The Woke Entrepreneur

Posted on February 26, 2023 by anentrepreneurswords

If you think this blog is going to wade into the political morass of what has been termed as “wokeness” in society, well, that’s not going to happen. The Woke Entrepreneur I’m about to describe is a totally different kind of “woke.” Instead, I should probably use the term “Awakened Entrepreneur.”

The Awakened Entrepreneur has a number of traits and tendencies. For starters he/she is a visionary and has a clear idea of what the future looks like. This person understands how critical it is to communicate this vision in such a way that everyone in the organization knows “what it looks like where they get there.”

The Awakened Entrepreneur is a “Culture Builder.” I’ve said it before that every organization has a culture – either intentional or unintentional. Strong sustainable companies have intentional cultures that have been developed and refined over a period of years. A great leader believes in the culture and tirelessly supports and promotes it because it creates a solid foundation on which a company relies.

The Awakened Entrepreneur is authentic. There are no hidden agendas with this person. He or she is comfortable in their own skin and sees no need to put on airs or present a fake façade. The Awakened Entrepreneur exudes honesty and integrity. When someone meets this person, they instantly feel a high level of trust and honor. This genuineness can create the kind of reputation which every organization aspires to. We’ve all seen leaders who are known to be conniving and crafty – and their company is viewed in the same light.

The Awakened Entrepreneur is sensitive to the feelings of others. He or she is always looking for ways to support every member of the team. When corrective action is needed, this person does so with warm candor. He/she does not criticize publicly instead choosing to coach in private and without demonstrations of anger or hostility.

The Awakened Entrepreneur does not seek the limelight but deflects it in favor of other team members. This is yet another example of how this person is comfortable with himself/herself and does not need kudos or adulation. He/she builds up others by making certain they receive credit and recognition for their good work. Further, the Awakened Entrepreneur is quick to own his/her mistakes and never “throws anyone under bus.” In fact, this leader will take responsibility for errors and failures on behalf of the organization. There is no finger pointing by the Awakened Entrepreneur.

The Awakened Entrepreneur sets a good example for others. He/she demonstrates the desired work ethic and lives the organization’s core values. This person understands that the entire team is watching and his/her actions speak louder than words. You’ll never see this person getting drunk at the company Christmas party or having an inappropriate relationship with another member of the team. This leader never asks someone to do something that he or she wouldn’t do himself/herself.

The Awakened Entrepreneur is the eternal optimist and remains positive no matter the situation. While others may be disappointed in circumstance or outcome, this leader will always look for – and find – the silver lining. He or she understands that the psyche of the organization rises or falls with his/her mindset.

Yes, the Awakened Entrepreneur is many things – a visionary, a culture builder, authentic, sensitive to others, shuns the spotlight, sets a good example, and is always positive. Maybe this will some day become the new definition of “woke.”

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 Modern-Day Entrepreneur

Posted on February 12, 2023 by anentrepreneurswords

Are you an entrepreneurial leader? Leadership is such a broad topic that there are scores of books and blogs that focus on nothing else. Let’s scratch the surface by focusing on what leadership means in an entrepreneurial environment.

The modern-day entrepreneurial leader is humble. He or she happily gives credit to others for successes realized by the enterprise. By being comfortable in his/her own skin, this entrepreneur delights in shining the spotlight on members of the team who achieve and excel. He or she is also quick to take the blame if something goes wrong. And there’s no pointing fingers at team members who failed when this happens. This entrepreneur realizes that leadership is all about building other people up – not tearing them down.

The modern-day entrepreneurial leader is always aware of others with whom he or she is interacting. This entrepreneur acknowledges them and shows genuine interest in their wellbeing. Expressing gratitude and appreciation is first nature for this person. Regardless of another individual’s station in life, the modern-day entrepreneurial leader treats everyone in the same positive and uplifting manner. A smile, eye contact and a heartfelt “thank you” are equally extended to the barista in the coffee shop, the checker in the grocery store and the Fortune 500 CEO.

The modern-day entrepreneurial leader always eats last. This may occur literally at the company’s annual picnic, or metaphorically on payday. If a venture is struggling to gain traction and is short on cash, this entrepreneur will make sure everyone else on the team gets paid first. In some instances, this leader will even max out a credit card to bridge the gap until revenues from the enterprise provide the necessary cash to keep going.

