Entrepreneur's Diary: MANAGE THEM ALL..........

Entrepreneur's Diary: MANAGE THEM ALL..........: My last article had a little negative odour, Leadership is not a popularity contest. Again my first article says  Y ou can manage money, ...

MANAGE THEM ALL..........

My last article had a little negative odour, Leadership is not a popularity contest. Again my first article says
 You can manage money, things, animals but you can not manage a person.

True leader maintains balanced combination of interactions to preserve joyful atmosphere within the organisation.

There are many Management Styles Which govern how manager interact within the organisation.
1.Autocratic : Management makes decision and tells staff
2.Persuasive :Management makes decision and invites questions
3. Consultative :Management presents problem and asks for suggestions
4.Participative :Management presents problem and works with staff to solve.

Developing a management style should be based on many factors
Manager's personality and values,
Staff personality and values,
Tasks and goals
Environmental constraints

According to my observations most of the successful managers have implemented Persuasive Management
 Lets see what it leads to 

A  persuasive styled manager shares some characteristics with that of an autocratic manager. The most important aspect of a persuasive manager is that they maintain control over the entire decision making process. The most prominent difference here is that the persuasive manager will spend more time working with their subordinates in order to try to convince them of the benefits of the decision that have been made. A persuasive manager is more aware of their employees, but it wouldn't be correct to say that the persuasive style of management is more inclusive of employees.

Just as there are occasions where the use of an autocratic style of management would be appropriate, there are also instances where a company will benefit from a persuasive style of management. An example of this being, if a task that needs to be completed but it is slightly complicated it may be necessary to rely upon input from an expert. In such a situation as this, the expert may take to time to explain to others why events are happening in the order in which they will occur, but ultimately the way in which things are done will be that person's responsibility. In those circumstances, they are highly unlikely to delegate any part of the decision making process to those who are lower down in the hierarchy.

Advantages to a persuasive style of management:

1. Decisions are able to be made quickly. This is also true with the autocratic style of management, persuasive managers are able to make decisions very quickly because they don't use a consultation process with employees.

2. The employees will have a clear understanding of what's likely to happen and what their role will be. As all of the decisions are made centrally and the communication is entirely top-down, employees will be able to perform their tasks in an efficient manner.

3. Difficult or tedious situations ae able to be managed effectively. Just as an autocratic manager will be able to navigate through challenging situations, a persuasive manager will be in a position which allows them to steer an organization towards a challenging outcome as well.

Disadvantages to a persuasive style of management:

1. There may not be enough or even an entire lack of support from employees for management. Seeing as how the employees will have no input into the decision making process. They also may not trust the decisions that are made.

2. A system that has no input from employees minimises access to one of the most valuable resources that a business has; the ideas of the people who are working on the "front line". As a result, employees will show no initiative, which can reduce productivity.

3. One-way communication models are unlikely to be effective when compared to Two-way communication.

My style of management is Asian paternalistic 
which can be called as combination of managements according to situations 

Like consultative and easily confused with autocratic and dictatorial; however, decisions take into account the best interests of the employees as well as the business, often more so than interests of the individual manager. Communication is downward. Feedback and questioning authority are absent as respect to superiors and group harmony are central characteristics within the culture. This style demands loyalty from the employees, often more than to societies' rules in general. Staff turnover is discouraged and rare. Worker motivation is the status quo with East Asians often having the world's highest numbers of hours worked per week, due to a sense of family duty with the manager being the father, and staff being obedient children, all striving for harmony, and other related Confucian characteristics. Most aspects of work are done with a highly collectivist orientation. It shares disadvantages with an autocratic style, such as employees becoming dependent on the leader, and related issues with seniority based systems.

An Asian Paternalistic style means that the manager makes decisions from a solid understanding of what is desired and best by both consumers and staff. Managers must appear confident, with all answers, and promote growth with harmony, often even if hiding harmful or sad news is required.

Entrepreneur's Diary: Leadership is not a popularity contest.

Entrepreneur's Diary: Leadership is not a popularity contest.: Recently, I was working with my team and I often encourage creative ideas from every member in my team. But this time I had strong ...

Leadership is not a popularity contest.

