Do You Suffer from These Entrepreneur Weaknesses

It's easy to criticize an entrepreneur, especially if you're married to one, work for one or are coaching/consulting one. Entrepreneurs, like any pioneer, have their own set of (always evolving) rules and strategies. Many entrepreneurs are successful in spite of themselves. The key in working well, and enjoying, entrepreneurs is to fully understand their weaknesses, because these are often their biggest strengths, although YOU may not think so! Here is a list of weakness and the strengths that they "are." Sub-point 2

1. Can't Focus, lots of ideas, runs in circles.

If the entrepreneur could focus, they'd be a bookkeeper (no offense to bookkeepers; I was a CPA for years). The enterpreneur's currency is ideas, often a flood of ideas. This is good. Encourage MORE ideas, don't try to pin them down. When they feel your support in challenging them to come up with more and BETTER ideas, the flow is restored and they'll find the one to really NATURALLY focus on. Really. The reason they can't focus is that they haven't yet flushed out all of the half-baked ones.

2. Not good with details.

Duh. Why should they be. Sure, it would great if they would focus on details, and in fact, many entrepreneurial-types fail or have lots of stress (think ValuJet's CEO), specifically because they won't or cannot sweat the details. But given many won't deal with details well, suggest they give up even trying. Sure, this may create a mess, but challenge the entrepreneur to solve the mess as if the mess was a new business! That'll get 'em thinking! (Entrepreneurs are like kids; it's good to divert them.)

3. Feel odd, different, alone, strange.

Entrepreneurs are simply wired differently and they SHOULD feel this way, because it's TRUE and there is nothing wrong with it at all. In fact, if you can help the entrepreneur to relish their unique, contrary, leading edge ways, you'll help them feel better about themselves (their different-ness), which will increase the flow of ideas and success. Educate the entrepreneur to understand not just themselves as individuals but to understand about the species called Homo entrepreneurs.

4. Good at starting business, bad at running them.

This is very true of many entrepreneurs, but you know, many entrepreneurs think that they have an obligation to run their businesses and become a great manager. 90% will never be great managers; they shouldn't even try -- too much stress on everyone! The solution: Help the entrepreneur to set a "sell date" right now, so they know they're getting out and when! This relieves some of the pressure and also forces the entrepreneur to create a sell-able company vs one that is just a monument to their ego (and I mean this lovingly). It's essential that you and the entrepreneur get that there's no reason an entrepreneur can't start and sell 25 businesses. Selling is not failure; it's good business and lets the entrepreneur play instead of being saddled with responsibilities and accountabilities that they just don't want, but feel that they should have. Help the entrepreneur to "get" that they'd really rather NOT run their business and that they prefer to start new ones. This will turn a perceived weakness into a profitable strength.

5. Chaos reigns in the company.

This is fairly common, for several reasons. First, the entrepreneur LIKES chaos and is unlikely to attract or be able to hire a manager that is cross-platform: able to both manage the people/operations and ALSO be able to put up with the personality or constant flow of ideas and changes that the entrepreneur is likely to have. A solution is to design the company so that it can afford the chaos and the financial stress that chaos usually bring. A second solution is to educate the entrepreneur and staff that chaos CAN be good business and not to worry about it. Another solution is to ask the entrepreneur to solve the chaos problem by thinking of it as a foundering business that the entrepreneur has purchased. His/her job; Turn it into a profit center! This will get the juices flowing. Another solution is to help the entrepreneur to create fully automated and foolproof systems, usually managed by outside contractors or vendors who are not IN the business day to day. This works well, because it forces the employees/owner to use the systems, which are mostly computer based. Boys will be boys and it's better to save them from themselves sometimes! Systems to this. Remember: Creation IS messy! It shouldn't have to be, but often is.

6. They fail. And fail again.

This one's tricky if you look at the failing business as a problem or as a reflection on the entrepreneur's ability and strengths. In this case, their weaknesses were bigger than their strengths and the business failed. But, just like a kid has to fall a couple of times when learning to ride a bike, so do entrepreneurs fail as they learn how to be successful. Remember, it's the SPARK that the entrepreneur has that is the REAL source of profitability. It's just that there is often a learning curve as the entrepreneur learns to compensate for his/her weaknesses by delegating, outsourcing, maturing, and learning new skills. The Spark usually wins in the end. Note: Just like you can't really tell much to an adolescent because "they know it all," you often can't tell much to an entrepreneur because they DO know it all! Don't try to parent the entrepreneur; you'll lose. Just love them and be there when they fail. That helps them learn faster.

7. They exaggerate and are too optimistic.

This is good! Encourage the entrepreneur to exaggerate as much they want to. This is a reverse way to get them to tell the truth. It works. Exaggeration and pipe dreaming are as important to the entrepreneur as faith and believing are to Christians and other religions. It just comes along with the lifestyle. It's part and parcel. It's hard to have one without the other. Entrepreneurs are so out in front of the rest of us that they NEED to exaggerate how well things are going, in order to keep the faith -- hey it's lonely out in front (or in left field, depending on how savvy the entrepreneur is!). Exaggeration, pipe dreaming and denial are the tools and comforts of the trade of entrepreneur ism. Sure, many entrepreneurs grow through this, but don't try to take away their blankie until they're ready. They need it.

