The Appreciative Entrepreneur

Robin goes to work every day at the consumer products company where she has been employed for the past two years. She faithfully performs her roles and accountabilities and has received relatively high marks from her supervisor. In fact, she has never taken a sick day and is proud of the fact that she’s never missed a day of work other than scheduled holidays and vacations. But recently, Robin has begun to feel more and more like she’s on a hamster wheel. She believes her compensation is relatively fair and she likes what she does. However, she often wonders about what she might be missing at another firm.

Robin is feeling unappreciated and undervalued. No one has been disrespectful or mean to her, so that’s not the problem. More than anything no one outside of her operating unit seems to really care whether she’s part of the team or not. It’s this level of apathy that’s eating at her. She sees the “big boss” almost every day, but he’s never once spoken to her. She rationalizes this by acknowledging that there are over 1,000 employees in the company and it’s impossible for him to know everyone. Still, her accomplishments are seemingly unnoticed and taken for granted.

The scenario just described is repeated countless times every single day across a wide spectrum of companies – large and small. There are multiple studies showing that feeling valued is more important to many people than what they are paid. And this is not a problem that is easily solved with a large company event, a cruise or other significant activity. No, our team members need to feel valued on a regular and ongoing basis.

Leaders need to understand that helping others to feel appreciated and valued is one of the most important functions we can perform. It requires a genuine and authentic mindset that we are here to serve. Yes, you read that correctly. We are servant-leaders. The objective is to look for every way we can to make others feel important and fulfilled. It’s not a mindset that we can turn on and off depending upon who we encounter. We can start creating this mindset by trying to find something good and positive about every situation and everyone. When we are served in a restaurant, we can call the server by name and tell him or her what great service was provided. In public spaces there are always people cleaning the floors or polishing the glass. We can compliment them on how they are creating a sparkling appearance.

We continue to practice our appreciative mindset at our workplace. We make certain to greet everyone we walk by and call them by name. We go out of our way to acknowledge the efforts of others and thank them for their contribution. As leaders, it’s our job to encourage other leaders to create a culture of gratitude.   

An initiative we launched several years ago involves sending a letter to each of our team members on their work anniversary. It’s form letter that changes annually and is signed by me as the CEO. But we’ve taken it a step further. A spreadsheet is created onto which is recorded comments about each team member’s accomplishments provided by his or her supervisor. Toward the bottom of the letter, I handwrite a personal note – several sentences – citing these individual accomplishments and thanking the team member for being a part of the team. I write several hundred of these each year and can tell you that it’s one of the high points of my month. I also call team members when I hear about exceptional performance and express my appreciation for their service.

It’s equally important for our team to feel as though their input is needed. Mandates from on high are sometimes necessary, but soliciting feedback from team members and involving them in the decision-making process whenever possible promotes buy-in. And we need to make sure when people speak that we listen and act accordingly. There are many great ideas and practical solutions that can be accessed from such a collaborative approach.

Acknowledging value and showing respect starts at the top of an organization. If the executive leadership doesn’t incorporate this as part of the cultural fabric, it’s not likely that it will be a priority for others either. If the “big boss” would simply say hello to Robin and show a little interest in her and what she does, it’s unlikely that she would feel the way she does.

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 Marauding Capitalist Entrepreneur

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.

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 Entrepreneur’s Winning Culture

Southwest Airlines has been in business since 1967 and has recorded 47 consecutive years of profitability. The company flies 737 Boeing 737 aircraft with 380 more on order. Southwest pioneered low-cost air travel and has grown to be one of the largest airlines in the world. United Airlines launched Ted, its low-cost brand in 2004 with 56 Airbus 320 aircraft. It folded operations in 2008. Delta Airlines launched Song, its low-cost brand in 2003 with 47 Boeing 757 aircraft. It folded operations in 2006.

How is it that two enormous legacy air carriers failed to challenge Southwest with similar low-cost service? Just like Southwest, they flew point-to-point routes. They used a single type of aircraft, just like Southwest. And they charged low fares, just like Southwest. What’s more, they had massive financial backing from well-established parent companies. All three companies were playing a commodity game. So why did Southwest win the game?

