What are entrepreneurs & NOT?

What are some of the compelling characteristics of entrepreneurs? They are very hard workers; the typical entrepreneur works a minimum of 50 hours a week, and this grinding work schedule could easily last for 25 or 30 years. They are risk takers (until they revert to being protectors of the status quo, but that’s the subject of another article). They think nothing of pledging their homes or other worldly possessions as collateral for business loans in order to grow, expand, or bring new ideas to the marketplace. They believe in self-reliance. The last thing you’d ever hear an entrepreneur say is “it’s not my job.” Everything and anything are their jobs, and they are perfectly willing to jump with both feet into difficult tasks which many executives wouldn’t touch with a 10-foot pole.

Entrepreneurs are confident; they believe in themselves. They think that, while some jobs are terribly difficult and daunting, any job can be completed on time and on budget with the right kind of hard work and planning. Entrepreneurs believe in win-win. They know that long-term business relationships can’t be forged on the basis of win/lose thinking. They want to make good deals for themselves and their companies, but they want the other parties involved to prosper as well.

Entrepreneurs know that the only way to truly build a successful company is to answer the WIIFM (what’s in it for me?) question on behalf of their customers. If the customers find value in a firm’s products or services, there’s built in value for the entrepreneur. Entrepreneurs believe in fair rewards and incentives for productivity. If they can develop a procedure or technology that allows them to come to market with 25% net margin while their competitors are struck with a 5% net margin, that’s perfectly okay. Innovation, risk-taking, hard work, and productivity could and should be rewarded in the marketplace.

Entrepreneurs don’t want to be measured by the standards of others. Following college, an entrepreneur started his career at a bank. In spite of the fact he could do work at a rate two or three times greater than the other loan officers in his group, his maximum pay increase was six percent. In other words, even the most productive loan officer could only get a six percent raise while a perfectly mediocre loan officer was likely to get a three or four percent raise. This is the kind of stultifying environment that makes an entrepreneur cringe.

Entrepreneurs are swift and sure decision makers. They would rather make a quick decision and later be proven wrong than be indecisive and come to no conclusion at all. Their confidence allows them to believe that even incorrect decisions can have positive results over the long run. Entrepreneurs prefer predictability and planned activities to unpredictably and reacting to others. Generally speaking, entrepreneurs aren’t the types that respond well to impulsive, unscheduled events; the idea of “dropping everything and heading down to the beach for a long weekend” wouldn’t work well for most entrepreneurs. Questions would likely pop to mind: what’s the weather supposed to be like and what clothes do we need to take? How many people are going and how many vehicles will it require? What other things did I have on my schedule for this weekend, and can they be postponed without any ill effect? Preparation well in advance is a mantra for many entrepreneurs.

What are entrepreneurs NOT?
They are not bureaucratic. The idea of having many layers of management and decision-makers gives entrepreneurs the willies. They believe in flat, lean, efficient decision-making structures. Entrepreneurs are not tolerant of fools, idiots, big talkers, or time wasters. They are bottom line people who want to get decisions made quickly and efficiently; those who don’t support those efforts aren’t easily suffered.

They’re not impressed with credentials or grand resumes; they have their own, more practical methods for judging the quality and character of others. While some people may be deferential upon meeting a person wearing a $2,000 suit, a $20,000 watch, and driving a $150,000 automobile, the closely held business owner would look beyond the trappings of success in order to determine the person’s real, intrinsic value. Along the same lines, entrepreneurs aren’t keen on impressing other people with their possessions. Dr. Thomas J. Stanley has demonstrated that the typical entrepreneur, quite wealthy by most people’s standards, lives in a modest home, drives a modest car, spends money frugally, and saves and invests for the future. Successful entrepreneurs have little in common with Donald Trump and other jet set figures lionized by the popular media.

Entrepreneurs are the driving force behind the massive explosion of jobs, innovation, and opportunities (both here and abroad) over the last twenty years. They are can do seers of business niches which must be filled by someone with the vision and passion to do so.

Why is so little known, understood, and written about entrepreneurs? The simplest answer is that owners of private businesses are, in a word, private. If a reporter were to call an entrepreneur about his company and ask about sales, profits, and where they’re headed in the future, the business owner would likely reply with stony silence.

