Learning from Conductors

Entrepreneurs can learn some lessons from great conductors. Leading a successful company is like conducting a symphony.

An enchanting performance by a symphony involves perfect teamwork. A great symphony involves accomplished musicians playing their specialty instruments at a world-class level, while the conductor guides them on a common score with tempo to produce melodious music.

A great company should have experienced and qualified functional leaders guided by a CEO who leads them to the accomplishment of a vision around a well-defined mission. The Entrepreneur/CEO is like a conductor leading the orchestra by gently waving the proverbial baton.

Like a wonderful musical performance, achieving significant milestones towards a vision can be a pleasing melody.

Ravi Patel

www.patelCFOservices.com

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Published in: on April 24, 2018 at 4:45 am  Leave a Comment  
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Developing a Management Team

Without having the benefit of an experienced, professional, and cohesive senior management team when they start and grow their companies, Entrepreneurs in order to expand and be successful in the long term must build a capable management team.

Blending 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 personnel and training them to be managers 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 management 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 management 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

Forming a Cohesive Team

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

An optimal 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 follows in the process.

Having a leadership team in place is not sufficient. 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 December 13, 2016 at 4:02 am  Leave a Comment  
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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

Have you Established a Leadership Team?

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 September 16, 2014 at 3:58 am  Leave a Comment  
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A Balancing Act for Entrepreneurs

Starting and building a company is fun and exciting for Entrepreneurs. They are involved in all functions and cherish control over details. However, there comes a point in time to let go.

Parents have a difficult time letting their children venture out on their own – from the first play date to leaving home for college.

Entrepreneurs are not so different. When their businesses grow and new management is required or when Entrepreneurs need to move on to other things in life, they have a traumatic time letting go.

Successful companies are not built on single individuals, but a strong organizational team of management leading the employees. The Entrepreneur’s role is to build the management team, inspire them with the vision, and let them execute the mission.

Enlightened Entrepreneurs accept the process of letting go gracefully, while some hold on by pretending to delegate management responsibilities but continually interfere.

Entrepreneurial company management is a fine balance between letting go and holding on.

Ravi Patel

www.patelCFOservices.com

 

Published in: on October 29, 2013 at 4:56 am  Leave a Comment  
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Being a Smart Entrepreneur

Entrepreneurs are smart people. To have an idea and the ability to capitalize it requires not only initiative and courage, but also a higher level of intelligence.

Is being the most intelligent person on your team always good? It depends upon the stage of the business. Having sufficient knowledge and smarts to formulate the Vision. Mission and plan to grow the business is required in the infancy stage of the business.

However as the business grows, being the smartest guy on the team might not be enough. A smart Entrepreneur needs to raise the level of the team to create a solid foundation for future growth.

A smart Entrepreneur has to build a team of individuals that are intelligent and add significant, incremental value to the company. It is only the enlightened Entrepreneur that is wise enough to hire people who might be smarter than he or she. In bringing in such intelligent and experienced people to the team, it raises the caliber of the management team as a whole.

Smart Entrepreneurs are the ones who surround themselves with people more intelligent than themselves and are not threatened by them. Being the smartest person on your team does not make it strong. Surround yourself with people smarter than you to raise the bar. Do the Right Things!

Ravi Patel

www.patelCFOservices.com