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 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.

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 Expert Entrepreneur

Posted on February 5, 2023 by anentrepreneurswords

As an entrepreneur, do you know it all? Most people will answer that they don’t. But guess what – we should! I’m speaking metaphorically of course. The point is that if we expect to win over the long haul, we had better be expert at what we do. When we are in command of the facts, we project confidence to others and feel it for ourselves. Malcom Gladwell famously said that it takes 10,000 hours of continuous and deliberate practice to become an expert. That’s five years of plying our craft before we become truly proficient. So, does this mean that after five years of working in the same profession we are officially experts? Not so. How much of our day is truly consumed with “continuous and deliberate practice?” I submit that there are several things we can do that put us in such a lane . . . and many more daily tasks that don’t qualify at all.

Study! One of the first steps in our quest toward entrepreneurial fluency is that of study and research. We read every trade publication we can get our hands on, and every book that is even semi-related to our industry. We surf the internet for the latest trends and news that might be salient. In the earlier days of my career, there were many articles that were ripped out of magazines and circulated throughout our office. Today it’s much easier to share information with others and here’s the key. We NEVER stop studying and researching. It doesn’t matter if we’ve been in the business for five years or 45 years, we continue to be a sponge for knowledge.

Professional designations! Earning a professional certification or designation is another step toward becoming an expert. One of the first things I did after I entered my industry was begin taking the coursework necessary to attain a professional designation. I was only 25 when I received it, and it helped overcome my obvious youth in establishing credibility within the industry. I also made some lifelong acquaintances that have been very helpful in my career.

Experiment! Part of the process of continuous and deliberate practice is experimentation. Through experimentation we find out what works and what doesn’t. It’s comforting to know that the aircraft in which we fly were developed by experts. When we have surgery, we know that experts developed the procedures and techniques. These experts perfected the airplane and surgical techniques through literally millions of iterations. We entrepreneurs should be bold and unafraid to continually experiment to discover new innovations.

Collaborate! Hand-in-hand with experimentation is collaboration. We look for every opportunity to work with others who may have solved similar problems or are seeking answers in the same manner as are we. Being willing to collaborate is a sign of strength – not weakness. Rather than having to figure everything out on our own, we can shortcut the process of becoming an expert by joining forces. This is a leverage play and one that should not be overlooked.

Teach it! Teaching others is a terrific way to cement our own knowledge and to learn from others. During the teaching process many questions are asked by the “students” which can be stimulating for the teacher. Mentoring falls in this category as well. When we can explain things to others in a meaningful way and challenge them to think critically; and when it’s clear that they are realizing true value from what we are sharing, we are achieving expert status.

Participate in the discussion! This entails writing articles, blogs, and books. It involves attending industry conferences and sitting on panels of – yes, you guessed it – experts! Who does the local or national press contact for information about an industry? If they are calling you, then you are probably regarded as an expert. Take full advantage of this opportunity and become the go-to person for as many newspapers, trade publications and other information sources as possible.

Know the answers! Finally, a real expert knows the answers and is right most of the time. We should have a deep understanding of the macro and micro elements of our industry and be able to explain how our product or service is capitalizing on these elements. Being able to construct logical fact-based arguments that persuade others is a priceless quality. And it unquestionably demonstrates expertise.

Becoming an expert in our field takes thousands of hours of study and research; is aided by earning professional designations or certifications; experimenting, collaborating, and teaching; participating in the discussion and knowing the answers. And being an expert often provides a clear pathway to high levels of success.

The Cheating Entrepreneur

Posted on January 29, 2023 by anentrepreneurswords

I’m not writing this blog to be judgmental. I’m really not. However, there are some subjects that cannot be discussed without sounding judgmental. So here goes. Let’s look at the topic of (gasp!) cheating. I can’t say whether cheating is more prevalent in the business world today than 10, 25 or even 50 years ago. It still is an issue that takes many forms.

Presumably we all started learning about cheating as small children. As a youngster, I remember many a board game that devolved into accusations of cheating. Our teachers and parents admonished us to never look at someone else’s paper when taking a test. Playground games were fertile grounds for cheating – remember four-square? “The ball hit the line and is out.” “No, it didn’t!” “You’re a big fat cheater!” Roll the tape forward and as adults we might see team members clocking in or out for colleagues; money being borrowed from the petty cash box; résumés containing college degrees that weren’t earned or military service that didn’t happen; padded expense reports and exaggerated (and sometimes untruthful) claims about all sorts of things.

