The Stardust Entrepreneur

Posted on February 19, 2023 by anentrepreneurswords

Our seven-year-old granddaughter claims she has a twin sister named Stardust . . . except that Stardust is older than our granddaughter. Stardust supposedly lives in the attic of our granddaughter’s home . . . even though there is no attic. Stardust is apparently homeschooled though our daughter says she’s never shown up for class. What’s most amazing is how I can ask a multitude of questions about Stardust and my granddaughter always has an answer for every one – instantly. The creative mind of this little girl is truly incredible, hilarious, and heartwarming.

There’s an entrepreneurial lesson here beyond the sharing of a proud grandpa story. How many of us have been able to preserve and expand upon the child’s imagination that many of us enjoyed when we were seven? How many of us have settled for the “reality” of life as we have become consumed with adulthood? Are we listening to the whispers that tell us to stay in our lane and color within the lines?

Imagination is inspiring. And inspiration propels us to elevate our game and do great things. Over the years, I’ve heard many entrepreneurs lament that they just aren’t creative. And I acknowledge that much of creativity is innate. But not all of it. Every entrepreneur can learn to be more creative, but it takes effort, intentionality, and practice. From time to time, I used a technique to test the creativity of a prospective team member during an interview – often for a sales position. After talking for a while and helping the prospect become comfortable, I tossed him or her a paper clip and asked the prospect to sell it to me. Often, the prospect would make a valiant effort to sell me on the “reality” of the paper clip. The virtues of the shape, strength, color, and utility would be extolled. It was an exciting moment when someone saw something other than a paper clip. I was asked need determination questions and to share my pain points. And then amazingly, the paper clip was transformed into something that removed that pain. The paper clip as a prop was re-imagined into a solution.

The whole point is that a few people were able to look at the paper clip differently. And that’s the moral of this story. We can improve our creative spirit by learning to look at something differently. Maybe it’s a system or process. Perhaps it’s a product or even a market. The process of looking at something differently can be enhanced by bringing others into a brainstorming session who are innately creative. A great entrepreneur will constantly challenge himself/herself to look differently at as many things as possible.

The sustainability of an organization must go beyond mastery. That is, we can develop the gold standard for a product or service and excel for an extended period of time. But if that’s all we do, our organization will eventually die. Why? Because someone else will come along and see the paper clip differently. They will improve upon it or change it completely and eventually our loyal customers will value that difference more highly and leave.

Seeing things differently and acting accordingly can be scary and chaotic. Change can ruffle many feathers and there’s no doubt that an organization that “flits” from one idea to the next can be at risk. But there’s no question that some level of mastery is needed – otherwise continual change can cause whiplash! Finding the right balance between creative explosion and basic inertia is obviously critical. We’ve been fine tuning this balance in our family of companies for more than 50 years. The good news is that our team has embraced both aspects of looking at things differently and successfully mastering the changes that are made.

It’s my hope that Stardust will visit you someday soon and help you realize your unlimited potential that comes through your power of imagination.

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 Superhero Entrepreneur

Posted on June 26, 2022 by anentrepreneurswords

Superheroes are known for their superpowers. Superman could fly and possessed incredible strength. Captain Marvel could levitate. Wonder Woman had x-ray vision. Hercules could self-heal. Iron Man could become invisible, and Stretch Armstrong was a shape shifter. Cartoon characters are bestowed with amazing superpowers and always seem to find themselves in situations that call for the use of those powers specifically unique to them.

Successful entrepreneurs also have their own unique superpowers. Discovering and utilizing such powers can lead to some amazing results. As we progress through our careers, we become more and more aware of our superpowers. The earlier in life we can discern our special abilities, the sooner we’ll be able to focus them and realize our full potential. Just like most of the superheroes, we entrepreneurs can’t lay claim to all the superpowers which is why we need to understand what ours is and how to use it. Here are a few ideas on the subject.

Creativity and Imagination are foundational superpowers for many entrepreneurs. Probably one of the most creative individuals ever to walk the planet was Steve Jobs of Apple fame. Jobs had a vision that was unmatched, and he transformed society by imagining things that had never been done before. He envisioned the iPhone to have on-screen features rather than the old buttons that were used on other cell phones.

