A Dirty Word

What two words in the English language couldn’t be further apart in their meaning, but are often intertwined for entrepreneurs? The first word by itself is part of the everyday life of an entrepreneur – and every other person in the world as well. This word is relatively innocuous. But when connected with the second word it’s like adding the primer to dynamite. The resulting explosion can have all sorts of detrimental effects on our lives.

That first word is “failure.” Many entrepreneurs (and others) fear failure. But successful entrepreneurs have almost always experienced failure in different ways and multiple times. They use their failure to recalibrate or pivot, and find a new way to make something work. David H. McConnell was a door-to-door book salesman who offered a little gift of perfume to female customers. Selling the books didn’t work out so well, but there was great demand for the perfume. So McConnell ditched the books and turned the perfume concept into what is now known as Avon. Ever heard of Traf-O-Data? It was a partnership between Bill Gates and Paul Allen for the purpose of developing reports from traffic counters for traffic engineers. Needless to say the business was not a success. But Gates went on to launch another venture called . . . Microsoft. And then there’s the famous story about a man named Fred Smith who wrote a paper for his Yale University economics class involving overnight parcel deliveries. The professor wasn’t impressed and gave him what Smith recalls was a C. Undaunted, Smith pursued the idea which today is known as Federal Express.

This brings us to the second word. The word is toxic to entrepreneurs for it can easily become a mindset. The word . . . “defeat.” Failure is part of a process of experimentation and discovery. Defeat is the end. Once defeat is admitted, there’s nothing more to be done. I knew a man who worked for someone else for several decades. Then he decided to spread his entrepreneurial wings and bought a business. He labored mightily but eventually had to close his doors. But rather than lean into the experience and use it as a stepping stone to success, he withdrew. His confidence was shaken and he began making unhealthy choices. He tried working for someone else again but eventually ended up driving a taxi. Now there’s nothing wrong with driving a taxi if it’s for the right reason. But in this case it was his way of curling up in the fetal position and saying, “I can’t.”

I think that it boils down to whether or not we have a “die trying” mentality. It boils down to whether or not we have a positive image of ourselves. It boils down to moving as fast as we can to kill our own bad ideas so we can make room for the good ones! When we are afraid to fail, we are setting ourselves up for defeat. One of the most important things about failure is making certain that it’s not so monumental that we can’t right our ship. A mindset of defeat occurs when we are convinced we’ve lost it all – forever.

Here’s what I’ve learned. I don’t set out to fail at anything but accept the fact that I will and I must, if only to find the good ideas that work. I always make sure there’s enough of a margin of safety that my failures aren’t going to “kill” me. This leaves room for a pivot or a more significant shift. Regardless of my failures I will always remain positive and optimistic. Sometimes this can be very hard but it’s fundamental to avoiding defeat. When I do fail I look for what can be salvaged from the experience to bolt onto the next iteration of whatever I’m doing. And finally, I know that I’m a step closer to success by eliminating a step in the process that didn’t work.

Failure and defeat are not connected in any way, shape or form. Great opportunity and great success can rise from failure. Nothing good comes from defeat.

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 57 – Headwinds

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.

Congratulations – You Own a Gold Mine!

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

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

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

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

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

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

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

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

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

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 53 – Is the Lone Ranger Dead?

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.

A Rabbit and a Hat

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

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

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

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

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

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

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

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 – Audio Episode 48 – Pluses and Minuses.

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.

Who Is Dan Meyer?

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’ve 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’s harder and hard to get out of bed. We’re 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 don’t have scientific proof, I believe we enter a slump as a result of negative thinking. We’re 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. Which 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 doesn’t 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’re 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’s 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 of the good that is in our life.

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 1 – False Choices.

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.

Dan Meyer

Grrrr!

I know someone who always seems to have the worst luck with personal encounters. This person relates harrowing tales of being cut off by other drivers and nearly having an accident on a daily basis. This person is regularly aggrieved by others – slights of all types and magnitude. This person is opinionated and not the least bit shy about sharing views on a wide range of subjects, often causing discomfort for others. In short, this person lives in a constant state of conflict.

Conflict can be a healthy thing if it’s properly managed. But I sure don’t want to live there. Some people dread and avoid conflict as much as others seem to constantly be embroiled in it. As entrepreneurs it’s next to impossible to completely avoid situations where conflict may arise. And trying to do so may damage our relationships if we fail to be genuine and authentic for the sake of what we perceive as “keeping the peace.” So just how should we manage conflict in a healthy manner? I have learned through experience that there are four elements to managing conflict.

