10 Tips for Successful of Entrepreneurship

October 11, 2009 at 1:38 pm | In Business, Improvement, Leadership, Performance | 2 Comments
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Starting your own business can be an exciting and exhilarating challenge.  It can also be an overwhelming and somewhat daunting experience for anyone.  Here are 10 tips that will help you think about the more strategic level things you need to think about.  Don’t forget that you will also need to look after the more detailed part of the business too, delivery, marketing, accounting, cashflow management etc.

Have Goals

If you don’t know what you are going, how will you know if you are moving the right direction and how will you know when you get there?  Goals need to be clear and compelling; a vision so appealing that it pulls you out of bed in the morning and keeps you driving on into the small hours of the morning.

Work Hard

Building a business is hard work…Busy, busy, busy, hard work, hard work, hard work.  You will need your compelling vision to keep you motivated and ensuring that you persist even when you are struggling to find the energy to keep going.  Persistence is critical.  Make just one more call, write one more email, do just 10 more minutes work and you will be that much closer to your goal.

Know your Market

Whatever you are doing, you need to make sure that someone is interested in paying you for it.  You need to know what you target market wants and how they want it.  You will also need to know how to approach them and how to sell the benefits of your service or product to that market.

Be Innovative and Differentiate

If you don’t differentiate, then you are only doing the same as many others and you can only compete on price.  All you are offering your customers is another choice in a market of businesses saying ‘Me too!’

If you are doing something different, then you have another way to compete and can offer your customers something that stands out from the crowd.  Mercedes Benz cars don’t cry ‘me too!’ to their customers.  So should you?

Believe in What you are Doing

People only buy what they know will meet their needs.  They will also only buy when they have a level of confidence that a product of service will meet that need.  So the sales process is a way to ensure that your customer develops confidence in what you are offering and then commits to buying it.

How will you persuade them that what you are offering will meet their need if you don’t have at least the same level of confidence in what you are offering?  The sales process then becomes a conversation aimed at building and sharing your confidence level with your customer so that they are convinced and buy.

Stay Focused

You will achieve more if you are focused on doing one thing at a time. One task, one goal, one business idea.  I recommend reading Jurgen Wolff’s book ‘Focus’ to give you some ideas and techniques to help you focus more effectively.

Develop Relationships

All businesses are people businesses.  People take the actions, people make the sales, people buy the product, and people promote you business with endorsements and recommendations.  The more time you spend developing relationships, the more effectively you will be able to manage and build your business.

Surround Yourself with Great People

As an entrepreneur, you will very soon recognise that won’t be able to do everything yourself.  Indeed the very characteristics of being an entrepreneur means that you are better at building a business than achieving the individual delivery tasks within that business.

So ensure you hire or work with great people, especially people who are better at doing key tasks than you are.

If you hire people that are not as good as you, then you will build a company where you are continually checking on people and being disappointed with their output.

Hire great people and then set them free to achieve.

Lead Your Team

Part of being an entrepreneur is giving your team the guidance they need to fulfil the vision.  Sharing your vision is not enough.  You also need to ensure that the team is continually supported in the delivering that vision and are rewarded when they make significant progress towards achieving it. There are many models of leadership and leading, but the simplest form is to’ know the way, to show the way and to go the way!’

Cheesy perhaps, but it captures the sentiment of leadership in very simple terms.

Never Stop Selling

Never forget that you are running a business and that you need revenue to survive.  Let your mantra be ‘Customer and Cash’.

You must, at a bare minimum, satisfy your customers.  I would suggest that your best approach is to make them raving fans.  But you must always be thinking of how to make the sale.  Sometimes you can sell at the first opportunity.  Other times you will need to make a continual investment in the relationship in order to establish credibility and have your prospect believe enough to become a customer.  Always be building the relationship and the selling will take care of itself.

These are just 10 of many tips that you will read about and learn from myriad sources. Although not exhaustive, they are useful to have in mind when you are building your business.

Dare to Aspire

Are you being lied to? Focus on the truth of what you see and hear!

August 15, 2008 at 9:55 am | In Business, Improvement, Leadership, Performance | Leave a Comment

When a magnifying glass focuses light into a single beam, the point of focus for that light can become hot. The energy is focused onto a single point and extremes of heat can be generated. Your mind can also be directed onto a single task and it is most capable of maximum achievement when you concentrate entirely on that task.

Modern society, however, values the act of concentration very little. Advertisements bombard us with information in 30 second blocks. Our news casts are reduced to just a few moments of information, before moving quickly on and even our politicians reduce their ideas into short and pithy sound bites.