Tesla’s Elon Musk exemplifies the superpowers of Perseverance and Resilience. Another of his enterprises is a company called SpaceX which is attempting to commercialize space travel. Even though there have been countless setbacks including rockets that failed to function properly or exploded in 2006, 2007, 2008, 2015 and 2016, Musk continued to stay the course to reach his goal of making space travel affordable and colonizing Mars. And SpaceX has had numerous successful launches since the earlier failures.

McDonald’s would not be the company it is today had it not been for its founder, Ray Kroc and his superpowers of Optimism and Ambition. Very early in his career he met Earl Prince, the inventor of a five-spindle milk shake machine called the Multimixer. He spent 15 years selling the machine to a variety of customers including two brothers in San Bernardino, California. Dick and Mac McDonald entered an arrangement with Kroc to expand McDonald’s beyond a single restaurant and the rest is history. Because of his Ambition, Kroc was able to effectively push the expansion plan. And his Optimism was contagious and enabled others – franchisees, suppliers, bankers, and investors, to believe in him and his plan.

When we think of Amazon, we understandably think of its founder Jeff Bezos. Here is a man who is not afraid of failure because his superpower is seeing the world as a laboratory in which to Experiment. Is there any doubt that he’s done exactly that? He started selling books online, and today sells EVERYTHING through the Amazon website. In addition, Amazon Web Services, is a subsidiary that provides a cloud-based computing platform to the business community. Bezos convinced investors to back his approach of experimentation from Amazon’s launch in 1995 to 2021 when it achieved annual sales of $469 billion. He advises entrepreneurs to focus on process not failure, and further to “deconstruct products, processes and ideas.”

Building and serving Relationships are Reid Hoffman’s superpowers. Hoffman was the COO of PayPal and co-founder of LinkedIn. He likes to build deep, long-term relationship that give insider knowledge. Says he, “If you reverse engineer the relationships of many successful entrepreneurs as I have, you will realize that many people work with the same people over and over in their careers.”

What is your superpower? Once you find it, focus on it, refine it, and exploit it. It may not enable you to leap over tall buildings in a single bound, but it may be just what you need to build a successful and sustainable organization.

The Entrepreneurial Gold Miner

Posted on January 30, 2022 by anentrepreneurswords

Have you ever watched the TV series Gold Rush? It’s a lot of fun to see different miners interact with each other; spend a lot of money and fight amazing odds to discover GOLD! They are grizzled guys and gals who brave the harsh Alaskan elements to find the elusive precious metal . . . and of course, smile (or snarl) at the TV camera.

If you watch very many episodes you will be led to believe that it is very, very difficult to succeed in finding gold. I disagree. In fact, I believe that every one of us already owns a gold mine. You may think this is a metaphorical reference and that’s partly true. But there is a literal aspect to this concept that I will explain in a moment. So, what is this gold mine that each of us owns and where do we find it?

If you’ve read my blogs over the years and listened to my podcasts, you already know that I’m a dyed-in-the-wool advocate of maintaining a positive mindset. I believe that there’s a positive energy flow in the world into which we all can tap. When we worry; when we think negative thoughts, and when we act in ways that are hurtful to others, we block that positive energy flow. Then we wallow in our fears, our hurt, our frustrations, and our misery – a process that feeds upon itself. And at the end of the day where are we?

Eliminating negativity is critical to discovering our gold mine. Being in a positive place all day, every day, allows us to harness the amazing power of passion and creativity. Do you ever feel stuck in place, spinning your wheels and not moving forward? You may be stuck right on top of your gold mine, and you don’t even know it! So, what to do? First, start with developing a meditative practice. Meditation is simply the act of dumping the wastebasket of stuff that collects in our minds. When we become quiet and discard the noise and negativity, we create a vacuum. But nature abhors a vacuum and what comes next is the exciting part. For me, a torrent of creative ideas begins to flow.

I want to support those creative ideas in every way possible. I do this with positive affirmations. If you want to become an expert at this, develop a positive affirmation that rings true for you. Then say it 100 times each day in blocks of ten. “Wonderful things are happening in my life right now!” is an example of a positive affirmation. Say it with gusto and different voice inflections. If you do this for a week, your conscious and subconscious mind will believe it.

