Tagged: business owner

NAVY SEAL tips for entrepreneurs


NAVY SEALs or soldiers that have been in combat are a great source of inspiration for the modern day entrepreneur. They bring with them fundamental qualities and attributes that can make a successful business owner. Things like discipline, tenacity, resilience and elite performance are just a few things that one could learn from them.

Here are the top five NAVY SEAL tips:

Plan your mission and be agile: NAVY SEALs plan attentively and carefully. They prepare for various scenarios and pay attention to every detail. However they know the fact that you can never plan for the unknown. Their teams are quick, can handle surprises, are capable of making adjustments on the fly and are agile. Modern day entrepreneurs need to prepare diligently. But it’s the combination of preparation and agility that turns a good team into a successful company.

Embrace Chaos: NAVY SEALs are always dealing with uncertainty and crisis. They need to prepare themselves to be bold, swift and be gone. Results and outcomes matter. A business owner’s day-to-day life would start and end with issues: sales issues, legal issues, service issues, financing issues, product issues, recruiting issues, you name it. There are always thousands of tasks to do and only time for 100, and this would never change. So you need to make peace with the idea of being around constant chaos and the sooner you embrace it, the faster you grow. Break down your objectives into components, define them, plan them, execute on them, and train yourself to be calm under fire.

Never stop training: SEALs believe in 80% training and 20% execution. When they’re not on actual combat deployments, they are spending the vast majority of their time training for a number of different types of missions. In contrast, at start-ups business owner typically spend 100% of their time executing and zero percent of their time training. So it is important to build a culture of training at all levels. Entrepreneurs should never stop learning or taking up training lessons that will build better skills. They should make it a point to build the same atmosphere around their teams and/or company.

Leave no man behind: SEALs make it a point that they leave no one behind during the time of combat crisis. The essence is teamwork. Your teamwork spirit should just not end at holding meetings or assigning tasks. You should be passionate and to an extent highly possessive about your team. Also, showing loyalty to your team is one of the most powerful messages in business leadership. We all know that plans can fail. Objectives can fail. Products and/services can fail, but an entrepreneur’s loyalty towards his team should never fail.

Be focused and minimalistic: No great team or company is ever built without discipline, focus and good habits. Try to focus on what you need to do your job and try not to waste your resources and energy on things that are not necessary in life. Success, failure, turmoil and chaos are a part of the entire entrepreneurial journey. Try to live it and fight it with all that you got and eventually you would discover the important things that actually helped you through the good and the bad times.

Online Education for Entrepreneurship

Online courses for EntrepreneurshipWe all want to be our own boss, run successful businesses and make money, but the question is, how prepared are we?

We might be prepared with the bigger picture, but do we have the right knowledge and tools to manage the intricate functions of running a business? Simple things like bookkeeping, managing payroll, budgeting, recruitment and marketing could eventually pose as unmanageable activities.

If you’re thinking of starting a business, consider becoming a student of entrepreneurship before you start driving it. There are a host of free and low-cost options for quickly getting up to speed on business basics no matter where you live—from workshops offered through public libraries to online classroom based training over the Web.

There are numerous benefits to start learning the basics: First thing, you get to network with like minded folks who are also trying to learn the ropes. Secondly, you get to know what are the currents trends and tools in the market.

You don’t need to enroll in a four-year college, do an MBA or learn by trial and error. All you need to do is to find some free online tools and resources that can help you get started. Many colleges and universities offer continuing education programs for basic subjects such as human resource, organizational behavior, account & payroll, strategic management, project management etc. We just need to dig out the right resources that will equip us with the necessary knowledge and tools that are required to manage a business.

Here are a few online resources for entrepreneur education:

Udemy – Whether you want to get promoted, break into a new industry, start a company, further a passion, or just accelerate your life, Udemy helps you learn from the amazing instructors in the world, so that you can get there and get there faster.

Coursera – An education company that partners with the top universities and organizations in the world to offer courses online for anyone to take, for free. Their technology enables their partners to teach millions of students rather than hundreds.