There was one aspect that neither Ted nor Song could replicate. Southwest had developed a unique culture that was friendly, whimsical, and borderline radical at times. Customers were attracted to this culture. Southwest passengers enjoyed corny songs sung by flight attendants and the overall attitude of the Southwest team. Ted and Song were simply offshoots of United and Delta and reflected their respective cultures. It’s true that there are other low-cost airlines that are profitable today, but they haven’t made serious inroads into Southwest’s market share or customer base.

What’s fascinating about all of this is how a Winning Culture can be so elusive. I’ve said many times that I’m not particularly concerned about sharing my playbook with my competitors. It’s not the design of the plays that necessarily wins the game. It’s how well those plays are executed that makes the difference. There are a multitude of sports metaphors in this respect. Think of all the professional football teams that are stocked with amazing athletes possessing world-class talent. And every single team has a playbook full of intricately designed plays for the offense and the defense. Yet, a dropped pass here and a missed block there can be the difference in whether a team wins the Super Bowl or watches it at home on TV.

What exactly is a Winning Culture? As entrepreneurs, it is something we may not think much about, but it can be the difference between success and failure. Far too often, entrepreneurs may not pay enough attention to creating and nurturing a Winning Culture, opting instead to focus more exclusively on operations and metrics. Southwest infuses the following into every employee it hires:

  • A warrior spirit.
  • A servant’s heart.
  • A fun-“luving” attitude (Southwest’s stock ticker symbol is LUV).

At Southwest, the warrior spirit is “being fearless in terms of delivering the product,” according to Ginger Hardage, the now-retired chief communications officer. The servant’s heart is based upon the Golden Rule and the need to treat everyone with respect. It’s obvious what the “fun-luving attitude” is all about. Southwest looks to hire people who don’t take themselves too seriously and always have a smile on their face. There’s no question that Southwest pays a great deal of attention to operations and metrics, but its cultural foundation is rooted in these three values.

When a company stops winning and starts losing, the first place to look is to see if it has strayed from its Winning Culture. If the culture’s not right, the operations may be off kilter and the metrics will look bad. I believe that we must fix the culture first and then make the technical adjustments from there. And one more cogent point needs to be made. A Winning Culture is different than just plain culture. An organization may have a culture that has been intentionally cultivated but doesn’t necessarily lead to winning. To win, we must be extraordinarily positive about it. Our entire team must be convinced that we are going to win, and they must completely embrace the notion.

A Winning Culture is not replicable. It is unique to each company or organization and must be developed organically. It enables us to execute our playbook effectively in ways that our competition can’t.

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 Value Proposition Entrepreneur

Several days ago, I was talking with an entrepreneur about his company. For many years, he had achieved a reasonable level of success with the manufacture and sale of a particular product. But more recently his sales had trailed off and he was becoming worried. He made very telling statement, “the product is the same as it has been for the past 15 years – I don’t understand why people aren’t buying it in the quantities they once did.” Framed in this manner, the problem is obvious. But how often do we march on oblivious to the changes that are occurring around us?

I asked the entrepreneur to explain his value proposition, a question that was followed by silence. He admitted that he really had not thought about it for quite some time (actually it had been several years). The bottom line was that his customers no longer saw the value in his product the same way as they had in the past. Tastes change. Competition is fierce. Customers can sometimes feel like they are being taken for granted. Unless we make an effort to continually understand why our customers buy our products or services, we aren’t in a position to make the tiny tweaks or major overhauls that are necessary to maintain our winning streak.

Conventional wisdom says that a value proposition is a promise of value to be delivered. Obviously, there is a lot more to it. A restaurant where we eat sometimes seems to be having a bit of a struggle with its value proposition. I suppose that the proprietor could say to me the customer, “You pay me money and I’ll cook your dinner.” Technically that is a value proposition – but a pretty bad one. The website for this restaurant references “a special dining experience.” There are some other superlatives in the “About” section of the website, but nothing that would really grab you. There are a lot of little things about this place that demonstrate a lack of focus on a strong value proposition. The prime rib is fatty and gristly; the wait staff is not trained to make sure that a diner’s glass of tea or water is always full – even if it is not their assigned table; likewise, empty plates are not cleared by the bus staff while guests are at the table (only by the primary server), and finally, service can be a bit slow at times.

