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Navigating The Transition: Executive To Entrepreneur
A highly successful Executive decides to become an Entrepreneur. For someone who has already made it to the top; and managed
a large company, wouldn't starting a small company be relatively simple? Not necessarily. In fact, for many Executives from
large firms, it can be quite unfamiliar territory.
When Executives choose to make this transition, they often find it surprising how challenging it can be. Yet the lure
of independence, being able to build a company that fulfills on a vision, combined with the potential of wealth, can be compelling.
How can those who have risen to the top levels in the highly structured corporate world translate their skills into such
an undefined, creative, and in risky environment? Unfortunately, many of the skills that got them where they are, won't get
them where they need to go. Not only do they need to develop new outlooks, skill sets, and internal resources; many of the
specific skills that made them soar as an executive can insure failure as an entrepreneur.
As in the corporate world, Entrepreneurs must be able to manage multiple processes, challenges, and people each day. Yet,
it's quite different to execute with a staff and a budget, than alone and often with inadequate capital. In established corporations
Executives are rewarded for being collaborative and gaining consensus for their decisions; Entrepreneurs cannot operate this
way. Executives cannot fail often; entrepreneurs must fail often. They cannot be too risk adverse. They need to design an
experiment, fail quickly, then determine a new strategy and immediately try again. They must plan their failures to learn
what they need to know and discover their business secrets.
So often it is assumed that it is the idea that makes an entrepreneurial company great. Ideas, even the best ones, can
sit on shelf indefinitely. It takes people;.leaders;with a willingness to risk and a good plan;to make ideas into reality.
For an Executive to succeed as an Entrepreneur, he or she must cultivate a new set of the right attitudes. They need to
develop habits that support them in an environment of uncertainty. They must try to take care of themselves in spite of many
demands. They must work tirelessly and maintain some semblance of balance in their lives when there's no paid vacation. They
must not care about not being compensated, appreciated or acknowledged. Big salaries, bonuses, benefits aren't in the picture.
Entrepreneurial leaders need to protect their fragile young company by thinking about what could go wrong. They need
to help their staff see that they can; succeed; in the face of many failures. They need to encourage everyone and yet, remain
resilient. They need to be able to psychologically handle the discrepancy between where the company is; and where they want
to take it. Entrepreneurial leaders have to be willing to try and fail and try again. They need to be unswervingly dedicated.
Entrepreneurs need to be very focused; and to be able to keep their eye on everything that's happening around them.
Entrepreneurial effectiveness is based on resilient leadership. Executives who can learn to behave responsively in an
entrepreneurial environment can become Entrepreneurial businesses require determined, capable, talented people working with
focus. These individual leaders have to be both optimistic and realistic. They must be motivated, willing to work hard and
to just do what it takes. Sometimes they have to make unpopular, non-collaborative decisions. And they still have to be able
to work collaboratively on a team. In a small company, it can be very damaging when people pass the buck. From the CEO to
the receptionist, an entrepreneurial attitude that it's up to me and everything I do matters; is essential. In an early-stage
company, everyone has to wear several hats. When each individual can take responsibility for their own results, the potential
for reaching milestones is remarkable.
The key is for Executives to recognize the challenges of this career shift because it is profound. If they can see the
need for guidance and accept support, they are much more likely to thrive. It then becomes much easier for strong, experienced
corporate leaders to learn and develop the new skills they will need. If they can quickly learn these new operating principles
and strategies, they can guide their teams with in entrepreneurial success. The best advice is to have seasoned advisors
and hire a good experienced;serial entrepreneur; as a coach to lead the way.
© copyright by Rebel Holiday, 2005, all rights reserved.
Article Source: http://EzineArticles.com/?expert=Rebel_Holiday http://EzineArticles.com/?Navigating-The-Transition---Executive-to-Entrepreneur&id=733227
Entrepreneurial Success: Lessons from Failure
In virtually every culture around the globe and at many socio-economic levels, owning a business remains a dream. And
with that dream are hopes, fears, fantasies and illusions of what it is really like to start a business and run a company.
Yet the promise of financial independence and the ability to be self-determining carries strong appeal. I know because I'v
been an entrepreneur since I was 22 years old. I also had the opportunity of being a venture capitalist. It looks different
on each side of that desk and here are some things I learned about failure that may help you succeed.
The process of beginning a business embodies the mysteries of birth and creation. How does it really begin? How do you
"make" something happen? It requires a mind-set that simultaneously holds opposites of "what isn't" and
"what could be" as possible realities. In the earliest stages, one has to believe fervently and work tirelessly
toward something that does not yet exist.
