The Vengeful Entrepreneur

Something happened in the entrepreneurial world that is so strange that I literally did a double take. Here is what was reported in the New York Times on May 25, 2016.

“A billionaire Silicon Valley entrepreneur was outed as being gay by a media organization. His friends suffered at the hands of the same gossip site. Nearly a decade later, the entrepreneur secretly financed a lawsuit to try to put the media company out of business.”

“That is the back story to a legal case that had already grabbed headlines: The wrestler Hulk Hogan sued Gawker Media for invasion of privacy after it published a sex tape, and a Florida jury recently awarded the wrestler, whose real name is Terry Gene Bollea, $140 million.”

“What the jury — and the public — did not know was that Mr. Bollea had a secret benefactor paying about $10 million for the lawsuit: Peter Thiel, a co-founder of PayPal and one of the earliest investors in Facebook.”

We have all heard the phrase, “don’t get mad – get even.” I think this example takes the concept to a whole new level.  Ultimately Gawker filed for bankruptcy, so I suppose that Thiel achieved his objective. Thiel claims that his financing of lawsuits against the company was about deterrence rather than revenge. But that is a bit hard to swallow. Several issues surface with this situation including whether it is right for wealthy people to use lawsuits to attack free speech. But that is a subject for others to discuss. The focal point for this blog is how we as entrepreneurs choose to react when we perceive that others have been unfair with us.

Undoubtedly, we have all experienced a time when the Golden Rule was taken out of the drawer and used to beat rather than measure us. And when this happens our first instinct may be to fight the injustice that we have experienced. Thoughts cross our minds like, “we’ll sue,” or “let’s steal one of their clients or employees.” This is perfectly natural . . . and totally unproductive. Of course, there are situations where it is perfectly valid to take legal action. But doing so out of revenge or spite may not be in our best interest.

I am making no judgment about Peter Thiel. But I know for myself that even a hint of vengeance in my persona is a very bad thing. Vengeance is nothing but negative energy which can lead to all sorts of undesirable consequences. Why take a chance on attracting illness, loss of relationships, financial hardship, and other unfavorable outcomes because we dwell in the negativity of revenge? Instead, why not focus on the goals and objectives at hand and deny the temptation to wander down the payback path? Rather than looking for retribution, look to use the injustice as a powerful incentive to succeed.

The English philosopher Francis Bacon once said, “A man that studieth revenge, keeps his own wounds green, which otherwise would heal.” In other words, wallowing in revenge keeps reminding us of our negative experience. It crowds out other thoughts and feelings that might be the new idea we need or the solution to a problem we have been seeking. The pursuit of punishment and retaliation keep us stuck in neutral and prevents us from moving forward. Competition is tough enough these days – why allow our competitors to lap us while we are stuck in the metaphorical pit stop of vengeance?

As entrepreneurs we fortunately make our own choices. Choosing not to accept the negative emotions that are associated with unfair or unjust treatment puts us that much closer to prize which we desire.

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 Mind Control Entrepreneur

I am sure that it is no surprise to know that the most powerful machine on earth is the human mind. A quick check on the Internet reveals many fascinating facts about the brain. How accurate they are is up for debate, but interesting, nonetheless. For example, the brain can store an estimated 2,500,000 gigabytes and operates with 86 billion neurons that travel 150 miles per hour. The average attention span is 20 minutes (12 minutes shorter than ten years ago), and we are finding that easy access to information is making it harder to remember.

Entrepreneurship is a mind game – maybe close to 100%. How we manage our thoughts has a direct impact on our probability of success. I know people who are brilliant at a genius-level but cannot function in society. Emotional and psychological issues are too much for them to overcome. For most of us however, mind control is a learned behavior. We have the capability to fine tune the way we think in such a way that our mind-power is amplified.

Our thoughts and emotions are inextricably linked. I have found when my emotions overwhelm my thinking nature, that’s when trouble begins. We entrepreneurs are especially vulnerable to a wide range of emotions that can run rampant and wreak havoc. Think about it. We learn that a major customer is taking its business elsewhere, and immediately our mind may go to the darkest possible depths. We see our business collapsing; the bills cannot be paid; our key team members see the writing on the wall and bail on us; the bank calls our loan, and on and on and on. What is worse, we may begin making decisions based upon the fear that is manifesting from the loss of this customer. Panic ensues and our thinking is so clouded that our decision-making process becomes impaired.

