Entrepreneur – Page 3

Leadership, Management Dilemma (I)

Posted on March 5, 2014March 6, 2014 by Josh

By Okello Okello.

Should a manager lead? or should a leader manage? I am generally speaking about management, not specifics such as micro or macro management. Leadership is one of the tightest ropes to walk in life and the balance it needs is more than you can imagine. Most CEO’s in organizations always get mixed up by the myriads of roles that come simultaneously under their titles. This post is going to extract and display some of the greatest dilemma that most leaders go through knowingly and or unknowingly.

1. Power and Responsibility

Of cause leadership automatically puts you in power and most leaders always find it a challenge to differentiate power and responsibility. This is also where leaders start to use their responsibilities despotically and the result is always a devastated team. Leaders should know that they are in a delicate position and everything they do and say is keenly being monitored by those under him or her.

As a leader, first you should learn your responsibilities. Once again, learn your responsibilities before you exercise power over anybody. Know your limits, understand your people and know how much pressure you have to mount on your team otherwise you are bringing more harm to your team and to the organization.

2. Give Incentives

Every Good Worker Deserves Favour! Always reward your best performers and remember to discipline your non performers but remember to do it with love. Give them second chances and be polite especially when dealing with failures. It is not a must that the incentives must be in currency form but even thanking your team can mean much to them and can be a source of motivation to a lot of people.

Take your team out for lunch, order pizza online and celebrate victory, give your team a half a day break to show them that you are concerned and appreciate the quality of work they do.

3. Dealing with Failures

You are having angry customers who are unsatisfied by the work your team has done. You have called your team in a board room and they can read tension on your face. Their heart is racing and their faces can read that “At the end of this meeting, one person must be fired!” Dealing with failures is more like giving incentives only that instead of giving tangible rewards, you are going to educate your team instead.

Please remember that we are not equal. Some are more gifted than others and for them to make it to your company, they have shown some wisdom or strengths that you wanted to tap into. Therefore, avoid calling names and do not shout. Self control is more than important in this case. If someone fails, always remember to give them a second chance. Nothing inspires people like telling a failure that they can do it. Be ready to show them the way, that is why you are a leader and not just an employee.

You are dealing and handling someone else future, therefore take a lot of caution on what you say. Encourage them and never set your hands flying in disgust. Show love, motivate and encourage non performers in your company and if the same problem continues then shuffle your staff, maybe they are the right people in the wrong seats. Always remind them of their calling and educate them to be great performers.

4. Change Top-Down

It starts with you! Yes as a leader, you should be a role model to people not a scare-craw. Mind your language and treat people with respect. It does not cost a penny to pay respect yet it rewards more than the revenues you can earn. Simple rule, “The Golden Rule.” In “Our Lords Prayer,” there is a line that says “forgive our trespasses as we forgive those who trespasses against us,” This should be a leaders prayer at all times. Learn to forgive, and change your self before the team you are leading change for the better. And always remember that “True transformation only comes from God” (Unknown).

Please if you find this blog informative, share it on your social media, comment, follow, favorite and let other people learn from it too. That is the spirit of entrepreneurship. We are here to support each other. No one knows everything that is why we share, exchange and learn from one another. God bless you.

Entrepreneur Taxonomy

Posted on March 4, 2014March 6, 2014 by Josh

By Okello Okello

Taxonomy is the science of elucidating groups of biological organisms on the basis of shared facets and rendering nomenclature to those groups. In this post, I am going to classify entrepreneurs as a special group of species homo-sapiens-sapiens. This is not to say that entrepreneurs are of different species from any other human being but they hold distinctive characteristics that set them apart from all else.

Some have called them weirdo’s, they are always in their own world, they like to cause chaos, they can be authoritative, and never give up. Entrepreneurs like to go against the currents and are great risk takers. They have faith in their efforts but plan before they leap. Strategy is always their main tool, they slip but never fall even if they fail in a particular area, they understand that failure is part of success, but some of the unusual traits that most entrepreneurs share in common include;

1. Status Quo

Entrepreneurs delete these two words in their dictionary. They always go against currents and nothing can stop them from going for their vision. Once they set up their minds in achieving something, they will go for it even if there are tough barriers of entry. The ability to start a business is by itself against so many statistical facts. It is also good to point out that entrepreneurs who are value driven tend to perform better than the profit driven. Since there are no definitive features to qualify these people as specie of their own, this qualifies everybody to be a potential entrepreneur only that some differ at the degree of resilience and persistence.

