Now businesses need successful people to lead them more than ever. Nevertheless, CEO’s find it hard to avoid the common traps that a lot of people fall into when they are in charge. A lot of times there are problems with the leadership style, other times the problem is in the lack of certain competencies or the unwillingness of leaders to hire certain types of professionals, in yet other examples employers fail to provide their management skills to the organization on time. However, in most of the time the traps that lay beyond the CEO’s are even bigger than the internal problems of the managers. It is important to know the most troublesome ones. Ineffective management of resources is probably at the heart of many organizations’ problems. Often times the direct and indirect resources (internal and external) that are available to the organization are not calibrated to the business’ needs this quickly leads to problems. This is one of the major traps lying before the modern businesses. Leaders should be thoughtful of this trap and should avoid it at any cost. What is more, there are traps that are not easy to locate and consider like losing desire to complete the mission. Often when money, greed and success come quickly and uncontrollably the bigger picture and mission that a business’ foundation lies upon is quickly lost in the “fog” of success. It is easy to forget the necessary actions and you can be lured into spending too much attention on minor details. In order to keep the leadership and the mission as the primary objective you need to focus on this and not the profit. While this holds true it is easy to forget to be efficient. Efficiency must lie at the heart of any leader and managing tactics should not distract the leader from his drive to lead growth and improvement in his business. Often tactics like this hinder decisiveness and lead people into magical circles of doubts that there is no coming out of. However, in order to keep the target on track, a leader must have a vision for both the short term and the long-term that do not differ drastically. Otherwise he may fall as a victim to indecisiveness and not enforce the necessary changes to his business to get to his goals. Overall, there are a lot of challenges to business owners but there is little that cannot be improved by thinking differently about the challenges that lay ahead.
In current times it is more important than ever to be a respectable and trustworthy leader especially if you are running a business. Employees are quite acute to recognizing the state of their employer and any lack of essential skills may quickly bring down his authority in the business and lead to troubles. This is why I think that successful people should strive to improve or sustain their personal skills and avoid situations that seem to be putting them in a bad light especially if it reflects on the employees. My son Ogden O'Reilly-Hyland has shown good leadership skills in early age. I'm proud of him. Self-centeredness can always be a problem even though leaders are much more likely to get away with a little bit more authority than showing lack of decisiveness and competence. However, self-centeredness can lead to problems when it is quite overt and irritating. When an employer does not even show the least interest of commitment and only cares how to make his life better that quickly makes an employee tune out. Workers becoming unmotivated is the worst thing that can happen to a business over time even though it may not be an urgent problem. Self-centeredness, though, is not to be confused with courage. Even though you may expect that employees will not be happy with an authoritative behavior it is far better for the leader to show courage and decisiveness than to show lack of it. Courage does not only manifest in decisions but is also seen with the leadership style that the leader sets in a company that he is running. In order to convince and motivate the workers a leader must make it clear what his values are how is he going to run the business and what is expected from every single person in it. This is, of course, closely connected to the behavior of the person that is in charge. Even though on the surface level it may seem that it does not matter the behavior of the leader must remain consistent at least over a short period of time. An inconsistent behavior quickly leads to distrust and rumors about what may be causing it and why the sudden change in opinion. Ultimately it makes the employees think that the leader is thinking more for him than for the organization in general and this leads to problems again. Overall an established leadership style may solve a lot of problems for an employer and may prevent others from appearing in the first place.
Paul O'Reilly-Hyland: One of the most important things a person ought to do before starting a business is write a good business plan. The business plan is where both the investors and the person can see what is the business all about, how it is going to make profit, and what is its competitive advantage over the other competitors in the specific market. When it comes to business plans you can be either one of two people: the one writing it and the one reading it. Here, of course, for the purposes of simplicity and shortness I do not include all the people that provide you with information about the future business and all the middlemen needed to complete your business plan, neither do I include the actual person, who is probably writing the business plan but I mean the owner of the future business. Similarly, I do not think of the reader the person, who may first review the business plan on the side of the potential investor but the investor (or creditor himself) since he is the one who is going to finance the venture. Now having cleared that out of the way it is simpler to comment on the process itself. If you are planning on producing a business plan it is important for you to focus your effort on some minor details you may otherwise ignore. The most important thing for you is to expect that a business plan may cost you anywhere between $5,000 to $40,000, including market research, legal and financial expertise and it is important that you make it as concise and to the point as possible not only to impress the reader but also to possibly save on money but that should not be a target, when doing it. When you are the writer the most important thing is to ask yourself questions constantly. Questions like: How large is your target market? How fast is it growing? Where are the opportunities and threats, and how will you deal with them? When you are on the other side, when you are reading this it is vital notice those small details that give away whether or not to invest in the project. This may also serve as guide on what to underline to the writers of business plans. If you are going to invest your money in a business plan and you want to make a profit you had better be aware how this business is going to make money. This is the single most important thing for an investor and he should be quite aware of it.
Hello, my name is Paul O'Reilly-Hyland. Nowadays it is really hard to find safe and secure investments to put your money in. We are all aware that with the current inflation rates and the taxation that takes place the best place for your money is in an investment of some sort. Long gone are the times when putting your money in a bank account and relying on the interest is a profitable and secure investment strategy. Now if you leave your money in a bank account the inflation will gradually eat them away. So what is the solution to this problem? Well, it seems that nowadays you need to constantly put your money into investment of some sort in order to keep yourself afloat and not lose on the capital that you have generated either by your business or by your hard labor. But what can you do when it comes to money if you do not have a reliable partner, who has done enough market research and knows the ins and outs of a specific investment instrument – nothing. Doing market research all by yourself is tiring and does not always guarantee that you will be successful in the long run but if you take your time and make some research you might as well find someone that is both reliable and skilled in providing the right information for you to make your decisions about the market that appeals to you the most. What I am trying to underline here is the fact that you cannot possibly do everything by yourself. If you are serious and you want your money working for you, or even if you want it retaining its value, then you need to find the right investments for you that are well-researched by someone, who has experience in a certain market or investment instruments. There are a lot of people that claim to have superior knowledge, when it comes to a specific market. However, you should keep in mind that those who do often cost a lot of money and if someone is trying to sell you valuable information for a low cost he is probably a con artist of some sort and you are probably his next victim. If you want true return on investment, then you need to check you sources of information and constantly keep them checked. The most important thing to remember when you communicate with your sources is, is there any profit for them to give me this information except what I am paying them for it.