Back in the late 1970s, I started flying every week. In 1981, we had our first child, and I allowed my mind to play tricks on me. I became obsessed with the notion that the odds were going to catch up with me and I was going to die in a plane crash leaving behind my wife and young daughter. It literally got to the point that I would become physically ill each week, forcing myself to get on the plane. Eventually I was able to understand and resolve the root of this fear and as a bonus, became a pilot and flew my own aircraft. One of the reasons I was inclined to do this was to put myself in a situation where I had to practice mind control, or the consequences would be dire. Panicking in an airplane at 10,000 feet can certainly accelerate the expiration date on a human being!

Here is what I learned from this experience. Most of the time, things are not nearly as bad as we imagine them to be. It is easy to blow negative (and positive) experiences out of proportion. I learned that before making decisions, I need to pause for a moment, step back, and assess the situation. This may sound obvious, but we often overlook the obvious. Now, decades later, I refrain from making important decisions if I am fearful . . . and if I am euphoric. I wait for the emotions to pass and then proceed accordingly. Finally, I learned to try and get to the bottom of why I feel the way I do. Why am I angry? Why am I thinking thoughts of lack and limitation? What is the source of my fear? Why am I so “over the moon” with joy about something that has happened? In some cases, I want to control my mind to eliminate the negative thoughts, and in other instances I want to allow my mind to replicate the positive thoughts that resulted in my good fortune. Deep breathing, saying positive affirmations, and meditation are very helpful in making this happen.

As entrepreneurs we will always experience a wide range of emotions. The test of our fortitude comes when we can control our minds in such a way that we do not allow our emotions to overwhelm our ability to maintain our equilibrium and make sound decisions.

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 Self-Talking Entrepreneur

I have written a lot about mindset and how much it influences our lives. Embracing a positive mindset is empowering but it requires us to establish new thought patterns. I thought it might be helpful to catalog some of the more common things that we may say from time to time and offer an alternative. I find that when I intentionally pay attention to what I say verbally and silently, I catch myself before I go down the “negative road.” But if I do not pay attention, it is easy to end up there.

“I never have enough time.” Each of us has the same amount of time. It is all about how we prioritize. I now say, “I have time to do what I choose.” Notice that I am in control now rather than allowing myself to be tugged and pulled along the river of life.

“I just can’t win.” There is no way we can win if we affirm defeat from the start. How about this instead? “I will continue to do whatever is necessary until I win.” There is a hint of perseverance in this statement . . . which often is the secret ingredient to winning.

“I’m sick.” We all probably hear this quite often. In fact, we have most likely said it once or twice (or more). But again, why would we want to affirm something so negative? Here is an alternative. “I see myself as healthy and whole.” Perhaps we are feeling a bit under the weather, but aren’t we better off affirming a positive vision of ourselves?

“I’m struggling with my finances and never have any money.” To allow good things to come our way we need to shed all thoughts of lack and limitation. Why? Because they block the flow of the positive energy, we need to be prosperous. This statement (said with gusto!) will fully open the fire hydrant of creative energy. “Abundance is mine and I claim it!

“Something bad is going to happen, I just know it.” Hmmm. I know that I have been guilty of self-fulfilling prophecies and this one sure qualifies. It is as simple as this. If we expect something bad to happen, it probably will. “I expect everything to proceed in perfect order and visualize the end result that I am seeking.” There is no better way to inoculate ourselves from negativity than with a strong positive affirmation such as this.

“I don’t understand why so-and-so is treating me this way. It’s so unfair.” Conflict with others can lead to a feeling of victimization . . . if we let it. The truth is, we are only victims of our own mindset, and that is something we can control. When we are willing to take responsibility for our own actions we will say, “I am going to make a positive difference in the lives I touch.”

Yes, it is possible that these positive statements may sound hokey. But here is the point. The only way to break out of an undesirable mindset is to replace negative thoughts with positive affirmations that we really believe. The best way to accomplish this is to understand exactly what we say that we want to change, and then be prepared with our replacement thoughts. Having practiced this for years, I can tell you that I still catch myself moving in the wrong direction at times. But that is the key – we catch ourselves and move back into a positive state of mind.