This all may sound like a collection of relatively minor transgressions. So let me tell you a story. Several years ago, we had an apartment manager who used a corporate account at a local store to make some personal purchases totaling less than $100 – and she reimbursed the property without being asked. When questioned by her supervisor, she admitted her mistake. Following company protocol, the supervisor wrote a memo that ended up in her file advising her that she had violated policy with a dishonest act. In our system of progressive discipline, another such incident could be grounds for termination. This probably seems like an innocuous situation – right? But the story gets worse.

A few years later it was discovered that this individual had concocted a very intricate, elaborate and almost impossible-to-discover embezzlement scheme – to the tune of $160,000. Her property received federal rent subsidies, and while we never had any money missing – her property was always 100% occupied and all rents collected every month – she figured out how to defraud the federal government. As her employer, we had to immediately re-pay the $160,000 to the government and then filed a claim under our crime insurance policy. Of course, she was prosecuted but had spent all the money, so there was no way to recover the stolen funds from her. The biggest surprise came when our insurance carrier denied the claim. Why? There was a fine-print clause in the policy that denied coverage if we knowingly hired or retained an employee who was dishonest. And the damning piece of evidence was that memo in her file that contained the words “dishonest act” involving her use of a company credit account for personal purposes. I’ll spare you the ugly details of litigation against the crime insurance carrier as well as the errors and omissions insurance carrier. Needless to say, we lost and ate the $160,000 (plus legal fees).

The moral of the story is three-fold. First, understand the fine details of your insurance coverage and modify your policies and procedures accordingly. Second, be careful at shrugging off small acts of cheating or dishonesty. They are a window into the overall character of an individual. What may appear to be a seemingly simple “mistake” could be the tip of a very expensive iceberg. Finally, everyone needs to see us as the paragon of virtue. We entrepreneurs need to model “squeaky clean” for our team, our customers and for the public at large. As hard as it may be, we need to demand complete and total integrity from ourselves and everyone else in our organizations. We start by always doing the right thing – especially when no one else is looking. And we hold our colleagues and associates to the same standard. The temptation may be great to cheat to compete, especially if we are struggling to gain traction. But if we do, it’s hard to expect others not to follow suit.

Integrity is not a puritanical concept. Great leaders always do the right thing and show others that it is the only standard by which to operate.

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 Victimized Entrepreneur

Posted on January 22, 2023 by anentrepreneurswords

I listened to a fascinating business podcast recently. The host was interviewing an entrepreneur who apparently has faced many challenges throughout her career. What struck me the most was her statement that she has a “chip on her shoulder.” We’ve all heard this phrase before, and often it’s portrayed in a positive light. The thesis is that a person has faced adversity and come away from the experience stronger and tougher. I downloaded the transcript of this interview (which lasted for nearly an hour) and read it carefully. What I pieced together led me to question how positive a “chip on the shoulder” notion actually is. When does it veer into victimization territory?

For starters, let’s look at some phrases that I excerpted from the transcript. “Not everybody had a fair shake.” “In another way the industry is biased, and the numbers are terrible and bleak.” “I will say that it took an embarrassingly long time to get anyone to take me seriously, so that’s where the insult is.” “Some of these barriers are just insulting.” “One person has to climb the mountain and another’s gotta climb a fence.” “The person across the table has to get a fighting chance.” “I don’t play well with others.” “I’ll tell you this honestly, our goal post has moved – it’s also there is a microscope on what I’m doing and what my company is doing, that is not on other companies.” And how about this gem? “Back to the theme that it’s a meritocracy except you have to work five or ten times harder than everybody else which is the opposite of a meritocracy.” Other words were used like “dignity,” “gut punch,” “injustice” and “really screwed me over.”

This entrepreneur shared her journey of the past two or three years, and while she’s clearly made some progress with her business, a case could be made that she ought to be farther along. She obviously believes that the reason that she is not is due to external forces that have conspired against her. I don’t think I’ve listened to someone sound more like a victim in a long time. Unfortunately, the podcast host played the part of enabler and sympathizer. He egged her on and attempted to validate her claims. Yet, she presented very little concrete evidence to support her mindset.

I can’t begin to know all the experiences encountered by this entrepreneur. Undoubtedly there have been some trials and tribulations along the way – however, the world is not selective about this! The entrepreneur from the podcast has chosen to develop a “chip on her shoulder,” advocating that the deck has been stacked against her and others have stood in the way of her success. The result appears to be a bitter self-fulfilling prophesy.