A value proposition needs to reflect the culture of the organization. In the case of the restaurant previously mentioned, there does not seem to be a culture of attention to detail. This restaurant probably gets 95% of the dining experience right but does not seem to care enough to nail that last 5%. If I owned the restaurant, I would re-tool the culture and become fastidious about the little things. My ultimate value proposition would be something like this: “Most restaurants can cook you a meal. We focus on that last 5% to make your dining experience 100% perfect.” Then I would follow that with a further explanation – “your drink glass will never be empty; we select only the highest quality beef, pork, poultry and fish; our wait staff will always be looking for ways to serve you – regardless of whether or not it’s their assigned table.” Not only does this clearly state what value we will be delivering, but it also defines the points of differentiation with competing venues.

A good value proposition is clear, inspiring, and differentiating. To avoid becoming irrelevant, entrepreneurs must continually review and refine their value propositions.

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 Collaborative Entrepreneur

Nike’s corporate tag line is “Just Do It.” And that could be the tag line for many companies of all sizes. Leaders at all levels send the message of “Just Do It” to their “charges.” This notion boils down to a command and control style of management. And I probably do not need to point out how poorly this approach works with today’s Millennial workforce. We Boomers grew up in this environment and may tend to continue its practice. Perhaps it is time for something different.

I know that many entrepreneurs agree in principle with a more collaborative style of leadership. Yet, the language that is used may belie this agreement. Examine the following statement that rolls up many of the words used into a massive contradiction with collaboration. Mr. Smith is a senior executive with the ABC Company and he’s describing a recent business win for his company.

My employees really came through with this project. I have a hundred people working under me and every one of them did their jobs like they were supposed to. I set their goals and they achieved them. I’ve been focused on this opportunity for a long time. I love winning this way!”

At first blush Mr. Smith seems to be giving credit for the win to others. But the way he says it indicates that he is not yet a convert to a more enlightened style of leadership. Note the highlighted words. Clearly, he is in charge here and other people have done his bidding.

Entrepreneurs can change this narrative. When we are comfortable in our own skin, we are easily able to eliminate the unhealthy aspects of our ego from our interactions with others. It is often the case that having to take the credit for an accomplishment or reinforcing the fact that we were “at the top of the food chain” is a result of our own lack of confidence or some other insecurity. With our new level of comfort, we relax, smile, and become totally humble.

Here is another version of the previous statement. Mr. Doe is a senior executive with XYZ, Inc. and is celebrating a recent success.

“The XYZ team is amazing! They worked together to establish the goal and drew upon our Core Values to develop a winning strategy. We are so appreciative of each and every one of the hundred team members who worked tirelessly on this project for more than a year. Their commitment, dedication and creativity are the reasons for our success.”

Sounds a little different doesn’t it? There is not a single mention of the words “I,” “me” or “my.” The word “employee” has been replaced with “team member.” Mr. Doe simply delivers the message without allowing his ego to enter the picture. Clearly, Mr. Doe’s team members work “with” him – not “under” him. I have written before about how we need to be intentional about modifying our vernacular away from “I,” “me,” and “my,” and changing to “we,” “us,” and “our.”  

Collaborative leadership is not decision making by committee – as a leader we still make the ultimate critical decisions. Collaborative leadership is about seeking out team members and listening to their thoughts and ideas. It is valuing others as human beings and the contribution they make to the enterprise. It is about having empathy and creating a culture of respect. And it is about using the words we say as a reflection of all these factors.

When we think about what we write and say we can ask ourselves this simple question – “Do my words focus the spotlight on me or on others?” Doing so helps us move away from the old command and control approach of the past.

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 Entrepreneur’s Three-Legged Stool

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.

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 Anti-Gotcha Entrepreneur

I purchased a couple of new beds for our home at a national mattress store. One was a fancy model that is adjustable, vibrates and has other bells and whistles. I would normally pay for such a purchase outright, but the mattress store was offering free financing for a year. I thought, “what the heck, why not?” So, I paid the monthly principal amounts over the course of 12 months like clockwork. Toward the end of this one-year period I started looking for a payoff balance to show up on the monthly statement, but it never did. Then I received a statement showing a large amount of “deferred interest” that when calculated produced an exceptionally high interest rate.