The pace at which information is presented to us means that by the time we have grasped one idea, the next is upon us, like train carriages passing through a station at high speed. This often pays into the hands of those presenting information to us. By not allowing us to think about an idea or concept, we naturally accept it as truth and move on. Our values and beliefs are the result of experience and evidence that we see repeatedly and so, politicians and the media, in repeating their message and not allowing people to analyse and assess that information, ingrain in us their beliefs and values unimpeded. This reduction in our skill and ability to question what we see has been a slow and relentless process. The result is that as a society and a species we have significantly reduced our overall mental horsepower. We need to regain that skill.

By simply slowing down the rate at which information is presented to you and be spending time to assess that information you can more readily identify the value of that information. It is important to have an independent view on the information and events in the world around us. Accurately assessing this information will allow us to

  • Identify when information is being misrepresented
  • Make more considered decisions
  • Take advantage of the opportunities available, that others do not see

If we are more aware of the true impact and value of information than the majority of people, then we have a significant advantage.

What allows us to gain these insights is the ability to focus on a particular issue and concentrate on its value, meaning and impact.

  • Value – the truth value of information. For example, consider the phrases ‘Global Warming’ and ‘Climate change’. Both are phrases that reflect the impact that modern society is having on the environment. ‘Climate change’ is a neutral phrase that gives the impression that the climate is only changing. ‘Global warming’ however has darker overtones that reflect the increased likelihood of drought and famine. Which phrase more readily reflects the truth!
  • Meaning – the significance of the information. Knowing the value of information will allow you to understand its relevance in the bigger picture. If an organisation wants to distract attention from an uncomfortable issue, then they may re-frame that issue into a positive light or present it as the lesser of 2 evils.
  • Impact – the true effect that this has on the people and world around us. For example, taxing the very rich may seem like a good way for Governments to gain income for the treasury but only if the very rich stay in the country. If those rich people leave the country then the overall income for the country drops and the true impact of the policy is to reduce treasury wealth rather than increase it.

Don’t take the information that you are presented with for granted. Ask questions that will allow you to gain a true understanding of any information you are given. Only by questioning this information will be able to make a true assessment of the value and impact of that information and allow us to benefit from that advantage.

Dare to Aspire

The Attributes of Leadership (10)

May 29, 2008 at 9:25 am | In Improvement, Leadership, Performance | Leave a Comment

Conclusion

An effective leader may not need to have all of these attributes in large amounts. Often a leader will have strengths and weakness in each category. What is important is that leader:

  • Recognises their strengths
  • Compensates for their weakness
  • Develops continuously to ensure their personal competitive advantage
  • Focuses on the outcomes of the team
  • Moves the organisation towards the overall vision
  • Works with the team
  • Helps the team help themselves

The most effective leaders are strong communicators with a an ability to motivate and encourage at all levels.

When you consider these attributes and how much of each you possess, you will be able to assess your leadership shortfalls and identify where best to spend effort in your own personal development, Development that will move your toward your goal of becoming a better leader.

Dare to Aspire

The Attributes of Leadership (9)

May 22, 2008 at 6:51 am | In Improvement, Leadership, Performance | Leave a Comment

Humility

Humility is the attribute that balances arrogance with confidence. Effective leaders know they do not have exclusive ownership of wisdom and there are many solutions to most problems. They recognise that there will always be something new to learn and that others in the team are able to make a valuable contribution.

They achieve this by:

  • Being courteous in dealings with others
  • Listening to others views and opinions
  • Building on the experience and contribution of others

A leader with humility actively encourages contributions from team members and seeks to use their qualities and skills to the full. A good leader does not feel threatened by the diversity of the group. They see this as a source of strength because people of different backgrounds bring fresh perspectives. By publicly acknowledging the contribution of the team and individuals they instil trust and commitment in achieving more successes.

An effective leader treats others with a high level of respect, valuing the input of others and always encouraging and exploring their views. They listen actively and equally to all members of their team.

Strong leaders recognise the importance of setting a personal example, recognising that their position as leader is about making an active contribution to the team solution as well as encouraging team members to take action toward that solution..

As the leader, they accept any of the blame and non of the credit for any team achievement. The best leader has a team that says ‘Look at what we have achieved!’

This requires a high level of self confidence and flexibility, allowing them to react quickly and moderate their own behaviour where necessary. They focus on encouragement not personal involvement, or demonstrating their own prowess.

There is a difficult balance between displaying humility and losing the confidence of self and the team. A leader needs to be aware of their own strengths and weaknesses and how they impact on others.

