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
Top Challenges facing Business Leaders in the 21st Century.
When it comes to successful
leadership, attributes like vision, communication, integrity, and curiosity
never go out of style. Today, executives also must be able to build strong
teams in the face of recruiting and retention challenges, keep up with the latest
technology, and demonstrate strong business acumen.
Those at the helm of their
organizations need these skills, among others, to navigate the business
environment, which recent research suggests is increasingly difficult to do. In
a Robert Half Management Resources
survey, 66 percent of chief financial officers (CFOs) said it’s more
challenging to be a company leader today than it was five years ago.
“Emerging trends, from the
accelerated pace of change and disruptive innovations to dispersed workforces
and regulatory compliance demands, have intensified the pressures facing
company leaders,” said Paul McDonald, senior executive director for
Robert Half. “Today’s leaders must be proficient in their chosen field, but
also current on big-picture issues facing their industries and organizations.”
The good news? Employees are on
management’s side; in the survey, 87 percent of workers said they are confident in
their company leaders. "Professionals understand how challenging managing
a department or company can be and respect the work of their supervisors,”
Here are some of the top challenges
facing business executives today and some tips to help leaders meet
those demands head-on:
1. The need for
Not too long ago, many company
executives operated in silos: They were the experts in their division, but they
didn’t often get involved in the work of other departments. Today, however,
leaders must take a broader organizational view. For example, many CFOs have
seen their responsibilities extend beyond finance into
human resources, information technology, and operations.
Fostering strong relationships with
coworkers outside your department can be invaluable when it comes to learning
about other areas of the firm; successful leaders make sure they participate in
interdepartmental committees and projects. Holding high-level management
positions in professional organizations can also help executives get a broader
perspective of typical organizational structures and procedures.
2. The demand for
Because in-demand professionals have
more opportunities today, it’s harder to recruit and retain top performers. In
addition, managers frequently must oversee staff in several locations, which
makes it even more challenging to motivate employees.
This is where successful leaders tap
into their strong communication skills, clearly explaining to each employee his
or her career path and role in the company’s mission, then supporting employees
as they build their leadership skills and prepare for greater responsibilities.
Savvy leaders also seek feedback on their communication style from mentors,
fellow managers, and even staff, and follow through on the best suggestions.
Managers now have access to extensive
databases filled with information that can greatly enhance their
decision-making, but the amount of data they’re presented with on a daily basis
can be overwhelming. The strongest leaders know how to extract the most
valuable information and transform it into strategic guidance — and how to
bring in highly skilled business analysts who can help them do so.
4. Change — and
Once, in the not-so-distant past,
firms understood at least the basics of their competitors’ business models,
because most companies operated in a similar way. Today, however, firms are
introducing new business models all the time. What’s more, technology seems to
be changing every minute.
That’s why it’s crucial for managers
to stay on top of industry trends and remain open and adaptable to change.
Successful leaders regularly read the top industry blogs, subscribe to newsletters,
follow industry leaders on Twitter, and join relevant groups on LinkedIn.
Keeping up to date with technology trends can require training; it’s a good
idea for executives to take external courses and participate in in-house
professional development programs.
Simply put, it’s clear that today’s
business environment is constantly evolving, and executives face new pressures
every day. To help their firms remain competitive, managers need to invest time
and effort into improving and refining their leadership skills.
But one thing remains consistent:
Leaders can’t achieve their goals without building a talented, engaged team. As
McDonald says: “Successful executives engage their employees, help them build
their leadership skills, and work to grow the business together.”
Being a young entrepreneur is difficult, no matter where
you are from. But in Africa, the challenges are often far more emphasised.
Resources, financing, mentorship and supporting services are even scarcer. Yet
despite this, the continent’s youth unemployment is higher than elsewhere,
and for many young Africans, entrepreneurship is less of a choice, and more of
a requisite for survival.
year the Anzisha Prize, Africa’s premier award for entrepreneurs between the
ages of 15-22, identified a handful of young entrepreneurs who are
making it in Africa. Here are some of their tips for success. 1. The most important step is the first one
Nteff Alain is the winner of the 2014 Anzisha Prize and is the entrepreneur
behind GiftedMom, an e-content platform for pregnant women.
says having an idea is easy, but turning it into reality is a whole different
story. The wall of challenges an entrepreneur faces can quickly de-motivate
someone from following through on their vision. …
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 …
We often talk a good
game in the world about how entrepreneurship is a global phenomenon. In
the last week of October, we lived it.
Headlined by Bill gates, the Microsoft giant drew some of the biggest
names in technology together with more than 1,200 entrepreneurs from 170
countries, government leaders and Silicon Valley executives to Stanford
University to put a spotlight on expanding entrepreneurship around the globe.
From the start, the call was for championing entrepreneurship to help
reduce global tensions and demonstrate a different path for youth living in
We don't often enough
connect the bottom line to efforts to make a safer world. I applaud Gates
call to action for this next generation of entrepreneurs, and those in the
current generation, to support them.
Gates proposed that the young entrepreneurs focus on three
"generational challenges": creating education tools to excite
youth who may be at risk of radicalization, build…
Étienne Arnault was born on the 5th of March 1949. He is a
French business magnate, an investor, and an art collector. Arnault is
the chairman and Chief Executive Officer (CEO) of LVMH, the world's largest
luxury-goods company. He is the richest person in France and the fourth richest
person in the world according to Forbes magazine,
with a net worth of $75.5 billion, as of March 2018. EARLY LIFE After graduation, Arnault joined his father's company,
in 1971. In 1976, he convinced his father to liquidate the construction
division of the company for 40 million French francs and to change the focus of the company to real estate.
Using the name Férinel, the new company developed a specialty in holiday
accommodation. Named the Director of Company Development in 1974, he
became the CEO in 1977. In 1979, he succeeded his father as president of the
company. CAREER In 1984, with the help of Antoine Bernheim, a senior
partner of Lazard Frères, Arnault acquired the Financière A…
Cletus M. Ibeto (born November 6, 1952) is a Nigerian businessman from the industrial city of Nnewi. He is head of The Ibeto Group, the
largest business enterprise from Nnewi, a city unique for its entrepreneurial
spirit. In the early 1980s, when the oil
crash and a
controversial importlicensing system was making a dent on the
Nigerian manufacturingenvironment, Nnewi went through a growth
period. The Ibeto Group under the Ibeto's leadership was a pace setter in the
region and nation's trading and later manufacturing development. His story
teaches that no matter how your financial situation seems at any point in life,
seeing and taking opportunities when others don’t, smart-hard work,
perseverance, and the right network can change your status for good. EARLY LIFE
22, 1966, at age 13, the highly spirited Ibeto got his school box and
provisions all packed and set for school. Unknown to him, the
academic phase of his life was about to crash, as his father decided that