The Respect-Earning Entrepreneur

Posted on October 3, 2021 by anentrepreneurswords

Successful entrepreneurs display many different leadership traits. But there’s at least one aspect of leadership that an entrepreneur cannot just automatically possess – instead it must be earned. Of course, I’m talking about Respect. Many believe that respect should be granted simply due to a station in life or perhaps a position that is held. Certainly, there may be some truth to this, but true respect is not something that is simply bestowed. Yes, the Queen of England, the President of the United States, and other heads of state command respect. But it’s for the office and not necessarily the individual.

Rodney Dangerfield made a living as a comedian with his trademark phrase, “I don’t get no respect.” With apologies to Rodney, respect is no laughing matter. It should be viewed with the utmost of seriousness because it can be a life-or-death factor for businesses and organizations of all sizes. When CEOs misbehave not only is the individual disgraced but the company he or she represents is shamed as well. On September 28, 2015, the EPA announced an order to recall Volkswagen cars built from 2009 – 2015 due to software that was programmed to cheat on emissions testing. Two days later the company admitted to this malfeasance and on September 23 the CEO resigned. Volkswagen has since paid well over $20 billion in financial penalties and legal settlements – not to mention the long-lasting reputational damage that would bankrupt smaller firms. Rebuilding the respect of the public for the VW brand will be a long and arduous process. And who knows if the former CEO will ever again be truly respected.

Earning respect doesn’t just happen. There is an intentional process that is required, and it consists of multiple facets. From my perspective it all starts with integrity. Do we always do the right thing even if it’s seemingly detrimental to our best interests? And do we always do the right thing even when no one is watching? Integrity cannot be turned on and off on a whim. Either it’s there or it’s not. Our team members, customers, suppliers – everyone is watching. If we keep our moral compass centered, we will have taken a giant step toward the pinnacle of respect.

Together with integrity is authenticity. It’s impossible to be authentic and genuine without integrity. Are we comfortable enough in our own skin to be ourselves? We’ve all seen others who are struggling with inner demons and insecurities. They “put on airs” and engage in bragging and blowhard behavior. It’s hard to respect someone who is living in disguise and can’t deal productively with his or her personal issues.

Entrepreneurs who have empathy and genuinely care about others are more likely to earn respect than an insensitive tyrant. Think about this. An individual is completely honest; does everything in an above board and straight forward manner; is totally authentic – but he’s also a flaming a-hole. How much respect do you suppose those people with whom he interacts have for him? Treating people poorly is a fast way to lose the respect of others. The leader who is courteous and thoughtful is earning respect. The leader who shows a real interest in others and their welfare is earning respect. The leader who subordinates his needs or desires to the wishes of another, is earning respect. When a leader enjoys success but publicly gives the credit to members of his team, he is earning respect.

Consistency is the final ingredient in this recipe for respect. We can’t be hit or miss with our integrity, authenticity or in the way we treat people. Inconsistency sows seeds of doubt about our real motives. In a worst-case scenario others see us as being manipulative and conniving. Clearly when we stay true to our principles, we have no problem remaining consistent.

Earning respect takes time, and once achieved the quest to maintain it should be sacred. Earning and keeping respect is best accomplished through integrity, authenticity, empathy, and consistency.

This blog is being written in tandem with my book, “An Entrepreneur’s Words to Live By,” available on Amazon.com in paperback and Kindle (My Book), as well as being available in all of the other major eBook formats.

The Entrepreneur Negotiator

Posted on November 22, 2020 by anentrepreneurswords

Harrison Ford starred in the classic movie, Raiders of the Lost Ark. Bill Murray and Scarlett Johansson starred in Lost in Translation. Richard Dreyfuss played the lead in Lost in Yonkers. The television show Lost in Space ran from 1965-68. And entrepreneurs star every day in the Lost Art of Negotiation. Why is negotiation a lost art? I believe that too many of us see negotiating as a competition.

Google gives 90,500,000 results for the word negotiation so there is no shortage of material about the subject. But I do not want to focus on negotiating techniques – that is not the point of this blog. Instead, I would like to offer some ideas that may be helpful in making the negotiating process more productive.

If we start with the premise in a negotiation that we want to win, then it becomes a competition where someone (not us) is going to lose. From here we harden into our “positions” and the tension begins. There is a better way. First, we need to see a negotiation as an opportunity to solve a problem. It is a dual problem – one for us and one for another party. Trying to solve just our problem may be far more difficult than figuring out how to solve for both parties. What do we do when we solve a problem? We start by clearly defining all elements of the problem. Then we catalog all the possible solutions. Our innovation and creativity come into play at this point.