Dare to Aspire

The Attributes of Leadership (8)

May 19, 2008 at 3:58 pm | In Improvement, Leadership, Performance | Leave a Comment

Developmental Focus

The long-term success of an organisation depends on having a skilled and motivated workforce. Development must be available to all according to their needs and the requirements of the organisation. This should remain a key responsibility of leaders at every level of the organisation and can be achieved by:

  • Recognising and rewarding achievement
  • Development of professional knowledge and skills
  • Self development
  • Developing people
  • Careful delegation

Effective leaders with good developmental skills focus first on individuals, encouraging them to develop their interest and supporting them in developing the skills and capabilities they need. They enable their staff and encourage them to build their knowledge, understanding and confidence, by giving them the challenges that they need to develop.

Constructive feedback is an essential management and leadership skill and team members should be given guidance on how they have performed and coached on how to improve their future performance.

As well as individual development, an effective leader also focuses on the development of the team. They are prepared to accept new people into the team, identifying their development needs and ensuring a rapid integration into the team. The leader will seek to unlock potential, understanding that people develop at different speeds. .

An effective leader encourages and supports others in their development. They set stretching targets, delegate work, foster initiatives and encourage individuals to learn from their experience A strong team is created by, training and development opportunities as well as coaching and mentoring allowing people to grow to their full potential.

Dare to Aspire

The Attributes of Leadership (7)

May 15, 2008 at 5:56 pm | In Improvement, Leadership, Performance | Leave a Comment


Professional Knowledge

A leader with sound professional knowledge will be committed to continued professional development. They have a depth and breath of knowledge gained through experience supported by a strong habit of broad deep continuous education. They are able to set this knowledge in a professional context maximising its benefit for the team and the organisation. They achieve this by:

  • Continual Professional Development
  • Maintaining expertise and knowledge in their functional competencies
  • A commitment to continuous learning

For a leader sound professional knowledge is gained through education, training and personal experience. This growth should not just be focused in a narrow parochial area, but should be broad, deep and eclectic.

A leader that develops their own expertise is more likely to identify personal and team bias and so be less vulnerable to the influences of those who have their own agenda to progress. A broader understanding of the world around you helps you to distinguish between authentic and make-believe experts.

Knowledge is only useful however when it is translated into action or shared among those who can use it, your team.

An effective leader actively keeps staff and colleagues aware of developments and changes in the business environment. A leader’s most effective use of such knowledge and information is to shape the future direction of policy whilst understanding the consequences of these policy changes on the people and environment.

Dare to Aspire

The Attributes of Leadership (6)

May 13, 2008 at 8:15 pm | In Improvement, Leadership, Performance | Leave a Comment

Innovation

Innovation is the outcome of thought and observation fed by a continuous stream of information. Some leaders have the talent for original ideas. More often they should draw inspiration from the team, recognising that there is more than one way of doing things and expertise often lies at lower levels.

Innovation is a product of imagination, creative thinking and persistent action. Knowledge and experience also support innovation. A leader with an innovative spirit sees the flaws in existing products, procedures and policies. They also look for opportunities to improve something, even if it is doing a job adequately. They create a climate that encourages minds to be open and ever alert to a fresh approach. They achieve this by:

  • Encouraging innovation and diversity
  • Encouraging involvement
  • Balancing risk and imaginative solutions
  • Promoting continuous improvement
  • Seizing opportunities
  • Embracing change
  • Encouraging people to take risks and make mistakes

An innovative leader creates a climate that encourages minds to be open and ever alert to a fresh approach. They have a willingness to take risks and to experiment with many alternatives.

It may be a cliché but a leader will think ‘outside the box’ and encourage others to do the same. They keep a fresh mind to new ideas, actively encouraging their team to develop and express ideas free from the fear of censure or ridicule.

Not all innovation is welcomed by those affected by the change. It may be perceived as a threat – real or imaginary. Effective leaders need to be sensitive to how far and how quickly changes can be made. They must however, still have the energy and personal commitment to put across a compelling proposal and drive any change to completion.

The outcome of innovation should be positive action towards achieving results. Results that are focused on the organisations strategic goals. The leader achieves this by encouraging others to support the innovation, supporting other team members and encouraging staff to take responsibility for their own actions and results.

