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Tuesday, August 31, 2010

How much you Cherish as an entrepreneur

Entrepreneurship is a wonderful experience. If you are one who is in any manufacturing activity, you are doubly blessed, to feel happy about the products you manufacture and the customer satisfaction that your team produces.

The biggest right you have under the sun is to orient your organization in the direction of your dreams.

You may use any B-school jargons like mission or vision to make a show off that you have had the so called management education. Literally only your management skills make you cherish your higher platform and not your B-School scores.

You have a wonderful position giving you access to almost all those who are working towards the goals set by you and those who are outside too, helping you in your mission.

You enjoy the privilege of being driven internally by your own creative intelligence. You enjoy your unlimited freedom to live each and every moment as you wish creating new values, setting better examples and shouldering social responsibilities.

How to enhance the joy of this position? You may evaluate where you stand with respect to the following fundamental aspects.

1. Awareness:- To develop this skill you have to practice intense observation of all the activities, going around you. You may practice with little steps like observing a flower or a bird or any thing that is lively. Listen to the sounds around. This exercise can be carried out for small duration for a minute or two and as frequently as possible.
2. Observing your own emotions:

As a leader you have to guide, inspire and motivate your team. All these are passionate actions and should be done down-playing all your negative emotions like displeasure, anger, fear and worry. You can achieve this by being a spectator of your mind. Just observe the turmoil or the upbeat condition of the mind. React only when you are positively stimulated. If you have to eradicate a disturbing factor, then you should wait and act from a rational plane minimizing a negative emotional reaction.

3. Developing the habit of being considerate:

You may be very smart with respect to some specific jobs, some times technical, sometimes financial management and some times legal. However you cannot expect your subordinates to be as smart as you are. You have to be considerate and guide with a pleasant feeling. Ultimately the person working should feel comfortable to see you and not afraid of meeting you. Please try appreciating good performance not just flattery but whole hearted appreciation. Many leaders think that subordinates may take advantage if they are considerate. It is just a baseless fear.

4. Time you spend for your business.

It is most likely that your friends and relatives take it for granted that you are accessible at any time. Take efforts to discourage those who come and steal your office time for some thing not connected with your business. Spend quality time within the premises of your business and set a specific time for social activities and reciprocating relationship. This gives extra confidence to your team and business associates. Many entrepreneurs are seen to move out of the business premises without informing during active business hours when they are needed most by their team. The information on when they will come back is also kept as a secret. I have come across extreme cases when the MD will be sitting in a far away place and assuring that he would come soon. Basically you should develop faith on your team that they will work even in your absence. You have to acknowledge your duty as a Chief Executive Officer or if you have multiple business interest you can have an exclusive CEO for each business and get involved only in policy and finance leaving the day to administration to the CEO. Based on this you can choose your own designation, ED or MD.
5.Financial Commitments.

All the money that you have invested in your company is not yours but it is company’s. You can only draw some amount of profit. If you adopt this (difficult?) policy you can honour your financial commitments promptly. Then you can see no financial trouble. Bankers may not encourage this attitude because much of their business depends on breaching the financial commitments. By adopting the technique, your business circle expands exponentially and you command great respect. Some of the leading groups are noted for their financial commitments and they never take alibi for delayed payments. Your success very much depends on the success of your stake holders, viz. your employees, your sub contractors and your suppliers.

6.Continuous learning. Your position demands that you are ahead all the time with respect to technology of your manufacturing and technology adopted by your stake holders like banks, machinery and spares manufacturers. You should also be aware of developments in the field of energy and IT. In today’s trend you have to be constantly moving to keep your present position and run faster to go ahead. This necessitates you to interact with people from whom you can learn these things. Allot some quality time for this too.

7. Social networking:-

Get involved in some kind of social activities other than your business. This will bring good fellowship (You have to be choosy of course!). The good friends in different fields will help to increase your creativity.

Try some of these techniques. You will cherish how great your position as entrepreneur is. Believe that you are heading towards success. You will succeed.

Success is because of collective efforts and failure is because of one person’s mistake in any venture. The extent of failure depends on how high the erring executive is.