Tag Archives: Executive Leadership Training

Creating a Vision for Your Business – It is a Visionary Process!

It is a reality – Most of small business owners are the same, they focus so much on the day-to-day tasks that they are not able to see more than a just a few feet ahead, and everything beyond becomes just a blur. This leaves them unsure of the future ahead, and makes them vulnerable to ‘bumping into obstacles’ which can be best avoided. On top of it, the feeling of being confused about what your business should be doing is inevitably both painful and expensive!

On the other hand when you have clarity of vision, you clearly understand where do you need to drive your business to deliver to your own short and long-term aspirations & ambitions, and then you can opt for the shortest distance between where your business is now and where you want it to be in the future.

It’s time to create your businesses vision statement.  You really don’t have to worry about trying to make it perfect. What’s more important at this point is to begin the dialogue with yourself about the business you’re trying to create.

Begin with a clean slate. Imagine your business three to five years in the future, and answer the following questions

What service do you provide and what products do you sell?

  • What types of clients do you have – Retail, Corporate, etc?
  • Where is your location of work? Do you work at home or in an office? Describe everything.
  • Are you an owner or a hands-on employee? Are you involved in day to day activities or you manager people who deliver it for you?
  • Do you have employees? If so, how many? What do they do? Be as specific as possible.
  • What does this business do better than any other? What are you famous for? What makes you unique or different from your competition?
  • How do you feel about this business? What motivates you about running this business?
  • What are the three or four keywords you often use when you describe your business to others? Alternatively what are the keywords your clients use when describing what you do for them to others?

Now, you have to pull out the strongest words in your descriptions. Lookout for those words that sets off an emotional current in you. What words generate hope, passion and obsession in yourself when you read them on the paper? Well ALL of these words inspire you, and they have to be a part of your vision statement. Your words should depict the type of clients you serve, the service you provide, and the geographic coverage of your service. That’s it – you are now all set to write your own vision statement

What stage of entrepreneurship are you dealing with today? Do take a moment to recognize where you are in your business and what skills you need to steer successfully through the stage. To get answers to all these questions and to establish your leadership style, join our Leadership Development Program and please visit us at www.leaderinu.in/life.php. Based on the lifecycle of an enterprise, we have developed a framework to understand the skills required in order to be a successful entrepreneur. It is outlined based on some business must at each of these stages and skills required by an entrepreneur to meet those must or overcome those challenges.

Elevate your Elevator Pitch

An elevator pitch is a quick synopsis of a business idea or project plan that you would convey to a person of influence in an attempt to gain their support. It’s called an elevator pitch because ideally you should be able to go through your entire speech in the time it takes to travel from the top floor to the ground floor in an elevator.

An elevator pitch can achieve a lot more if you use it as a tool in your networking toolbox. It can work for you at generating new leads, developing business relationships and advancing your career.

Why bother with an elevator pitch?

With a perfect elevator pitch, you will never miss an opportunity to tell a potential client, customer or business partner about your business. When done properly, elevator pitch is a commanding tool that highlights the exclusive aspects of your business while opening the door for further communiqué.

It is a very common saying, “You only get one single chance to make a good first impression.” That’s true, and equally true is that we often don’t mull over getting the first impression right until it becomes too late. An elevator pitch can help you make the most of every first impression, also making networking scenarios easier and more productive. 

What’s the best way to prepare an elevator pitch? 

When getting ready with an elevator pitch, you should consider the following points:

  • Keep it Short. Keep the pitch concise and clear, with as few words as possible.
  • Keep it Simple and Clear. The pitch should be easily understood by a layman, rather than filled with some WOW words and industry acronyms
  • Make it Compelling. What problem does your business solve, and what do you do for your target audience?
  • Sound it Credible. Say it out loud what makes you qualified to do what you do. Try not to use buzzwords like “outside the box” or “synergy.” You should rather use credibility-driven words like “certified”
  • Get it Customized. Each target audience is different. The pitch should be tailored to the listeners.
  • Make it Consistent. No matter how many versions of your pitch you have, they should all convey the same basic message.
  • Get Going. Start the conversation, and hook your target. Keep it casual, and don’t try to close a deal in the pitch.

3 Important elements in an Elevator speech

  • The Benefit – It’s the reason why customer would hire your services.

Don’t assume that the ‘benefit’ is the product that you’re selling. The benefits are the upbeat result or effect or impact that your product can have on the customer’s business.

