This book presents some unique tools and techniques that each successful entrepreneur ought to follow and adopt in order to guarantee their business growth and success. It primarily focuses on the challenges and difficulties associated with starting, managing, and growing a small business. It takes you through this journey, by addressing many of the obstacles that face individuals who decide to venture out and become self-employed. The discussion is divided so that it matches four distinct phases each small business goes through. The first phase, which is referred to as "success by chaos" describes the first 12 months or so of being in business. The next phase, "management by chaos" discusses the business challenges of the next 2-5 years. Next a discussion of the second set of five years of being in business is presented. Finally, the books closes by presenting 21 different qualities each small business CEO must master to become a leader in his or her industry.

Portrait of a CEO

A guide to starting and growing a small businessBy Bassem R. Mahafza

AuthorHouse

Copyright © 2010 Bassem R. Mahafza
All right reserved.
ISBN: 978-1-4520-8459-6

Contents

Preface.............................................................................TP1ξTP1TC1[Chapter One Introduction]TC1 1Chapter Two Get to Know the Facts...................................................7A few small business facts..........................................................7Anatomy of an entrepreneur..........................................................9The triple threat entrepreneurial personalities.....................................13Chapter Three Get to Know Yourself..................................................19Understand your past................................................................19Know your motives...................................................................24Chapter Four Getting Started........................................................31Types of business owners............................................................33Define your vision and mission......................................................36Know your niche.....................................................................38Understand value creation...........................................................41Know your competition...............................................................43Embrace the Internet and utilize your digital resources.............................47Chapter Five Success by Chaos, Level-I Entrepreneurs................................51Hiring help.........................................................................57The worker bee personality – my experience at dB Research.....................59The manager personality – my experience at dB Research........................63Following my own advice.............................................................64Chapter Six Management by Chaos, Level-II Entrepreneurs.............................67Poor delegation practices...........................................................71Poor cash management................................................................74Poor business planning..............................................................76Poor communication..................................................................82Poor people practices...............................................................85Chapter Seven Becoming a CEO, Level-III Entrepreneurs...............................89The Common Sense Formula............................................................91Company goals.......................................................................93Company initiatives.................................................................97Company culture.....................................................................98Customer base.......................................................................103The "triple threat" concept revisited...............................................105Chapter Eight Leading by Example....................................................109Defining leadership.................................................................110Leading example.....................................................................110Chapter Nine Dos of a CEO...........................................................115Be in charge........................................................................115Remember, all eyes are on you.......................................................120Keep a positive attitude............................................................122Be specific.........................................................................125Be nice.............................................................................125Praise publicly and reprimand privately.............................................126Manage your meeting intelligently...................................................127Keep your email messages short......................................................128Support community outreach activities...............................................130Always have options and contingency plans...........................................131Be loyal to principles, not people..................................................132Know your core competencies.........................................................134Know your competition...............................................................135Innovate and continuously market....................................................137Chapter Ten Don'ts of a CEO.........................................................141Don't expect a pat on the back......................................................141Don't blame others for your failures................................................142Don't allow your emotions to govern your conduct....................................143Avoid procrastination and decision by committee.....................................145Don't become complacent.............................................................147Don't seek perfection...............................................................148Don't compromise your integrity, ever...............................................149Chapter Eleven Final Thoughts.......................................................151

Chapter One

Introduction

An idea, like a ghost, must be spoken to a little before it will explain itself. Charles Dickens

This book focuses primarily on the challenges and difficulties associated with starting, managing, and growing a small business. It presents the tools and techniques that each successful entrepreneur ought to follow and adopt in order to guarantee their business growth and success. I take you through this journey by addressing many of the obstacles that face those of us who decide to venture out and become self-employed. First, let me tell you a little about who I am.

I came to the United States in the early 1980s. I wish I could add some drama to this fact by telling you I was escaping persecution by an evil foreign government, or I was lost at sea for months and rescued just in the nick of time. I was neither escaping nor lost. I simply arrived at JFK Airport on a jumbo jet. I arrived equipped with a powerful desire to live the American dream to its fullest, and to do so, I had about $1400 in my pocket to support my dreams. Over the years, I have taken many steps toward realizing my dream in all facets of my life, personally and professionally. Today, everything in my life that is worth keeping, I worked very hard at earning. Never has anyone dropped something worthy in my lap that did not require hard work.

In 2002 I founded a small engineering business supporting the defense industry. Very quickly, I turned into the President and CEO of a small business with an emphasis on advancements in radar systems and associated technologies. I had a vision of building "The Best Radar House" in the nation. Today I believe, although we are not quite there yet, that we are on our way to becoming that best radar house. I was, and I continue to be, very determined that we will succeed in accomplishing my long-term vision. I am also convinced that unless we give it our best shot and work hard on accomplishing this vision, it will never become a reality. Miracles do not exist anymore, especially in business. Only hard work, dedication, integrity, and high standards of work ethics will get us...