Life is too short to live in anything but a positive mindset. For me, the “negative road” has become a road less traveled. I see this as so for you too.

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 Slumping Entrepreneur

In 1961 Major League Baseball’s Philadelphia Phillies suffered a 23-game losing streak. The 2013-14 NBA Philadelphia 76ers endured a 26-game losing streak. In 1976-77 the Tampa Bay Buccaneers had the longest losing streak in NFL history at 26 games. Dan Meyer played both in the infield and the outfield for the 1983 Oakland Athletics and captured the MLB record for hitless at-bats in 48 attempts by a non-pitcher. Talk about slumps! A quick check of the dictionary offers the following definition of slump – “a period during which a person performs slowly, inefficiently, or ineffectively, especially a period during which an athlete or team fails to play or score as well as usual.”

We have all watched sports teams at amateur and professional levels encounter slumps. Ditto for businesses. And we’ve undoubtedly experienced periods in our own lives where we perform slowly, inefficiently, or ineffectively. Feelings of hopelessness and victimization set in. Day after day we become more lethargic. It is harder and hard to get out of bed. We are defeated shortly after we arise. When things don’t turn out the way they should we say things like, “it figures – I just can’t win,” and an air of resignation sets in.

A slump is simply a state of mind. While I do not have scientific proof, I believe we enter a slump because of negative thinking. We are rocking along with everything going fine and something happens that has negative connotations. Maybe we were certain we were going to win a certain piece of business and then we don’t. Rather than shake it off and re-double our efforts with a positive attitude, we allow the loss to gnaw at us. It might be very subtle or even subconscious. But we let that little bit of negativity into our psyche and that, my friends, can be the beginning of a slump. That is why I am such a staunch advocate for maintaining a positive frame of mind 100% of the time. Positivity is the best armor against a slump. When something does not go right, we need to see it as an opportunity to get right back on the horse and ride again . . . without hesitation. The negative creep in our consciousness will kill us if we don’t.

Suppose that somehow, we find ourselves in a slump. How do we pull out of it? The same way we avoid falling into a slump in the first place. The first and most important step is to examine our attitude. Recognizing the negative thoughts and replacing them with positive ones is absolutely crucial. And we need to make sure we get every last one of them. Even a lingering doubt of any sort can be enough to keep the slump alive.

Once we return to a positive frame of mind, we can take some additional steps to ensure that we are back on track and the slump is behind us. Look for a small victory of some sort. No need to swing for the fences – just get a base hit. For example, we don’t need to immediately make that next big sale. Instead, simply get an appointment to meet with a prospective customer. Also, it is a good time to review the basics and fundamentals of whatever it is that you do. This becomes a necessary grounding exercise. A baseball player who is struggling at the plate will often focus on the mechanics of his hitting. Perhaps he finds that a very minor change in technique makes all the difference. With a completely positive mindset and solid basics and fundamentals working in concert, the final step is going to a place of gratitude. We have so much for which to be grateful and must intentionally create a thanksgiving inventory. Focusing on gratitude will close the circle and put us back in the winning mode again.

Slumps occur because we let in a tiny bit of negativity. We can quickly end a slump by regaining our positive attitude; by focusing on the basics and fundamentals of what we do, and by being thankful for all the good that is in our life.

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 Lucky Entrepreneur

I am sure you have heard the saying that even blind pigs find a truffle once in a while. Sometimes people will say that their luck has run out. Author Josephine Hart once wrote, “Lucky people should hide. Pray the days of wrath do not visit their home.” Theodore Roosevelt said, “As regards the extraordinary prizes, the element of luck is the determining factor.” Bill Watterson, creator of the comic strip Calvin and Hobbes once quoted Calvin as saying, “You know, Hobbes, some days even my lucky rocket ship underpants don’t help.” That one is my favorite.

