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Sustain growth by excellence in execution
An entrepreneur is often perceived to be a visionary who is immensely passionate about his dream project- the enterprise. He is willing to take risks to make his vision a reality. Often he is driven by his intuition and creativity forms the basis of his success.
However his strong passion and intuitive ways of decision making are discounted as drawbacks, which make it difficult for him to ride on success for long.
Great entrepreneurs are usually good visionaries and good strategists too. To be successful as an entrepreneur ideology alone is not enough. To take the company forward strategic execution is must.
Most of the start up companies face rough weather within few years of their inception due to lack of strong strategic direction at the top.
Even if the company manages to overcome the initial hiccups to register success, a stage is reached where it becomes difficult for the entrepreneur to manage the company affairs all by himself. He needs to appoint experts in strategic execution to take the organisation to the next level.
The entrepreneurial spirit should be maintained intact along with excellence in execution to sustain growth.
If you are an entrepreneur with great aspirations to bring your vision to life you need to take the executive approach to build a business structure that helps the business to grow.
If you are an experienced executive stepping into the shoes of an entrepreneur you have to take a page from the entrepreneur and combine your business acumen with passion and intuition. Here are some qualities great entrepreneurs invariably possess:
Ability to make sound judgments: They have the ability to make sound judgments in the face of crisis. This ability comes from common sense, knowledge and past experience they possess. They are adept at finding simple solutions to complex problems. They also have the ability to look beyond numbers and go with the gut.
Specialised knowledge: The specialised knowledge an entrepreneur possesses in his field of business is the corner stone of his success.
Accumulated industry knowledge helps businessmen to innovate and carve a niche and eventually become star entrepreneurs.
Business management skills: They have strong management skills with which they develop management methodologies that help them confront real management challenges with aplomb.
Through effective motivation, planning, coaching and evaluation they inspire every one of their employees to share their vision and passion.
Execution skills: They command the respect of investors, top management and employees by demonstrating strong execution skills. Great entrepreneurs show a high degree of self-discipline, persistence and hard work. They act as role models of efficiency and set high performance standards throughout the organisation.
Self-confidence: They are often bubbling with self-confidence, enthusiasm and zeal to accomplish big things.
They are proactive people with good negotiations skills, which help them secure the buy in for their innovative proposals and creative ventures from all the stakeholders.
A good entrepreneur understands that though it is his passion that drives the business, efficient management systems and structures are necessary to catapult the enterprise to success.
An entrepreneur’s passion when combined with an executive’s strategic competence results in a magic formula that guarantees sure-fire success.
N. PURNIMA SRIKRISHNA
faqs@cnkonline.com
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