Author Archives: anentrepreneurswords

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About anentrepreneurswords

R. Lee Harris grew up in Manhattan, Kansas and has lived in the Kansas City area since 1977. A 1975 graduate of Kansas State University, Harris began his career with Cohen-Esrey, LLC as an apartment manager two weeks after he graduated. Now president and CEO, he is involved in apartment management, development and investment; construction and tax credit syndication on a nationwide scale. Over the course of his career Harris has overseen the management of more than 27 million square feet of office building, shopping center and industrial space and nearly 60,000 multi-family units. He has started dozens of business enterprises over the past 40+ years. In 1991, Harris wrote a book entitled, The Customer Is King! published by Quality Press of Milwaukee. In 2012 he authored the book, An Entrepreneur's Words to Live By. He has mentored a number of business people over the years and has been a long-time participant in the Helzberg Entrepreneurial Mentoring Program. He and his wife Barb have two grown daughters and one grandson. They are active in their church, community and university.

The Moon Shot

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Question: It seems like everything is always in a state of change. This can be disconcerting at times. How do I keep up?

Answer: Entrepreneurs embrace change. We’re sort of like scientists in a sense. A scientist who is looking to discover a cure for a disease runs countless experiments. With some experiments the cure formula is changed incrementally. In other experiments it’s changed dramatically. Regardless, the formula keeps changing until the solution is found.

For us change is exhilarating. Why? Because it’s a way to make things better. It’s a way to find out what works and what doesn’t work. If we view change with trepidation or fear it will be difficult for good things to come about. But if we see change as a golden opportunity we can meet and exceed our goals. I love change from a business perspective because it creates inefficiencies in the marketplace. The opportunity I see is to react to such inefficiencies in a profitable way. Look at the companies that figured out how to successfully adapt to changing conditions in our society. Xerox got its start selling photography paper. Tiffany’s was a purveyor of stationery before it became world famous for jewelry. LG sold cosmetics before the days of flat screen televisions. Now look at companies that failed to change – Eastman Kodak recently filed for bankruptcy as did Borders Books and Blockbuster Video.

A key to understanding change is the word “pivot.” I played basketball as a kid. Our coaches taught us how to pivot in every practice. We would keep one foot anchored to the floor and rotate our body around that foot in different directions. In business as well as our lives, we should always be on the lookout for opportunities to pivot. Perhaps a slight change in direction will yield better results. But remember, a pivot should be undertaken with a clear objective in mind. In basketball the objective was to pivot into a position to score or to pass the ball to someone else who could score. If we just pivot around and around with no objective it’s likely that we won’t score.

One final thought on change. I have found that to be able to thrive on change as an entrepreneur, I need certain constants in my life. Remember that pivot foot in basketball stays anchored to the floor until I dribble, pass or shoot. I’ve been fortunate and blessed to be with the same wonderful woman for more than 41 years; be with the same company for more than 37 years, and live in the same house for 34 years. Look for something in your life that is a constant or a positive anchor – faith, family, friendships – and then shoot for the moon where change is concerned. Happy flying!

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.

All Else Being Equal . . .

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Question: Competition is tougher than ever. What is the most effective way to be different?

Answer: You have certainly asked the right question. Whether we are selling a product, a service or looking for a job, the key is differentiation. Think for a moment about great companies in America today and how they are different. Walmart is known for huge selection and low prices. Nordstrom is a champion of customer service but sells at a higher price point. TOMS Shoes donates one pair of shoes to a needy person for every pair of shoes a customer purchases.

Identify your niche and figure out how you can be the absolute master of that niche. But don’t stop there. Make sure that everything about your company, your product/service and about you – is reflective of this mastery. Allow me to share an example. One of our companies acquires, owns and operates apartment communities across the country. Buying apartments is a very competitive business these days. We have chosen to focus on purchasing properties that were initially developed using affordable housing tax credits. There aren’t as many buyers for this type of property due to the complexity of the tax credit program. We have become known as a buyer that understands the program and will pay a fair price.

We’ve taken the niche a step further. We market extensively to prospective apartment sellers and have attempted to be just as unique about the way we go about doing this. We don’t use e-mail – everyone does that now. Instead we send personally addressed high-quality marketing materials via snail mail. Our kick-off piece was a gold cardboard tube that contained a cover letter and a black velvet bag. Inside the bag was a gold dollar coin with a message saying, “Consider this to be a down payment on a profitable relationship.” Every three weeks an announcement of an apartment acquisition is sent to our prospective sellers. And one of our associates makes follow-up phone calls every 60 days. Believe me it is having the desired effect.

Here’s the takeaway. Do your homework and find that area in which you can specialize. Get creative and devise unique ways to deliver your message. Remember that those who win are able to convey a value proposition that resonates with their customers (or prospective employers). Above all remember that life is about making a difference in the lives of others. From an entrepreneurial perspective, those who follow through and truly make a difference will prosper.

