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Making the Transition

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From An Entrepreneurship To A Professionally Managed Company. Now that you've had your business for awhile, are you the one to run it?

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Making the Transition

  1. 1. From An Entrepreneurship To A Professionally Managed Company Making The Transition Jacqueline Collins, Principal |98 Temple Street, #2, | Abington, MA 02351 | 781.982.8812 jacollins@pfpconsult.com | www.pfpconsult.com
  2. 2. Making The Transition Entrepreneur A person who organizes, operates, and assumes the risk for a business venture. Entrepreneurs are catalysts for economic change, and researchers argue that entrepreneurs are highly creative individuals with a tendency to imagine new solutions by finding opportunities for profit or reward. The term first appeared in the French Dictionary "Dictionnaire Universel de Commerce" of Jacques des Bruslons published in 1723.
  3. 3. Making The Transition An entrepreneur has a dream. Skill, hard work, and luck turn that dream into a business success.  At some point, as the company grows and matures, the founder faces a decision - should he/she continue to manage the company or stay with the dream. Should the founder continue with entrepreneurial management or is it time to engage professional managers so the founder can devote more time to the company's core idea? It is a question that must continue to be faced as the company continues to grow.
  4. 4. Making The Transition In many cases, the decision hinges on the founder's definition of success. Does the founder want to grow the company into the biggest enterprise in its industry? Or would the founder rather limit growth to something that provides simply a good income and allows him/her to retain full control of the company and its goals and direction?
  5. 5. Making The Transition Is it time for you to make the transition from the present entrepreneurial style to a more professional style of management?
  6. 6. Making The Transition “Growing Pains” typically indicate a need to: Identify the direction the company should take in the future – this involves determining who the company is, where it’s going (goals and objectives), and how it’s going to get there (action steps). Vision Mission Core Values
  7. 7. Making The Transition “Growing Pains” typically indicate a need to: Define organizational roles and responsibilities and the link between roles – determine what “positions” are needed and develop job descriptions for those positions; Become profit oriented rather than strictly sales oriented; Help employees plan and budget their time – teach them how to set realistic financial and non-financial goals and how to develop contingency plans; Develop a business plan and a system for monitoring; Increase the effectiveness of current managers and develop a pool of qualified potential managers.
  8. 8. Making The Transition Five Effective Growth Practices: 1. Effective Growth Planning – the development of an effective growth planning process which delivers tangible strategies and tactics to grow the business of which the leadership team is aligned with 2. Advanced Customer Management - providing customized solutions to segmented customer groups through unique delivery channels 3. Robust Processes - defining and developing effective and efficient core business processes 4. Differentiated Products and Services - providing superior, innovative and differentiated products and services 5. Strong Core Values developing accepted fundamental principals, standards or beliefs that bond and motivate the organization.
  9. 9. Making The Transition The four steps in developing your organization are: Assess the company’s current state of development as an organization and its future development needs. Design a program for the development of the organization as a whole. Implement the organizational development program. Monitor the program and make changes as needed.
  10. 10. Making The Transition What is your definition of success? What does it look like? How does it feel? What are consumers saying about you?

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