So, how often do we chalk things that happen up to luck? There has always been a lot of talk about coincidence, destiny and fate. It is as if there are certain influences in our lives that are out of our control. And it is pretty hard not to believe that this is totally true. But as the years have gone by, I have come to believe that we do control pretty much everything that happens, just not always at a conscious level. Once, I was talking with a friend who had been struggling with his job performance. He wasn’t hitting the sales goals his company had set and was on the firing line to improve. He had a breakthrough month and said this about it, “Basically, my team was down three points, and I got fouled shooting a half-court shot at the buzzer that happened to go in. I worked hard to get there, but it was purely coincidence that it all came together at one time for me.” But the reality of what transpired for him had nothing to do with coincidence or the serendipity that he describes.

What my friend did not realize is that he set an intention and then persevered to make it so. In the process, he created an energy that opened the door for him to win. We are such a tangible society. If we can’t touch it or see it, we often don’t believe it. Ah, ye of little faith, as the saying goes . . . right? But I have said many times how powerful our minds can be. Think about it. When we are in a negative frame of mind, how productive are we? How often do good things happen? Likewise, when we have a positive mindset how productive are we? How often do good things happen? I can’t think of a single time when I was in a sour mood and wallowing in negativity that anything really good came of it. And I do know that everything good that has transpired occurred when I was in a positive place. Thus, I have reached a pretty simplistic conclusion that if I stay positive, I will create the energy necessary to draw good things into my life.

Do you believe that NBA star LeBron James is the luckiest man alive because he can shoot the lights out and dominate the game? Or, do you believe that LeBron James maintains a positive mindset that propels him to work hard to take advantage of an opportunity given to him by his innate skills? He does a combination of stretching and yoga throughout the day. He works out in the gym and on the basketball court. He is fanatical about his nutrition and water. James has a tireless work ethic, preparing himself mentally and physically to be the best basketball player in the world. Is that luck?

We do not stumble into our success but will it to be so with our preparation and mindset. Keeping negativity at bay opens the door to the positive energy that is anything but luck.

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 Unafraid Entrepreneur

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?”

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 Exhilarated Entrepreneur

Here’s a simple test. Do you wake up in the morning and can’t wait to tackle the day ahead? Does your brain function in overdrive with an idea a minute? Are you ever bored? Are you able to stay in “the zone” from a productivity standpoint for long periods of time? Do you experience endorphin rushes at times other than when you are exercising? Are you almost always in an upbeat mood no matter what? If you answered “yes” to all these questions except for being bored (and answered it “no”) then you are experiencing the “E” Factor.

The E Factor is a major ingredient in the recipe for the success of an entrepreneur (and everyone else for that matter). The E Factor is . . . Exhilaration! Exhilaration is the energizing excitement that puts an exclamation point on our lives. There’s no drudgery in Exhilaration. There’s no exhaustion in Exhilaration. There’s no negativity in Exhilaration. There’s nothing boring about Exhilaration. Exhilaration is all about positivity, optimism, the glass is overflowing (as opposed to half full), fireworks-on-the-4th-of-July, the sun is always shining and everything WOW!

From personal experience I can tell you that my life is so much richer and fuller as a result of reaching and staying in a state of Exhilaration. The little setbacks along the way that might throw others for a loop are mere speed bumps for me. My existence goes far beyond my vocation and has become totally holistic in nature. I know this may sound corny, but I truly am in love with life and life is in love with me.

How do we reach and stay in a state of Exhilaration? There are three steps that have worked for me. First, we must make serious choices about how we think. If you read my blogs regularly, you know that I constantly talk about how much of a difference our mindset can make. We all know this for the most part, but it’s not always easy to remember. Maintaining a positive state of mind is absolutely and totally critical to the E Factor. We must recognize when we are starting to veer into negative thinking; stop and release the negative thought and replace it with a positive thought. I have found that a positive affirmation said over and over is a perfect replacement for a negative thought.

Second, we deserve to live our passion. I realize that sometimes there needs to be a ramp-up process to reach this passion. My passion isn’t just what I do for a living. My passion is the way I live. It’s filled with many things for which I have a passion including my relationships, my philanthropy, my health, my creativity, my faith and many more elements. I’ve said numerous times that passion is what allows us to see in color. Just because we may not be totally passionate about our careers at the moment doesn’t mean that there aren’t many other aspects to our lives for which we can have passion. And with respect to our careers – we should have a step-by-step plan that provides the light at the end of the tunnel for when our career does become our passion.