2. Tenacity

This is the ability to grip something firmly for so long before you let go. Entrepreneurs can hold an idea for so long before they let it slip off their hands. Mostly they are never worried of time it takes before they see their dreams come true. Tenacity drives them in tough economic times and since they understand the sinusoidal market behavior, they can predict light at the end of the tunnel.

3. Self-Belief.

As the name suggest, to be an entrepreneur you must have self confidence and believe in your self before anybody else believes in you. “Whatever the mind of man can conceive and believe, it can achieve” (unknown). Most entrepreneurs believe in themselves and their potentials. After all, it is never wrong to try, if you are trying the right thing. “It is only when you hitch yourself to something greater than you that you realize your true potentials” (Barack Obama).

4. Duo-Contemplation

Duo-contemplation is a word that I coined after being in strategic management for over two years. It is the ability to match two contrasting ideas in preparation to any unforeseen occurrences. Most entrepreneurs do not have this mentality and the single line of thought makes it very hard for organizations to bounce back in the market in case of any contradicting happenings. Successful entrepreneurs never take one side of thought and ride with it, they look at all facades and calculate a tentative solution for both. This elevates their management skills at all times.

4. Design a Master Piece.

Leonardo daVinci is crowned for his master piece Monalisa, Michelangelo contender for the title of the archetypal Renaissance man, also rival of Italian Leonardo da Vinci is known for his master piece Pieta. In recent years, Martin Luther King junior was known for his phrase “I have a Dream,” Barack Obama was propelled to presidency of the United States of America by a simple phrase “Yes We Can.” These are master pieces that were crafted by the artists themselves. Successful entrepreneurs develop master pieces, things that make them standout and unique. These are also ideas that later down in history are considered to have revolutionized an age. As an entrepreneur develop your own master piece.

Entrepreneurs are few in numbers, though through technological advancements and a paradigm shift that has happened in the work force globally, there has been a rise in the number of people who start their own businesses. Question to you; Are you falling under the classification of entrepreneurs? Yes You Can!

The Business Falcons

Posted on February 25, 2014 by Josh

By Okello Okello

Falcons are a species of birds commonly referred to as Hawks. Hawks are characterized by sharp talons, large, curved bill and muscular legs. They use their sharp bill to bite and tear the pray and this makes them the best hunting birds ever known. Most entrepreneurs involuntarily act like falcons hence the title “Business Falcons.” So in what ways are entrepreneurs like falcons?

1. Vision.

Falcons have excellent eye sight, they can see up to 8 times further than human eyes sight. This helps with accuracy when sporting a pray. They can identify the difference between a rock and a mouse when they are over 100 feet in the sky. Visionary leaders also see opportunities that lie miles away from them. That is what drives them to take an action to either bring change or start something new. As an entrepreneur, always know what you are going for. Never pick stones when there is bread to go for. Be a falcon and reach for the best by zooming in and out your target pray.

2. Spot Different Colors.

Falcons have the ability to spot different colors. This is to give them a precise judgement and accuracy when identifying the pray. For right judgement of colors, hawks must then have an apriori information on different colors of pray they are going for. The ability to distinguish what an entrepreneur sees as a potential investment is a critical feature that all business leaders should have at all times. Entrepreneurs do not just see opportunities, they see opportunities that can benefit them. Like hawks, business leaders should be in a position to tell where there is a greater potential of returns on all their investment. Always go for colorful and lively places where you can get better profits and therefore strategize before you take a leap.

3. Swiftness

After a hawk has calculated the distance and time it takes to catch the pray, they can travel at a speed of 150 miles per hour through the air to their target. This swiftness reduces reaction time of the pray and creates a shocking impact when they land making their pray dazed and confused. Once a business leader has seen an opportunity, it is upon them to act swiftly and take advantage of it before anybody else find it. This is not to say that they should not allow competition, what I mean is once you have your competitive edge then always develop it to be ahead of everybody. Act swiftly and keep your rivals a daze at all times.