8. Always at the edge financially.

This one's a toughie, because of the "unnecessary" stress it can cause to the entrepreneur, the business, employees, families. What I've sought to do is to educate the entrepreneur who is always at the edge that there is an emotional dilemma that they are trying to heal, via their business. The psychological source of this "always at the edge" may be an addiction to adrenaline, the pleasure/high of "pulling it off" at the last minute, of the high that victory brings, the need to be better than everyone else/compensate and even the inability to establish a reserve of cash and time so that they function without this stress. In my own case, I pushed so hard that I was always just barely making it, even though sales kept growing significantly. When I learned that this was because of self esteem (technically, a "havingness level" problem (meaning that I couldn't let myself "have" what I was earning)), I was able to make a couple of minor changes and establish such a healthy reserve that I am set for life (and can play with projects such as these Top Ten Lists!) The traps the entrepreneur will fall into is to increase their lifestyle just as quickly as their company grows. Mistake. But, back to why being at the edge financially is a such a strength. It's because the entrepreneur has proven, time and time again, that they are resourceful, can survive and bounce back from adversity. This is GREAT! Now, direct the entrepreneur to direct this energy into creating a healthy savings account instead of leveraging so much, and you'll have a successful entrepreneur.

9. Family of the entrepreneur, suffers.

Another toughie. You didn't just marry a man/woman or a businessman/woman. You married an ENTREPRENEUR! And he/she didn't come with instructions, warning labels or antidotes. Oops! If entrepreneurial genes were find-able in the DNA, they'd be considered a strong, strong drug. Reality aside, it's best that you develop your own strong interests and let your husband/wife do their own thing. You'll always be #2 (well, maybe # 1 and half). You can have a great marriage if you get this.

10. Sales dip.

Sales dip because the entrepreneur has turned over some or all of the sales function to others. Take this as an invitation for the entrepreneur to get back to selling, where they usually shine.

Predict Your Future. Don't use a crystal ball to make predictions of your business. By carefully analyzing the historic trends of
your business enterprise, as shown on your records for the past five decades, you can predict for the year ahead. Your record of
sales, your experience with the markets in which you sell, and your general knowledge of the economy should allow you to predict a
revenue figure for the following calendar year.

When you have a Sales prediction figure, make up a budget demonstrating your costs as a proportion of the figure. In the next
year, you can compare real P&L amounts for your budgeted figures. Thus, your budget is an important tool for determining the
health of your business.

Make Timely Decisions. Without actions, predictions and decisions about the future aren't worth the paper they're written on. A
decision that doesn't lead to action is a poor one. The pace of business demands timely in addition to informed decision making.
If the owner-manager is to stay ahead of competition, you have to move to control your destiny.

Powerful Decision making from the small business requires a number of things. The owner-manager should have as much accurate
information as you can. With these details, you should establish the consequences of all possible courses of action and the time
demands. When you have created the decision, you have set up your company so that the decisions you make can be transmitted into
action.

Control Your Small Business. To work, the owner-manager must be able to motivate key people to get the outcomes intended for
within the cost and time constraints allowed. In working to achieve outcomes, the small business owner-manager has an advantage
over big business. You can be fast and flexible while many big businesses need to await committee action before a decision is
made. You do not need to get consent to act. And equally important, bottlenecks to implementing new practices can receive your own
personal attention.

One of those Secrets is in determining what items to restrain. Even in a small business, the owner-manager should not attempt to
be all things to everyone. You ought to keep close control on people, products, cash, and some other tools that you consider
significant to maintaining your operation pointed toward profit.

Handle Your Folks. Most companies find that their biggest expense is labor. Yet because of the close contact with workers, some
owner-manager of small businesses don't pay sufficient attention to direct and indirect labour costs. They tend to think of those
prices in terms of people rather than relate them to profit in terms of dollars and pennies.

Listed below are a few Tips regarding personnel handling:

Gradually Review each position in your company. Have a quarterly look at the job. Is work being replicated? Can it be structured
so that it motivates the employee to become involved? Can the tasks be given to another employee or employees and a position
eliminated? Can a part-time individual fill the job.

Perform A little private mental game. Imagine you have to eliminate one worker, If you needed to let 1 person go, who would it be?
How would you realign the jobs to make out? You may find a real solution to the imaginary problem is potential to your financial
advantage.

Use Compensation for a tool instead of viewing it as a essential evil. Reward Superior work. Look into the possibility of using
raises and bonuses as incentives for greater productivity. For example, can you envision bonuses as morale boosters through
seasonal slacks or other dull periods?

Remember That there are new means of controlling absenteeism through incentive reimbursement plans. For example, the owner-manager
of one small company eliminated holidays and sick leave. Rather, this owner-manager gave each worker thirty days annual leave to
use as the worker saw fit. At the conclusion of the calendar year, the employees were paid at regular prices for the depart they
didn't use. To qualify for the year-end cover, the employee had to establish that sick leave was shot only for this purpose.
Non-sick leave had to be applied for in advance. As a result, unscheduled absences and overtime pay have been decreased
significantly. In addition, workers were happier and more productive than they had been under the older system.

Control Your Inventory. Do not tie up all your cash in stock. Use a perpetual inventory system for a cost control rather than a
system only for tax purposes. Establish use patterns or purchase patterns on the materials or items which you have to stock to
maintain the minimum number needed to supply your customers or to maintain production. Excessive stock, whether it is finished
product or raw materials, ties up funds that may be used to better advantage, as an instance, to open up a new sales territory or
to purchase new machinery.

Centralize your Buys and avoid duplications. Be a relative shopper. Verify orders . Get the purchase price and amount straight
right away.

Check what you Get for quality and condition. Assess bills from suppliers against quotes. You don't wish to be the victim of their
error.

You should, However, keep 1 fact in mind once you set up your stock control system. Do not spend more on the management system
than it can yield in savings.

Control Your Products. From control of inventory to control of products is but a step. Make sure your sales people recognize the
value of promoting the products which are the most lucrative. Align your service coverages along with your markup in mind. Arrange
your products so that low markup things require the least handling.

Control Your Cash. It's good policy to handle checks and cash as though they were perishable commodities. They are. Money on your
protected earns no recurrence; also it Can be stolen. Bank promptly.

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