When negative thoughts creep in, we recognize them and release them. One way to do this is to keep a journal in which we record our negative thoughts. We transfer them out of our minds and onto paper (electronically works too) – and we leave them there. At some point we might revisit them to determine what prompted the thoughts in the first place. But most importantly we get them out of our heads as fast as possible.

So, where’s the gold? Here’s an example of how I found my gold mine. Several years ago, I was speaking with a broker about listing for sale a property that we own. The property was purchased a few years earlier and we knew it was going to have an excellent valuation – we just didn’t know how valuable it was going to be. In the process, I remembered that many years ago, we sold an apartment property and completed a tax-deferred exchange for a couple of drug stores. Frankly, I figured that this was simply a process of protecting the tax positions for our investor limited partners. I never thought that we’d realize any value as general partners. While speaking with the broker, I mentioned that we owned the drug store properties as well. He responded by telling me that the market for this type of property has changed dramatically over the years. On a whim, I had him analyze the properties and he came back with an eye-popping valuation. We listed those two properties as well and cashed significant checks from the resulting sale.

I truly believe that by maintaining a positive mindset, a creative spark stimulated me to mention these properties to this broker. Up until that point I had completely written them off as having any value for my partner and me. By tapping into the flow of positive energy we discovered another vein of gold in our mine. I can tell you that this is not an isolated incident. It happens all the time.

The calculus is simple. An enduring positive mindset allows for the flow of creative ideas that in turn helps us find the gold mines that are ours to claim.

The Undaunted Entrepreneur

Posted on January 2, 2022 by anentrepreneurswords

Have you ever felt like your back was against the wall? And I’m not talking about a looming deadline to renew a driver’s license. No, I’m referring to a true-life Indiana Jones sort of experience. You’ve stepped into a room and activated some sort of an ancient counterweight that causes the floor, ceiling, and walls to shift and begin to close in on you. There’s seemingly no way out and you can either await your doom or “MacGyver it” and improvise a solution. I apologize – sometimes my metaphors can really become convoluted. Indiana, meet MacGyver. Perhaps you’re running low on cash – in your business or personal life. Maybe your top three team members have just announced they are setting up shop across the street and will become your competitor. Or your top three customers have determined that they will be purchasing 75% to 90% less of your product.

Human nature might say that a panic attack is in order, followed by a bottle or two of something at least 100-proof. We’re at a loss in terms of how to react. Some might call this a state of shock. While all we may want to do is run and hide, that’s simply not an option. And we really aren’t receptive to the notion espoused by a parent (or a coach) at some point in the past – “what doesn’t kill us makes us stronger.” Instead, we look at the wall that seemingly has no way over, under or around, and completely shut down. Except there’s one thing . . . we cannot shut down. Period. Ultimately, we develop a special kind of spirit. I call it “undaunted spirit.” In our hearts we truly believe that nothing is insurmountable. This isn’t just a conscious state of mind – it’s a knowing at the very core of our being.

So exactly how do we achieve this undaunted spirit? We can’t just snap our fingers and manifest it. It requires daily preparation and practice every chance we get. Undaunted spirit isn’t something that flips on and off like a light switch. Once we have it, we always want to maintain it.

Step one is to make a game out of solving problems creatively. Entrepreneurs are often quick to solve a problem and move on without giving much thought to all the different solutions that might be available. We usually go for the most intuitive, expeditious and least costly. But doing this deprives us of the opportunity to look at a whole host of other ideas. The entire point in doing this is to help us realize that there are usually many different options from which we can choose. It may be obvious that if kids are tracking a path through our yard after school, we plant a couple of thorn bushes to dissuade this behavior. If we slow down and think about it, there may be other solutions that are equally workable or even better. Maybe we could have the lawn sprinkler system set to come on as school is dismissing. Using everyday issues like this to practice creatively identifying multiple solutions prepares us for the Tuesday when we learn that there’s not enough money to make payroll on Friday.

