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Biggest Mistakes New Executives Tend To Make

Ramya GovindRaj

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Biggest Mistakes New Executives,New Executives Mistakes,New Executives Tend,Tips to New Executives,Startup Stories,Best Startup Stories Tips 2017,Startup Hacks 2017

It’s not easy to be the head of a growing company. It’s even harder if you are a new executive given the responsibility to develop the company further and carry the company through troubling times. While mistakes are a part and parcel of life, blunders can bring the company to its knees. Despite thorough research, interviews, background checks and work reports, an executive hired from outside the firm tends to fall into traps, even as they try to solve problems, make decisions and improve the company. Executives, even with immense experience fall into these traps because of a few common mistakes.

1. Urge to act
New executives face the biggest challenge of proving themselves to the company and the employees especially, if they have been recruited from outside the organization. For this purpose, many executives have been known to enact changes, outline radical changes and implement new ideas as soon as possible. Such hastily made plans and changes might not sit well with the employees or might have already been shot down. It is important to bring a change in the company but not at the cost of disrupting daily work. Instead, take your time to observe how work is conducted and then provide inputs of change.

2. Carry the past
Executives moving from one company to another tend to carry the work ethics of their old company with them to their new work place. While the policies and regulations might have worked for the previous company, there can never be a one size fits all solution in any industry. Instead of using a tried and tested strategy as soon as you start your new job, absorb the landscape from your unique vantage point as an outsider first. Then use your experiences to come up appropriate and relevant solutions for specific problems.

3. Too much too soon
One of the other biggest mistakes any new executives on the block tend to make is changing too many things at the same time. Generally, during a management overhaul, many important decisions may be left pending. New executives, to prove their mettle, try to finish the left over work as soon as possible. Hurried decisions may lead to negative consequences creating even more problems for you and for the company. Instead of diving head first into the deep end of the pool, select smaller areas and work your way up from there.

4. Not forming relationships
Executives hired from outside an organization are like new fish in an aquarium. You have to adapt to your surroundings, get to know the other top executives, meet the employees and form bonds with the people. Such relationships will help you develop a deeper understanding of the problems of the company, the needs and requirements of the employees and areas that require immediate action. Instead of creating a good impression with external public, make it a priority to maintain good relations with your internal audience as well.

5. Closed communication
Open communication is an important element in all walks of life. If you can’t communicate with your employees openly, you create an image of a shady leader who can’t be trusted. Instead, conduct open, transparent meetings and encourage wider communication for better flow of information and feedback. Let the employees know exactly what the changes will be and why they are being made. Once the changes are in place ask for feedback to check the feasibility of the change.

Newly hired executives are seen as the fresh blood the company required for the next leg of the battle. Understand the most common mistakes new executives tend to make to mitigate the risks and increase your chances of success.

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Startup Hacks

Here’s Why Hiring Millennials A Good Idea For Your Company!

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In the upcoming years, millennials will become the largest employee demographic around the world. Millennials are big hustlers who embrace their work with passion and dedication.  They love to explore and opt new adventures. They basically have a sense of fulfillment with regard to everything they desire to achieve. They are highly motivated and have a zeal inside to accomplish their tasks. Their aim is to climb up the ladder of success with immense knowledge and become wiser. However, due to various reasons, millennials find it very difficult to land a good job.

Gone are the days when money was the only motivational factor of a career. Millennials are highly cost effective. They work for lesser pay when compared to the regular workforce. They are pretty much focused towards embracing newer opportunities and progression. Not only that but they are also self driven. Alongside, they are team players! They love to collaborate with people and they get along easily. This work ethic helps all businesses grow as millennials are tolerant as well. Apart from that, they are highly creative with their ideas, generally think out of the box and come up with the best solutions and ideas for the company!

Hiring young minds helps to keep your company up to date with the latest market trends. From marketing to finance, they excel in almost every field with their intelligence and smart work. You could build a relationship and offer millennials an opportunity to grow with your company and in return, they will reward you with hard work and determination.