The modern-day entrepreneurial leader is strategic. He or she understands the difference between strategy and tactics and works tirelessly to refine a winning strategy. This strategy is then communicated effectively to each team member who understands exactly how they fit in with the organization and what their roles and accountabilities are. The entrepreneur spends more time working “on” his/her business than working “in” it.

While being strategic, the modern-day entrepreneurial leader isn’t afraid to get his/her hands dirty either. If there’s a job to be done and no one to do it, this leader jumps in to fill the gap. This could mean anything from answering a phone on the switchboard, making a sales call, spending an hour on the production line (because the individual normally assigned suddenly became ill), to cleaning snow off the front entry stoop. The entrepreneur never believes that any of these tasks are “beneath” him or her.

The modern-day entrepreneurial leader is a visionary. He or she can clearly articulate the organization’s vision in a way that is understandable to all involved. And this leader is constantly looking at the industry, the enterprise, and the customer to find new ways to innovate. The result may be the creation or refinement of products and services as well as ideas for streamlining the way those products and services are delivered.

The modern-day entrepreneurial leader understands the value proposition and can differentiate his or her products/services. This can be a major problem for businesses at all stages of the lifecycle. A muddled approach to the value proposition can lead to confusion and apathy in the marketplace. This leader makes certain that the benefit of his/her products or services is very clear to the customer, and it’s easy to see that such benefits are significantly greater than with competing products or services.

Finally, the modern-day entrepreneurial leader is the leading advocate of core values for the enterprise. He or she is always modeling them and high-fiving team members who do the same. These core values aren’t window dressing, but instead are foundational elements for the daily operation of the organization. This leader is also laser-focused on building a strong and positive culture. There is a realization that having the right team members on the bus is paramount and the entrepreneur works tirelessly to ensure that individuals who are not a cultural fit are excused from the enterprise. Further, each team member always knows where he or she stands from a performance perspective. This leader does not use blunt honesty that could harm morale. Instead, he or she practices the approach of warm candor where a team member understands where improvement is needed without being destroyed in the process.

The modern-day entrepreneurial leader is the complete package. He or she is humble; easily expresses gratitude; puts his/her needs secondary to other team members; is strategic; isn’t afraid to get dirty hands; is a visionary; understands the value proposition and is the leading advocate for core values and culture.

The Mobbed-Up Entrepreneur

Posted on November 6, 2022 by anentrepreneurswords

Entrepreneurs should do everything possible to avoid the Mob. If you are thinking the Mafia or La Cosa Nostra, that’s not what this is about. Our society is currently experiencing a phenomenon that I call the Mob Mentality. And there’s nothing good in it for us. If you are wondering, there are examples abound. The #MeToo movement certainly raises legitimate concerns about sexual harassment, but there are many people who are being convicted by the Mob without any opportunity to offer a defense. The same is happening with Mob convictions for racism, homophobia, and a score of other real or perceived slights. And more recently, the Mob has become focused on guns and is convicting companies that might have some association with the National Rifle Association.

I don’t get into political discussions in this blog. This is about entrepreneurship and what we can do to become better entrepreneurs. But it’s hard to avoid becoming ensnared by the Mob when its fevered pitch ratchets out of control and overwhelms us with political correctness and hyperbole. I listen to a podcast regularly about start-ups and angel investing. The host, who makes his political proclivities known every chance he gets, asked a founder he was interviewing, whether he would accept funding from a certain well-known venture capitalist that has political leanings that are out of favor with the Silicon Valley crowd. And the host and his guest pondered this question, and it became apparent that there is actually a Mob Mentality that would prevent some founders from accepting funding from this VC. Incredible!

Successful entrepreneurships are built on diversity of thought and culture. The Mob advocates monolithic thought. Rather than engaging in civil discourse, the Mob will attempt to intimidate an entrepreneur through boycotts, adverse posts on social media and via other means. This is dangerous territory for us to be in. Facts be damned, the Mob is always in search of an enemy to destroy. If we are anywhere close by, we run the risk of being swept up in the hysteria of the moment.