Step two is to do whatever it takes to stay positive every minute of every day. I’ve said it before – negative thoughts and negative energy never solved anything. Worse, they block the flow of positive energy that delivers creative solutions. Practicing maintaining a positive mindset in our everyday life prepares us for the day when the “you-know-what” hits the fan.

Step three is simple – stay calm. I remember years ago I was flying my airplane and practicing approaches in unstable weather. I was instrument rated and wanted to get some real-life experience in more difficult conditions. A storm was moving in, and I was near the airport when suddenly I was caught in a strong downdraft. I was going straight down, and I mean STRAIGHT DOWN. Charts and pencils were flying around the cabin – and just as quickly I was caught in an updraft and going straight up, and I mean STRAIGHT UP! I will confess that there was moment of “pucker factor,” but I had practiced staying calm and the practice took over. I knew I just had to fly the airplane and not worry about anything else, and by remaining calm I was able to make it through a scary situation unscathed.

Creatively identifying multiple options; fiercely maintaining a positive frame of mind and keeping calm helps us develop undaunted spirit. Then like a magician, we are able to pull the rabbit out of a hat whenever the need arises because we know that no challenge is insurmountable.

Entrepreneurial Small Stuff

Posted on November 28, 2021 by anentrepreneurswords

We’ve always been told that there are no guarantees in life except death and taxes. I submit that there is one more guarantee that’s much more pleasant. We can be guaranteed that every day will be a good day . . . if we make it so. How? Read on.

Whether our day is good or bad depends upon our state of mind. By extension, we make the choice as to whether we will generally be happy in life. Being an entrepreneur is a tough gig. There are plenty of obstacles – way too many to list here. We can allow these obstacles to eventually overwhelm us, or we can look at them as opportunities for growth and success. But how do we get our mind right to look at our challenges this way? Here are some ideas that work for me in guaranteeing that every day is going to be a good day and that I’m able to be happy about my life overall.

Smile before answering or making a phone call. Smiling helps to release neuropeptides that counteract stress. Also, dopamine, endorphins and serotonin all go to work when we smile. So, there is a positive physiological reaction to smiling that can’t be ignored. And no doubt the conversation will be more pleasant and may result in a positive outcome – all because of a smile.

You know all those e-mails we send every day? We probably send too many because it’s such an efficient way to communicate. Yet, I find life can be pretty dull if we just keep to ourselves. I like to convert some of my e-mail conversations into face-to-face meetings or phone calls. I also find it hard to build relationships exclusively via e-mail. Thus, I build stronger relationships with the personal touch, and it makes me feel good to have human interaction throughout the day.

Express gratitude every single day. We have so much for which to be thankful. My day is more fulfilling when I tell someone how much I appreciate them and what they are doing. Gratitude helps me to feel more optimistic and contributes to building stronger interpersonal relationships.

Become centered. Life moves at warp speed for most of us. It’s easy to get caught up in the whirlwind and all-of-a-sudden things, can spin out of control. Spending a few moments from time-to-time with deep breathing and visualization exercises helps to ground me and restores my calm.

I was a Boy Scout and we committed to doing a good deed every day. I know it’s going to be a good day when I do something for someone else and am rewarded with their smile. This can be as little as holding the door for another person or helping someone put their bag in the overhead compartment on an airplane.

If exercise isn’t part of your daily routine, it’s certainly worthy of consideration. A good morning workout and long walk set a pattern for the day. I feel great after sweating and burning calories. I’m able to control my weight as well as ward off stress through physical activity.

Don’t take yourself too seriously. One of the healthiest things we can do – multiple times each day – is to laugh. And if we can laugh at ourselves, that’s even better. As with smiling, laughing offers innumerable health benefits and it’s usually the result of something funny. When we take ourselves too seriously, we may become self-conscious and begin to doubt ourselves.

Do at least one creative thing every day. But I’m not a creative person you say. That’s beside the point. We all can be creative at some level. Find something large or small where we can stretch our minds in a creative fashion. And guess what, you’ll find a nugget of good somewhere in the process.

Finally, be present. This can be very hard for us as entrepreneurs when we’re caught up in the fast-paced life we lead. It’s been my experience that I make fewer mistakes (that can erode the feelings of a good day) when I focus on the moment. Maybe that’s concentrating on a task at hand or something as simple as giving my full attention to someone with whom I’m meeting.