Bad Example: “We make customized training modules.” (That’s not product, not the benefit)

Better Example: “Entrepreneurs use our customized training modules to increase self awareness and thereby saving their costs and increase revenues by up to 5oo%”

 

  • The Differentiator – This is where you in a brief explain as to what makes you or your firm different from everyone else.

Bad Example: “We’re best in the industry and best-in-class.”

Better Example: “In a recent study we have been ranked amongst top 25 Promising L&D
Consulting Firms”

 

  • The Ask – The ask is not closing the sale or landing the job. Rather, it is setting up a meeting.

Bad Example: “I can send you a quote, now..”

Better Example: “Maybe we could run some numbers on the benefit to you. When are you available?”

We at Leaderinu conduct executive coaching programs, open workshops and leadership development programs to help start-up entrepreneurship throughout their business life-cycle. For more information please logon to www.leaderinu.in/life.php or mail us at info@leaderinu.in

What Does it Take to Become a Successful Entrepreneur?

Being a successful entrepreneur means much more than starting new projects every other day. It means having the right attitude towards an idea and the will and perseverance to achieve success. You don’t need to have heavy qualifications, exorbitant money, an over-sized-brain or even a good idea.

While there are numerous skills one must acquire to be successful, there is no “one size, fits all” theory for entrepreneurship. Some of the following insights can help you become a successful one:

The Idea

You definitely need an idea to get started, and if you have a great idea it is already half a battle won. What you need to also consider is that even the most successful companies were not started on some extra-ordinary ideas. Original ideas are hyped. What isn’t hyped is timing. You want to get to a product or service that can go places –now whether it is original or not, it doesn’t really matter. Think of it – It’s generally easier to polish an existing idea that isn’t fully appreciated than to create a wholly original one.

 Stay Flexible & Adapt

Starting a company is a bit like child raising; everyone around assumes that you know what you’re doing, but kids and companies don’t come with instruction manuals. You will stumble through it, learning as you go.

It’s at the beginning where you’re most likely to fail. Your aim is to build that awesome money-making machine, but you perhaps don’t have all the parts and the ones that you need do cost more than you have. Your idea is probably at least half wrong too, but you won’t know which half yet. Trust Us – All of this is normal.

You can make a great business plan, however a great strategy alone won’t win a game or a battle; the win comes from basic blocking and tackling. Sometimes entrepreneurs waste too much time writing business plans and preparing power points. Mostly, things never turn out the way it is envisioned. No matter how much time you spend working on the plan, you will still have to adjust according to the ground realities. Remember—stay flexible and adapt as new information becomes available.

 Removing yourself

This is a most common thingmost small businesses never accomplish and hence remain small only.

Think of it – Up until today, your magical business machine almost certainly has one unique part: YOU. You are the one who has been working the hardest in your business and you feel overworked but happy about doing what you are doing.

Here’s the difficult part: you need to make yourself redundant. If you move out tomorrow, your business should carry on working the same way. Your time needs to be spent working on your business, not for your business.  In our experience almost 99% of businesses can’t escape this trap. It’s because what makes your company a great company is you, and unless you can repress you into a business model, your business can’t grow.

 Adaptability & Flexibility

It’s good to be obsessive or even persevering about what you do. But being stubborn about client or market needs will mostly lead to failure. You have to remember, an entrepreneurial venture is not simply about doing what you think is good, but also making a successful business out of it. Market needs are ever changing and changes are a frequent phenomenon. Most successful entrepreneurs welcome all proposals that enhance their offering and fulfil client and market needs. A product you develop for yourself alone may qualify as a sideline interest, but a product for the market should satisfy market needs.

And finally

It is not as difficult as it sounds. I will take entrepreneurship as a form of educated gambling.  Skills and Persistence are big factors which plays a very important role in deciding the ultimate fate of the organization. You should develop a resolve to keep getting back up whenever you get knocked down, stay flexible and adapt as per the situation, keep learning from your mistakes and try different things, you will be successful.

For all of above mentioned elements, some people are naturals at some of them; others may need to be developed.  At Leaderinu, we conduct leadership development program, as we focus on getting entrepreneurs to understand and recognize their own leadership styles, as well as giving tools and techniques they can use to hold themselves and their teams accountable to their own execution.   For more information please logon to our website http://www.leaderinu.in/life.php or contact us at info@leaderinu.in.