Finally, we must practice intense gratitude. Being grateful for what we have and what we receive keeps the energy channel open for us to receive greater good in our lives. When I think back over the years about all the wonderful people who have done wonderful things for me, my gratitude needle explodes off the meter. Saying thank you isn’t enough. Doing good things for other people is an expression of our gratitude that recognizes what others have done for us. It’s a bit of a pay-it-forward mentality.

We can live in a state of Exhilaration if we choose to do so. It’s as simple as that. And to achieve the E Factor we must be positive, passionate and grateful. Enjoy the fireworks show!

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.

An Entrepreneur’s SuperPower: Looking Past Negative Appearances

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.

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.

Chronic Uh-Ohs

Have you ever had a chronic issue that simply couldn’t be resolved in a cost effective manner? In fact, maybe there isn’t any sort of solution at all. What do you do – especially if the situation has a negative impact on customer satisfaction? Here’s an example of what we encountered on one of our apartment communities. In this particular case, there is an issue with our water supply lines. Very simply – they break a lot. When this happens, apartments flood; sheetrock is damaged; carpet is destroyed, and residents are inconvenienced. We’ve spent huge sums of money to clean up the aftermath and have looked for every way possible to prevent the problem in the first place. Unfortunately, the piping material is flawed and short of re-piping the property, there isn’t another solution. And re-piping could run into the millions of dollars, so it’s just not an option.

The impact that this issue has had on our team and our residents has been profound. We’ve lost staff over this problem. A number of residents have moved out. Our team is weary of dealing with a challenge they cannot solve. Unfortunately there’s a lot of negativity on display among our team members. This negative energy feeds on itself and everyone holds their breath each day hoping that the phone doesn’t ring with more bad news.

But all is not lost because there is something we can do. We can (and must) take a chronic situation like our pipe-break dilemma and turn it into a positive. We accept the fact that we are going to have pipes break from time-to-time. Acceptance is the first step in this process. For far too long we’ve operated in a state of denial. But this doesn’t have to be. Knowing that this problem will persist, we next amass as much data as we can generate and continually pore over it, looking for patterns or any other key elements that might help us identify where the next break might happen. Is there a particular location in the piping runs where most breaks occur? Does temperature or water pressure play a role?  We obviously focus on higher level units first since breaks on those floors can wreak more havoc than a first floor apartment. Ultimately we take whatever proactive steps we can to prevent the breaks – even to the extent of making some repairs before a break occurs.

The next part of this turn-the-negative-into-a-positive process can actually be fun. We develop a comprehensive plan for how we are going to create a wonderful experience for our residents when a pipe breaks and their apartment floods. Sounds crazy – right? How could anyone think wet carpet and water coming through the ceiling is a “wonderful experience?” But here’s how we make it happen. We mobilize our clean-up and repair team that is highly trained to deal with issues like this. We communicate clearly and often. We do everything in our power to minimize the inconvenience to the resident. Knowing that we are going to have a certain vacancy factor built into our financial model, we take a few vacant apartments and fully furnish and equip them with all of the comforts of home. When a flood occurs, our team quickly moves clothing and other necessary items for the resident(s) affected, into one of the furnished units. We treat them to a nice dinner out and provide them with gift baskets. Perhaps we’ll even offer them movie tickets or send them to an amusement park. In other words, we try to create a positive experience for them that they might not otherwise enjoy. Meanwhile, our team is working fast and furiously to repair the leak, clean and sanitize the carpet, repair the sheetrock and put the apartment back the way it was before the flood. Then, as quickly as possible, we move the resident back into their original apartment. And I can’t emphasize enough the need for clear and constant communications.

Probably the most critical aspect of dealing with chronic problems like I’ve described is the mindset of the team. If the attitude is negative – we’re doomed from the start. When we look for creative ways to “wow” the customer, we can create goodwill AND it can be exciting and stimulating for our team. No, the problem doesn’t go away and coping with it may still be costly. But when our team finds a way to turn a negative into a positive for the customer – we will experience even greater levels of success than we might have otherwise.