So, how are we supposed to avoid the Mob? If we don’t have well-thought Core Values and a healthy, positive Culture, the Mob may be waiting for us right around the corner. Why is this important? Because focusing on Core Values and Culture will help our organization and its team members move down the right path. Entrepreneurial endeavors that are drifting along without an intentional culture are more prone to make the kind of mistakes on which the Mob will pounce. Why? Because the guideposts provided by Core Values are missing. One of the five Core Values for our firm is that of Team Member Fulfillment. We work hard to evaluate decisions that we make as a company and as individual team members and align them with the concept of a positive workplace experience. In so doing, it’s clear to everyone that there’s no place in Team Member Fulfillment for sexual harassment. Obviously, someone who feels harassed or threatened can’t feel fulfilled. Does this guarantee that it won’t happen – of course not. But we believe we’ve decreased the chances because of our cultural development.

Another way to avoid the Mob is to decline to participate. The Mob Mentality is mostly fueled by emotion. Entrepreneurs who choose to enter this arena are playing with fire. Remember as kids when we wanted to do something and used the emotional (and fact-less) argument, “everybody is doing it?” I certainly did, but fortunately my parents weren’t buying it. There were several things that had I been allowed to participate, would have turned out badly for me. Just keep in mind that if you decide to jump on the Mob bandwagon, your team members and your customers may be watching. And the consequences could be detrimental to your business.

Finally, avoiding the Mob requires active leadership. Not only must we model our Core Values, but we should take the opportunity to lead our team away from or around the crowd. We should not make decisions simply to please or placate the Mob. Instead, we do the right thing for our enterprise and the team members that support it. In this day and age, we can’t hide from our leadership responsibilities, or the Mob will fill the void. Unfortunately, I’ve seen several business leaders that think they are protecting their companies from the Mob by siding with it. In most cases, this has simply caused more controversy and chaos. Strong, active leaders will chart a proper and measured course that avoids being trampled by the herd.

The Mob Mentality in our society is a dangerous thing. Entrepreneurs can avoid the Mob by adopting well-defined Core Values, creating a strong, positive Culture, declining to participate in Mob initiatives and demonstrating positive, active leadership.

The Marauding Capitalist Entrepreneur

Posted on May 8, 2022 by anentrepreneurswords

There have been some interesting developments in recent times on the subject of capitalism. An angry anti-capitalism movement is in full bloom in the U.S. and around the world. The classic definition of capitalism from Merriam-Webster is, “an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.” And what do the anti-capitalists want? They are pursuing a moneyless society or some other economic system such as socialism or communism. How have we arrived at this point?

There has always been a certain element of society that voices opposition to capitalism. Lately the voices seem to have grown louder and perhaps greater in number. I believe that this may be due in part to some bad behavior on the part of a few marauding capitalists. What is a “marauding capitalist?” Here are some examples. The financial services company, Wells Fargo, fraudulently created more than two million phony bank accounts which generated fees for the bank and helped push sales figures for thousands of employees (along with their bonuses). Then there was the scandal involving the EpiPen. The cost to Mylan, the pharmaceutical company producing the EpiPen is $30, and yet the consumer was being charged $600. And finally, there’s the case of Martin Shkreli, formerly CEO of Turing Pharmaceuticals, who jacked up the price of the HIV drug Daraprim from $13.50 per tablet to over $700.

Some of these actions were illegal. In all cases they were immoral. When this sort of behavior is perpetrated, it gives capitalism a bad reputation. It’s not hard to see how the term “marauding capitalists” came about. Society generally disapproves of those who scheme and those who take unfair advantage of others. Is it any surprise that resentment has built to the point that the anti-capitalists are coming out of the woodwork?

What can we do to inoculate ourselves from becoming a “marauding capitalist?” It all starts with a foundation of Core Values. For a good part of my career, I heard about companies with Core Values, but in most cases, they were “lip serviced.” They were only for window dressing and no one paid any attention to them. Several years ago, we decided to become serious about developing our culture and did so by developing meaningful Core Values. Since then, we’ve focused on them relentlessly and celebrated the way they are lived by members of our team. Our Core Values include Commitment, Integrity, Customer Fulfillment, Team Member Fulfillment and Community Impact. By maintaining focus on delivering on our Core Values, we have avoided the kind of actions that might be regarded as unacceptable or offensive.