Yes, every day is guaranteed to be a good day if we take the necessary steps to make it happen. I can’t wait for my feet to hit the floor each morning because I’m stacking the deck in favor of this guarantee!

Portrait of a handsome young man in the city

The Competitive Entrepreneur

Posted on October 18, 2020 by anentrepreneurswords

Evil, dirty, underhanded, devious, conniving, despicable, dishonest, cutthroat, backstabbing, snobbish, arrogant, lying and cheating. These are terms I have heard applied to competitors over the last 45 years. Without a doubt I have missed some. What emotions are evoked when you think about your competitors? Some entrepreneurs I know have pure hatred for the competition and others display a great deal of fear. Why do we associate such negativity to our competition?

The amateur psychologist in me believes it has something to do with our childhood (don’t all our issues?). On the playground we engaged in competitive duels involving kickball, dodge ball, four-square and other gladiator-like activities. Losers were vanquished with taunts and teasing. When we were older, competition for relationships with the opposite sex was intense. When a sought-after girl or boy chose someone else, we were crushed and dejected. Fast forward to today and it is no wonder that we often see our competition as the enemy.

But do we really benefit from viewing our competitors in this manner? Competition is actually a wonderful thing. Let’s look at several of the reasons why.

Competition stimulates creativity and innovation. Every day we know that our competitors are working overtime to develop new products or services. To keep from being left behind we do the same. New discoveries are made from this process that may generate greater profits and capture a larger market share.
Best practices emanate from a competitive environment. Let’s face it; we don’t have all the answers. So, observing how others do things and testing our approach accordingly can lead us to implement better systems and processes. Without competition what would be the incentive to improve?
An inefficient market is the byproduct of competition. Some competitors are stronger, and some are weaker. If every competitor is equally strong how would anyone win? The concept of winners and losers is critical to a healthy yet inefficient market.
Hand-in-hand with the inefficient market theory is the opportunity for differentiation. This is good for the consumer and it is outstanding for the entrepreneur. Why? Because we can create a level of variety that may appeal to more customers. It is not just about “better;” it’s also about “different.” If every boutique sold the same black dress, doesn’t it stand to reason that a boutique selling a purple skirt might win a few more customers than the black dress sellers?
Competition helps to broaden the talent pool. It provides career paths for the workforce into which we as entrepreneurs can tap. We can create cultures where people want to work, giving them the chance to grow and advance their careers. And in the process, we get to attract the best and the brightest.

For years we have enjoyed good relationships with our competitors. We view them with respect and in some cases, admiration. Other terms come to mind as well: friendship, collaboration, empathy, and gratitude. Collaboration you ask? Yes, we have often referred customers to our competitors when we could not meet their needs and they have done the same for us. In 2008 a Maine portable restroom business owned by Jeff Bellino burned to the ground. Who came to the rescue? Bellino’s competitors! They provided portable restrooms, toilet tissue and chemicals so that he could keep going while he rebuilt his operation. Competition is at its healthiest when competitors have each other’s backs in a time of need.

When we embrace the notion of strong and healthy competition, we enhance our chances for success. There is no doubt that competition makes us better entrepreneurs in every respect.

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 Adaptable Entrepreneur

Posted on April 5, 2020 by anentrepreneurswords

Major league baseball pitchers throw some amazing pitches. Their repertoire includes the breaking ball, changeup, forkball, screwball, slider, curveball, knuckleball, four-seam fastball, split-finger fastball, cutter, sinker, two-seam fastball and probably some other customized versions of all the above. These pitches range in speed from 70+ to over 100 miles-per-hour. How a batter can even see a pitch that is screaming in at speeds above 90 and dancing all over the place is an incredible feat. And the fact that such pitches can be hit for home runs is even more stupefying. How do they do it?

Major league batters expect to adapt. They know that they are going to see a wide array of pitches that are surgically placed in different locations in the general area of home plate. Thus, every at-bat requires them to adapt to a host of variables. Top-flight big leaguers have an uncanny knack for successfully adapting their vision and their swing to hit the ball and get on base. They go to the plate knowing with absolute certainty that they must be able to adapt, or they will strike out, fly out or ground out.

