The Mentally Tough Entrepreneur

Posted on August 30, 2020 by anentrepreneurswords

On May 15, 1963, astronaut Gordon Cooper blasted into space on Mercury-Atlas 9. The Mercury capsule was 10.8 feet long and 6.0 feet wide. The duration was 34 hours and 19 minutes 46 seconds at a maximum velocity of 17,547 miles per hour and an altitude of 166 miles.

Alex Honnold is a world-renowned big wall free solo rock climber. He is particularly famous for climbing Yosemite’s Triple Crown – The Nose (El Capitan), Mt. Watkins and The Regular Northwest Face of Half Dome – completed in 18-hours and 50-minutes. Free solo climbing is done without ropes, pitons, or carabiners.

Navy Commander Jeremiah Denton was a POW in North Vietnam for eight years (1965-1973) four of which were in solitary confinement. He was forced to participate in a 1966 televised press conference during which he blinked the letters T-O-R-T-U-R-E in Morse code. After his release from captivity he retired at the rank of Rear Admiral and became a U.S. senator from Alabama.

What is the common thread that runs through all three of these individuals? Of course, their physical stamina is obvious. But perhaps even more amazing is their mental toughness. I cannot imagine what it would have been like stuck in a tiny Mercury capsule all by myself hurtling through space at an incredible speed. What if something went wrong and I could not get back down? Or how about being 2,300 feet up the 3,000-foot face of El Capitan with no ropes or anchors and suddenly feeling sick? And being tortured and isolated for years in a prison camp is incomprehensible. Without mental grit, think about how easy it would have been to go stark-raving mad in each of these situations and just totally lose it.

Fortunately, as entrepreneurs we are generally not faced with situations that threaten our mortality. But developing a strong mental state is critical to our entrepreneurial success. There are many situations that we encounter that call for mental toughness. If we waver or lose our way, we can lose a whole lot – financially, in terms of relationships, team members and reputation.

Exactly what should we do to become mentally tougher? First, how do we contemplate and deal with failure? Failing is actually a crossroads for us. When something doesn’t work the way we had planned we have a choice to make. We either give up or we get back up and keep trying. Feelings of pain and discomfort create patterns that our brain wants to avoid in the future. True progress is made when we decide to move forward past the pain and into a state of endurance.

Second, we need to identify the self-imposed limitations that hold us back. Do we have routines that have become ruts? If we keep pushing the goal, we achieve real growth. Breaking out of old habits and happily accepting new challenges is mentally stimulating and helps us become conditioned for success. As is always the case, constantly maintaining a positive attitude is an enormous step toward becoming mentally tough.

Finally, we visualize the result then write the script for the journey to get there. Mental toughness cannot be achieved aimlessly. We must have an end game in mind. Gordon Cooper wanted to finish the mission and get home safely. Alex Honnold wanted to get to the summit of El Capitan. Jeremiah Denton wanted to put his feet back on American soil. In each case they had a clear objective and kept it front and center at all times.

To become mentally tough, we embrace failure and use it to create endurance. We discard self-imposed limitations and through positivity, set the table for success. Ultimately, we paint a clear picture of what our success will look like and then execute the strategy and tactics that take us there.

This blog is being written in tandem with my book, “An Entrepreneur’s Words to Live By,” available on Amazon.com in paperback and Kindle (My Book), as well as being available in all of the other major eBook formats.

The Introverted (or Extroverted) Entrepreneur

Posted on August 23, 2020 by anentrepreneurswords

Are you an “innie or an outie?” And I’m not talking about belly buttons. Are you an introvert or an extrovert? Before you answer you should know that there are many common misconceptions about these terms. The famous Swiss psychiatrist, Carl Jung developed extensive research on this subject. In fact, Jung actually used the term “extravert” instead of “extrovert.” Over the years the word seemed to have morphed into the “extrovert” terminology we use today. So, when you hear these words, what do you think? An introvert is shy, and an extrovert is outgoing? As with many things, this is an oversimplification. Think about how we recharge our batteries. Do you find that you gain renewed energy from being alone in solitude or by being around other people? Technically, introverts seek renewal alone and extroverts recharge through interaction with others. But enough with the technicalities. Let’s explore introversion and extroversion in the more traditional sense.

