Every Friday we connect you with some of our recent favourite links. This week:
Posts and resources from mainstream business publications
Having prepared a good business plan before starting your venture can often be the difference between startup success and failure. I am not saying you need a 50 page detailed report, as investors don’t typically have the time to read them anymore. But, it is more about taking the time to think through the below 6 key components of a preparing a business plan, to make sure you know what you are up against in your industry and have reasonable foresight into where the business is heading in terms of go-to-market strategies and financial returns for the company and its investors.
Over the past decade or so, I’ve heard a new term for leaders come into common usage: servant leader. The idea of servant leadership is that the typical hierarchy where employees are supposed to serve their bosses is turned upside down. Instead, leaders serve their people. In his book, The Culture Engine, organizational consultant S. Chris Edmonds says that servant leadership is the foundation for leading others effectively.
How to Spot Future Leaders – Fast Company
Too often, organizations promote people based on competency, not on leadership potential—the so-called Peter Principle (the theory that employees get promoted to a level where they are incompetent), says leadership expert Tom Rath, author of the best-selling leadership book StrengthsFinder 2.0. While someone may be a very good salesperson or accountant, that person should also be a good leader before you put him or her in charge of others, Rath says.
Reaching the Rich World’s Poorest Consumers – Harvard Business Review
“Social business” is a concept originally developed in the context of poor countries. Such a business has three key characteristics: First, it seeks to alleviate social problems, including all forms of poverty. Second, it must be run sustainably—that is, it should not lose money. Third, profits—when they exist—are reinvested in the business rather than funneled back to shareholders. Investors eventually get back only the money they initially invested.
Being an entrepreneur comes with a unique set of challenges but running your business jointly with your spouse can take that to a whole different level. Can this be a successful venture both personally and professionally? Absolutely. But it must be done with a great deal of care.
Image via Inc., Getty Images