In the process of attacking the problem we establish our bedrock principles. For example, we may resolve that no matter what, we will always be respectful. Perhaps we commit to avoid getting hung up on personalities. Or we may decide that regardless of how dirty the other party may play our approach will continually reflect total integrity. Ultimately our analysis leads us to the bottom line for the most critical factors to the outcome we believe will best solve the problem for both parties.

Recently I was coaching a business owner about the potential sale of her company. I asked her what her bottom-line number was, and she gave me a figure. Then I asked her if negotiations led to a value that was $50,000 less than her bottom-line number, would she sell. She replied in the affirmative. So, we went back and forth with the $50,000 question until we finally reached an amount that she absolutely positively would not accept. The takeaway for her was that the initial figure she thought was her bottom-line number actually was not.

As we engage in a negotiation we listen to and understand what the other party is telling us. This information is then overlaid onto the problem we have identified, and our array of solutions is applied. We avoid confrontation by working from a set of facts; seek agreement wherever possible, and constantly narrow the scope of issues.

Being in the commercial real estate business I have been in continuous negotiations in one form or another for more than 45 years. You can read all the books you want and watch all the videos in the world on negotiating strategies. And if you pay attention to them you can easily end up getting too cutesy. I have found that a fairly straightforward approach has been extremely successful for me. I do not try to outthink the other party or construct a series of chess-like moves. Instead, I know what my bottom line is, and I know the principles that I want to maintain. If I must violate my principles to get to my bottom-line, I’ll withdraw. And I have learned that transparency and respect have been more valuable than anything else.

Entering a negotiation as a creative opportunity to solve a problem for both parties puts us on the same path. Bedrock principles and a clear understanding of our bottom line is then the recipe for a positive outcome.

The Blessed Entrepreneur

Posted on April 19, 2020 by anentrepreneurswords

We all have aspirations. So, what kind of an entrepreneur do we aspire to be? I would like to be a Blessed Entrepreneur. How would this manifest?

The Blessed Entrepreneur has a rock-solid set of principles and core values. He or she marches to a tune of integrity and honor. Decisions are made in part with an eye toward how others are helped and most certainly an avoidance of intentionally hurting anyone. The purest test of this individual comes when a choice must be made between earning substantial profits by “cutting corners” or doing the right thing that generates little or no gain.

The Blessed Entrepreneur sees the glass not half empty or half full. This person sees many glasses overflowing and is always in deep gratitude for such bounty. A completely positive mindset is one of the strongest attributes of the Blessed Entrepreneur. Thoughts of lack and limitation are quickly swept away with optimism and hope; then translated into process and action that preordains the desired outcomes. Even moments of doubt and challenge are transformed into opportunity and silver linings.

The Blessed Entrepreneur exudes a quiet confidence. There is no arrogance – only competence. This confidence evolves through knowledge, experience and selflessness. The Blessed Entrepreneur is never too proud to ask for help or admit ignorance about a particular subject or situation. He or she is totally comfortable in his or her own skin. There’s no need to “put on airs” or pretend to be someone they’re not.

The Blessed Entrepreneur is the quintessential leader. This person is a role model and a collaborator. A command and control style is never utilized. Coaching is the approach most favored and a clear vision is continuously articulated. The Blessed Entrepreneur inspires members of the team to do better and be better. He or she is always looking for ways to recognize the accomplishments and success of others. An intentionally positive culture is developed and nurtured.

The Blessed Entrepreneur understands his or her priorities. Outside of a vocation, this individual has a strong focus on living a healthy lifestyle. This includes regular exercise, eating right and getting regular medical checkups. The Blessed Entrepreneur is aware that good health impacts all other aspects of his or her life. Similarly, this person also pays attention to the family unit, spending quality time with a spouse or partner, children, parents, grandparents and other family members. Most important of all, being fully present defines quality time.

The Blessed Entrepreneur is financially prosperous but not because wealth is his or her goal. Instead, a passion for a profession drives this person to excel and discover new opportunities. This passion unlocks a powerful creative flow that results in amazing success. And part of this success can be measured in a level of financial benefit that becomes a by-product of the overall effort.

The Blessed Entrepreneur embraces change and fearlessly pursues innovative solutions to problems that are faced. The prospects of change stimulate excitement and a desire to lead the process that enables an orderly transition. There’s no hand wringing about the past – only a positive outlook for the future with an expectation that every day will be even better than the last. This attitude converts to boundless energy that is infectious for all those with whom contact is made.

