What do Russians Think About Their Bosses?""Horoshe otnashnya mezhdu rukavaditelyami i podchinyennimi pomogayut uspehu dela.""Good relations between employers and employees increase people's work ethic
and help in the successful development of any business.""A ‘good boss’ is, first and foremost, a caring and compassionate person, say 38% of working Russians. At times, emotions shown by the superior matter even more than what he actually does," according to a
survey of the Russian people. The Russian
Public Opinion Foundation also reported that 15% of those polled think training, experience and competence are crucial for a good boss. Interpersonal relations in leadership win out over leader competency when evaluating leaders.
Psychologist of Moscow's Socio-Psychological Center, "Vera" Valentina Morozova, claims that "such high percentage of "personal" characteristics in the portraits of 'the perfect' and 'the worst' boss has to do with the fact that Russians tend to put their work relationships before work itself! Not everybody realizes that a person can, in fact, be a good leader while lacking decent interpersonal qualities."
'Cheeky' Techniques for Motivating Your EmployeesJoan Lloyd, a management consultant, gives some tongue-in-cheek advice for motivating your employees in a
recent bizjournals.com article.
- Don't give too much praise -- it will go to their heads.
When they don't know how they're doing, it's easier to keep them under control. You can keep them off balance and wondering if they are any good. That way, they will always be trying to please you and they'll work harder. Besides, if you compliment their work too much, they are going to expect more money.
- Be quick to point out faults and mistakes.
Don't spend too much time on the front end of a project, explaining what you expect, since it's too time consuming. Instead, you can point out everything that's wrong and show them how superior you are.
"Do you recognize someone? Just make sure it's
not you."
There is no Financing Without a Proper Business PlanEuroventures is a venture capital firm that manages private investment in Hungary and Eastern Europe. It manages over $30 milion in 20 funds. In a
survey of its investments, it found a need for a proper business plan and proper business modeling for companies to compete for an anticipated $300 million–$500 million in new venture capital investment in Hungary to come with EU enlargement.
Euroventures’ research showed that 70% of the companies overestimated revenue, 80% overestimated the necessary profit margin, 90% overestimated profit, and 100% underestimated the working capital necessary for the company.
"A minimum business plan would define strategic goals, lay out a business model and provide a profit and loss forecast, explained Péter Tánczos, investment manager at Euroventures. A really high-quality plan would also include a market analysis, a strategic plan including marketing and exit strategy, and balance-sheet and cash-flow forecasts, he added. Tánczos also said it is useful to include the results of sensitivity tests, showing the effects of certain variables on the company's profitability. These might include variations in the number of products sold, pricing, or the punctuality of clients' payments, he said.
István Préda, owner of corporate finance advisory firm Magánbankár Kft, suggested, “The best management teams are well skilled in putting together an ambitious business plan and executing it. But even in such cases, financial advisors can add value by helping sellers build a credible model, which at the same time maximizes the value of the company,” Préda maintained. “In fact, business modeling is a perfect tool for experimenting with various strategic options with a view to maximizing the long-term value creation of a company.”
Sound business planning is necessary in the constant competition for limited capital in all markets. What can be said about Budapest companies, can be true for our own local businesses.
Successful Entrepreneurs Make More MistakesEric Sink, the founder of the Independent Software Vendor (ISV) company,
SourceGear.com, gives some excellent advice in
a recent article for the Microsoft developer Network (MSDN) for avoiding the wrong type of mistakes in running your business. While mistakes are inevitable, Mr. Sink gives sound advice to differentiate your mistakes into two different types of mistakes:
Clueless Errors - Clueless errors are the worst mistakes to make. They are the errors where you can't see the bad result coming. According to Sink, these error types will become less frequent over time and as you get more experience in your business. He suggests reading more about your business. Reading will give you more answers to the different problems you might encounter in your new venture.
When you are starting your own business, you will want to ensure you make as few clueless errors as possible. As an entrepreneur, you are responsible for every aspect of your business and it behooves you to become aware of disciplines your venture requires to mitigate the negative effects of these inevitable clueless errors.
Bad Bets - A bad bet is a mistake where you understand the risks involved in your business decision. You are aware of the risks involved, you decide and you are betting on a desired outcome, full-aware of the possibility of adverse results. Mistakes can happen and "you placed a bet that the bad outcome wouldn't happen, and your were wrong."
You are in business and risks are inevitable. As an entrepreneur, you are a natural risk-taker. When you make your business decisions, you want to make calculated risks that will improve your business. Eric Sink suggests making more "non-fatal" mistakes as these mistakes will set you along on your entrepreneurial learning curve and you will learn valuable lessons from your mistakes and help you gain experience to not make the same mistakes in the future.
Challenge your resistance to risk-taking as you may hinder your soul's evolution as an successful entrepreneur.
A Welcome for New BusinessesThe Senior Corps of Retired Executives (SCORE) has an affiliation with an interesting and information-packed website for new business ventures,
welcomebusiness.com. The website will usually direct you to the usual service providers but it also allows you to sign up for email counseling with your local SCORE chapter. Nice.
Some of the links aren't updated but the site has a lot of great articles and information for new businesses to make up for the outdated links.
A Great Opportunity for Native EntrepreneursThe
SIPI Small Business Administration Project is getting underway with two series of small business development workshops in The Jemez Pueblo, today and tomorrow (March 2 and 3), and at the UNM-Gallup campus on March 9 an 10. SIPI is providing basic training on small business development to native entrepreneurs. Under the auspice of the Office of Native American Affairs – SBA National Office, The Southwest Indian Polytechnical Institute (SIPI) is working closely with 5 other partners for this national SBA initiative, including
Nth-Degree Analytics,
G&G Advertising, Arviso Business Consulting,
Kauffman & Associates, and Mandaree. Under a one-year grant, each partner has a unique objective to help address economic development in Indian Country.
The training module,
Empowering Tribal Communities: One Entrepreneur At A Time, is a four-module training:
Module 1: Creating A Dream: Small Business Basics
Module 2: Envisioning A Dream: Strategic Planning
Module 3: Selling the Dream: Marketing
Module 4: Protecting the Dream: Financial and Legal
The program schedule in Gallup will certainly include representation from the Navajo Nation Regional Business Development Offices. It would be a great time to get an overview of the business planning process and have some questions answered. The program is set to deliver business trainings to some 100 tribes across the nation. What a great opportunity for natives want to start their own businesses. Don't miss it.
