Upgrade Your Dreams to Become a Successful Business Leader
By @Manisha Rewani
Upgrading by definition is the act of implementing new strategies, systems, or people to your vision that takes your goals to the next level more reasonably and efficiently increasing your reach and your revenue at the same time decreasing your sweat equity. That’s a mouth-full, but one of the truest things I’ve ever written!
Let’s think about it… As a leader within an organization or of a team, any upgrade you make to personnel or technology would only be worth it if the person or the technology increases efficiency of the existing processes of the day; which in turn impacts revenue. The new person or technology may initially increase your sweat as you work to introduce, train, and of course have your 1-on-1 Meeting; however, in the long run… your trust in them or the new process allows you to be more trusting, hands-off, and focused.
Before you decide to upgrade by making changes to your staff, be sure you’ve done your job as a leader:
· Bringing in people not only qualified for a position, but also a best fit your desired culture
· You’ve connected regularly with your people with A Leader’s 1-on-1 Meetings (as I’ve shared in previous blogs, videos, and training for organizations) or you’ve made it an expectation that the leaders within your organization have the meetings.
· You operate not only as a boss, but as a coach… providing information, tools, trainings, and opportunity for your people to upgrade themselves, the team, and the company
· Then giving them the power and authority to do so without being micromanaged by you and others.
5 Steps to Become a Successful Business Leader
Create a Business Entity to Show Commitment
These days, you can create an LLC or a C-corporation online, in some states for less than $100. This process will motivate you to come up with a name, a formal definition, and a way to isolate business expenses from personal expenses. Company name also has to be consistent with an available website domain name, and social media names on Twitter, Facebook, and other relevant sites. Thus, setting up all of these is a key starting point for separating new venture reality from dreams.
Build a Prototype for Visual Impact and Viability
When you can only wave your arms in describing your dream solution, everyone sees something different.
With a three-dimensional prototype, you can get accurate feedback from customers on the real demand, and relevant investors will agree that you are well past the idea stage. In addition, a prototype is a big step toward proving that the solution is viable, and you learn the effort and costs involved. A prototype will convince me that you are ready and able to write and negotiate contracts for manufacturing, support, and marketing.
Register Intellectual Property to Protect Your Idea
An idea that cannot be patented or protected is very likely to be replicated by established competitors who have more money and resources than you can dream.
Filing a provisional patent or a trademark is very inexpensive, and will protect your idea, as well as suggest to me you have a business. Even though you may be convinced that your idea is innovative, completing the patent process shows you can demonstrate to others that your idea is more than a dream. Intellectual property initiates a defensible competitive advantage, and a barrier to entry.
Outline an Investor Pitch and Written Business Plan
Based on my experience, a business plan always adds value to you in making the idea real - most people can't assimilate all the details in their head, and need the process of organizing it on paper to make it consistent and complete. An investor pitch will do the same for your financials.
Too many aspiring entrepreneurs still believe the urban myth that you can sketch your idea on a napkin, and investors will throw money at you. In my experience, it doesn't work that way, unless you just sold your last business for $800 million.
Assemble an Implementation Team and Advisors.
Ideas and dreams often come from one person, but creating a business requires a team of people, and leadership from the top. Idea people often need a co-founder with business and leadership skills to assemble a credible implementation team, and provide the discipline to create the business. If you are new to a business arena, it's always worth your time to enlist as advisors two or three executives who have traveled that road before. They give you credibility with investors, as well as mentoring that can help you avoid the many unknown pitfalls ahead.
Manisha Rewani [MBA]
AirCrews Aviation Pvt. Ltd