You can also listen to a weekly audio podcast of my blog. What you hear will be different than what you read in this blog. Subscribe on iTunes or wherever you get your podcasts. You can also click on this link – Click here to listen to Audio Episode 123 – Who Is This Murphy Guy?

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.

Flooded vintage interior. 3d concept

Existential Threats to the Entrepreneur

That’s an ominous sounding title for this blog – right? But not necessarily for reasons you might be thinking. When most entrepreneurs think about what can “kill them” – in a metaphorical sense – they might list undercapitalization, the inability to hire a qualified and competent workforce, or chronic issues with their product. While these can be serious problems, they are much less severe than the existential threats I’m going to discuss.

I believe that the most menacing threat to an entrepreneur’s existence is his or her own mindset. Do we truly believe we can succeed, or do we feel victimized and constantly under siege? Great entrepreneurs are eternal optimists. We know we can win – there’s no doubt about it. We will pivot when we have to, but we are absolutely convinced that we will reach the Promised Land – whatever that might represent for our endeavor. Entrepreneurs who are too skeptical or pessimistic are destined to fail. They become tentative and can be paralyzed when making important decisions. Negative Nellies will usually crash and burn. They live in a world of lack and limitation. They can’t escape the negative energy that always surrounds them and eventually impacts their team.

Hand-in-hand with the negative mindset is another existential threat – that of low resilience. Look, we entrepreneurs get beaten up a lot. We make a ton of mistakes. We hear from plenty of people who don’t like us or what we are doing. If we can’t get up off the ground when we’re knocked down, then we’ll die lying there – again, metaphorically speaking. And it’s not just the ability to bounce back that’s critical. We do so with a smile on our face and new resolve that we have actually taken a step toward success with our setback. Does that sound contradictory? It’s this kind of thinking – that we’re actually moving forward when it seems that we’re failing – that is the real definition of resilience. The existential threat melts away when we are always tougher than the problems we encounter.

The next existential threat is that of a lack of vision. Entrepreneurs absolutely must be able to see into the future. The ability to be a visionary also leads us to think more strategically and work on our business more than in our business. An entrepreneur who is a good operator but lacks vision will eventually “die.” It may be a slow death, but death nonetheless. Why? Because without a vision – especially one that inspires our team – we are simply stirring the pot. Over time, things begin to unravel. Key people leave because the future is unclear. Important customers leave because a competitor (with vision) has offered a more innovative product or service. Rather than create a clear vision, the operator-entrepreneur takes tactical actions to try and solve the problem. This may include belt-tightening measures or price increases, neither of which addresses the underlying issue. R.I.P.

Poor communications skills are another existential threat to entrepreneurs. This encompasses many elements. The entrepreneur who can’t persuade through artful communications won’t be able to sell his or her ideas to customers, team members or anyone else. The entrepreneur who is unable to communicate effectively will have difficulty building important relationships. When communications are non-existent or garbled at best, misunderstandings will occur and feelings are hurt. I have found that a very large percentage of challenges that we encounter are the result of inadequate communications. Entrepreneurial leaders must communicate clearly, concisely and constantly to eliminate this existential threat.

There’s one more existential threat that’s a biggie. Entrepreneurs who operate without integrity will eventually die. Our stock in trade is our integrity. It matters not how positive and optimistic we are, how strong our ability to bounce back, how grand our vision might be, and how well we communicate, if we lack integrity we’re dead as a doornail. Customers want to do business with entrepreneurs who are honest and forthright. Team members want to work for entrepreneurs who always do the right thing. Of course there are examples abound of CEOs and companies that seem to have “gotten away” with underhanded behavior. It may take a month, a year or even longer, but eventually the jig is up. Maybe it’s karma or there’s some other explanation, but the entrepreneurs who don’t play it straight will lose in the end.

There are many existential threats to entrepreneurship. A negative mindset, low resilience, a lack of vision, poor communications skills and a deficiency in the integrity department, top the list.

You can also listen to a weekly audio podcast of my blog. What you hear will be different than what you read in this blog. Subscribe on iTunes or wherever you get your podcasts. You can also click on this link – Click here to listen to Audio Episode 112 – Asshole Self-Test.

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.