As entrepreneurs we would be well-served to study successful major league baseball players and observe how they adapt. Sometimes they shorten their swing. At other times they become supremely patient. They may try and push the ball to the opposite field; they may bunt, and they might also time their swing in order to pull the ball. All of this happens within a split second.

We entrepreneurs often work hard to create elaborate strategies and back-fill with a host of tactics. We plan and we create extensive systems and processes. All are absolutely necessary to succeed. But sometimes we forget that we must expect to adapt. There is nothing negative about holding this expectation. The game plan provides a road map for us to follow, but it doesn’t account for every possible instance where we may need to be flexible.

With the disruption caused by COVID-19, our ability to adapt will be tested more than ever before. Businesses have been turned upside down along with the rest of our lives. Having a playbook is important but being able to turn on a dime and act entrepreneurially is critical to adapting to what may be the new normal. Over the years I’ve tried to muscle my way through a plan that I was convinced was the only way to go. Most of the time it led to failure or at least results that were less than stellar. I realize that I was being resistant to adaptation.

What I wish I had understood at the time is that the need to adapt can offer some incredible opportunities. And my resistance caused me to miss those opportunities. It’s easy to say, “OK, I have a plan and undoubtedly something will knock me off-course.” What goes unsaid is the thought that, “Then I’ll do whatever it takes to get back on-course.” But what if we had a mindset of expecting the need to adapt and actually turning it into a desire?” Think about all the wonderful inventions that have occurred in the past. If you’ve ever read the story of Steve Jobs, you’ll know that he was a master of adaptation. Through his flexible nature he embraced the chance to make changes to the iPhone and the result was, “WOW!” It’s well-documented that the initial vision for this technology would not have been nearly as phenomenally functional as what was eventually developed.

When we rejoice at the prospects of adapting our ideas, our creativity increases exponentially. Then we are positioned to achieve greatness in whatever we choose to do.

The Unafraid Entrepreneur

Posted on February 16, 2020 by anentrepreneurswords

I’ve heard it said that fear is a major motivation for entrepreneurs. This may be true but it’s not a healthy or effective motivator in my book. Think about what happens when we are afraid. Do we think with a high degree of clarity or are we focused on some form of self-preservation? Is our creativity in full bloom or do we just want to escape that which is making us fearful? Do we really want to be motivated by something so negative as is fear?

There’s no question that we entrepreneurs have moments when we are afraid. Perhaps we just learned that a major customer is going to stop giving us his business. What’s our immediate reaction? “Oh no! That customer represents 20% of our revenues and we’re going to have to lay people off!” We conjure up all sorts of horrible outcomes when we hear this news. And then it gets worse. Our negative thoughts multiply. “If that customer is unhappy enough to leave, I wonder how many other customers feel the same way. This could be a disaster! Our company could enter a death spiral and we’ll have to close the doors. What will I do next? Would someone even hire me after this debacle?”

It’s been my experience that rarely are things ever as bad as they might seem in the heat of the moment. What’s needed is an automatic diversion of some sort when thoughts of fear start to creep into our minds. And I have the perfect alternative for the ravages of dread and despair. Here’s the antidote . . . What could go right?

Here’s how it works. When something occurs that could have negative connotations – perhaps an event that stirs up severe anxiety – we stop and say, “what could go right?” It’s like a train that is barreling down the tracks and it comes to a switch. If the switch is turned one way, the train goes to the left. If the switch is turned the other way, the train goes to the right. The mantra, “what could go right?” acts as that switch. If we go to the left, we are on the path to being afraid with a cascade of undesirable results. If we go to the right, we are on the path to calm and a highly desirable conclusion.