They’re often in “dirty” businesses. Entrepreneurs are generally not creating cures for diseases in sterile labs, they’re more likely to be in the moving and storage business, own a chain of tire stores, or be a franchisee which sells replacement cartridges for printers and copiers. Entrepreneurs operate under the radar screen of the mainstream media. The main reason so little is reported about them is that they’re simply not sexy or flashy.

Entrepreneurs are everyday, unsung heroes. Upon analysis, entrepreneurs have more opportunity, perhaps with the exceptions of ministers and doctors, than other types of people to touch the lives of others and inspire them in a positive way. Family members, employees, members of the surrounding community (many entrepreneurs are among the largest employers in their towns), vendors and suppliers, and customers are all touched, often in a meaningful way, by the daily work of entrepreneurs. When so many things are wrong in the world, and the daily news is overwhelmingly negative, the work of entrepreneurs and their captivating spirits are among the things that are very, very right in the world.

Do  you agree? Have anything to comment? Please do so in linkedin where you found this link.

All bad press is good press. Is this true?

I couldn't help myself writing this as i stumble across a Facebook posting. 

Long before I even got into the corporate game, I’d always heard people say “there’s no such thing as bad publicity.”  The theory is that as long as people are talking about you, it’s a good thing. Even if they’re saying awful things about you or your company, the publicity is supposed to still be good because your name is on the top of people’s minds, keeping you relevant.

And in some cases, this is true. Just the other day, we talked about how Kanye West is the king of controversy. The hip hop superstar seems to always be on the receiving end of negative media coverage, but in his case, it’s actually served to help his career. It seems like the more negative attention he gets, the more people buy his albums. In short, he thrives on the “bad publicity.”

But Kanye is the exception, not the rule. The idea that there’s no such thing as bad publicity is laughable. It’s totally insane.

Just ask BP. Do you think they enjoyed being in the spotlight for the disastrous oil spill in the Gulf? Do you think they enjoyed having people boycott their fueling stations?  Do you think they thought it was cool that there was a BP oil spill Halloween costume?

Of course they didn't. The company took a massive hit thanks to all of the negative publicity. They've already spent millions trying to rebuild their image through a PPC campaign, TV commercials, and more.

And what about Toyota? How do you think all of those recalls over faulty, dangerous vehicles worked out for them? Last time I checked, their sales were down nearly 10%, and their competitors were making huge gains.

Oh, and let’s not forget about Tiger Woods. It’s been exactly now a couple of years since his scandal, and the public hasn't viewed the athlete the same ever since. Thanks to the negative publicity, Tiger Woods lost numerous sponsors, including Accenture and AT&T. You think he enjoyed the negative media attention? You think Tiger feels there’s no such thing as bad publicity?

Somehow, I doubt it.

I could go on and on with examples of how bad publicity has hurt brands of all sizes, but I think you’re starting to get the point. The truth is there is such a thing as bad publicity. And while all of the brands I mentioned can and likely will eventually recover, the bad publicity they've received has done some serious damage for at least the short term and maybe longer.

What do you think? Do you believe that all publicity is good publicity? Why or why not?
Please comment in linked in.

A entrepreneurs life

Every day counts.

Each day matters.

As you wake up to the morning smell of freshly brewed coffee; bacon and eggs or maybe just an toast popped up in the toaster — today is important for you.

Why? Because you have the ability to change the world today as an entrepreneur. Make it a better place. Put your mark on it. Stamp out some evil and replace it with some good.

Go forth over the next 10 days and read each day’s message as it comes. Learn from it. Be inspired by it. Share it.

Oktober 13

“Never look back unless you are planning to go that way.”— - Henry David Thoreau

Looking back can certainly strain the neck. But it also strains the heart, mind and body. Have some failures in your past? So what — we all do. Oh, but yours are far different because they were really bad failures. Again — I say “so what?” It matters not what is behind you. When you make mistakes; strive to learn from them but move on. Give yourself the freedom of receiving mercy and grace from your own unforgiving heart. You can rise above the past and move on to accomplish great things in your life. So press on to what lies ahead of you and don’t look back. Starting today.

Oktober 14

“If everyone is thinking alike, then no one is thinking.” - Benjamin Franklin

At the heart of an entrepreneurs brain is thinking differently. Steve Jobs made a name for himself and his company out of “Think Different”. Have you been called crazy before when speaking of your ideas and vision? Good. Now give yourself a pat on the back because that’s what it’s all about. You and I don’t think like the rest of the world. And thank goodness we don’t. Entrepreneurs are meant to change the world and the only way to accomplish this enormous feat is by not thinking like everyone else. So be yourself. Be proud and know you’re on the right path when someone calls your idea “crazy”.