How can introverts and extroverts survive and thrive with each other? How can an introvert succeed when many situations call for a high degree of sociability and gregariousness? And how do extroverts avoid coming across as a bull in a china shop in situations that need reflection and finesse?

I know a person who has a position that requires considerable interaction with others in a public setting. This individual makes outstanding presentations to large groups of people but struggles mightily with one-on-one interaction. I and others question his genuineness and authenticity as a result of this challenge with his personality. People see him as a masterful “performer” on stage but are frustrated because the “act” does not translate into personal charisma.

For those of us who might find it challenging to engage easily with others, here are some ideas. Step into it. Play offense instead of defense. We can put ourselves in situations where we have the opportunity for interaction. Maybe it is at a conference or a gathering of some sort. We find someone who is not already talking to others and go introduce ourselves. Be strong. The handshake is firm, and we make friendly eye contact. The person I mentioned in the preceding paragraph has a tendency to either avoid eye contact or look over my shoulder. Smile. Always smile. It helps us to put ourselves and others at ease. Relax. Do not try too hard. We just need to be who we are – not someone else. And yes, we can be strong and relaxed at the same time. This actually projects confidence.

On the other end of the spectrum some of us may be somewhat supercharged with extroversion. In certain situations, this can be overwhelming to others and can come across in a high-pressure salesman manner. Of course, we do not want to be perceived this way. Many extroverts have a great deal of nervous energy and perhaps even a touch (or mega dose) of ADHD. This reflects in their speech patterns and mannerisms.

As extroverts we need to work to “dial it back” at times. Zip it. We may tend to dominate conversations. Instead, we need to make a concerted effort to create a dialogue where we make sure that others have a chance to express themselves. Chill. Somehow, we must resist the urge to outwardly manifest all the energy that is pent-up inside. Calm. We need to replace the pent-up energy with calmness. Do not worry; our charisma is so strong that we won’t be seen as a shrinking violet. Smile. A friendly smile is disarming and sends positive vibes to others. As extroverts we may tend to be too intense. Remembering to always smile will put others at ease.

Introverts and extroverts must make a mutual effort to co-exist and collaborate. When they succeed, they can do great things together.

The Fulfillment-Focused Entrepreneur

Posted on August 16, 2020 by anentrepreneurswords

I don’t want our customers to be satisfied. Put another way, customer satisfaction is not our objective. I also don’t want our team members to be satisfied. There, I have said it. I will bet you are thinking that there is a punchline somewhere in all of this. And yes, there is. But let’s dig a bit deeper before getting to the bottom line.

When we serve others, we certainly want them to be satisfied – right? This seems like a perfectly rational objective because we all know what happens when a customer or team member is dissatisfied. So, when a customer (or team member) makes a request, we do our best to satisfy that request. We generally believe that when someone is satisfied, they are happy. Here is an interesting dilemma. Suppose we have done everything we can to satisfy our customer; they tell us they are happy, but then they quit anyway. What is up with that?

One of our companies is involved in managing apartment properties for our own account and for third-party clients as well. I can remember several times over the past many years that a long-time client told us he was perfectly satisfied with our service, only to make a change and hire another firm. We were assured that we had done nothing wrong and other circumstances stimulated the change. In some cases, the client was consolidating the management of all his properties with a national property management firm. In another instance we were told that the client had a relationship with another company and though he was satisfied with our performance, he thought he might do better with the other firm. Naturally, there is a strong level of disappointment when we hear that someone is satisfied and yet they are still making a change. What in the world are we to do?