4. Be a Diurnal Leader.

Falcons are always proactive during day time. Even though most entrepreneurs work late, it is advisable to work during day time and have enough rest during night time. It is healthy and makes your brain work better and smarter. Avoid long nights as they reduce your productivity. So stop filling that coffee cup late in the evening and have a restful evening. Catch up with family and friends, relax and take notes.

5. Be opportunistic Feeder.

What this means is that falcons can feed on anything they come across, from frogs, squirrels, insects to rats. They try to expand their tastes on what they feed on. Entrepreneurs should also not narrow their views to only one line of product or service. Be adventurous, try new things. Mostly the first ideas never work and that is why it is good to try more than one idea. statistically, increasing your idea samples expands your probability of nailing the only one that will work. Come with ideas after the other and keep improving them until you get the one that works.

As an entrepreneur and a Not-for-Profit Organization director, I have tried more than 8 businesses from farming to music production, and only three of those that I started have worked. I am still hopeful and adventurous and work like a business falcon. If one never works, then I am certain that there is one out there that will work. If you are a start up, then my advise at this stage is to use as less capital as possible because you are still on trial and error stage. You do not want to lose a lot on your first attempts unless you are certain that you are going to gain it back.

Always remember to play like a falcon.

Please if you found this blog helpful, share it on your social media, follow, favorite and let other people learn from it too. That is the spirit of entrepreneurship. We are here to support each other. No one knows everything that is why we share, exchange and learn from one another. God bless you.

Why be King if you can be god?

Posted on February 24, 2014February 24, 2014 by Josh

By Okello Okello

This is probably one of my most controversial writings I have ever done but before you judge this post by reading the headline, I would like to make it clear that I am a theist, who fully believes in Jesus Christ, I am a pro-life and an apologist. Then what prompted me to talk of being a king if you can be god? The point I am putting across is that there is always a space for improvement and as an entrepreneur it is even better to go for nothing less. Dream big!

Over the years, most kings were worshiped, adored and held higher ranks in the community. Some kings also pledged allegiance to gods of their time and in my view this makes gods above all else. Let me repeat again that when I talk about gods I do not mean the God of heaven and earth the maker of the universe and all that is in it. I am talking symbolically about holding higher ranks in a business community. Is there anything that entrepreneurs can learn from this?

One of the greatest rappers of our time, “Eminem” released a song referring himself as a “rap god“. Yes I think he is right to call himself “rap god” as long as he does not mean that he is holding a position of equal ranks to God of heaven. Now for the rest of this article when I talk about being a god, take it as a way of being ahead of your competitors and nothing spiritual. At the end of the song, Eminem asks, “Why be a king if you can be god?”

As an entrepreneur, there is always a room to start feeling like an “entrepreneur god“. You are more than you can imagine. Entrepreneurs are creative people who dream big and as I always say, “go big or go bigger.” The same applies, switching from a king to a god in the market place is the best way of flexing your entrepreneurial muscles over all your competitors.

As much as I do not believe in competition with business rivals, go for what you do best and expand it to more elevated grounds. For a successful transition from a king to a god, an entrepreneur should have a grand plan or a blue print of his/her projects. Do your calculations and reach a solution before you implement them.

Most entrepreneurs start by drawing their goals then walking their way backwards to where the grand plan starts. Having a strategic plan will will help you develop a systematic approach of reaching your targets. Planning ahead of time takes away the idea of improvising along the way as it can distract away from the master plan. Always cause ripples but never waste your time stopping unnecessary waves. What I mean is, come up with a step by step plan that covers all the challenges along the way and be ready to tackle them within the shortest period of time possible.

Bob Gernon, a friend of mine, a professor and a successful business consultant on his strategic plan talks of Goals, Objectives, Strategies and Tactics (GOST). To be a god you must have a GOST. Goals are the immeasurable achievements that you want to attain in your organization, Objectives are the measurable end products of why you are planning, strategies are what needs to be done to get your objectives right and lastly tactics are what you have to do to get the results you want.

You are in business because you want to be a god, so stop thinking like a king and act like a god for you to be treated as one. You are the only one who is standing on your way to success so stop being a king and act like a god. After all, why be a king if you can be a god?

Socratic Leadership

Posted on February 11, 2014February 11, 2014 by Josh

By Okello Okello

Is there anything business leaders can learn from Socrates? If anything then let us first start by getting to know who this man is. Socrates was a classical Greek philosopher who is credited as one of the founders of Western Philosophy. He came to fame through later classical writers most of them his immediate students namely Plato, Aristotle and Xenophon. He (Socrates) is widely known for his contribution in the field of ethics through arguments and self defense that puzzled most of his antagonists.