The notion of “what could go right?” is not just a blind state of Pollyanna. Instead, it’s a powerful frame of mind. In the example previously cited, let’s see how it might work. When the customer declares his intention to stop doing business with us, we immediately ask the question, “what could go right?” Rather than dwell on the loss of business, we drill down further and explore the cause for the customer’s departure. Let’s say that this individual was simply retiring and shutting down his operations – his decision had nothing to do with the product we’ve been providing. That doesn’t necessarily make the loss of revenues any easier, but at least we didn’t drive him away. We now have more capacity in our organization. In our newly found state of tranquility we remember hearing about a prospective customer that we have not pursued because we did not have the production capacity to meet her needs. But now . . . ! Without missing a beat, we set up a meeting with the prospective customer and guess what? She wants our product and her order will push our revenues beyond where they were with the departing customer.

Had we wallowed in fear, there is no way we would have looked for this new opportunity. We would have been “licking our wounds,” “regrouping,” and “hanging on for dear life.” Instead, we conquered fear before it ever took hold by asking ourselves the simple question, “What could go right?” We took the positive energy from that question and used it to kick our creativity into overdrive. And rather than seeing the situation as a problem to be solved, we viewed it as a steppingstone to even great good.

As entrepreneurs we’re in a much better position to enjoy positive outcomes when we look at everything with the question, “What could go right?”

The Opportunity-Seeking Entrepreneur

Posted on January 19, 2020 by anentrepreneurswords

Knock-knock. Who’s there? Problem. Problem who? This childhood riddle is emblematic of a common perspective that many of our daily encounters present problems for us. But are they really problems? I’m sure that an argument can be made that anything a bit perplexing or where a less-than-favorable outcome is realized, could be considered a problem. But why do we choose to believe this so often? Some of us by nature are problem-solvers (I’ve been known to fall in this category) and so we may see situations as problems to be solved. But I submit that there is a different way to look at this.

For the last many years, I’ve become more and more inclined to be an “opportunity-seeker.” And what a difference it makes to see things as less problematic and more opportunistic. Obviously, this is a subtle shift in mindset – does it really matter what we call it? I believe that it does because of how we tend to react internally to problems versus opportunities. Some of our natural feelings when facing a problem may be dread, fear, surprise, fatigue, victimization, overload, resignation, procrastination and apathy. All of these feelings are cloaked in negativity. Of course, there are positive ways to view problems and many of us may do so; but I’ll bet that the natural tendency is to focus more on the negative perspective.

On the other hand, becoming an “opportunity-seeker” is a proactive and positive manner in which to move through challenging situations. Notice my language here. I didn’t talk about “facing” a problem. I didn’t talk about a “resolution.” Instead I used the words “move through challenging situations.” This sounds effortless but it’s not. However, the process of “moving through challenging situations” does not have to be filled with our own emotional downside drama. And there’s one component to be an “opportunity-seeker” that makes it all worthwhile in my view. We get to unleash our creativity.

Creativity is one of the most positive energies that we can experience. It’s much more expansive than just figuring out how to fix something. Metaphorically speaking, creativity enables us to make things bigger and better. I’m sure you’ve felt the frustration of trying to put together a puzzle where you simply can’t find the right piece. We just want to “fix” the situation by finding the missing piece and moving on – right? Contrast this with taking a pile of Lego® pieces and building an object right out of our minds-eye. That’s the difference between being a problem-solver and an opportunity seeker. Some situations will always require finding the right piece to the puzzle no matter how creative we want to be. But we can find a way to harness our creativity in every situation. In the literal case of the puzzle, perhaps we can become more imaginative in the way we sift through the pieces to find the right one. Or maybe we make a game out of it.

The office lease for our company’s space recently expired. Even though we’re a commercial real estate company we always leased space rather than owned it. In the past we were able to secure the leasing and management of an office building by offering to be a tenant and pay a market rent. After we sold the commercial side of our business to focus on apartments, we no longer needed to rent our corporate office space. We began the search for new office space nearly a year ahead of our lease expiration. Several buildings were possibilities and we got serious enough about one such building to make an offer to purchase it. In retrospect, it was a blessing that the seller was unwilling to come anywhere close to the price we wanted to pay, and the deal stalled. This building would have quickly been too small, and we would have been spread across three floors.