In looking back at the previous month’s statement (four pages of legal-size paper), I found a single sentence in small print advising me to look elsewhere in the statement for an acceleration amount. I finally found the payoff figure – again in small print. Unfortunately, I had missed the deadline by ten days and now owed over $3,000 in interest charges. I called the national bank that had purchased the paper from the mattress company and pointed out what my intentions had been from the outset and that the small print notice was deceptive and easily overlooked. I spoke with a supervisor and then a manager who ultimately cut my interest cost by 75%. I still contend that the interest should have been fully waived.

The national bank involved in this incident was clearly playing a “gotcha game.” There is no doubt in my mind that they intentionally used fine print and required the customer to hunt through the bill to find the amount owed. This is despicable behavior and does nothing to help the cause of entrepreneurship. I am not a fan of a lot of government regulation, but it is situations like this that trigger calls for more regulation in the first place. 

As entrepreneurs we should look at our business practices to see if we too are playing the “gotcha game.” Are the documents we use with our customers very clear relative to what is owed as well as the terms and conditions for payment? Or are we using fine print, misdirection, and incomprehensible language to obfuscate and confuse the customer? And if we are doing this, what is our end game . . . to shake down the customer for extra dollars?

Companies that are winning in today’s environment are focused on culture, product, and the customer. Profitability at any cost is not part of this calculus. Businesses that gouge their customers like the national bank with which I dealt, will ultimately suffer through new regulatory initiatives and/or customer abandonment. We entrepreneurs have a golden opportunity to identify competition that is perpetrating such behavior and differentiate ourselves in striking fashion. With the right messaging, winning customers from the bad actors should be relatively easy.

The integrity we maintain with our customers is one of the most valuable assets we possess. Playing the “gotcha game” can quickly turn that asset into a liability.

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 “No Assholes Allowed” Entrepreneur

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

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

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

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

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

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

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

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

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 Bus Driving Entrepreneur

Here is a scenario. Sales are flat. The product development team is feuding with the marketing folks. Production is lagging and customer complaints are trending in the wrong direction. Sounds like a nightmare situation – right? It’s at a time like this that makes us wonder why we became entrepreneurs in the first place! As we try to sort out this mess, something becomes quickly apparent. We have the wrong people on the bus.

The whole problem would not even exist if we had selected the right people in the first place. But for most of us, we are where we are and must deal with an unwise hire here and a hopeful hire there. Rarely do we make the right hiring decisions from the get-go and find smooth sailing forevermore. Something I have grappled with for decades is when to change out the people on the bus – and sometimes the bus driver to boot! The mistake I have made over and over has been to give people too many chances and believe that if I just find the “right slot” for someone, that I can “save” him or her. In recent times I’ve come to realize that we’re not in the business of doing social work and it does no favor to someone who is miscast to continue to try and salvage them.

Most of us have a level of empathy that prevents us from being Donald Trump . . . that is to simply say, “You’re fired!” But there is undoubtedly a middle ground. We do not have to have a hair trigger and instantly terminate someone who is beginning to struggle. And we also do not need to continue to enable someone for months or even years who cannot get the job done.

As with much about entrepreneurship, there is a process that can make the decision to invite someone off the bus both humanely and timely. We start with clear written roles and accountabilities. It’s imperative that our team members truly understand what is expected of them. Roles and accountabilities should be quite comprehensive, and they must be measurable. We also must make sure that our team members understand how to perform their roles and accountabilities and that they have the proper resources to succeed. If I tell a non-pilot that he is responsible for flying a passenger jet from New York to LA I can be very clear about this. But if he is not trained to fly the plane, then it will either fail to get off the ground or if it does, well, what happens might not be pretty. I realize that this is a bit of an exaggeration, but it illustrates the point.

Hand in hand come key performance indicators. These are the metrics by which we determine if the roles and accountabilities are being sufficiently executed. Ongoing performance reviews are also an important element of ensuring that the right people are on the bus. Some companies do an annual performance review. This may be fine in a formal sense, but team members need a continual feedback loop. Then there will be no surprises when the annual review is performed. It is also helpful (and often judicious) to offer a written assessment as part of the continual feedback process. It’s not so much to build the file as it is to make sure that everyone is on the same page regarding where improvement is needed.