With well-thought Core Values and a commitment to living them every day, we entrepreneurs don’t have to worry about doing things that are immoral or illegal. But we’re not done yet. The “living them every day” part is critical and the most difficult. This is where Culture comes into play. Every organization has a Culture – intentional or unintentional. When the Culture is positive and aligned with the Core Values, it reduces the likelihood for moving off the straight and narrow. If someone on the team proposes an initiative that is contradictory to the Core Values, someone else will call this into accountability. A healthy Culture can become a self-policing mechanism that stops “marauding capitalism” in its tracks. Most importantly, the top leaders of an organization must embrace the Core Values and model them every single day. This sends the message that the company has not simply adopted Core Values to be politically correct.

There are plenty of companies that are doing it right. Panera Bread, Atmos Energy, Kohl’s, Western Union, Marathon Petroleum, Quest Diagnostics, Union Pacific and Sempra Energy, are just a few that are admired for their trustworthiness. Unfortunately, only takes a few bad actors to poison the well for capitalism overall.

We can all do our part to prevent marauding capitalism from becoming mainstream, for it invites more government regulation and gives a platform to those who want to destroy capitalism outright. When our operating principles are congruent with our Core Values, we will be successful in this effort.

The Entrepreneur’s Three-Legged Stool

Posted on March 14, 2021 by anentrepreneurswords

We entrepreneurs have no shortage of books and other resource materials at our disposal to understand how to win in today’s environment. We are barraged with a multitude of tips, tactics, strategies, and a host of other concepts. Everyone has an opinion, and everyone insists theirs is the right way. Ask any coach or consultant and undoubtedly each will have their own secret sauce. I have no issue with any of this and believe that this diversity of ideas is healthy for entrepreneurship as a whole. Fortunately, no one individual has it all figured out . . . so we continue to seek. As one of the “seekers” I might as well add my thoughts to the mix.

My approach involves a three-legged stool, and it is a very simple calculus. The first leg is that of Culture. For most of my career I was not very focused on Culture and we certainly didn’t do much to promote it. Our Culture just kind of happened in a laissez-faire manner. Oh sure, we had a company picnic every now and then as well as a Christmas party; and from time-to-time we would undertake a community service project. But for the most part it was nose-to-the-grindstone – chew ‘em up and spit ‘em out. However, I have learned a lot over the past few years, and I am now drinking the Culture Kool-Aid – lots of it. Why? Because I have found that Core Values matter. Not just to the company but to each member of our team. And we really live our Core Values every single day. As a result, we now have a team of people who have a common alignment and purpose. We are able to connect with Millennials and Boomers alike and productivity has markedly increased. While Culture is more than just Core Values, they serve as the foundation for a Culture.

The second leg of the stool is Product. With the strengthening of our Culture, we have become more creative and innovative with respect to the products and services we provide. The positive environment that has emerged in our companies has enabled us to shine a spotlight on our Product set. We are constantly making tweaks every chance we get to differentiate from our competition that which we offer. “How is it different?” has become our mantra. We have become much more targeted with our marketing and sales effort in a manner that complements our Product refinement. A clear focus on Product has been the impetus for a much more strategic approach to decisions that we make as opposed to the small-ball tactics that we used to deploy.

Finally, the third leg of the stool is Customer. Many companies pay lip service to their customers. Everyone recognizes that without customers we do not stay in business very long. But to succeed entrepreneurs must go far beyond basic customer service. We must do the deep dive into understanding what makes the Customer tick. It is more than just needs and wants . . . it is also a more comprehensive understanding of buying patterns and lifestyles. It is about anticipating what the Customer will value. Thus, the value proposition becomes the Holy Grail. How does the customer experience attain complete and total fulfillment?

Maybe I have oversimplified this, but everything else seems incidental beyond Culture, Product and Customer. Without a strong Culture how can we possibly create a great Product and take care of the Customer? Without a great Product, our Culture begins to crack as team members become demoralized and the Customer eventually suffers. And yes, without the Customer, there is no point in a Culture or a Product.

Culture, Product and Customer. A three-legged stool that looks simple but is strong enough to support a long winning streak for us as entrepreneurs.

