Surviving a Crisis

Entrepreneurs go through day-to-day crisis situations when building their companies while facing economic and governmental uncertainties in the market place.

Each day seems like a fight to survive so you can live for one more. This takes a lot of strain and toll on the Entrepreneurs and key employees. Some cannot bear the pressure and give up. The fighters bravely battle on and their persistence eventually pays off.

While crises face all Entrepreneurs, the ability to not only manage them when they happen, but also to reduce their frequency will allow the Entrepreneurs to “live” instead of “fight.”

Anticipating negative events and potential threats, planning to mitigate them, and implementing warning systems to alert you well in advance of the crisis will allow you to live more and fight less.

One cannot eliminate the occurrence of a crisis, but how well you learn to manage it will reduce the stress and allow you to live freely.

Ravi Patel

http://www.patelcfoservices.com

Published in: on March 31, 2015 at 3:45 am  Leave a Comment  
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Sphere of “Control”

For Entrepreneurs understanding and managing their sphere of “control” is crucial in growing their businesses.

When Entrepreneurs start their businesses, they feel like they need to have total control over everything that goes on in their organization. All decisions are made by them and nothing can be done without their say so.

As the business grows, the Entrepreneur is forced to give up some control and delegate tasks to other. He or she still wants to know what happened. When successful, the Entrepreneur has to transfer responsibilities to a secondary level of leadership. In that stage he or she cannot keep track of all details.

At every stage of the growth of the company, the Entrepreneur reduces his/her sphere of direct control. This is very difficult for most Entrepreneurs, especially in the first business venture.

Building a stong secondary leadership team, guiding and mentoring the team, and periodically monitoring their accomplishments towards specific objectives and the overall Mission will reduce the anxiety of the Entrepreneur. If the Entrepreneur cannot learn to reduce his/her sphere of control, it will create stress that might be detrimental.

When things fall outside your sphere of direct control (to lower levels of the organization), resist the temptation to wrest such control or stress about it. Focus on the bigger picture.

Ravi Patel

www.patelCFOservices.com

Keeping Cool!

Entrepreneurs and leaders often face stressful and chaotic situations. Do you keep your cool demeanor 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!

Ravi Patel

www.patelCFOservices.com

Published in: on January 9, 2012 at 5:36 am  Leave a Comment  
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Living to Fight Another Day

Entrepreneurs go through day-to-day crisis situations when building their companies while facing economic and governmental uncertainties in the market place.

Each day seems like a fight to survive so you can live for one more. This takes a lot of strain and toll on the Entrepreneurs and key employees. Some cannot bear the pressure and give up. The fighters bravely battle on and their persistence eventually pays off.

While crises face all Entrepreneurs, the ability to not only manage them when they happen, but also to reduce their frequency will allow the Entrepreneurs to “live” instead of “fight.”

Anticipating negative events and potential threats, planning to mitigate them, and implementing warning systems to alert you well in advance of the crisis will allow you to live more and fight less.

One cannot eliminate the occurrence of a crisis, but how well you learn to manage it will reduce the stress and allow you to live freely.

Ravi Patel