The Story of the Faint Star

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Question: I’m not satisfied with the amount of money I’m making. It seems that the harder I try the harder it is to reach my financial objectives. How do I resolve this?

Answer: It’s possible that you are trying too hard. I completely understand your predicament for I once was in exactly the same place. Earlier in my career and after working for what seemed to be an eternity, I was constantly frustrated by what I felt was a gap between my true value to my company and what I was actually being paid. In my mind I was expending my blood, sweat and tears to make someone else rich – obviously a classic case of “woe is me.” It seemed that the harder I reached for the dollars the more they eluded my outstretched fingertips. Then one day something clicked. I had an epiphany that maybe I was trying too hard. I think someone probably made this observation and I finally listened.

Have you ever tried to look at a faint star in the night sky – you know it’s there but the more you strain to see it the harder it is to find? But if you look ever so slightly to the right or to the left, all of a sudden you see it clearly with your peripheral vision. This same thing happened for me. I shifted my focus away from chasing the almighty dollar and intentionally decided to pursue that for which I was passionate. I loved to be creative and I loved working with other people. The money became the byproduct of my passion rather than the primary focus.

Something that you can do to absolutely guarantee a life of abundance is to tithe to that which feeds your soul. Many people tithe to their church. Others may have a charitable cause that deeply moves them. I have found that joyfully tithing 10% of my income – no matter how much or how little I might earn – allows me to tap into a flow of positive energy that ensures abundance. I know this to be true because the more I tithe the more my life has been enriched – financially and otherwise. When I tithe I don’t expect a quid pro quo. But over the past 40-years it has simply been a fact of my life that unconditional tithing has led to financial prosperity that I never dreamed I would experience.

It’s Bigger Than a Paperclip

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Question: Some entrepreneurs create truly amazing products and concepts. What is their secret?

Answer: Would you believe that mindset has a lot to do with answering this question? When interviewing people seeking a sales position with our firm I used to administer what I called the “paperclip test.” I would toss a paperclip to the interviewee and ask him or her to spend a moment in thought and then sell me the paperclip. Some people would first try to determine my needs – obviously an excellent practice. Most would then launch into selling me on the virtues of the paperclip. They would tell me that it was made of the finest quality metal. They would tell me that it would grab like a vise and that it was guaranteed not to tear my papers in the process. A few prospective salespeople even did a very nice job of explaining the benefits of the features they were describing. But every once in a while, there was that rare individual who went in a totally different direction.

The rare person I’m talking about performed the need determination. But he or she ignored the practical reality that the object was a paperclip. I remember one individual who asked me what I was encountering that was my biggest challenge at the time. He heard me say that I needed to solve a property financing issue of some sort. He then twisted the paperclip into an abstract shape and explained that it was a unique financing tool and suggested how it was the answer I was seeking.

You can see why I thought this person was a rare individual indeed. His ability to think bigger led to the discovery of a solution to my problem. And that is the differentiator. Thinking big and then thinking bigger. So here’s the challenge for each of us. When we have an idea, write it down in all its glory. Then go to the next level with it and think about all the ways you can turn it into an even bigger idea. Don’t worry if some of the things you come up with are a bit off-the-wall – that’s part of the process. The whole point is not to be satisfied with the result of your initial efforts. Push yourself to go beyond the obvious. Collaborating with your colleagues may help. The more you practice the more you can create a new mindset that will push you and your ideas into the stratosphere.

An Attitude of Gratitude

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Question: There are way too many challenges and conflicts in my life – at work, at home – everywhere. How do I get past this mess?

Answer: Our perspective on the various challenges and conflicts that we encounter can make or break us. If we are unable to look for and find the opportunities in such situations we will most certainly feel a great deal of negativity. Of course no one intentionally wants to tap into negative energy. But how, in the face of what seems to be insurmountable odds do we make the choice to find the positive?

There is a way and it’s called gratitude. Being grateful for what we have can be a powerful force in our lives. In the midst of your consternation, stop for a moment and think about all the wonder and bounty that has been bestowed upon you. Your spouse, children, grandchildren, parents, siblings, home, pets, vacations, material possessions, faith – the list is virtually infinite. Take this one step further and start a gratitude journal. Every day write down the things for which you are grateful for that day.

Here’s a tip on how to really find the power of gratitude that I have practiced for many years. Before I make a phone call – a sales call, or a general call – I purposefully spend a few seconds and think about something for which I am grateful. This generally brings a smile to my face and sets the tone for my call. I also do this before I go into a meeting. More often than not the result of my call or meeting is positive.

The expression of gratitude goes beyond thinking about that for which we are grateful. It also includes verbalizing these thoughts to others. When your coffee cup is re-filled in the restaurant do you thank your server? Do you say thank you every time someone does something for you? Besides common courtesy this also helps pave the path toward feeling gratitude on a daily basis. And by feeling grateful throughout each day you will find that your attitude will change – for the better – with respect to the issues and problems that you face. Gratitude will trigger a pivot in your perspective and enable you to see the mountain that you are trying to climb as an energizing exercise in creative problem-solving as opposed to a cliff over which you are about to fall.

