No one ever said it was easy being an entrepreneur. Whether you're in the early stages of your statrup, just secured funding for your startup or you are ready for product launch, there will always be those three components when you ask yourself if this whole entrepreneur thing is worth it. Instead of giving up and throwing-in the proverbial white towel, this forum will help in giving you all the motivation you need to achieve your result.
Subscribe to this blog
Follow by Email
6 Crucial Things to Do in Your First 100 Days in a New Leadership Role
We all rise up to new opportunities every single day, it could be in the form of new apportionment, new jobs or new business ideas. its pretty exciting to get something new but the problem is most of us are not fully equip or not in the right state of mind to perform well with this opportunities in place. Imagine lets say you are a well known financial expert who offers ideas to people and all of a sudden out of the blue you get an appointment to lead a big company because they trust your instinct just like we have seen with some Big fortune companies and their C.E.O.s. It will be great and you might think you have the proper technical know how to rule such a company but then running a company is not only about knowing how to give good predictions you also need to know how to manage your human resources, how to deal with competition among other things. Here are 6 crucial things to do in your first 100 days in a new leadership role, these things will help you to be fully equip with the right qualities to help you perform better. This post was partly written by Matt Cain of the Entrepreneur
The rate of change in technology is unmatched. Companies are constantly being funded, getting acquired and, unfortunately, going out of business. These dynamic conditions create both challenges and opportunities for leaders. Changing roles is becoming more frequent across industries. Being able to successfully transition into a new leadership position is a must-have skill for entrepreneurs and company leaders.
Whether joining a company during a turnaround or at a time of explosive growth, the first 100 days are a critical time to make a positive impression and lay a meaningful foundation for the future.
Here’s a six-step philosophy to help ensure a strong start in your new leadership role:
1.Listen and learn.
You were hired because you bring a lot to your new role and company. But, there’s so much to learn! And it’s incumbent upon you to create an environment that maximizes your ability to do so. Create as many opportunities as you can to meet, build rapport with and establish immediate connections with employees, customers and other key stakeholders. Ask what’s working, what’s not working, where they need help, what could be better about the company and what they’d do if they were you. And then listen. While many leaders are often prominent communicators, the importance of listening is often undervalued, overlooked and underused. This will greatly inform your strategic agenda, help you get to know your new team and give you a great sense of the existing culture, good and bad.
In my first 100 days, I committed myself to setting up at least 100 1:1’s and team meetings with employees of all levels, customers, investors, partners, vendors and analysts. I also set expectations on my first day that this was on my agenda so people were ready with their feedback -- and believe me, they were!
2.Over-communicate, connect, establish trust and open the “virtual door.”
Tell people what you are going to do, do it and tell them what you learned. Transparency, action and follow-up are key for building relationships and trust with both customers and employees. Be visible and be responsive. Ensure people know where to find you and that you are open to ideas, thoughts and feedback, good and bad.
While I’ve embraced the open-door policy by locating my desk in the same open environment as all employees, I’ve also pushed open the “virtual door” by communicating activities and progress early, and often to set a precedence for transparency. It’s critical for employees to consistently have a good level of visibility into where the company is thriving as well as areas that require improvement. It’s equally important that they have the confidence to voice their opinions.
3.Slow down to speed up.
As a leader, there are often expectations to deliver results immediately. While this can be true, it’s important to fight the temptation to jump into action. Slow the pace in the beginning and fully analyze what the current state of the business and opportunities. Leaders who take a more thoughtful approach in the beginning will see higher quality results in the long run, and will also have more organizational buy-in.
When I stepped into my role at Couchbase, there were a lot of projects underway. I intentionally put a few on hold to ensure they would align with our go-forward plans.
4.Establish a parallel plan for product and market learning.
Don’t exist within a bubble. New leaders must not only understand their company and products, but also the wider market landscape. Know your customers and understand what your competitors are doing.
While you have a lot to learn, the company must continue to perform. Don’t overburden your team with your personal education. Determine what you can do on your own to get up to speed. Test out your sales enablement training. Get your hands on as many analyst reports as possible. Review past board decks. Look through team presentations. There’s a lot of content out there, so take advantage of it.
5.Integrate into the cadence of company.
Understand how the company operates. It’s important to familiarize yourself with the pace and comfort level of the company’s and employees’ operations. As a new leader, if you enter a position and vastly redesign your employees’ roles and pace too quickly, they’re more likely to experience greater amounts of stress and new leader rejection. While innovation is important, understanding the pace at which change can effectively be implemented is essential.
I started with what is working for the company. If it isn’t broken, don’t fix it. I have not modified the setup for staff meetings, timing and cadence (though content changed immediately). The same held true for our sales forecasting process, at least for the first quarter. Results matter, so ensure your entry isn’t disrupting short-term execution.
6.React to mission critical situations.
Learning and building a foundation for the future is essential, but never forget that you have a company to run and that responsibility can be delegated. You must take action in critical situations, whether internal or external, that threaten the success and growth of your overall business. Issues will arise, whether it’s a big deal, a sudden change in the market or a sensitive employee issue. Be prepared to be flexible.
Twenty percent of small businesses fail within their first year. Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
However, don’t be discouraged. If you believe in your business, passion will prevail. On average, 75 percent of small-business owners are confident in their company. And why shouldn’t they be? They’ve turned their passion into profit. Yet, keep in mind it’s important not to be overly confident. Instead, take things one step at a time. Typically, 20 percent of small businesses fail in their first year, 50 percent in their fifth year and 70 percent after a decade of being in business.
A number of factors play into a business’s closing, such as location, the current market, cash flow and more. The number of reason most small businesses fail is due to cash flow, and California cities such …
It is incorrect to conclude that pursuing Entrepreneurship is better or worse than pursuing a role of a senior corporate executive. Being an entrepreneur is not for everyone. However, not every successful entrepreneur has the skill set to thrive in a corporate environment. Life as an entrepreneur, especially during the early stages of a business, is very challenging. There is an element of uncertainty and risk that one will not face when he/she signs up for a stable job with a large corporate. Further, the perks at the office and the lifestyle are typically not as extravagant. There are various reasons why people choose to pursue the path of entrepreneurship. Solving a problem/Addressing a need - The root of entrepreneurship is often based in solving a particular problem. For many entrepreneurs, ideas are driven by real life problems that they have faced. A prime example for this can be Brian Chesky and Joe Gebbia, founders of Airbnb. The need for a pocket-friendly accommodation other t…
Africa is a growing continent that
has great potential and natural resources. Because there are many business opportunities in Africa, most
entrepreneurs are now venturing in the continent. They take this opportunity not only to gain money but also to improve the
lives of the people in that region. To be a successful
entrepreneur in Africa, you have to look beyond the resources
the continent offers, the Gold, Diamond, Copper, Oil, Timber and many other
resources. The term “millionaire” is taking on a new meaning in Africa. It’s no longer just about the size of your bank account; any shady
politician, corrupt bureaucrat, or unscrupulous businessman on the continent
can easily claim to be a millionaire. But Africa’s new and emerging generation
of millionaires are not just excited about money. They’re also passionate about
impact; they want to create value that touches and improves people’s lives. It’s called impact
entrepreneurship. It’s the new way of making money and doing good, at the