As an entrepreneur and apologist, I know that business leaders can learn a lot from this great philosopher, from ethics, bargaining, intelligence to reasoning.

1. Piety

Socrates was so pious that he did nothing without the counsel of the gods, so just that he never did an injury to any man. This dependence on God is what most entrepreneurs lack, let me call it Socratic proslogion for now. The ability to have faith in God that all well thought-of ideas can work is a trait that can propel any business to higher levels. A lot of entrepreneurs lose hope so easily and shred their blue prints at early stages when they meet challenges. My advice is, seek counsel from almighty God and he will bless you with faith to believe that you can do it.

2. Temperate

Socrates never preferred pleasure to right. The ability to show moderation and self-restraint is very important when it comes to business. Successful entrepreneurs never do it for money but to change life standards of other people or to solve a need. When you are starting a business, my advice is; never put money first, always think of your customers and the value you are offering them. This is a concept that is very easily forgotten in business today. Accordingly, Socrates practiced temperance and self-denial to a degree which some thought ostentatious and affected

3. Intelligence

Socrates was so intelligent that he could not fault making judgement between what was good and what was evil. As a business leader, the ability to make right judgement is more than important especially in strategic management of any kind. One very successful investor once told me, that it is never wrong to make mistakes but learn from them. His second advice to me was that it is okay to take risks, as long as they are critically thought of and well calculated.

4. Logical

Originating from the Greek word “Logike”, logic has got more than one meaning. a). It describes the use of valid reasoning, b). It is the study of reasoning. Socrates was a logician, who could reason out his thoughts in debates and arguments and that is how he won most of the accusations against him. A business leader should be a person who can reason well, logically and should tell when to quit if statistics do not tally. Business is about value both to the customer and to the entrepreneur and if any side is not gaining then it is time to apply logike.

5. Virtuous

Socrates lived a life full of high moral standards. This could also be the reason why they teach business ethics in schools today. If something is not worth doing then do not it. My principle is; if something is against my moral and ethical standards then however good it is, I will not do it. Above all go to point one and know where the source of all morality comes from. Be pious.

Confrontational Leadership

Posted on January 26, 2014January 26, 2014 by Josh

By Okello Okello

This is not to be confused with arrogance. What I simply mean by confrontational is the ability to oppose or challenge directly the action or authority of someone. I also should make it clear to you that personality contributes a lot when it comes to being a confrontational leader.

Even though most entrepreneurs shy away from this type of leadership, it can mostly benefit the organization if handled with care because there is a very fine line separating it from arrogance. While arrogance holds the intent of superiority and recklessness, confrontation has an intent to question the credibility of an action and how it is benefiting the entire organization.

In my daily life, I do not like confrontations of any kind but one of my business friends, a fellow school mate and an entrepreneur once taught me that it is never wrong to question what is wrong. The only way to bring change is when you highlight what is wrong. This is really difficult and can get messy if you are in partnership or dealing with colleagues who are older, of higher ranks, authoritative and intimidating.

Going by moral ethics and expected office etiquette, no wrong doing should be left unquestioned or else the person seeing it happen also lands himself in the same problem as the doer. However, if you are confronting please make sure that you do it with;

1.Love

Your intention should be to correct the wrongs and be at the same understanding with the wrong doer on the does and don’ts of an organization. Before you speak you should remember these bible verse Proverbs 15:1-2, “A gentle answer turns away wrath, but a harsh word stirs up anger. ²The tongue of the wise adorns knowledge but the mouth of the fool gushes folly.”

2. Respect.

It does not cost any penny to pay respect however poor you can be. To be in a work environment, know that you are dealing with a fellow human being and do not put them on the spot where they can feel intimidated. Show respect and it will be shown back to you. It is a two blade sword or just remember that what goes around comes right back around.

3. Considerate.

Once a leader is marked with regards of feelings and needs of others, they can address any issue in the organization with a lot of care and no big problem can go unsolved. Human beings are social animals and just like any other animals, both domesticated and undomesticated, if cornered and can sense danger, all animals react the same and that is to be on the defense. Before they give in to power, they will always try to repel the attacks through anyway possible and this can cause injury and damage to an organization. A considerate leader is a good leader.