 

Perceptive Passion.

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Question: Why is it that many entrepreneurs seem so animated about what they do?

Answer: There’s no doubt – entrepreneurs are a different breed of cat. Successful entrepreneurs somehow seem to live in a “zone.” Things always seem to go right for them. It’s almost like they have a sixth sense about everything. How does this happen?

It’s all about perspective. Some people see what they do for a living as a job. Others see it as a career. Successful entrepreneurs live it as a passion. Their vocation may have started out as a job and progressed into the career phase. But somewhere along the line something clicked and it became a passion. I remember when I graduated from college and went to work for the firm that I’m still with. My first position was a job and I hated it. But I was intrigued enough to stick with it and before long it became a career. I knew it was what I wanted to do for a long, long time. This was followed by years of toil, angst and stress – certainly not the most fun period of my life. Then it was as if the clouds parted and the sun began to shine.

For me the difference was the realization that I was actually living the dream I always had. My creativity level was off the charts and I was truly having a lot of fun. I never sought the passion I was feeling, but gradually it was just there. Today I understand that it was all about mindset. Had I willfully focused on changing my perspective I might have succeeded in reaching the passion stage much sooner. I’m lucky that the gradual shift in my mindset occurred. I wonder how many would-be entrepreneurs never achieve this gradual shift.

Intentionally changing your perspective is the key to moving past job and career and into a state of passion about what you love to do. This means understanding that everything you experience can build toward the good you desire. Look for the silver linings. Look for opportunities. Dwelling on what may seem negative is a passion killer. Use these situations as a challenge to learn perseverance and problem-solving. And this will lead to the silver linings and opportunities.  

I’m Stuck!

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Question: I feel stuck right now. It seems as though I’m on a treadmill and going nowhere. The frustration seems overwhelming. Advice?

Answer: This often is a common feeling for everyone. For entrepreneurs the frustration can seem especially acute. We tend to be Type A personalities who want things to happen . . . and right now! Sometimes this frustration can actually block the positive flow of energy on which we thrive. And then it becomes a vicious cycle – the more the energy doesn’t flow, the more we feel like we’re going to burst with frustration.  

Let me provide a flying analogy. I’ll never forget the sage advice of my flight instructor years ago when I was taking pilot training. He told me that when things go haywire the first thing to do is to simply, “fly the airplane.” Don’t worry about anything else – just keep the wings level and fly the airplane. That’s my advice here. When this frustration wells up don’t lose your head – just remember to relax. Spend some time finding a calm moment – visualize putting your frustration on the shelf – after all, it’s not going anywhere without you. 

Next, it’s important to get out of yourself. What does this mean? Entrepreneurs have the tendency to dwell on whatever issues may be causing the frustration they are feeling. Once we relax we need to understand that there are other things more important in life than we are. This is a humbling realization. Consider being of service to others in some way. Volunteer at a food pantry. Be a Big Brother or a Big Sister. Teach a Sunday school class. Some time ago when I was dealing with a lot of frustration, I volunteered at a local children’s hospital. I had a ball reading stories and playing games with sick children. Being of service helps us to channel positive energy to the benefit of others. And guess what? All of a sudden the frustration melts away and the positive energy flows again!

I can’t promise that relaxing, getting out of yourself and being of service to others will solve all of the problems that led to your frustration. But getting rid of the feeling of being stuck will help you see more clearly the way to fix what needs fixing.

Entrepreneurs – Fasten Your Seatbelts!

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Are you an entrepreneur! Do you want to be an entrepreneur? This blog is an extension of my book, An Entrepreneur’s Words to Live By. The book is about some of the traits of successful entrepreneurs. It’s also about what entrepreneurs can do to lead more rich, happy and balanced lives. And believe it or not, a more balanced life can help you become a more successful entrepreneur.

If you are a Baby Boomer there is still time for you to have success as an entrepreneur and enjoy a long and vibrant life. For those members of Generation X or Y who want to become entrepreneurs, the world is your oyster. Perhaps what you read in my book and in this blog will provide a perspective that helps you reach the goals you have set. Above all I hope that what I share with you may help you become a better, well-rounded human being who will eventually take the time to pass along to others that which you learn over the course of your life.

In this blog I will use a Q & A format to delve into many of the questions that entrepreneurs often have. If you have such a question – ask away and I will give you my two-cents worth.

Entrepreneurs have a complex collection of traits and tendencies. Entrepreneurship is all about harnessing these traits and tendencies into a positive driving energy force. Yet it’s even more than that. True entrepreneurship is a state of being. Are you ready to find out more about what makes an entrepreneur tick? Fasten your seatbelts because here we go.