Recently, I was working with my team and I often encourage creative ideas from every member in my team. But this time I had strong belief in what my idea was.
So I thought to be rational this time and took a review from my GURU about ‘the matter’ but later I realised that even he wanted me to implement the same idea ignoring possible losses only to gain faith from my team members now it was my turn so I decided not to go with an advice because I believe in “Leadership is not a popularity contest.”


I see many people doing this same mistake about Leadership. As a leader one has to concentrate on a common goal and sometimes lead to ignoring your team member’s views and taking a certain decision.

 Whereas my GURU says People are more important, I should be concentrating on building a strong relationship with them.
I believe in explaining situations to my team and also taking decision even if thousands are against you because at that time I have explanation on what I did and why I thought it was right. In this kind of situation I can just hope for ‘sometimes later they will understand, I was thinking of their future.’’

 what’s your view on this?
 

Entrepreneur's Diary: SWOT Analysis

Entrepreneur's Diary: SWOT Analysis: According to me most important characteristic of entrepreneur is URGE to take a task. And I see that many individuals in our society have t...

Entrepreneur's Diary: Starting a new Venture

Entrepreneur's Diary: Starting a new Venture: Chetan Bhagat was right. They are negative. Few days back I met a professor in a management institute(HNIMR). He knew I am just a new emerg...

Starting a new Venture

Chetan Bhagat was right.
They are negative.
Few days back I met a professor in a management institute(HNIMR). He knew I am just a new emerging entrepreneur. Still he was requesting me to recruit him in my venture for that he was willing to invest about 20-30 lakhs.
and he was literally following my every activity for more than a month
finally I suggested that he can do it on his own
he always wanted to start one but he wasn’t able to start one he wasn’t able to find one suitable option for himself
so am writing on the same.
Search for new idea: searching for new business idea having good investment opportunity is really complicated exercise, because entrepreneur comes across innumerable investment opportunities.
Business ideas are all around you. Some business ideas come from a careful analysis of market trends and consumer needs; others come from serendipity. If you are interested in starting a business, but don't know what product or service you might sell, exploring these ways of getting business ideas flowing will help you choose.

1) Examine your own skill set for business ideas. Do you have a talent or proven track record that could become the basis of a profitable business?
To find a viable business idea, ask yourself, "What have I done? What can I do? Will people be willing to pay for my products or services?"
2) Keep up with current events and be ready to take advantage of Business opportunities.
If you read or watch the news regularly with the conscious intent of finding business ideas, you'll be amazed at how many busi your brain generates. Keeping up with current events will help you identify market trends, new fads, industry news - and sometimes just new ideas that have business possibilities.
For instance, same-sex marriages are now legal in Canada. There are now also entrepreneurs who are selling tourist travel packages that include a marriage ceremony to same-sex couples from other countries. Would you have identified that business opportunity when you heard that the Canadian marriage laws had changed?
3) Invent a new product or service.
Think back 30 years ago. Was there a huge demand for anti-virus software, Internet Service Providers, or desktop computers? No! The key to coming up with business ideas for a new product or service is to identify a market need that's not being met. The clamor for ever-increasing security, for instance, has led to an explosion of new security products and services, ranging from iris-recognition machines through home security services.
Look around and ask yourself, "How could this situation be improved?" Ask people about additional services that they'd like to see. Focus on a particular target market and brainstorm business ideas for services that that group would be interested in. For example, there are millions of aging gardeners across North America. What products or services could you create that would enable them to garden longer and more easily?
4) Add value to an existing product.
The difference between raw wood and finished lumber is a good example of putting a product through an additional process which increases its value, but additional processes are not the only way value can be added. You might also add services, or combine the product with other products. For instance, a local farm which sells produce also offers a vegetable delivery service; for a fee, consumers can have a box of fresh vegetables delivered to their door each week.
What business ideas can you develop along these lines? Focus on what products you might buy and what you might do to them or with them to create a profitable business.
Really. Once you develop an entrepreneurial frame of mind, you'll see that finding business ideas is just as easy as finding leaves on trees. Here are more ways you can generate business ideas:
5) Investigate other markets.
Some business ideas aren't suited to local consumption - but appeal greatly to a foreign market. My own little town is surrounded by acres of wild blueberries. For years the bushes produced berries that mainly fed bears and birds; B.C. has a thriving blueberry industry that doesn't leave room for a wild blueberry market. But one entrepreneur realized that there is a high demand for products such as these in Japan - and those same wild blueberries are now being harvested and shipped. Finding out about other cultures and investigating other market opportunities is an excellent way to find business ideas.
6) Improve an existing product or service.
You know what they say about the person who builds a better mousetrap. That person could be you! A local entrepreneur has created an improved version of the hula hoop; it's bigger and heavier so hula-hoopers can control it more easily and do more tricks. How did she come up with this business idea? She thought hula hooping would be a fun thing to do with her daughter, but found the commercially available product too flimsy.
There are very few products (or services) that can't be improved. Start generating business ideas by looking at the products and services you use and brainstorming ideas as to how they could be better.
7) Get on the bandwagon.
Sometimes markets surge for no apparent reason; masses of people suddenly "want" something, and the resulting demand can't be immediately met. For example, during the SARS epidemic, there was an insatiable demand for facial masks in several countries - and many entrepreneurs capitalized on this business idea.
A "bandwagon effect" is also created by larger social trends. There is much more of a demand for home-care services for the elderly than is currently being supplied. And the trend for pets to be treated as family members continues, creating demand for all kinds of pet-related services that didn't exist even ten years ago.
Look at existing businesses and the products and services they offer and determine if there's a need for more of those products or services. If there is, develop business ideas to fit the market gap.
Are you brimming with ideas for starting a business now? Write your business ideas down. Let them swirl around in your head and coalesce. And keep an open mind and continue to assess everything you read and hear from an entrepreneurial point of view. You don't want to run with the first business idea you think of; you want to discover the idea that's best suited to your skills and desires. Dream, think, plan - and you'll be ready to transform that business idea into the business you've always wanted.