Finally, the Blessed Entrepreneur lives a life of service to others. He or she is always looking for ways to offer a helping hand without quid pro quo. There is no need or anticipation for accolades and recognition. The Blessed Entrepreneur has an innate ability to spot those who need assistance whether it be a colleague, a friend, a family member or even a stranger. This giving of one’s self may be small in nature or significant – it matters not.

Blessed Entrepreneurs lead complete and satisfying lives. They are committed to their aspirations which becomes inspirational for the rest of us.

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.

Lost Art

Posted on November 1, 2015 by anentrepreneurswords

Google gives 90,500,000 results for the word negotiation so there’s no shortage of material about the subject. But I don’t want to focus on negotiating techniques – that’s not the point of this blog. Instead, I’d like to offer some ideas that may be helpful in making the negotiating process more productive.

If we start with the premise in a negotiation that we want to win, then it becomes a competition where someone (not us) is going to lose. From here we harden into our “positions” and the tension begins. There is a better way. First, we need to see a negotiation as an opportunity to solve a problem. It’s actually a dual problem – one for us and one for another party. Trying to solve just our problem may be far more difficult than figuring out how to solve for both parties. What do we do when we solve a problem? We start by clearly defining all elements of the problem. Then we catalog all of the possible solutions. Our innovation and creativity come into play at this point.

In the process of attacking the problem we establish our bedrock principles. For example we may resolve that no matter what, we will always be respectful. Perhaps we commit to avoid getting hung up on personalities. Or we may decide that regardless of how dirty the other party may play, our approach will continually reflect total integrity. Ultimately our analysis leads us to the bottom line for the most critical factors to the outcome we believe will best solve the problem for both parties.

Recently I was coaching a business owner about the potential sale of her company. I asked her what her bottom line number was and she gave me a figure. Then I asked her if negotiations led to a value that was $50,000 less than her bottom line number, would she sell. She replied in the affirmative. So we went back and forth with the $50,000 question until we finally reached an amount that she absolutely positively would not accept. The takeaway for her was that the initial figure she thought was her bottom line number actually wasn’t.

As we engage in a negotiation we listen to and understand what the other party is telling us. This information is then overlaid onto the problem we have identified and our array of solutions is applied. We avoid confrontation by working from a set of facts; seek agreement wherever possible, and constantly narrow the scope of issues.

Being in the commercial real estate business I’ve been in continuous negotiations in one form or another for more than 40 years. You can read all the books you want and watch all the videos in the world on negotiating strategies. And if you pay attention to them you can easily end up getting too cutesy. I have found that a pretty straightforward approach has been extremely successful for me. I don’t try to outthink the other party or construct a series of chess-like moves. Instead, I know what my bottom line is and I know the principles that I want to maintain. If I have to violate my principles to get to my bottom line I’ll withdraw. And I’ve learned that transparency and respect have been more valuable than anything else.

Bridges

Posted on January 13, 2013 by anentrepreneurswords

Question: Sometimes I get so angry with people that I want to tell them exactly how I feel about them. Don’t you think that such honesty is always the best policy?

Answer: Well, yes and no. We have to evaluate how the other person will react to our “honesty” and we also need to understand whether we are really being constructive with our comments or simply seeking the satisfaction of telling someone off.

There have been many times over my career that I’ve felt wronged by someone and wanted to lambaste them for what they did. I can’t tell you how many letters I’ve written to such people; put them in the drawer; “slept on it,” and then never mailed the letters (or hit the Send button for an e-mail). I guess writing the letters and e-mails was therapeutic but a little voice kept telling me not to follow-through and send them.

Recently a former investor of ours was in my office visiting from another city. Toward the end of our relationship with his firm things became a bit strained. We had gone above and beyond our contractual obligations with his company and yet there was no “give” on his part. However, we went out of our way to keep things businesslike and cordial. He commented during his recent meeting with me that he respected the way we handled the situation. He pointed out that he was in our office talking to us about doing another deal with his firm because we did not burn bridges with him.

Reacting emotionally and burning bridges may feel good at the time. But in the long run it costs us relationships, friendships and money. I still get irritated with people that don’t adhere to my business principles and values. However, I’ve come to realize that making the choice to protect the relationship is much more important and I quickly moderate my emotions. Sure it’s hard to smile and keep an even tone – but we never know when that person who has caused the irritation may become our best client or even our best friend.

I’ve said for years that one of my objectives as an entrepreneur is to collect and serve as many relationships as I possibly can over the course of my career. A lot of time and effort is invested in doing this – so why would I want to throw this all away by burning a bridge with one of these relationships? Perhaps when a bridge becomes shaky or weak, the best course of action is to work to strengthen it rather than burning it.

An Entrepreneur's Words to Live By

Lifechanging Ideas for Entrepreneurs

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