Listed below are the reason why hiring millennials is a good idea for your company!

  • They are proactive
  • Easy to work with
  • Follows up the latest trends
  • Highly cost effective
  • They are fun to work with
  • They are optimistic
  • They are techno junkies

Today’s competitive market demands the best talent possible! So, in order to grow your workforce and attain maximum productivity, your company should definitely consider hiring millennials!

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Here’s Looking At How Technopreneurs Are Emerging!

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This is the 21st century and technology is taking over almost every field at a very fast pace.

Every now and then, we see a number of entrepreneurs coming up with spectacular innovations that changes the way the world perceives things! Combining the two, in the recent times, we noticed a lot of technopreneurs emerging to take over the startup ecosystem.

So, who are technopreneurs?

Technopreneurs are technology and entrepreneur wrapped up in one term! They are entrepreneurs with a unique set of tools and a great potential for success. Technopreneurs are basically entrepreneurs who are in general technology savvy. Most successful technopreneurs are not born but they are made!

These brilliant minds combine technology with their creative innovations to introduce a new set of products and services. A common misconception is that they take many risks. However, while they do take risks, they only take calculated ones.

One of the prototypical examples of a technopreneur is Elon Musk. From introducing flying cars to launching advanced rockets, he is redefining the use of technology in daily life with his amazing innovations. “Don’t be afraid of new arenas,” is one of Musk’s most favorite quotes.

Mark Zuckerberg, the brains behind the social media giant, Facebook has emerged as one of the most successful technopreneurs of all time. As a technopreneur, it is significant to be technology oriented. However, you don’t have to be a coding expert, but rather, you have to invest in your technical skills and understand the dynamics of your market like Zuckerberg! According to Zuckerberg, “People think innovation is just having a good idea but a lot of it is just moving quickly and trying a lot of things.”

Alongside, technopreneurs tend to be very persistent in nature. You could take a look at Steve Job’s career path to understand that persistence in technopreneurship means sticking to the mission regardless of how difficult the journey seems. Jobs once said, “I’m convinced that about half of what separates the successful entrepreneurs from the non successful ones is pure perseverance.”The undeniable ability to solve problems in innovative ways enabled many billionaires to build their fortunes in the technology sector. Some of the most famous technopreneurs also include Bill Gates, Travis Kalanick, Sergey Brin and Larry Page.

Needless to say, a good technopreneur uniquely combines technology with innovation to make it big!

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You’re Never Too Old To Become An Entrepreneur

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There is no expiration date on becoming a successful entrepreneur. The idea to bring up a new product or a service has nothing to with your age. Becoming an entrepreneur is not about your age but whether you have the drive and creativity to make it happen.

Ideas always do not have to be about developing something new. It can be an improvement on something which is existing in market as well. Your experiences and dedication gives you an edge over others. You probably have a wide network now than before so use it as an opportunity to spread the word about your business ideas. Today’s entrepreneur opportunities are endless and one can explore and bring their ideas into existence with extreme zeal and courage. There are numerous things that can be learned from work and life experience. You are now financially stable and had a lifetime to build a network of connections. Many older entrepreneurs are experts in their field. Alongside, they’ve built a reputation in their industry which is useful when it comes to opening doors for their new business. These striking experiences can be applied to entrepreneurship.

Don’t look for reasons to limit yourself. Look for reasons to give yourself the freedom to follow your dreams.

In fact, some of the world’s most successful enterprises were started by people who were older than you might expect. Henry Ford was almost 40 when he founded his car business, Charles Ranlett Flint started a computing business that later became IBM at the age of 61. You have every opportunity to be successful in a job that you’re passionate about. All you have to do is take the leap.

Never let age define what you can and can’t do. It may be too late to become a professional skateboarder, but it’s never too late to pursue your dream of becoming an entrepreneur. So remember age is just a number!

Let us know what you think about entrepreneurship in the comments below!

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