What if this entrepreneur took a different path? What if this entrepreneur looked at the obstacles as opportunities rather than conspiracies? What if she believed in her heart that every failure meant that something even bigger and better was in store? What if she could visualize abundance and possibility instead of lack and limitation? Over the course of my career, I’ve always found that embracing optimism and positivity begat the desired results far more often than wallowing in pessimism and negativity.

For me, a “chip on the shoulder” is a cynical mindset. It is typified by wariness, suspicion, skepticism, and distrust. Entrepreneurs that wrap themselves in a “chip on the shoulder” cocoon will have a much tougher time receiving the good which they are pursuing. Here’s an indisputable fact. The adversity we experience directly shapes our mindset. But we make a choice as to what shape it takes. When we dwell on “being screwed over,” “gut punches” and “not playing well with others,” we are setting that shape as a giant chip that rests on our shoulder. And what a weight that chip can become!

We can avoid a “chip on the shoulder” mentality by following the positive path to our success. This enables us to work through, around, over and under the obstacles that we face and see them as opportunities to grow.

The ‘Life is Terrible’ Entrepreneur

Posted on January 15, 2023 by anentrepreneurswords

Jordan Peterson is a renowned Canadian clinical psychologist and psychology professor who wrote the bestselling book, 12 Rules for Life. I listened to an interview with him on one of my favorite podcasts, Econtalk with Russ Roberts. During the conversation, Peterson makes the following statement. “Life is fundamentally tragic, and ridden with suffering, and touched with malevolence and evil; and that goes for you and everyone around you.” And while Dr. Peterson may be highly respected and says much with which I agree, I must respectfully disagree with the preceding statement. Vehemently.

If we entrepreneurs bought into the premise that Life is Terrible, we’d never get out of bed in the morning. In fact, I believe just the opposite. Life is full of wonder and excitement. Life is full of joy and happiness. Life has far more upside than downside. And life offers unlimited opportunities for great and amazing things. This is not to ignore the fact that there are terrible things that do happen in life. But is life fundamentally tragic as Peterson posits? I think not.

I think it all boils down to perspective. If we choose to believe that Life is Terrible, it will be. Similarly, if we choose to believe that Life is Great, it will be. I’m not naïve enough to suggest that subscribing to the latter means that there will never be mountains to climb and challenges to overcome. But think about this. If we believe that Life is Terrible, those mountains are much harder to climb and the challenges much more difficult to overcome. It’s like adding a 75-pound weight to our back. What’s the point?

By now you know that I am the poster boy for optimism and positive thought. I attribute this mindset to the success I’ve realized over the course of my career. One of my mantras has always been, “What I think in my mind will become reality.” Because I only want Good in my life, I’m going to do my darndest to only think in positive terms.

We entrepreneurs have a lot to worry about . . . if we choose to worry. We could obsess over market share, customer reviews, rising labor costs, cash flow (or lack thereof), sales increasing too slowly, sales decreasing too quickly, government regulation, competition, legal issues, succession planning, production issues and whether we remembered to close the garage door when we left home this morning. Whew! Just thinking about all this wears me out. But with all this worry, concern, and obsession, what exactly has been accomplished?

Being a Type A personality and maintaining a “chill pill” attitude isn’t the easiest thing in the world. Over the years I’ve discovered that concentrating my energies – mental and otherwise – on taking positive and productive steps leads to positive and productive results. There’s a surefire method that I use to measure my stress factor in this regard. I use a wrist cuff and take my blood pressure and pulse every day. I record it on a log including the time of day as well as notations as to what might have been occurring just prior to the reading. This single act is enough to serve as a reminder to remain calm. I’ve found that each year, my average systolic and diastolic readings have gradually decreased.

I’ve also trained myself to live in gratitude as much of the day as possible. When I am outwardly grateful to others for all of the good they do for me, a form of armor is created that protects me from the Life is Terrible syndrome. I’ve also found that there’s always a solution for just about every difficulty we may encounter. Somehow things just seem to always work out. I don’t think this is by accident. By maintaining focus on positive outcomes and really believing that we are entitled to them, they ultimately manifest. No longer do I blow a gasket when something doesn’t happen as planned. No longer do I wake up in the middle-of-the-night with cold sweat and a feeling of impending doom. No longer do I experience free-floating anxiety.

Jordan Peterson’s “Life is Terrible” philosophy is dangerous for entrepreneurs to adopt. A “Life is Great” mindset opens the way for a rich and full experience every single day.

