler stopping once in a while to get his/her bearings and ensuring they are headed in the right direction, Entrepreneurs need to do the same for their business. Instead of charging ahead with full steam all the time, stop, step back, and evaluate whether you are on the right path towards your Mission. Do you have the necessary infrastructure and leadership team to continue down the correct path (like a traveler assessing whether he/she has adequate supplies and fuel)?

The best time to stand still is when Entrepreneurs are not working in their business. Stand back and evaluate. Make adjustments as necessary and then continue your efforts to grow.

Standing still once in a while is good for you!

Ravi Patel

Published in: on June 18, 2019 at 4:28 am  Leave a Comment  
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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

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