A business is not just an activity. Golf is an activity. A business must produce something of value. It must create something
that someone, somewhere, somehow will pay to have. This sounds obvious to state, but is often overlooked: business is about
creating value. And the personal satisfaction or intangible value derived by the owner is in many ways incidental. The value
must manifest in terms of products and services generating revenues and profits, as well as benefits to customers and stakeholders.
Why do some businesses succeed and other seemingly similar companies often fail? The recipe for success is unknown, but
the secrets are in the details. And the attitude of the entrepreneur may be the most important ingredient.
Any business is truly a series of secrets. Those secrets are discovered through a series of experiments. Sometimes entrepreneurs
complain that business is difficult. One can consider it to be hard or recognize that if it were that easy or obvious, everyone
would be doing and there would be very little opportunity for you. Try to keep in mind that you want to create a mindset that
empowers you. The extent to which you think it is difficult, will correspond to the amount of struggle and suffering you undergo.
Instead try to create an attitude of "It's just a game" or I'm curious how this can work.You will enjoy it more
and probably get better results more quickly.
An experienced entrepreneur is like an experienced scientist who designs the experiments recognizing the probability of
failure, and in fact, the necessity of it. The design of these experiments can have a rapid prototyping effect for failing
fast and often. By performing experiments with clear measurements for monitoring empirical data can get the team closer to
those secrets.
Most of us do not want to fail. Ever. From childhood, we're taught that it's bad, even shameful. This is a young conversation
that needs to shift if you want to ultimately reach your vision. It doesn't empower anyone and it's not helpful.
So, you have to be willing to fail. Entrepreneurs who expect not to fail are going to be in trouble. Those who don't have
an emotional context for failure and those who feel very badly when early experiments don't work out, are going to suffer
a lot. And it may even jeopardize their chances of ultimate success. Not only do you need to fail fast and fail often, you
don't have time to feel bad about it. You have to reframe failure so that it's not bad and it doesn't mean anything other
than you are that much closer to the next secret.
How many times did Thomas Edison fail to create electric light bulb? At last, when those experiments start to succeed,
it's time to capture it. Be observant enough to recognize when it's working. Then those successes must be developed into systems
that produce predictable and profitable, scalable results. These results are the wins that entrepreneurs and investors alike
are searching for in their ventures.
Always, the entrepreneurial team needs to be asking themselves what the most important thing to do next? Where can we
get the best results? What will move us closer to our next goals?
Planning is the lifeblood of young businesses. Companies must develop plans for each and every aspect of their business,
while maintaining tremendous flexibility. These plans need to be tested and assessed. You even need to plan for failure. (Not
plan to fail, but plan to know when you are failing, when to stop, and what to do to get back on track.) The strategies, failures,
and successes need to be continually evaluated. Assumptions need to be identified and questioned. Results need to be analyzed.
That’s how companies learn and grow. That's how they uncover their business secrets.
In the process of uncovering these secrets, young companies and their leaders need to find or create a support structure.
You may even fail in that. If you are failing to find support, you need to rethink your vision. Do you believe in what you
are doing? Why or why not? Tell the truth. Entrepreneurs need to answer the question, Who is going to be passionate about
your company and why? With so many innovative and high potential companies, entrepreneurs soon realize that their business
vision has to be compelling in order to attract and keep customers. It has to be exciting enough to motivate investors. It
has to be promising to attract good management. If you are not getting the support and involvement, consider restating your
vision and mission. What part of you is not sure? Why are you really doing this? What difference does it make to whom? Why
is it important that it succeed? Why does the world need this?
Ultimately, it's not about your secret sauce. It's about leadership. It's about you. And you are the only element in this
equation that is truly within your control. While a proprietary technology or methodology is exciting, it takes more than
this to make a company's vision compelling. Remember, it has to really matter to someone. And you have to be able to speak
this vision as the leader. Then it takes well-defined strategies that can be executed by mature leadership to build a solid
company and generate shareholder value.
Remember to look at Reality. The Real Reality, not the one you want to happen, that's called denial. You have to know
that you don't know. Hypothesize and test results. Constantly create your Plan. Test the Plan. What happened? Okay, now modify
the Plan. Test the Plan. Adjust and improve. Build your strategies and tactics. This is the process of developing a business
and it's thrilling to see the results. Be courageous.
So what if it's never really easy. It can be the most exciting journey of your life.
© copyright by Rebel Holiday, 2005, all rights reserved worldwide.
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