Being an Effective Business Owner
On episode #005 of the Small Business Celebration podcast, Marcus Johnson of Starstruck Entertainment emphasized the values of successful entrepreneurship through leadership, values, and integrity.
After the interview, Marcus and I spoke further about being an effective president of a business or company and the habits that make an “Effective Executive.”
The first is that executives do their best to get a handle on their time. While life can inevitably, and consistently, throw curveballs into any schedule (“Life is what happens after you’ve made plans.”- ), effective executives work to manage as much of their time, as they can, that they can control. This can be done by determining a daily routine encompassing items including reading business and spiritual books, journaling, exercising, reviewing plans, goals, and taking time revisit your vision of the future.
Secondly, effective business owners / managers gear their results toward results rather than work. Often times we business owners believe that “if it’s going to be done right, I’m going to have to do it.” Another way this is perceived is, “20% of the results of the day are consumed by 80% of the work” (Pareto’s Principle).
One way effective executives deliver on the results they want is the utilization of Virtual Assistants (sometimes called VA’s) to take care of the highly repetitive, time consuming work that needs to be done, or the hiring of outside contractors or employees to this work while the executive focuses on the work geared towards results.
Thirdly, an effective business owner focuses on strengths – not just their own, but surrounding themselves with people who have strengths that counter the business owner’s weaknesses. Peter F. Drucker talks about in his book, “The Effective Executive,” about putting yourself where your strengths can produce results and discover where your intellectual arrogance is causing disabling ignorance and learn how to overcome it.
Fourthly, superior business owners force themselves to set priorities and stay with those decisions. They know they have to do first things first, because there is no winner for coming in second place.
Finally, the top business owners make solid decisions. While “hindsight is 20/20,” decision making is about choosing between alternatives – rarely a choice between right and wrong. Effective executives encourage opinions from others, but the executive must be willing to do the homework and diligence to conduct research on their own. Then, once the facts and opinions are compiled, the executive must ask an oft overlooked question: “Is a decision really necessary?”
While not making a decision seems counterintuitive, sometimes the ability to stay out of the way of a situation, may be the best. Having said that, an effective executive must act on balance.
Act on balance – the benefits must greatly outweigh the cost and / or risk.
Act or do not act; but do not “hedge or compromise.
Imran Khan once said, “Compromise for your dream, but do not compromise on your dream.”
Small Business Celebration
“The Effective Executive: The Definitive Guide to Getting the Right Things Done”
Peter F. Drucker, Harper Business Essentials: January, 2006
Bakersfield, California, small business, learning, training, coaching.