Often when things are going poorly, it’s the result of a lack of roles and accountabilities; or a lack of training; or a lack of proper resources to get the job done; or a lack of measuring results; or a lack of providing team member feedback, or all of the above. When this happens and we must make a change in personnel, we dread having to act. Why? Because we know deep inside that we probably did not do everything necessary to be completely fair with our team member.

Ensuring that we have the right people on the bus is a strong step toward building a successful culture and producing the results we desire. And following a well-designed process to invite people off the bus who are not the right fit will allow us to act objectively and at the right pace.

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 Anatomy of an Entrepreneur

As entrepreneurs exactly who are we? What makes us tick? Is there some sort of DNA gene that we can point to? I’ve thought a lot about some of the exceptional entrepreneurs I’ve known over the past four decades and have identified some of their traits and tendencies that stand out.

Let’s start with creativity and innovation. Entrepreneurs use their creative powers to innovate and find a better way to do something. Elon Musk has to be one of the most prolific entrepreneurs when it comes to innovation – Tesla Motors, SpaceX, Pay Pal and Solar City come to mind to name a few. Often, creative entrepreneurs are also visionaries. They have an uncanny ability to see into the future and understand what their customers will want and how their company needs to be designed to win. GoPro CEO Nick Woodman is one of the foremost visionaries in America today. Who could ever have imagined a series of high definition video cameras that are small, durable and light enough to capture our daily adventures – daring and mundane? And successful entrepreneurs understand risk. Rather than taking risk they are adept at managing it.

When they get knocked down, great entrepreneurs get back up – over and over and over. They are amazingly resilient and don’t see failure . . . only opportunity. Walt Disney was fired by his employer, the Kansas City Star, because he supposedly lacked creativity. That didn’t seem to impact his storied career. When things don’t work out as planned, they are flexible and know how to adapt and make the best of every situation. Top-flight entrepreneurs are persuasive and can convince others to say yes. They do so through the power of their passion. Does Steve Jobs come to mind? Look what he convinced us to buy! Along with their persuasive powers, successful entrepreneurs are strong communicators in both verbal and written formats.

Entrepreneurs are assertive – the great ones are less aggressive than assertive. They have a healthy degree of empathy and are sensitive to the feelings of others. Entrepreneurs at the top of their game have a certain amount of charisma. They can be sociable and gregarious – even if those aren’t their core tendencies. Without charisma an entrepreneur will find it tougher to raise money, develop important relationships and influence others. Billionaire entrepreneur Sir Richard Branson is one of the most charismatic leaders on the planet. And he has woven his charisma into a tapestry of empathy and caring about other people.

Culture King is another descriptor for the cream-of-the-crop entrepreneur. Ben Chestnut, founder and CEO of MailChimp fits into this category in the ways he has empowered the 500+ members of his team. Hand-in-hand with a strong culture is a smart entrepreneur’s ability to delegate. According to a 2013 Gallup survey of Inc. 500 CEOs, an average three-year growth rate of 1,751% was realized where the CEO had a high Delegator talent. Entrepreneurs typically have a high sense of urgency and tend to be very self-structured – there’s no way anyone is going to tell them what to do! Entrepreneurs simply don’t want to be a cog in someone else’s machine. Most entrepreneurs also have the ability to juggle many things at once and in fact need to feel the rush and excitement of pursuing multiple projects and initiatives simultaneously. Finally, ultra-successful entrepreneurs are generally positive and optimistic people. They don’t dwell on mistakes and never play the victim.

Remember the DNA thing I mentioned at the beginning of this blog? Well, there may be something to it. A February 17, 2016, research paper published in the Austin Journal of Molecular and Cellular Biology reported on the Dopamine Receptor D4 Gene and concluded that entrepreneurs have a higher tolerance for risk-taking in part, due to this gene      (https://www.researchgate.net/publication/294874673_Entrepreneurship_and_its_Genetic_Basis). Apparently genetics govern approximately 30% of what makes one an entrepreneur. But that leaves 70% to a wide range of personality traits and tendencies.

There are many such traits and tendencies that are identified with entrepreneurs. No one person possesses them all, but the more to which we lay claim the closer we come to attaining world class status.

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.