The Blessed Entrepreneur

Posted on April 19, 2020 by anentrepreneurswords

We all have aspirations. So, what kind of an entrepreneur do we aspire to be? I would like to be a Blessed Entrepreneur. How would this manifest?

The Blessed Entrepreneur has a rock-solid set of principles and core values. He or she marches to a tune of integrity and honor. Decisions are made in part with an eye toward how others are helped and most certainly an avoidance of intentionally hurting anyone. The purest test of this individual comes when a choice must be made between earning substantial profits by “cutting corners” or doing the right thing that generates little or no gain.

The Blessed Entrepreneur sees the glass not half empty or half full. This person sees many glasses overflowing and is always in deep gratitude for such bounty. A completely positive mindset is one of the strongest attributes of the Blessed Entrepreneur. Thoughts of lack and limitation are quickly swept away with optimism and hope; then translated into process and action that preordains the desired outcomes. Even moments of doubt and challenge are transformed into opportunity and silver linings.

The Blessed Entrepreneur exudes a quiet confidence. There is no arrogance – only competence. This confidence evolves through knowledge, experience and selflessness. The Blessed Entrepreneur is never too proud to ask for help or admit ignorance about a particular subject or situation. He or she is totally comfortable in his or her own skin. There’s no need to “put on airs” or pretend to be someone they’re not.

The Blessed Entrepreneur is the quintessential leader. This person is a role model and a collaborator. A command and control style is never utilized. Coaching is the approach most favored and a clear vision is continuously articulated. The Blessed Entrepreneur inspires members of the team to do better and be better. He or she is always looking for ways to recognize the accomplishments and success of others. An intentionally positive culture is developed and nurtured.

The Blessed Entrepreneur understands his or her priorities. Outside of a vocation, this individual has a strong focus on living a healthy lifestyle. This includes regular exercise, eating right and getting regular medical checkups. The Blessed Entrepreneur is aware that good health impacts all other aspects of his or her life. Similarly, this person also pays attention to the family unit, spending quality time with a spouse or partner, children, parents, grandparents and other family members. Most important of all, being fully present defines quality time.

The Blessed Entrepreneur is financially prosperous but not because wealth is his or her goal. Instead, a passion for a profession drives this person to excel and discover new opportunities. This passion unlocks a powerful creative flow that results in amazing success. And part of this success can be measured in a level of financial benefit that becomes a by-product of the overall effort.

The Blessed Entrepreneur embraces change and fearlessly pursues innovative solutions to problems that are faced. The prospects of change stimulate excitement and a desire to lead the process that enables an orderly transition. There’s no hand wringing about the past – only a positive outlook for the future with an expectation that every day will be even better than the last. This attitude converts to boundless energy that is infectious for all those with whom contact is made.

Finally, the Blessed Entrepreneur lives a life of service to others. He or she is always looking for ways to offer a helping hand without quid pro quo. There is no need or anticipation for accolades and recognition. The Blessed Entrepreneur has an innate ability to spot those who need assistance whether it be a colleague, a friend, a family member or even a stranger. This giving of one’s self may be small in nature or significant – it matters not.

Blessed Entrepreneurs lead complete and satisfying lives. They are committed to their aspirations which becomes inspirational for the rest of us.

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 Modern Day Entrepreneurial Leader

Posted on July 15, 2018 by anentrepreneurswords

The modern day entrepreneurial leader is humble. He or she happily gives credit to others for successes realized by the enterprise. By being comfortable in his/her own skin, this entrepreneur delights in shining the spotlight on members of the team who achieve and excel. He or she is also quick to take the blame if something goes wrong. And there’s no pointing of fingers at team members who failed when this happens. This entrepreneur realizes that leadership is all about building other people up – not tearing them down.

The modern day entrepreneurial leader is always aware of others with whom he or she is interacting. This entrepreneur acknowledges them and shows genuine interest in their wellbeing. Expressing gratitude and appreciation is first nature for this person. Regardless of another individual’s station in life, the modern day entrepreneurial leader treats everyone in the same positive and uplifting manner. A smile, eye contact and a heartfelt “thank you” are equally extended to the barista in the coffee shop, the checker in the grocery store and the Fortune 500 CEO.