First, we must never play the victim. Conflict begins when we give someone else our power by letting our feelings be hurt or believe that we are being taken advantage of in some way. These feelings bubble up and our resentment builds as we buy into this story that we are telling ourselves. It’s critical that we break this cycle before it starts thereby allowing us to avoid wallowing in and exaggerating the fiction that we have created. Of course there may be instances where someone really is trying to hurt us and take advantage of us. But if we don’t give our power away the perpetrator won’t be able to escalate the conflict.

Second, maintaining a positive attitude is critical to successfully managing conflict. After we eliminate any stray feelings of victimization we need to shift into a 100% positive frame of mind as quickly as possible. Our positive energy is vital to creating the end result that we desire. Think about it. Are we more likely to end up in a good place with negative energy or positive energy? The choice is pretty simple.

Third, we stay in “fact mode.” Let’s assume for a moment that the conflict involves an employee who has accused you of showing favoritism to another employee. The accuser is so upset that he has pleaded his case to a number of his co-workers, causing a minor uproar in the organization. You know this guy is flat wrong but you resist the temptation to feel like a victim and take offense that your integrity and leadership is being impugned. You choose to stay positive and move directly into the fact finding mode. You have a calm and non-accusatory conversation with the angry employee to find out specifically why he believes you are showing favoritism. Perhaps the facts lead you to the realization that this person misunderstood a key piece of information that led to his misperception. You are easily able to share the real facts and quickly defuse the situation.

Finally, we must know when to compromise when appropriate. It’s easy when we know we’re right to become entrenched in our position and dig in our heels. And it might be just as easy to say something like, “I’m sorry for the misunderstanding,” even if we truly aren’t at fault. I do not advocate compromising our core values or our principles. But sometimes it’s better to offer the olive branch when neither is at stake. The conflict may quickly de-escalate at that point and our leadership may be admired and respected.

Managing conflict can be a positive opportunity to build relationships. Entrepreneurs should embrace this opportunity by not playing the victim card; staying positive; pursuing the facts and compromising when it makes sense to do so.

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.

boxing-babies

Who Needs King Midas?

We all know the story of King Midas. The satyr Silenus became drunk and wandered into King Midas’ rose garden where he passed out. Midas found him and treated him kindly whereupon Silenus offered Midas a wish. The king asked that everything he touched would turn to gold. The wish was granted and thereafter everything that Midas touched turned to gold . . . including his daughter. Sadly, Midas died of starvation because even the food he touched turned to gold. Did Midas actually prosper through all of this?

Prosperity and abundance take many forms. This blog is specifically about financial prosperity. As entrepreneurs we have an opportunity to take stock about our attitude toward prosperity. Early in my career I was focused on the Almighty Dollar. Everything was about money for me. And the harder I chased it, the more elusive it became. It seemed as though I could see prosperity, but it was always just barely beyond my outstretched fingertips. What a frustrating period this was for me!

It’s easy now for me to see why I wasn’t prosperous. Very simply, I had the wrong attitude. I have a surefire, 100% guaranteed method that will ensure that you will enjoy financial prosperity beyond your wildest dreams. And unlike a lot of snake oil salesmen that are peddling their methods, I’m going to pass it along to you absolutely free! Here’s what worked for me.

First, I stopped focusing on money and instead found my Passion. I’ve written before about a concept that Simon Sinek discusses in his book entitled, Start with Why. When we understand WHY we exist and then align everything in our lives with our WHY we begin to live our passion. If we start with our WHY, our HOW and our WHAT will emerge effortlessly.

Second, I embraced Tithing. I give away at least 10% of every dime that comes into my life. We tithe to that which feeds our soul. This might be to a church or some other individual or cause that truly makes a spiritual difference in our lives – and I’m not talking about just religion here. Tithing enables me to see the Law of Attraction at work every single day for I know that when I give away my treasure without condition, I attract much more Good into my life.

Third, I have No Fear of lack or limitation whatsoever. When I write a large tithing check I never wonder for one second if I should give less or keep the money in my bank account until my balance is a little larger. No matter what happens – no matter how tough or bleak things may be in the moment, I always know that good things will come my way – and they always do!

Finally I do my darnedest to maintain Positive Mindset at all times. Negative thoughts are toxic and poisonous to positive energy. And positive energy is necessary to deliver prosperity. Fortunately this isn’t too hard to do as I live my passion every day.

Financial prosperity comes about when we intentionally create the environment for it to grow and flourish. When we do this who needs King Midas?

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.

King Midas