Positive Influence

Venturing into a new business idea could be a lonely proposition for Entrepreneurs. Most people don’t understand their Vision and stand and watch from the sidelines, if not being critical.

There will still be a lot naysayers even as the company grows. It is critical for Entrepreneurs to surround themselves with positive people. Positive people add good vibes and positive energy to any venture. They are generally team-players and also have the motivation to overcome challenges and look at problems as opportunities.

Negative people always find fault in whatever is being asked of them or is being done around them. They always look at ways in which things or ideas will not work instead of finding solutions. They generally sap energy from an organization. These category of constantly negative people are often intelligent, but can be lazy thus finding excuses not to do things.

Entrepreneurs should be careful to distinguish between positive people and  those who are a;ways saying “yes” to them. One can be positive but still question something if it is not right. Entrepreneurs would be best served by people who are positive but are not afraid to say “no.”

Ravi Patel

www.patelCFOservices.com

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Published in: on December 20, 2016 at 4:39 am  Leave a Comment  
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Get Ahead of the Game

Entrepreneurs have to take risks, chart their own course, and have a single-minded focus. They are special!

Are they dogmatic about their ideas and vision? Sometimes there is a tendency to do so. There is resistance to change if it involves a different course of action than one originally charted by the Entrepreneur.

When circumstances sometimes demand changing direction, not doing so could be problematic.

Entrepreneurs should strive to alter, as necessary, their course themselves rather than due to pressure from others. Staying ahead of the game rather than being reactive is a wiser approach.

Being proactive allows Entrepreneurs to control the situation. If they have to react to external pressure to change course, it is more difficult to accept and might even cause friction.

Do the Right Things and stay ahead by making necessary changes before they are forced upon you.

Ravi Patel

www.patelCFOservicesc.om

Published in: on August 16, 2016 at 4:08 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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Lessons for Entrepreneurs from Martin Luther King

The nation celebrated Martin Luther King’s birthday yesterday. It is interesting to review what lessons Entrepreneurs can learn from Martin Luther King (MLK).

Dave Kerpen wrote an article on Inc. on January 19, 2004 listing seven lessons from MLK that are still relevant today. Here is my summary:

  1. Dream big – if you don’t dream big, you can’t achieve significant things
  2. Persuade without power – don’t be a “boss.” but be a leader through the power of persuasion
  3. Give people something to believe in – have passion in your Vision so people are compelled to adopt it
  4. Embrace fear and be courageous anyway – be honest with people about the challenges but have the courage to face them anyway
  5. Get everyone involved – Entrepreneurs can’t do everything themselves. They need to have other people involved to build their company.
  6. Create a sense of urgency – have a bias for action to get ahead of competition
  7. Inspire people – without inspiring leadership it merely becomes a job for your people. Have them motivated to fulfill your Vision.

These are lessons that Entrepreneurs can definitely learn from and adopt.

 Ravi Patel

http://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

Taking a Different View

Flying at 35,000 feet above the earth gives you a different view than one from the ground. Check out this image  Have you taken that type of view of your business?

Entrepreneurs very often get involved in the day-to-day operations of their business and sometimes get too close to it. Using the often-cited saying, they are into the trees rather than looking at the forest.

Being too close to the ground only gives you a one-dimensional perspective of what is going on in your business. One needs to elevate to a higher level to get a macro view of what is happening in the company and to all its stakeholders.

Taking a break and viewing the business from different perspectives, either as a forest or from 35,000 feet above the earth, would be helpful to Entrepreneurial leaders in better visualizing where they are, and where they need to be going. Are you doing that? Are you moving towards fulfilling your Vision and Mission?

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Do You Know the Key Drivers of your Business?

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.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on September 30, 2014 at 3:54 am  Leave a Comment  
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Reality Check

Entrepreneurs come up with new ideas to start businesses to make a difference. Their passion can be ignited only if they dream big.

However, Entrepreneurs should first see things as they currently are before visualizing what they could be.

Taking an assessment of the situation as it currently stands is critical before embarking on a dream. A reality check, often with advice of trusted confidants, helps to bring facts into the situation. Ignoring the current state of affairs and only imagining where you could be might pose a problem if not dealt with correctly.

It is not wrong to dream, but in order to achieve one’s Vision it is necessary to start from facts as they are now and then chart a realistic plan to get where you visualize your end point. Depending upon the current situation, the path might be easy, difficult or not possible at all. Ignoring the difficulty of the path is not rational.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on April 1, 2014 at 5:18 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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