The modern day entrepreneurial leader always eats last. This may occur literally at the company’s annual picnic, or metaphorically on payday. If a venture is struggling to gain traction and is short on cash, this entrepreneur will make sure everyone else on the team gets paid first. In some instances this leader will even max out a credit card to bridge the gap until revenues from the enterprise provide the necessary cash to keep going.

The modern day entrepreneurial leader is strategic. He or she understands the difference between strategy and tactics and works tirelessly to refine a winning strategy. This strategy is then communicated effectively to each team member who understands exactly how they fit in the organization and what their roles and accountabilities are. The entrepreneur spends more time working “on” his/her business than working “in” it.

While being strategic, the modern day entrepreneurial leader isn’t afraid to get his/her hands dirty either. If there’s a job to be done and no one to do it, this leader jumps in to fill the gap. This could mean anything from answering a phone on the switchboard, making a sales call, spending an hour on the production line (because the individual normally assigned suddenly became ill), to cleaning snow off the front entry stoop. The entrepreneur never believes that any of these tasks are “beneath” him or her.

The modern day entrepreneurial leader is a visionary. He or she can clearly articulate the organization’s vision in a way that is understandable to all involved. And this leader is constantly looking at the industry, the enterprise and the customer to find new ways to innovate. The result may be the creation or refinement of products and services as well as ideas for streamlining the way those products and services are delivered.

The modern day entrepreneurial leader understands the value proposition and can differentiate his or her products/services. This can be a major problem for businesses at all stages of the lifecycle. A muddled approach to the value proposition can lead to confusion and apathy in the marketplace. This leader makes certain that the benefit of his/her products or services is very clear to the customer, and it’s easy to see that such benefits are significantly greater than with competing products or services.

Finally, the modern day entrepreneurial leader is the leading advocate of core values for the enterprise. He or she is always modeling them and high-fiving team members who do the same. These core values aren’t window dressing, but instead are foundational elements for the daily operation of the organization. This leader is also laser-focused on building a strong and positive culture. There is a realization that having the right team members on the bus is paramount and the entrepreneur works tirelessly to ensure that individuals who are not a cultural fit are excused from the enterprise. Further, each team member always knows where he or she stands from a performance perspective. This leader does not use blunt honesty that could harm morale. Instead he or she practices the approach of warm candor where a team member understands where improvement is needed without being destroyed in the process.

The modern day entrepreneurial leader is the complete package. He or she is humble; easily expresses gratitude; puts his/her needs secondary to other team members; is strategic; isn’t afraid to get dirty hands; is a visionary; understands the value proposition, and is the leading advocate for core values and culture.

You can also listen to a weekly audio podcast of my blog. What you hear will be different than what you read in this blog. Subscribe on iTunes or wherever you get your podcasts. You can also click on this link – Click here to listen to Audio Episode 105 – The Case of the Frozen Hostage.

The Handshake Heard Around the World

Posted on June 24, 2018 by anentrepreneurswords

Recently we offered a managerial position to a prospective team member. All of the background screening was complete and he accepted the offer. We even had a firm starting date and appreciated the fact that he felt that he needed to give a two week notice to his current employer. A few days before his starting date he let us know that he wouldn’t be coming to work with us after all. It seems that his employer had offered him $12,000 more annually and he was going to stay put. There is so much wrong with this that I don’t know exactly where to start. Of course this isn’t the first time this has happened. And I know that other businesses have encountered the same thing.

From the prospective team member’s standpoint I have a real problem with this individual making a commitment and then reneging. Oh, I’ve heard all sorts of rationalization. “This is just the way of the world today.” Or, “You can’t really blame someone for wanting to simply take care of his family.” And, “This is classic Millennial behavior.” To all of this I say . . . hogwash. Strong relationships are built on commitment. It’s this way in a marriage, in a friendship, in business and certainly between an employer and an employee. Yet, some people see a potential job shift as a way to force their current employer to give them a raise – never mind that they’ve led their prospective employer down the primrose path.

Let’s look at the other side of the equation. By offering more money not to leave, the current employer is effectively saying to its employee, “We’ve been underpaying you all along and we knew it.” How does this reflect on the commitment of the employer? How is it that on one day an employee is worth what he has been paid all along, and the next day he’s suddenly worth $12,000 a year more? Why would the employee want to continue working for a company that does this?