Commitment and the Entrepreneur

Posted on January 8, 2023 by anentrepreneurswords

A few years ago, we offered a managerial position to a prospective team member. All 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 two weeks’ 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. Unfortunately, this has happened to us several times since. 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 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 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 of 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.

The Iconic Culture Creating Entrepreneur

Posted on January 1, 2023 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 of 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 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 steppingstone 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 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 Stressless Entrepreneur

Posted on December 25, 2022 by anentrepreneurswords

Entrepreneurship can be a very stressful proposition. We’re trying to build our business and encounter countless challenges along the way. Cutthroat competition, product design issues, labor shortages, cash flow problems, slow sales, shipping snafus, government regulations, incredibly tight deadlines, lack of sleep and a host of other struggles. A lot of this is simply unavoidable and part of the growth and scaling process. How we deal with stress under duress is the name of the game.

Here are several questions we can ask ourselves. Is stress negative and draining? Do we view stress with fear and trepidation? Is stress something that we must survive? Or do we embrace stress and use it to “lean in” and thrive? You may think that thriving in stress is counterintuitive. But it is not.

It’s a fact that there are many opportunities for situations to become stressful. However, just because a situation is stressful doesn’t mean that we must buy in and take on the stress for ourselves. I know – this is certainly easier said than done. We start by observing how we normally react when confronted with potentially stressful circumstances. Some people withdraw and climb into a shell. Others might be combative and hypersensitive. Still others may wear their heart on their sleeve and present a woe-is-me portrait. Finally, there are those who may show panic and confusion. As entrepreneurial leaders we cannot afford to display any of these tendencies.

How we react outwardly is important to our team. If we are snippy and curt with the people around us, they will sense that something is wrong. If we show fear, they will smell fear and know that something is wrong. By always maintaining an optimistic and cheery demeanor, we can ensure the mental health of our enterprise. I realize that this is hard to do if we really aren’t feeling all that confident in the situation. It’s very difficult to fake it successfully. What to do?

On April 17, 2018, Southwest Airlines Flight 1380 bound from New York to Dallas suffered a massive engine failure that resulted in the loss of cabin pressure and the life of a passenger. Captain Tammie Jo Shults and First Officer Darren Ellisor remained calm under fire and safely landed the aircraft. They didn’t panic and followed their training to the letter. Once back on terra firma, Captain Shults personally spoke to each passenger as they deplaned. What was their secret? They eliminated the emotion and worked the problem.

When we’re overwhelmed stress can build exponentially. This is the time to heed the old saying – eat the elephant one bite at a time. We break down whatever massive undertaking that is causing stress into manageable tasks. I am a compulsive list-maker. When a mountain looms in front of me I try and avoid looking at it in its totality. Instead, I develop a series of individual tasks and check them off my list as I finish them. I know this may sound like a mental game, but it works for me, and it might work for you too.

The next idea may seem like a bit of a stretch but can achieve the concept of leaning in and thriving. When faced with a sticky situation we look for the silver lining and ask the question, “How can I turn this into something positive?” Accomplishing this takes a lot of practice. It involves rising above the chaos and stress to take a clinical look at the landscape and find a way to succeed. I remember talking to a friend who had a major client that was terminating the relationship. Many entrepreneurs would have wrung their hands in despair. My friend immediately reached out to the primary competitor of the departing client and told him that he was now available to work with the competitor. This new relationship was worth twice the amount of business for my friend than before.

There are many other stress-busting techniques – and there may be times when we need to utilize all of them at our disposal. We should make certain we don’t become one-dimensional. Having other interests besides work provides outlets for our stress and frustration. This may include physical activities, hobbies, civic or charitable work to name a few. Meditation and deep-breathing exercises are excellent ways to remain centered and relaxed. It’s important to practice them continuously and not just when we are in distress. Finally, I’m a big proponent of creating and saying positive affirmations. Positive affirmations pattern our minds away from negativity and fear. For example, saying something like, “I am totally relaxed and ready to claim my good!” may be a great way to start. I know it may sound corny, but I’m living proof that it works. Saying a positive affirmation in groups of ten at least 100 times a day will lay the foundation. Doing it for a week or two adds the cement.

We all have moments where stress can build to overwhelming levels. But it doesn’t have to be debilitating if we choose to embrace it; lean into it and thrive.

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Lifechanging Ideas for Entrepreneurs

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