Be Credible

Talking a great game is easy for a lot of people. They convince others that they are successful even though they might not have done anything. Are they credible?

Entrepreneurs should learn from such people how not to conduct themselves.

Whenever speaking about your product, capabilities and skills, be confident and assertive yet understated. Don’t oversell yourself. In any case, don’t lie.

Let your actions speak loudly. Be exceptional in delivering results and let that do the talking for you. People who need to will be more impressed with your results rather than your promises.

Be understated in your talk, but exceptional in your actions to build credibility!

Ravi Patel

http://www.patelCFOservices.com

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Published in: on November 7, 2017 at 4:34 am  Leave a Comment  
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Make Your Employees Think

Entrepreneurs start businesses because they have new, innovative ideas as a result of “thinking outside the box.” They identify under served niches in the marketplace and find unique ways to fulfill unmet or unrecognized needs.

Do Entrepreneurs, once they start and grow the business, foster the culture of “Thinking Outside the Box” in their employees?

The reason for the Entrepreneur’s original initiative due to creative thinking is also applicable to his/her organization. If the culture of the company is one of innovation and finding unique ways of doing things better and faster, it will promote not only continued success for the company but also tremendous job satisfaction for the employees.

Entrepreneurs should be careful not to create a control-oriented impression that “Thinking Outside the Box” is only meant for them. It gives a feeling of “Do what I say, not what I do.”

Empower your employees and let them come up with creative ways to perform their jobs better and improve processes in the company. Entrepreneurs for this employee performance management philosophy should also think outside the box !

Ravi Patel

http://www.patelcfoservices.com

 

 

Published in: on April 25, 2017 at 4:17 am  Leave a Comment  
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What is Success?

Entrepreneurs start businesses with a worthy goal to be successful. However, how do they define success?

For many it is defined in terms of money or the ability to acquire material things. For others it is to be the biggest or best or change the world. A few define success as being famous. Some have noble objectives in terms of helping people, enhancing lives, creating jobs, or eradicating diseases.

No matter of how they define it, Entrepreneurial success is short-lived if it is not associated with happiness. Even if you achieve all the other objectives, if you are unhappy then success does not mean much.

Ensure your happiness to enjoy success. Define your success in terms of being happy for the long term!

Ravi Patel

www.patelCFOservices.com

Published in: on October 18, 2016 at 4:34 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

Executing Things Well

Many people with good ideas keep on dreaming of making it big. But they don’t (or can’t) as they do not put their ideas into practice. Not executing your vision gets you nowhere except in your dreams.

“Vision without execution is a daydream. Execution without vision is a nightmare” – Japanese Proverb.

Entrepreneurs can make their dreams into reality! How?

Taking on any major project begins by breaking it down into smaller tasks. (How do you eat an elephant? One bite at a time.) First, break down your project (dream) into smaller, discrete, meaningful segments.

Then establish measurable milestones with a realistic timeline – goals! Get your organization committed to these goals and monitor periodically progress towards achieving the established milestones. Disciplined activity towards achieving these goals will eventually lead to fulfilling your Vision.

If one puts realistic and measurable milestones with timelines on dreams, they could become goals for success!

Ravi Patel

www.patelCFOservices.com

 

Published in: on February 9, 2016 at 4:25 am  Comments (3)  
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Are You Providing Value to Your Customers?

Entrepreneurs start businesses as they have new and unique ideas for products and services. Is this enough to make the business successful? Not really.

Success is only achieved if you create or add value.

Value is created when it solves someone’s need or mitigates “pain.” If your product or service does not do that, you are not creating value. One might feel good about developing a new product or service, but if it does not create value in the minds of potential customers, there is no assurance of revenues.

So, when you launch your product or service ask yourself if you are creating or adding value for your potential customers? Are you solving an existing need or a situation causing them “pain.” If not, why should they buy your product or service?

It is possible that sometimes consumers don’t even know they have a need or pain. In that case your product or service has to be marketed such that the consumer first becomes aware of the void and then realizes that your product or service solves a problem that they were not even aware of.

Consistent success occurs only if you create or add value for your customers.

Ravi Patel

www.patelCFOservices.com

Published in: on April 28, 2015 at 4:48 am  Comments (2)  
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Defining Success

When Entrepreneurs start and build businesses, their definition of success is most often that of  “making lots of money.” 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 benefitted to gauge your true level of success.

Success should not be achieved at the expense of happiness.

Ravi Patel

www.patelCFOservices.com

Published in: on December 2, 2014 at 3:49 am  Comments (3)  
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Building a Team for Success

Entrepreneurs do not have the benefit of an experienced, professional, and cohesive senior leadership team when they start and grow their companies. In order to expand the company and be successful in the long term, Entrepreneurs must build a capable leadership team.

A proper blend of in-house, on-the-job trained leaders complemented by key, experienced outside professionals (hired over a period), provide the Entrepreneurs the most cost-effective team. Identifying in-house managers and training them to be leaders should be the Entrepreneur’s focus once day-to-day operations have been delegated. Assessing the gaps in leadership, determining the management needs and recruiting appropriate outside leaders becomes the next step.

Having a leadership team in place is not enough. Entrepreneurs continually need to develop teamwork and cohesion to make the executives more effective for the long term. Entrepreneurs should find ways to train, motivate and reward the leadership team in a way that facilitates a group that can successfully grow the company, and allow the Founder/Entrepreneur to pursue other ventures.

Ravi Patel

http://www.patelCFOservices.com

Published in: on April 29, 2014 at 4:36 am  Leave a Comment  
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Being Successful

 

Entrepreneurs get into business to be their own boss and make money. Most of them want to be successful. Is that an unreasonable expectation or goal?

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

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

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 28, 2014 at 5:38 am  Leave a Comment  
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Sustained Incremental Progress

Entrepreneurs like to think big! Nothing wrong with that.

Developing a plan to achieve those big dreams and putting it into action is a requirement, among other things, for Entrepreneurial success. A related post Making Your Dreams a Reality focuses on that aspect.

Some Entrepreneurs 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

Published in: on August 6, 2013 at 4:36 am  Leave a Comment  
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