Then, I woke up in the middle of the night and the image of another building popped into my head. It wasn’t on the market and I had had a long relationship with the building owner. We reached out and lo and behold – the owner was willing to sell. We completed a private transaction several months thereafter and now occupy beautiful space in a much larger (and more attractive) building, with plenty of room to grow, and in a much better location. I am so glad that we didn’t try to “force” the opportunity we were seeking with the other building. The problem we faced on where to re-locate was solved with relative ease and grace.

When we choose to stop seeing challenging situations as problems, we cease limited ourselves to being only problem-solvers. Moving through challenging situations by looking for opportunities to be creative opens the way for feelings of joy, accomplishment, euphoria, happiness and satisfaction. Knock-knock. Who’s there? Opportunity!

An Entrepreneur’s SuperPower: Looking Past Negative Appearances

Posted on September 22, 2019 by anentrepreneurswords

There is a trap that is well known to most human beings. This trap ensnares the young and the old; the rich and the poor; the healthy and the sick – it does not discriminate. The trap is that of seeing something negative and believing that it is so. You may think that this is black and white. Either something is negative or it’s not. Ah, but that’s the epitome of the trap. In fact, it’s not black or white.

For entrepreneurs this trap is especially dangerous. As we toil to grow our enterprise, we constantly encounter situations that could easily be perceived as negative. Let’s look at a hypothetical example. Eddie the Entrepreneur has watched his team work tirelessly to grow revenue. But the process has been slow, and Eddie is struggling to juggle his bills and keep vendors at bay. Scaling his company is happening but he’s quickly running out of cash. Eddie exhorts his team to pick up the pace and generate more revenue more quickly. Secretly, he thinks that his days are numbered and he’s going to have to face the inevitable and close the doors. Eddie sees what appears to be a negative situation and believes it. What do you suppose happens next? Yes, Eddie’s belief becomes a self-fulfilling prophesy and his company goes out of business.

Then there’s the story of Ingrid the Impresario. Her situation is similar to that of Eddie. Her company is making headway, but revenue isn’t keeping pace with expenses. She hates the calls she receives daily from bill collectors. But Ingrid is not going to be beaten. Rather than see a negative appearance and believe it, she is resolved to look beyond it. She realizes that she needs to take action immediately before it’s too late. Ingrid asks her vice-presidents of sales, operations and manufacturing to spend a day with her off-site. During that day, they identify a small pivot that will drastically cut costs, pump sales and give them a much longer runway to reach consistent profitability. Rather than continue to try and “muscle through” they deftly make this tweak and quickly see the results they were seeking.

The difference in these examples is profound. In Eddie’s case he saw his business failing and became resigned to that negative appearance – he believed it. Conversely, Ingrid realized that adjustments were needed in her business – and she believed it. What Ingrid saw was not what others might have seen – a negative situation. Instead, she saw an opportunity to make changes that put her company on the path to success and looked beyond the negative appearance.

The ability to look beyond negative appearances is a superpower for entrepreneurs. Doing so takes discipline and a generally positive outlook on everything. I’ve often wondered why human nature seems to default to fear and negativity. I’ve concluded that while we tend to be afraid of the unknown, it’s relatively easy to believe that we will fail. We hear the statistics about how many companies die an early death. We read story after story detailing the failure of retailers, restaurants, start-ups of all types . . . and the list goes on. It takes a supreme effort not to succumb to the constant drumbeat of negativity.

I learned long ago to ignore the admonitions and warnings of others who lacked a clear understanding of that with which I was involved. Instead, I choose to view every situation and circumstance as an opportunity to inject a healthy dose of creativity. Of course, I’m not naïve enough to ignore reality. But I look for ways to push the boundaries of reality to my advantage. We’ve abandoned business ideas (and businesses!) that did not work. But that was done in clinical fashion after first exploring all our options and determining that we could better spend our time and capital in a more productive and profitable manner. We weren’t resigned to the “inevitable” failure. Instead, we were coldly calculating in our assessments and made choices that were in our best interests. After more than 44 years in business, I’ve never yet seen the sky fall. We’ve had setbacks and hit speed bumps. But by steadfastly looking for opportunity in every situation, we always find a way.

Seeing beyond negative appearances is an entrepreneur’s superpower. Following this approach opens infinite possibilities to prosper and succeed in ways we may not even imagine.

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