4. Wisdom.

I am talking about wisdom not knowledge or skills or any other forms of learned experiences. Wisdom can only come from God and a good leader is one who is anointed to serve with the help from above. Simple things as calling a person a side when you want to address a critical issue in a work environment is way better than shaming them in front of all their juniors or seniors. Seek Wisdom from above and so I say.

Not all leaders need to be confrontational, but just moderate what works for you and nurture it to serve you well. If you are going the confrontational way, then always remember not to cross the line between confrontation and arrogance.

Characteristics of Successful Entrepreneurs.

Posted on January 26, 2014January 26, 2014 by Josh

By Okello Okello

1. Fun
Work place should be a conducive environment and successful entrepreneurs learn how to have fun despite the mundane tasks they are working on. Speaking from experience as as a founder and Executive Director of an International Christian Not-for-Profit Relief Organization, drafting our organization bylaws and doing all the paper work was the most boring part of work I have done. However, I looked at the end goal of why I was starting the organization and stayed focus on that single goal. For more than 3 months, I woke up, did research, write the whole day and go to bed. As a music lover, I enjoyed my work with R&B music in the background. If you love Jazz, Rock, Metal, Dance, Dub-step, play it and make your work environment a fan place to be in.

2. Focus
This might sound rude, but nobody is going to tell you to be serious in whatever you are doing if you are an entrepreneur. Take your work seriously and give it your best. If you get frustrated, because you will, then take a break and come back energized and give it another good shot. It is upon you to perfect your pitch and idea before any body else give you a minute of their sweet time to listen to you. Once again, remember to focus and do it well.

3. Time Management
We are all given 24 hours in a day by God. Whether you are Bill Gates or the poorest president Jose Mujica of Uruguay. Planning your time will take you far and remember not to have more than six items on your to-do list everyday. Remember to have at least 30 minutes of exercise because your body and brain works better if your are healthy.

4. Finance Management
This is a challenge to so many entrepreneurs. As a start-up, you really do not earn a lot so track your expenditure to the penny. Simple investment rule; “Never spend more than you earn.” Remember, It takes a while before a start-up can even pay simple bill as a phone bill. Use your money wisely. I will also encourage you to give back to God what you think he deserves. I know so many people give 10% but I am not going to encourage or discourage you to continue giving. Just give what you think is worthy to give back to God.

5. Do it for Your Clients
Let me jump into my morality and ethics books and pull one of the oldest rule, “the golden rule.” Put your self into your customers shoes, if you were the customer, do you think you will be satisfied by the good or services you are purchasing? If your answer is yes, then please continue with the same spirit. If your answer is no, then I don’t think I have to tell you what to do. Always put your customers first even in background operations like accounting, promotion, designing unless you are creating your own product or service to use at home.

6. Go for Nothing Less
My assumption now is that you already have your mission, vision and value statements written. Work with those, try challenging things, pick that phone and do a cold call, send that email to customer asking them why they are not satisfied with your product, update your books, and if you are running a Not-for-Profit organization, ask that donor to support your project. Always challenge your guts and try something that gives you chills in your spine.

7. Get Impeccable Business Team.
Successful entrepreneurs never do it a lone. They have mentors, business advisers, role models, partners, and they have a broad and healthy network with people who can share the reality of the markets they are in. If you are picking your team, work with skilled and efficient team. (Check this link to know who to hire )

8. Create a Competitive Edge.
What differentiates you from any other service provider out there? What is so unique in your product that can me forget about the already existing brands just so I can have your product on my table? This can range from chemical composition of the product you are selling or promoting to price. Always have a unique identity that puts you a head of the game.

9. Educate Yourself.
They say learning never stops. Re-invent your self, learn new things, read those magazines, posters, newspapers, subscribe to this post 😉 do research online, read books, sign up for seminars, take online courses. The list is endless. It is only when you admit that you do not know a lot that you open more learning opportunities to your self. Just do it!

10. Sleep.

Most entrepreneurs and nerds are workaholics, gets frustrated a lot and easily, are night owls, and always suffer from depression. Stop drinking that coffee late at night and give your self a break. Relax, enjoy a good night rest and wake up productive and do it like you never did it before.

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