One of our company’s five core values is Commitment. It’s definition – “We hold ourselves accountable and deliver on our promises.” Our rationale – “When we are fully committed, we are reliable and work diligently. Our commitment fosters dedication and loyalty.” We also wrap this core value with individual and organizational actions. From an individual perspective, “I take responsibility for my roles and accountabilities and strive to surpass expectations. I do what I say; I follow through and take ownership for my actions. I contribute constructive input for our company when requested or when needed.” From an organizational perspective, “Our leaders follow through and honor their commitments. Our leaders strive to make decisions keeping in mind the company, team members, customers and stakeholders. Our leaders are dedicated to supporting their team members so they can fulfill their commitments.”

In 1975, I interviewed for several jobs as I was about to graduate from college. I agreed to work for my current company and was immediately contacted by another prospective employer and offered a position that would have paid more. The thought never crossed my mind to even consider the offer because I had already made a commitment to my current firm. That was the way of the world in 1975. Sadly, as a society we’ve lost the meaning of the word Commitment.

For entrepreneurs trying to build a business, probably the most valuable resource we have is people. Without people, it’s virtually impossible to build an organization that provides a product or service to our customers. To attract and retain people we must demonstrate commitment in many forms. Our team members need to see that we are committed to making certain they are paid as promised. They need to know that we as leaders are committed to their well-being; to their growth and development, and to the long-term sustainability of our organizations. Perhaps by modeling commitment on our end, we can attract team members who will value this and become dedicated and loyal over the long haul.

I recommend that every entrepreneur adopt Commitment as a core value. By delivering on it each day, maybe it’s possible that the tide will turn and we can return to the day when our word is our bond.

Building an Iconic Entrepreneurial Culture

Posted on June 17, 2018 by anentrepreneurswords

We entrepreneurs live in a time where differentiation can be the determining factor between success and failure. As such, we are constantly looking for that silver bullet that elevates our product or service above the competition. Yet in our quest for this elusive competitive edge, we encounter a myriad of challenges involving everything under the sun. Often we have people issues – we struggle to find and retain qualified talent, or there may be low performance. Perhaps we endure periods where it just doesn’t seem that we can do anything right for our customers. Bottom line – entrepreneurship isn’t for the faint of heart.

There is a differentiating factor that offers a nearly 100% guarantee for success – but is frequently overlooked by entrepreneurs. This differentiator is an iconic entrepreneurial culture. Well duh, you may be thinking. How could this possibly be overlooked? The reason is the fact that it takes a long time to build an iconic entrepreneurial culture. And we live in a society of instant gratification. The key is to start right now with this process. By taking positive steps every single day, we eventually will realize this objective.

So exactly what does an iconic entrepreneurial culture look like? It starts with a clear vision for the enterprise. Where are we going and what does it look like when we get there? This vision should be inspirational and easy to communicate. Then we must get the right people on the bus. We recruit and hire folks that share our dream and are committed to taking the necessary steps to achieve it. This is where many attempts to build a culture fall flat. We’re in a tight economy and acquiring talent is extremely difficult. Settling for a warm body (because we’re desperate) may actually be detrimental to the culture we are building.

Our team members need well-defined written roles and accountabilities. Without them, chaos ensues and many things fall between the cracks. Team members also need the proper training as well as the resources necessary to accomplish that for which they are responsible. I’ve written many times about our Why – that is, why we do what we do. Simon Sinek has identified the nine Whys – one of which makes each of us tick. When we can match the roles and accountabilities of our team members with their respective Whys, we’re well on our way to keeping them challenged and engaged. Team members want to feel valued and appreciated, so we do this in a genuine and authentic manner whenever possible. We express gratitude for the contributions made by our team and we recognize individuals for their achievements.

Incentive compensation tied to performance can be a strong motivator. Of equal importance is ensuring that each team member understands the importance of his role in the overall march toward reaching the vision. And team members need to be shown a path for their growth. This may involve opportunities for education, mentorship and career advancement.

Developing core values for the organization is another crucial stepping stone along the cultural path. Once established, advocate them and live them every single day. It goes without saying that core values are meaningless unless leaders model them consistently. In our company, we’ve heard from many new hires that the reason they joined was because it was obvious that we actually put our core values into practice.