OK, here comes the punchline. Customer satisfaction is not enough. Team member satisfaction is not enough. Customers and team members leave even when they are completely satisfied. Attempting to achieve customer and team member satisfaction is a siren song that will lure us into the rocks and sink our ship. Instead, we need to focus on fulfillment. Fulfillment is a much higher state than satisfaction. It is a concept that is like exceeding expectations but is even more than that. Trust me – you will not get any help from the dictionary on this one. It says that to fulfill is to satisfy. I think the dictionary’s definition misses a very important nuance here.

Suppose an apartment resident calls and reports that her kitchen faucet is dripping. If our maintenance technician goes to her apartment and completes the repair, then he has satisfied her request. However, if he goes and fixes the faucet, and then checks several other physical elements in her apartment and fixes other items that he finds, then we are moving toward a level of fulfillment for the customer. Total fulfillment comes when there is nothing else a customer could possibly want or need, even if he or she has not articulated it. In other words, we have anticipated every possible scenario that could impact the customer and we have taken all the steps we could to resolve unforeseen issues and create an over-the-top experience. This was what was missing when we lost a client who told us he was satisfied. We had not gone above and beyond to create the over-the-top experience that achieved total fulfillment.

Customers and team members leave or quit all the time when they are satisfied. Usually it is because they are not aware of a better alternative. But when that better mousetrap is presented to them it is not hard to understand their motivation for making a change. Changing our focus from satisfaction to fulfillment increases the odds in our favor that we possess the better mousetrap.

Achieving fulfillment for our customers and team members requires a combination of commitment, innovation, understanding, vigilance, appreciation, and gratitude. Fulfillment is the best mousetrap in today’s highly competitive entrepreneurial environment.

The “No Assholes Allowed” Entrepreneur

Posted on August 9, 2020 by anentrepreneurswords

Life is full of contrasts which span our personal and professional lives. Happy and sad. Victory and defeat. Sunny and rainy. Dogs and cats. Assholes and angels. Wait a minute – assholes and angels! What the heck?

As humans we have a lot of issues. Sometimes we are able to deal with these issues and at other times we are not. When we are successful in meeting our challenges, we tend to be more measured and pleasant. But when these challenges become seemingly insurmountable brick walls there is a chance that our personality changes – and not for the better. Feelings of insecurity and inferiority may manifest through biting and snide remarks, ugly facial expressions, or downright hostility.

A guy walks into McDonald’s and orders lunch. He just was chewed out by a client and he is not a happy camper. The person taking his order is a little slow or distracted and he snaps, “Your service is terrible.” Obviously, he is well on his way to winning friends and influencing people. Angelic behavior? Probably just the opposite. Little encounters like this happen all the time. Unfortunately, when unchecked, a pattern develops where lashing out in this manner can become a habit.

In an entrepreneurial organization rudeness and disrespect cause a great deal of tension. It produces negative energy, creates conflict, and can destroy the chemistry of a team. Leaders who ignore it are giving implicit approval of the perpetrators. It is one thing for there to be disagreements between team members. This can be a healthy process toward a successful result. But when the disagreements turn uncivil and personal the healthy part of the process has come to an end.

I have a pretty high tolerance factor for dissent. I encourage my colleagues to offer different opinions and ideas. And I don’t mind a lively discussion that stimulates new ways of thinking. However, I have been told that there are times when others begin to feel uncomfortable because of the intensity of some conversations. The line may have been crossed where the comments have become too biting and even personal. So, I am learning how to interrupt such situations and nip them in the bud before they digress into the world of the unproductive.

This all easily translates into one very simple premise. There is no place for a$$holes – anywhere in life. When unacceptable behavior is observed it needs to be stopped immediately. If there are several team members present it may be best to take a break in the meeting and consult with the offender in a one-on-one manner. There is nothing gained by embarrassing an individual publicly. Everyone has a bad day once in a while and a kind and empathetic word may be all that is necessary to diffuse a brewing tempest and prevent it from escalating.

