Trust, but Verify - by Ravi Patel

                                                                         

President Reagan has been attributed with this famous philosophical statement in connection with the nuclear arms treaty with the old Soviet Union.

 

What can Entrepreneurs learn from that?

 

As Entrepreneurs start building a solid leadership team for growth, they have to rely on and trust their key management personnel. But is that enough to ensure superior performance and growth?

 

While trusting the leadership to do the right thing, the Entrepreneur must also oversee the building of management reporting systems that independently verify the progress made by the company in established metrics. Such systems should have checks and balances to ensure that verification can be relied upon.

 

Trust is essential, but verification is paramount for long-term success. This is similar to a previous post on People or Process Dependency. Trust is people based; verification is process based.

 

Entrepreneurs, trust your people but do have verification systems in place.

 

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