Dare to Aspire

The Attributes of Leadership (5)

May 12, 2008 at 6:16 am | In Improvement, Leadership, Performance | Leave a Comment

Decision Making

A leader showing good decision making is aware of the importance of timely decisions based on judgement. They apply clarity of thought to identify the key issues, using experience and knowledge to shape their decisions. They are comfortable making decisions with limited information despite complexity, uncertainty and ambiguity. They achieve this by:

  • Conducting sound analysis of complex problems
  • Taking difficult decisions in a timely manner
  • Taking decisions on the basis of limited information
  • Accepting responsibility
  • Remaining flexible and being able to change their mind when necessary
  • Understanding that consistently making better decisions is the way to improved performance
  • Focusing on the outcome and vision

A leader with good decision making skills is aware of the need for timely decisions based on judgement. Decision making is often a balance across conflicting priorities, without a clear picture of the situation. These decisions are often made with a shortage of time and a difficult choice between options for action.

A leader will go with 80% of the information and manage the remaining 20% of risk rather than delay beyond the right time. This requires the ability to evaluate information demonstrating clarity of thought, decisiveness and sound judgement. Sometimes this judgement will be based of sound analysis and other times it will be based on intuition.

A leader considers the impact that their decisions has on the team and the environment, but does not compromise on doing the ethical thing. It always requires a blend of analysis, experience and risk taking.

It is relatively easy to resolve issues when there is a single clear course of action. Difficulties arise where choice must be exercised between many options and when there is significant strategic impact on the team. Leaders need to think about what they stand for, their values and what regrets they can live with.

The complexity of such decisions requires the leader to be comfortable with risk, uncertainty and ambiguity and comfortable in taking responsibility for the consequences of those decisions. It also requires consummate self-confidence and the ability to monitor the outcome of decisions carefully to reflect and learn and change direction if appropriate.

Dare to Aspire

The Attributes of Leadership (4)

May 8, 2008 at 2:16 pm | In Improvement, Leadership, Performance | Leave a Comment

Communication

Communication is the one single attribute that makes one leader stand out in a crowd. A leader with well developed communication skills knows when to apply them and how to adapt their style to the audience and the circumstances. They achieve good communication by:

  • Listening to others
  • Working with people to achieve consensus
  • Adapting their style to suit the circumstances
  • Being skilled in all forms of communication
    • Speaking
    • Listening
    • Posture and body language
  • Resolving conflict
  • Influencing

A leader with good communication skills uses effective communication to build confidence within the team and encourage team working, particularly influencing, persuading and negotiation to break down barriers. Strong confident communication builds strong confident relationships with others. Internal networks serve to spread the message to others who may be in a position to help and to gain input from a wider set of opinions.

Leaders with good communication skills encourage healthy debate. If everyone is thinking the same way, no one is actually thinking.

A strong leader employs active listening, This is not just about hearing other’s opinions but valuing them and making adjustments in the style of listening for the needs of others. Active listening (whether through verbal response, body language or eye contact) is an invaluable form of dialogue. This requires a range of skills and the knowledge apply them to different people, situations and different cultures.

If you focus on developing only one leadership attribute, then communication should be it.

Dare to Aspire

The Attributes of Leadership (3)

May 5, 2008 at 7:43 pm | In Business, Improvement, Leadership, Performance | 2 Comments

Vision

Vision is determining the direction of your organisation in the short and long term.

A leader with vision articulates their vision in a clear and concise manner, engendering emotional support in a positive and up-beat manner. They know the purpose of their task in the wider context and are able to take a long-term view.

They achieve this by:

  • Establishing and communicating a common purpose
  • Setting and explaining key outcomes
  • Setting objectives and the required level of performance
  • Managing results and resources
  • Understanding the wider context; being able to think strategically
  • Solving problems and taking decisions

A leader with vision sets the vision or idea in the context of the organisation, ensuring it is firmly rooted in practicality. Without some grounding in reality and the resources to back it, a vision will be little more than a dream.

Visionary leaders clarify the goals to be achieved and the benefits that will result. They use intuition, imagination and innovation in developing their vision or idea with a clear and articulated reason for that vision. There must also be a degree of robust analysis supporting that vision.

Leadership is fundamentally a change process and establishing shared ownership is important in building support and ironing out the more improbable elements for any vision. Flexibility will be needed as the vision may go through various changes as the environment changes. It is the outcome that matters less than the exact path taken to achieve it.

A leader with vision will need the ability to communicate their idea clearly ans display the confidence and passion to support and defend their ideas and to drive the vision forward.

As the vision moves from idea to action, the team can work to achieve the tasks or objectives. This requires that the leader established a shared idea of success, delegate tasks and clarify boundaries for the team and project.

Dare to Aspire

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