It is much more troublesome when a member of the team has become a chronic asshole. Such a person may walk around with a permanent scowl on his or her face. Colleagues may go out of their way to avoid this individual. No one looks forward to meetings that include him or her, and encounters with this person often end with feelings of hurt, anger or humiliation. Chronic assholes must be dealt with swiftly and firmly. As soon as it becomes apparent that this person has chronic issues, he or she must be advised that his/her behavior is unacceptable and will not be tolerated. When this person is a high performer it makes dealing with him/her that much more difficult. But for the sake of the team action must be taken including removal from the team as a last resort.

Life (and business) is tough enough without having to contend with assholes. Dispensing with such behavior as soon as possible will help restore the equilibrium of a team.

The Never Accept “NO” Entrepreneur

Posted on August 2, 2020 by anentrepreneurswords

Here is a fascinating subject for all entrepreneurs (and everyone else for that matter). It is the world of auto-antonyms with a focus on one particular word in the English language. What is an auto-antonym you ask? Don’t worry; you didn’t miss anything in school. Until I looked it up, I had no idea about auto-antonyms, sometimes called a contranym. Simple answer – it is a word that can mean the opposite of what it appears to mean. Now that the picture is completely confused, let’s focus on the word . . . NO.

“No” seems like a simple word to understand – right? Not so fast. In my world “No” can actually mean “Yes.” Let me explain. Remember when we were kids and we bugged our parents for something? Often the default answer was “No.” But we became conditioned to realize that “No” could be changed to “Yes.” I remember a trip to Disneyland in Anaheim, California when I was five years old. There was one particular ride that I wanted to try as soon as I hit the park. My parents – in unison – said, “No” (emphasis not added). They reasoned that I was too young. But I continued to harangue them throughout the day and wore them down to the point that before we left the park that afternoon, they finally said, “Yes.” In fact I was too young for the ride and had no clue what to do – one of the attendants had to come and rescue me – but I was victorious in my quest to flip “No” to “Yes.” I guess that was the launch of my persuasive powers on the road to becoming an entrepreneur.

Too often, we hear “No” and accept it as gospel. We interpret the word as a form of rejection; feelings may be hurt, and we may become dejected and deflated. This next statement is very, very important. NO. DOES. NOT. ALWAYS. MEAN. NO. If we simply accept the word for what we think it means then it is Strike Three and game over. But if we see “No” as the starting point for getting to “Yes,” there is still a chance for extra innings. And who knows – we might win the game in the bottom of the 12^th!

Entrepreneurs who hear “Yes” when they are told “No” are “No Flippers.” They understand that being told “No” just means that they need to become more persuasive and work harder to build their relationships. By doing so, they increase the odds of flipping the “No” answer to a “Yes” answer. When we are told “No,” we have a chance to zero-in and learn something. If we are helping someone buy our product or service, it is imperative that we find out why the other party has declined. By politely asking for feedback we might discover that a minor change in the product or service could result in a totally different outcome. Had we simply accepted the “No” answer, we might not have had the chance to make the tweak that led to a sale. Sometimes we are told “No” not because the other party does not like us or what we are offering, but the timing is not right for them. This is where relationship-building is critical. We remain in touch and work to serve the relationship in whatever ways possible while staying in front of the customer in a positive manner. But remember – there is a fine line between the obnoxious childish whining we did as kids to get our way and doing what it takes to be in the right place at the right time to serve our customers.

I can’t begin to count the number of times I’ve been told “No” whether it was in raising equity from investors to acquire properties; securing a loan for an acquisition; negotiating the purchase or sale of a property, or trying to hire a particular individual to join our team. Maybe I am just thickheaded, but when I hear “No,” it is just a signal to step-up my game.

As entrepreneurs we need to become accomplished “No Flippers.” It may take a while and we will need to be creative, but eventually we will get someone to say “Yes.” Maybe it is the person we have been trying to convince all along, or perhaps it’s someone else. We use the knowledge we gain from hearing “No” to make the changes necessary to get to “Yes” and achieve success.

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