Oktober 15

“It’s not about how to get started; it’s about how to get noticed.” - Steve Case

Yes — getting started as an entrepreneur can be daunting. But the key after you’ve figured out where and how to start — is just as Steve points out. It’s getting noticed. We live in a day and age where there are 100 of everything. Want some bread to make a sandwich? Only 100 different brands, styles and tastes to choose from. Interested in buying a new car? Better get your thinking cap on because of the dizzying array of choices. So what are you going to do to stand out? What can you do differently today in order to make some noise which will rise above the crowd and be heard? Better figure it out as this is your key to the promised land.

Oktober 16

“Monotony is the awful reward of the careful.” – A. G. Buckham

Being an entrepreneur is about taking risks. Thomas Edison did it when he set out to reinvent the world; and Henry Ford did it with his quest to change how people moved around. Without bold moves; there is no progress. And yes — it is important to be wise in the decisions you make as an entrepreneur. But if you’re too careful; monotony sets in. Listen — you live one life here on earth. Taking a step of faith in trying to create something new and different makes life worth living. So be an entrepreneur who peers deep into your heart to find the strength to step out in taking calculated risks.

Oktober 17

“Do or do not. There is no try.” - Yoda

Love Yoda. The little wise guy from the Star Wars saga. Yoda is speaking to you today because you were built for something great. And the big vision you have is attainable. Even though you will encounter obstacles on the way which will cause you to change your path — you can keep going. If I am driving to Florida for vacation and come across a road that is closed; do I just turn around and give up on the vacation? Of course not. I just find another road to get me there. Throwing out excuses like “well, I tried” isn’t good enough. Same with you. Just get it done. Today, tomorrow, next week. Choose to “do”.

Oktober 18

“Don’t treat your customers like a bunch of purses and wallets.” - Chris Brogan

One of my all time favorite quotes from Chris. Listen — you are in business to be profitable right? But that does not mean you treat your customers poorly and only think of them as cash register fillers. They’re not. They are the people you are trying to help with your products and services. If you are building a company to last; which has a significant purpose and mission; then you must think of your customers as the people you’re blessed to be able to serve. Have an attitude of service toward them. Think “how can I and we as a company serve these people today”. It goes much further and they will love you for it — which actually turns out to yield even higher profits. See how that works?

Oktober 19

“Success is one thing — but impact is another.” - Ray Lewis

Are you living a life of impact? Ray Lewis has experienced a great deal of success as a football player. Super Bowl champion and leader; he’s made millions. But his life does not end there. He is dedicated to changing the lives of those around him. As an entrepreneur, you have the ability to do the same. Changing lives and making a difference each day you live. So as you set out today; think of your higher purpose. Imagine your higher calling. If today were your last day on earth; will you be satisfied in what you leave behind? If not — make a commitment today to change. Do something about it and use your talents, influence and reach to change lives. There is still time my friend.

Oktober 20

“There are no traffic jams along the extra mile.” - Roger Staubach

Being a founder and entrepreneur truly requires going the extra mile. Working smarter. Working longer. Working harder. There is no question you must be prepared to step up to the plate when no one else will. Your leadership demands you go first when it comes to being called into battle. But the good news? There are very few heroes willing to do the same. Which is why it’s a lonely place along the extra mile. But along this deserted road is where the men are separated from the boys, and the women from the little girls. This is where it really counts. So be an entrepreneur willing to step out and keep going. Those that do end up winning the race.

Oktober 21

“In the modern world of business, it is useless to be a creative, original thinker unless you can also sell what you create.” - David Ogilvy

Call it the inventors dilemma. You’ve heard the stories: smart men and women who can easily think up the next big thing. Inventing such amazing ideas; products and services. But alas — they die broke mainly because they had no idea how to sell their inventions. As one of the greatest salesmen to walk the earth; Mr. Ogilvy hit the nail on the head. You must be able to sell. Period. Ideas you create; plans you have; products you develop. Without the ability to sell — or surround yourself with someone who can — you’re toast. If you find yourself lacking in sales; make the decision today to change it. Either learn the skills you need to sell — or find someone to join your team who will fill the gap. Business without sales is actually no business at all.