Stanford Online – The vision of Stanford Online is to continue Stanford’s leadership in providing high-quality educational experiences to its students and to people around the world by unleashing creativity and innovation in online learning.

Udacity – Their mission is to bring accessible, affordable, engaging, and highly effective higher education to the world. They believe that higher education is a basic human right, and they seek to empower their students to advance their education and careers.

MIT OpenCourseWare – is a web-based publication of virtually all MIT course content. The course ware is open and available to the world and is a permanent MIT activity.

Apart from the above there are many other resources and courses available on a ton of topics from amazing schools and teachers online. With start-ups happening every day, business owners and entrepreneurs should sit back and think about their areas of learning.

We should never forget that knowledge is always power!

The Practice of Management By Objective

Management By ObjectiveMBO – more popularly known as Management By Objective, is a term that was first coined by Peter Drucker in 1954 in his book The Practice of Management. The essence of MBO is to define clear objectives within an enterprise, that helps management and employees work towards a common goal. The process involves setting short term and long term goals, choosing a corrective course of action and making strategic decision.

In any organization, typically all employees should be involved with the goal setting process and should choose the appropriate course of action to be followed. That way they are more likely to fulfill their responsibilities and in-turn achieve organizational goals.

The first step in implementing MBO is to establish long-range company goals in such areas as production, marketing, services, sales, R&D, human resources, finance, information systems etc. A business owner should begin by defining the company’s current business status and looking for emerging market trends that may require adaptation. This is kind of long term planning provides a framework for forecasting the organization’s future staffing levels, marketing approaches, financing needs, product development focus, and facility and equipment usage.

Typically, companies should plan yearly and then break down these long term plans into department wise objectives and eventually as achievable goals for employees. A point to note here is to make sure employees from all departments clearly understand and support the overall goal of the organization. As a manager or business owner, it is important to be involved in such goal setting activities, from the very beginning, as this will increase their commitment to achieving the goals, allow them to communicate the goals clearly to subordinates, and help them to create and align their own goals to support the company goals.

Overall, establishing an MBO system in any organization may be difficult, but it is usually worth it. It is always advisable to introduce MBO slowly into an organization, and all employees should be given the opportunity to set short terms goals to start.

The most difficult aspect of implementing MBO may be simply getting people to think in terms of results rather than activities. Therefore, a formal training program for business owners is always a necessary tool that helps them understand the importance of MBO. Hiring an outside consultant to explain the process of setting an MBO program within an organization is always a good start.

MBO is not a definite theory, but more of a collective goal setting activity. It helps business owners actually analyze their actual goals by looking at the bigger picture.

Washington, D.C. – Small Business study 2013

Washington DC_small business poolAccording to a new survey, small businesses in the United States are expecting a more proactive and practical approach from the government. They are looking for measures that could help them grown and become more secure.

According to the U.S. Chamber of Commerce, Small business owners sent the U.S. government a clear message: Only 11 % said they would appreciate the government lending them a helping hand– instead, they said they would like it to take action on a variety of issues ranging from energy to immigration to taxes.

• Taxes: Close to 79 % of small business owners said they support tax reform and 52 % said they would like that tax code to be less complex, so that new business owners could comprehend taxes policies and planning methods and use it more effectively.

• Immigration: One of the most critical and hot topics of discuss! 66 % of small business owners said they believe that immigration reform will “help strengthen the U.S. economy and increase America’s global competitiveness by bringing in new tax revenue and establishing a market based employment system.”

• Energy: 80 % of small business said they do not think the government is doing enough to “keep gas prices low, increase domestic energy sources, or develop an energy policy that supports American jobs.” In fact, 77 % see high energy prices as the “biggest threat” to their business. Which in turn is directly associated with manpower planning and transportation and freight costs.

• Health Care: 71 % of small business owners said the health care law makes it harder for them to hire more employees. Due to the employer mandate, 32 % of small business owners said they plan to reduce hiring and 31 % plan to cut back hours to reduce their number of full time employees.