What can we learn from Mr. Obama ?

Lot of things have been written and told about Barack Obama , today I came across a very interesting presentation on Obama which showcases the qualities that every leader should have !!!



Via Vineesh's blog

Characteristics of SUCCESSFUL ENTREPRENEURS

In continuation to my previous article , today we would look into another interesting topic from my current read What Self-Made Millionaires really think,know and do. Due to my association with an early stage startup, the current article on "Successful Entrepreneurial Qualities" looked very much relevant.

Well, I should agree that I could really feel the things during the process of writing this article Though, Qualities and Execution may sometimes seem disjoint , it is only when they get married; a successful business is made !!!!

A sense of mission :
Successful entrepreneurs set out to improve the lives of their customers.They do not simply set out to make a big pile of money.They are workaholic and love working hard at something that they love doing.

Self-Belief :
They believe that they will be successful.They expect to be successful.Even when bankrupt, they still believe that one day they will be successful.

Acceptance of responsibility :
Successful entrepreneurs are found to accept responsibility for themselves and not to blame others.

Resolution to pay the price :
Entrepreneurs understand the price that must be paid to achieve their goals, and they resolve to pay the necessary price.

Commitment to success :
Successful entrepreneurs have a 100 percent commitment to becoming successful.They focus and concentrate on their area of excellence.

Judgement :
They are not necessarily clever with words,arithmetic or mechanics.However,they have developed social skills, intelligence and judgement.

The helicopter view :
Entrepreneurs can see the big picture, acticipate trends.They have foresight in that they always look to the future, understanding that the rest of our business lives will be spent in the future.

Leadership skills :
They set goals, have high expectations of themselves & others and listen carefully.They have the ability to draw extraordinary performance from ordinary people.

Excellence in selling :
Entrepreneurs generally are excellent at selling.They focus on benefits to the customer, satisfying customer desires and relieving customer fears.They make excellent presentations and show the product or service in its best light.

Managing time effectively :
They develop the ability to focus on the 20 percent that brings in the 80 percent of success, and delegate the 80 percent to others.

Excellent communications :
Successful entrepreneurs tend to be excellent in private discussions, conducting meetings, giving presentations and submitting reports.

Persistence :
Successful entrepreneurs persist.They understand that it takes time to make it really BIG !!! They are prepared to go the extra mile and do that little bit extra for which they do not get paid.


Related Article
Money - A startup Killer

Major reasons for Business Failure

My apology for not having been active on Thoughtsprevail , was held up in activities that kept me away from my blog This week, I picked up a book titled "What Self-Made Millionaires really think,know and do" which has some exceptional content on business.Though reading the book won't make me/you a millionaire but it would definitely help in understanding business in a much better sense !!! After reading a few chapters from the book, I came across a very interesting topic that focused on BUSINESS FAILURE and this article would be a GIST of that chapter.

The reasons are split across four categories, namely:
a) Specialization b) Differentiation c) Segmentation & d) Concentration

Note:
Though many of these reasons might be quite common, but it is important to keep them in mind since , most of the times, we forget the so called COMMON THINGS

SPECIALIZATION

1. No mission, no clear goals, stated OBJECTIVE to make a pile of money.
2. CUSTOMER not perceived as a top priority.
3. Loss of momentum in sales, poor SALES performance.
4. Impatience, trying to get RICH quickly.
5. Operating outside own area of excellence, diversification into UNASSOCIATED BUSINESSES.
6. Failure to focus on PRIORITIES, failure to focus on 20 percent that brings in the 80 percent.

DIFFERENTIATION

1. Failure to establish COMPETITIVE advantage, failure to be better, cheaper, faster or nicer , trying to sell a commodity.
2. Product not suited to customer REQUIREMENTS.
3. Poor QUALITY of product and support.

SEGMENTATION

1. Failure to IDENTIFY CUSTOMERS.
2. REACTIVE rather than proactive SELLING.
   
3. INCOMPLETE marketing STRATEGY, poor sales performance.

CONCENTRATION

1. POOR LEADERSHIP, lack of integrity and COMPETENCE of KEY STAFF, lack of commitment & persistence.
2. MISMANAGEMENT of working CAPITAL.
3. Failure to analyse and respond to trends, CHANGES in MARKET PLACE.
4. No BUSINESS PLAN.
5. Inadequate financial records, POOR BUDGETING, poor cash control.
6. Action without planning, FAILURE to collect the RELEVANT FACTS.
7. Paralysis by analysis, TOO much ANALYSIS, not enough action.
8. Poor RELATIONS with STAFF and employees, poor communications, command and control mentality.

As this book is a great resource hence, the next series of articles on Thoughtsprevail would be focusing on such interesting topics[from the book] that relate to business, hope you enjoy them !!!

Lessons from the "Hare and Tortoise" story

All of us know the phrase "Slow and Steady wins the race", but most of the times,the reverse holds true especially in business[First Mover advantage].Apple entered the Portable Player Bandwagon very late yet, it still rules the market with it's revolutionary iPod [Slow may sometimes be the most Steady ].

Teams have become important rather than individual performers and the same is shown in the improvised version of the "Hare and Tortoise" story shown below[must read for anyone in the corporate or a business environment] :

| View | Upload your own

As shown in the presentation, some of the key learnings from the "Hare and Tortoise" story are:

• Never give up when faced with failure.
• Fast and consistent would always beat the slow and steady [but may not always be true].
• Work to your competencies.
• Compete against a situation , not against a rival .
• Team work always creates wonders than individual performers.
  

A Good or great Leader ??

Everyone is a leader irrespective of the role they follow yet,there are some of the common qualities that each one of us need to follow to be a leader.As every big change is a combination of every small change, same is the case with leadership.Just happened to check out a book "24 Lessons in High Performance Management" ,where they have listed the top 10 characteristics of Leaders and if a leader meets all the 10 characteristics,than kudos!!!, he/she is a Great Leader

1. Uncompromising integrity:
It's the foundation for quality and service to both internal and external customers.

2. Absence of pettiness:
The greatest drain of energy in an organization is pettiness.Leaders understand the difference between interesting and important.

3. Works on things by priority:
This results in stability under pressure and makes for an excellent problem solver.A leader who works by priorities prepares a daily priority list:he/she starts with #1 and doesn't deal with #2 when finished, but instead deals with the new #1 and so on.

4. Courageous:
Leaders don't lead life meekly.They know there is a deep well of courage within each of us,whether or not we use it.Their creed is "It's always too soon to quit" so,keep on fighting and fighting..

5. Committed:
Leaders know that they won't die an early death by working hard in a job they love.They never hear low achievers saying,"Slow down!You're going to ruin your health!!!"

6. Goal oriented:
Leaders understand that a lack of goals starts the process of both physical and mental shutdown.Great leaders are always goal oriented(A lesson for me as well )

7. Unorthodox:
These are the creators,the innovators and the think-outside-the box types.They learn from their successes and from their failures.They are originals and not copy-cats.

8. Inspired enthusiasm that's contagious:
Leaders grow enthusiastic as they achieve their daily goals,which are part of the larger plan,not just daily tasks.They are acutely aware that without this contagious enthusiasm whatever mood they have will be contagious.

9. Levelheaded in times of crisis:
These are the people who do not come apart and remain steady during the time of crisis.They know that conflict overcome is strength gained.

10. Desire to help others grow:
Leaders know there is no saturation to education and that passing along knowledge and experience build synergistic relations.Have a two way feedback so that it gives the leader more room for improvement.

Work hard to achieve these qualities and if they are not fulfilled then:

An organization quits improving right after the manager quits improving !!!