Oktober 22

“Regardless of who you are or what you have been, you can be what you want to be.” – W. Clement Stone

Today is the first day of the rest of your life. It matters not what you’ve done in the past or who you’ve been. Call it a fresh start and yes — you get one too. Being an entrepreneur requires all attention on the present and future. And yes — we must carry the lessons of our past days into the future as crowns of wisdom. But we must not live in the past and fret over what is now water under the bridge. Look closely in the mirror today and see what you can be. An amazing entrepreneur ready to set the world on fire.


Was this helpful to you? Leave you feeling inspired and wanting for more? Please give me your thoughts on linkedin.

Boring meetings

Let it be stipulated that 99 percent of working people have attended a meeting that was dry as dust, boring as hell and — to put it kindly — a complete waste of time. So I won’t waste your time building the case that meetings can be dreary, tedious and unproductive.

You know that. I know that. Everyone knows that.

And we’re not in the business of creating fantasy scenarios about an office with no meetings, where workers are free to produce and create with only the occasional “Atta boy!” from the boss as feedback.

You’ll always have meetings. We’ll always have meetings. Everyone will always have meetings.

So the relevant issue is simple: Since meetings are a part of life — and in the case of many people, a fairly relentless part of it — what can be done to make them less deadly? Or even, dare we say it, productive and engaging?

It can be done, say experts — and it should be.

“The fact that we’ve decided that meetings just suck and that’s how life is, is really throwing in the towel. What we have to do is stop having bad meetings.”

BEFORE

Know your mission: If the point of meetings was simply to get a bunch of people together, then an open bar and buffet table would be de rigueur in every conference room. But meetings aren’t parties; they need a purpose and a plan. If that sounds obvious, consider how often powwows meander along with neither.

“What is the mission? What is it that we hope to accomplish and be done with when we walk out the door? Boring Meetings Suck.”

Before a meeting starts, attendees should know the goal — paring down a list of proposals from 10 to two, for example. And when a meeting ends, attendees should leave with a plan of action to enact, such as arranging presentations for the two proposals that made the cut.

Be selective: A business meeting isn’t Hultsfred. Keep the guest list exclusive.

“Invite as few people as possible to get the job done. If you can accomplish the task with five people, don’t invite 10,” 

And when it’s appropriate, trim as you go. There’s no reason to keep people from accounting in a staff meeting when the topic shifts to sales.

“The meeting leader should say, ‘Would it make sense for us to take that offline with a small meeting with just you and I?’ Great. Boom. Done. Don’t let that person take the next half-hour and talk about something that’s not the points.”

Give assignments: If meetings are to be anything more than glorified bull sessions, then people need to bring solid information to the table. And often, that means work must be doled out prior to the meeting.

“Wherever possible, you want to suggest to people to do some pre-work before they get to the meeting. Too often people just call meetings and show up unprepared. They talk and talk and talk and then set up another meeting and they get to that meeting and they’re not prepared.”

Go short: Simply put, the best way to have shorter meetings is to stop having longer meetings. Substitute a kitchen-sink meeting with a series of quicker ones with more precise goals.

“We need to have tactical meetings where we get together for a shorter period of time and talk about exactly what we’re trying to accomplish. ”

If possible, skip it entirely: Before scheduling a meeting, ask yourself a simple question: Is it necessary? That might seem obvious, but meetings are too often called as a reflexive response to a problem that can be more easily handled with a call or an e-mail.

“The important thing is: What are we meeting about? What is the goal? Why have a meeting at all? You’d be amazed at how rare it is for people ask those simple questions.”

DURING

Don’t suffer in silence: If a meeting suddenly veers from its stated purpose for example reviewing new software for the office to how the boss is using new software to improve his fantasy football picks, there’s no reason to take it sitting down.

“Attendees need to stop suffering in silence. We have the right to take charge of the meeting if our facilitator loses control and get things back on topic and if we’re not going to get it back on topic, we should have the right to depart in a professional way rather than have our time wasted.”

Tell a story: When making a presentation at a meeting, try whenever possible to give it a narrative. People go on autopilot when presented with line after line of figures, and nothing says “naptime” like an endless PowerPoint presentation.

“If you’re not telling a story, then it’s just deadly. But if you’re telling a story that’s engaging — if there’s a point to the story with a beginning, a middle and an end — then people will be engaged. They will ask questions. They may bring their own anecdotes to the story. What happens is you start building a conversation and an interaction, as opposed to having just a meeting.”