An iconic entrepreneurial culture nurtures an environment of collaboration. Leaders work to obtain buy-in for decisions involving the team. It’s an environment that encourages experimentation and creativity. We promote the notion of a “laboratory mindset” for mistakes. In other words, when mistakes occur they are analyzed for what can be learned as opposed to being used as a reason to criticize and bludgeon.

An iconic entrepreneurial culture is positive and optimistic. Fear is eliminated and conflict is handled in an open and forthright manner. Team members are honest with each other and avoid triangulation. They celebrate together and cry together. Systems and processes support strategic thinking – but avoid becoming bureaucratic. Staying nimble is the eternal mantra. Finally, the entire team subscribes to a customer-centric ideology that worships at the altar of the Net Promoter Score (NPS).

Creating an iconic entrepreneurial culture is difficult and time consuming . . . but it is possible. And once it has been achieved, it becomes one of the most powerful differentiators there is.

The Mob

Posted on March 25, 2018 by anentrepreneurswords

Entrepreneurs should do everything possible to avoid the Mob. If you are thinking the Mafia or La Cosa Nostra, that’s not what this is about. Our society is currently experiencing a phenomenon that I call the Mob Mentality. And there’s nothing good in it for us. If you are wondering, there are examples abound. The #MeToo movement certainly raises legitimate concerns about sexual harassment, but there are many people who are being convicted by the Mob without any opportunity to offer a defense. The same is happening with Mob convictions for racism, homophobia and a score of other real or perceived slights. And more recently, the Mob has become focused on guns and is convicting companies that might have some association with the National Rifle Association.

I don’t get into political discussions in this blog. This is about entrepreneurship and what we can do to become better entrepreneurs. But it’s hard to avoid becoming ensnared by the Mob when its fevered pitch ratchets out of control and overwhelms us with political correctness and hyperbole. I listened to a podcast recently about start-ups and angel investing. The host, who makes his political proclivities known every chance he gets, asked a founder he was interviewing, whether he would accept funding from a certain well-known venture capitalist that has political leanings that are out of favor with the Silicon Valley crowd. And the host and his guest pondered this question and it became apparent that there is actually a Mob Mentality that would prevent some founders from accepting funding from this VC. Incredible!

So, how are we supposed to avoid the Mob? If we don’t have well-thought Core Values and a healthy, positive Culture, the Mob may be waiting for us right around the corner. Why is this important? Because focusing on Core Values and Culture will help our organization and its team members, move down the right path. Entrepreneurial endeavors that are drifting along without an intentional culture are more prone to make the kind of mistakes on which the Mob will pounce. Why? Because the guideposts provided by Core Values are missing. One of the five Core Values for our firm is that of Team Member Fulfillment. We work hard to evaluate decisions that we make as a company and as individual team members, and align them with the concept of a positive workplace experience. In so doing, it’s clear to everyone that there’s no place in Team Member Fulfillment for sexual harassment. Obviously someone who feels harassed or threatened, can’t be feeling fulfilled. Does this guarantee that it won’t happen – of course not. But we believe we’ve decreased the chances as a result of our cultural development.

Another way to avoid the Mob is to decline to participate. The Mob Mentality is mostly fueled by emotion. Entrepreneurs who choose to enter this arena are playing with fire. Remember as kids when we wanted to do something and used the emotional (and fact-less) argument, “everybody is doing it?” I certainly did, but fortunately my parents weren’t buying. There were several things that had I been allowed to participate, would have turned out badly for me. Just keep in mind that if you decide to jump on the Mob bandwagon, your team members and your customers may be watching. And the consequences could be detrimental to your business.

Finally, avoiding the Mob requires active leadership. Not only must we model our Core Values, but we should take the opportunity to lead our team away from or around the crowd. We should not make decisions simply to please or placate the Mob. Instead, we do the right thing for our enterprise and the team members that support it. In this day and age we can’t hide from our leadership responsibilities or the Mob will fill the void. Unfortunately, I’ve seen a number of business leaders that think they are protecting their companies from the Mob by siding with it. In most cases, this has simply caused more controversy and chaos. Strong, active leaders will chart a proper and measured course that avoids being trampled by the herd.

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