SWOT Analysis

According to me most important characteristic of entrepreneur is URGE to take a task. And I see that many individuals in our society have this urge. But unfortunately many of them give up in primary stages of decision and keep living pay cheque to pay cheque.

According to the new Encyclopaedia Britannica Entrepreneur is an individual who bears a risk of operating a business in the face of uncertainty about the future condition.
Many wannabe entrepreneurs want to set up a new venture but they are not able to gather courage for it.

Some entrepreneurs think in a way that let the problems exist, every problem has a solution. This way of positive thinking is really very good approach but thinking rationally will suggest you that its better if you take a caution, and calculate the risks and benefits involved.
A little trick to analyse business opportunities

SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities and Threats involved in a project.
It involves specifying the objective of the business venture and identifying the internal and external factors that are favourable and unfavourable to achieve that objective. The technique is credited to Albert Humphrey.

Setting the objective should be done after the SWOT analysis has been performed. This would help an entrepreneur in realistic goal setting or objectives to be set for the organization.

Strengths: characteristics of the business, or project that give it an advantage over others.

Weaknesses: characteristics that place the team at a disadvantage relative to others.

Opportunities: external chances to improve performance (e.g. make greater profits) in the environment.

Threats: external elements in the environment that could cause trouble for the business or project

Identification of SWOTs is essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTs.

Example: I plan to set up a book shop at Deccan, in Pune.

Strengths: Every Puneity will see my shop minimum once in a month. Many other book shops neighbouring (Never consider them as your rivals, they are people believing in your concept).

Weaknesses: Low Space for vehicle Parking, high cost of infrastructure

Opportunities: If Metro rail project comes in to existence Deccan will work a central point for many routes bringing in tons of money.

Threats: when Metro project will start, there will be blockage in traffics effecting turnover for long time.
This will help you in setting up new goals of Profit venture.

Prior to defining the company’s strengths, weaknesses, opportunities and threats you need to:

• Have a written Vision, Mission and Values statement.
• Have completed a thorough internal and external business status evaluation.
  
  What makes a SWOT analysis effort successful?
  
  • You must start with your Vision, Mission and Values statement.
  • You must objectively prepare your businesses internal and external status.
  • You must be realistic and forthright in preparing the businesses, and your, strengths and weaknesses
    Be specific but keep it short and simple, don’t over analyze.
  • Developing strategies and tactics that match the SWOT analysis results.
  • Writing an operating plan based on your SWOT Analysis, strategies and tactics.
  • Implementation of a resulting operating plan.