Invite management: If attendance or lackluster participation is a problem, nothing will solve it like the promise of management dropping in to take the pulse of a department.

“If attendance at the meetings is poor or people are not taking it seriously, invite those important people in and people will begin to realize the meetings are really important.” 

Feed the beast(s): Precipitous drops in blood sugar can lead to precipitous drops in people’s attention span, so give attendees some finger food to keep them from fainting. 

“Always have fun food in the room. We have multi-colored jelly beans in our conference room or nuts for people who want a healthier snack. I think food helps break the ice and gives people energy when they’re lagging.”

Crack the whip: Untold hours are wasted every day by meeting attendees waiting around for stragglers to show. So experts have no shortage of strategies for dealing with malcontents who roll in to a meeting 15 minutes after it starts.

Nothing promotes punctuality like starting a meeting at an odd time such as 11:07 a.m.

“If you say the meeting is starting at 11, people show up at five of 11. People show up at five after 11. People show up at a quarter after 11.” 

“You tell people, ‘Hey, my meeting’s starting at 11:07,’ people show up at 11:07. Because the novelty is why is this meeting starting at 11:07?”

Punitive measures may work as well. I also suggest a “pass the pad” approach where the last person to arrive has to take notes. Others would suggests the silent treatment; a meeting leader should stop what he/she’s saying until the straggler sits down.

“When somebody comes late, you don’t want to scream at them. But you want to make them very gently uncomfortable, knowing they’ve violated the norm” 

If you’re the malingerer, consider not attending at all if you’ll arrive past the 10 or 15 minute mark.

AFTER

Send the memo: To ensure everyone’s on the same page, send out a sheet of checklist items that were concluded in the meeting. Reiterate the key points and disseminate the key duties.

“That really helps to make sure the meeting wasn’t a waste of time.” 

Solicit feedback: Work meetings will never improve unless folks are willing to listen to other folks about what’s going right and wrong. This can be accomplished by asking on the spot if everyone in a meeting believes it’s staying on track, but it should also be a subject of discussion outside of meetings.

“Ultimately, it’s the leader’s job to get the feedback from people. Investing two minutes into figuring out how effective your meetings are can save you hours and hours of ineffective meetings.”

Boredom by the numbers

What bugs people the most about meetings? The employment agency posed that question in a survey of senior managers, asking them what was their single biggest complaint about work gatherings. The answers:

Meetings that start late or run over: 31 percent

Meetings that seem unnecessary: 27 percent

Participants using PDAs or laptops for unrelated activities: 18 percent

People interrupting each other: 15 percent

Mentor or Coach

As a coach & mentor, I have often noticed that conversations with team leaders and their members end in a way that neither the leader nor the team members are happy. This only makes things worse. Many reasons can be listed, but the lack of listening and the inability to control one’s emotions are all too common ones. Expectations on both sides are different. The leader is expected to be a coach but, in effect, he is mentoring (or vice versa).

The ultimate purpose of either coaching or mentoring is to enhance the knowledge, skills, and abilities of individuals so that they can increase their performance on the task for which they receive coaching or mentoring.  It is well worth the effort to differentiate between the two. The difference need not be the focus of the conversation but a leader must be able to sense this and respond accordingly.

What’s the focus?

For a coach, the task at hand is most important. The coach has to help the person learn the requisite attitude, behavior and skills needed to perform the job successfully within the agreed success parameters. The task is therefore well defined and the conversation happens with a clear focus and specific timelines.

Mentoring focuses on the individual and the conversation transcends more broadly into the general work life. This means the interaction can be more philosophical, more focused on attitudes and behaviors than on specific skills. Of course, these talks could also have the same level of focus and timelines but the entire individual is the topic of discussion and exploration and not just a specific task.

The role of the coach is to create a specific agenda, split the task into manageable sub-tasks which have clear skill components and look at the different ways a person can learn them. Research shows that actual experiences are the most effective learning tools. Training programs only benefit when the newly trained person goes back to work in an environment that has also been appropriately modified.


Coaching is not synonymous with training. Training can be one component of a larger coaching initiative.  Mentoring can, by definition, be more abstract. Mentoring also happens largely through relating the anecdotes of the mentor.

Both mentoring and coaching have their use in the leadership interventions of organizations, but leaders need to be clear about what they are doing, what the other person needs, and what the situation needs.

So here is a question for you us:
What qualities do you want & think a Coach needs?
What qualities do you want & think a Mentor needs?