Wednesday 12 April 2017

Creating our own business

Many of us, who decide to go and build our own business, take references from many other entrepreneurs who have successfully built a great, successful multi-million-dollar business. This is great as we are taking ideas from different models to build what we want. The thing we need to pay special attention are the hidden details. Let’s take the construction of a building as an example. The architect comes with ideas and makes a brilliant design, then the building is constructed, with a great outcome that we all talk about. How beautiful, functional, energy savings, etc., etc. What we tend to miss is that, for that building to come up to the greatness it became, there were countless number of people-hours, resources, challenges, paperwork, permissions, compromises and sacrifices (among others) that had to be made for the building to become a reality. A key aspect of making all the above processes is to keep our focus on the outcome, our goal. Each challenge may imply we change our plans and never our goal. Building our own business is a great endeavour and like a building, it will take each one of us a significant effort, along with perseverance, long hard working hours, sacrifices, etc. to make it happen. It may take time and often a lot more work and resources than expected. Then again, the outcome we seek is worth it and will bring us a lot of personal fulfilment and financial rewards… Just remember, we can change the plans, without deviating from our ultimate goal. The question is: Do you […]
Tuesday 11 April 2017

Core, Improvements and Innovation

Many of us start new business, launch new endeavours, begin new careers, etc. and some succeed and some do not. There are three main components that we all need to succeed: Core, Improvements and Innovation.<br> Without any of these items, we are likely to fail at one point or another. Maintaining the three components in the right balance, we are likely to succeed for long time. The best balance of these three components are: • Core – 70% of your work: Here is you master the craft, the business function of what you want to do. If you want to be a mechanic, here is where you become a master mechanic and know the field inside out and outside in. • Improvements – 20% of your work: AFTER you become a master, you start making improvements to what you already know. Here is where you start becoming a class by yourself, where the market starts looking at you as a person / business to go. Note: You can hardly consistently and reliably make improvements to something you have not mastered. Here is where the mechanic find better ways to do it, making it more reliable, easier, etc. • Innovation – 10% of your work: AFTER you become a master in your field and improved it, then you start innovating, making new things that no one else does, things that were never done before. This comes on top of improvements and you start realizing that the improvements are not good enough and that there is a better way to do it, […]
Tuesday 11 April 2017

Better Management for more productive employees

Many manager often complain about employees not being able to make decisions and think strategically. In some cases, they are correct and in others… We’ll, it is a little bit more complicated. For an employee to consistently and efficiently can make good decisions there are multiple factors that many business must consider for this to take place: Let’s start with the obvious one: the employee must have the proper education and qualifications to make the level of decision he/she is expected to make. Business must provide access to the right type business information needed for the decisions. In other words, if the business want the employee to make strategic decisions, then the employee must have explicit access to long term plans and strategies adopted by the business. Ideally, the employee would also be involved when these long-term plans and strategies are being adopted. Business must adopt a business culture appropriate for employee to resourcefully speak their minds up. Business that micro-manage employees and/or treat employees like children, they will behave like children and their actions will be just what they are told. Nothing more (micro-management). When I employee is given freedom to excel, to be the best, they will thrive and have a higher level of satisfaction in what they do. Furthermore, they will take pride of their work. If the business culture provides an environment of an open and growth mindset, people will be engaged in something they all believe in and the employees will go the extra mile without the manager having to hover over them. Business must […]
Tuesday 11 April 2017

Before you go into your own business…

Many of us want to have our business so we can do what we want and what we like, without a boss telling us what to do. All good so far. Before we go and start building our own business, remember that the business is a lot more than what we want and like doing. A successful business owner must: 1. Be the Leader: Looks into the future and define where the business will be in the future and the path to get there. 2. Be the Manager: Organises all things, creates the processes and systems needed to keep the business going. 3. Be the Expert: Does all the work that needs to be done, the actual work that will take the business to the future defined by the leader, while complying with the systems and processes needed to make the business sustainable. People unwilling to do the above three roles maybe need to consider keeping their normal job…
Friday 07 April 2017

Learning vs feedback vs criticism

Generally, when someone makes a negative comment about other person, it is taken as a criticism (and often an argument develops). We are unable to control what other people says about us. Then again, we CAN control how we receive the comment: 1.- We can feel offended 2.- We can ignore the comment 3.- We can hear the feedback and learn how we can improve ourselves It is easy to do number one, and nice when we do number 2… Neither of these will help us. Only the last one will make us better, will make us learn about who we are and what we want to become.
Thursday 06 April 2017

“Green and growing, or ripe and rotting”

In nature, you can either be “Green and growing, or ripe and rotting” (from Joe Pane). Habits we can develop to keep ourselves ‘green and growing’ are: 1.- Bring a sense of adventure to your life 2.- Be delighted, happy and enjoy the moment when you don’t know the answer (because it will allow you to learn new things) 3.- Challenge yourself to go beyond your current thinking into unexplored territory