Archive for Leadership
What is an entrepreneurial mind anyway?
Posted by: | CommentsThe Harvard Business Review article “MBAs vs. Entrepreneurs: Who Has the Right Stuff for Tough Times?” got me thinking about what it means to have an entrepreneurial mindset.
Turns out there’s some significant research being done on how an entrepreneur’s thought processes work, and it’s different from the corporate cubicle dwellers. One of the leading researchers in this field is Professor Saras Sarasvathy of the Darden Graduate School of Business at the University of Virginia.
As explained by Sarasvathy, there are two camps of reasoning. Causal reasoning “begins with a pre-determined goal and a given set of means, and seeks to identify the optimal alternative to achieve that goal.” Think of a sales quota or a product launch.
Entrepreneurs use what’s called effectual reasoning. It “does not begin with a specific goal. Instead it begins with a given set of means and allows goals to emerge contingently over time from the varied imagination and diverse aspirations of the founders and people they interact with.” Think of a need you noticed, and then you creatively brainstorm on ways to meet the need.
So what does that mean?
- The entrepreneurial mind focuses less on planning and more on exploration. Now I believe in having a vision for how you want your life to be and how you want to impact the world, but that’s different from setting a specific goal.
- Entrepreneurs have a certain comfort level with the unknown. There will always be the element of surprise – good or bad. What will you do, how will you react, when that surprise happens?
- Entrepreneurs see and create opportunities where others may not. They are willing to take risks, even if they lack some of the means – they will find a way to make it happen.
- It’s about imperfect action. You’re willing to put something out there at say 80% of perfect instead of 100%, or 110%. It can always be tweaked and improved as you go.
- The entrepreneurial mindset believes in strong networks. Successful entrepreneurs don’t lack for meaningful and transformative relationships. Think of joint ventures, mentors, mastermind groups, and strategic alliances.
I actually think some causal reasoning can be helpful to entrepreneurs. Think of that website, product, or program you want to launch. That’s a specific goal right? You need to accomplish certain tasks to reach the goal, and also be aware of your means. But what you don’t want is to risk becoming limited in creativity (or by lack of means) to make something great happen.
Look again at the resources at your disposal – who you are (your values, skills, and strengths), what you know (your knowledge, education, and experience), and who you know (your network, mentors, partners).
What can you create with what you already have? Open yourself to the possibilities!
Here’s that article: http://bit.ly/k2uD2
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A serendipitous seating arrangement
Posted by: | CommentsAn evening last week I had two networking events back to back. So being the usual overbooked business woman, I decided I was going to somehow be in two places at once and make it to both.
I walked in a bit late to the Columbus eWomen Network event. Everyone was seated at dinner and I was just arriving. And one of the few open seats left? Right in front. Yikes. Everyone’s favorite spot where you have to twist your body at odd angles to see the speaker.
But wait. Right in front . . . at the head table next to eWomen Network CEO Sandra Yancey. I can’t wait to share what I learned, both from my conversation with Sandra and her talk.
First, the conversation:
- Don’t ever be afraid to sit next to a powerful person. As a business owner, these are EXACTLY the people you should be looking to meet. Sandra was wonderful and warm, like a long lost girlfriend. But who has Troy Aikman for a neighbor.
- Look for a common connection. Be conversational! We women especially love to find out about one another’s families, interests, and businesses. Turns out Sandra and I have a common connection. She was a professor at the same university I attended. If looking for a common connection is a challenge for you, prepare a list of possible open ended questions before any networking event. Preparation will pay off!
And now Sandra’s talk. The topic was centered around today’s challenging economy. Women business owners must step up and use our power to change the world and create transformational opportunities.
Wow. A tall order. She offered a few suggestions:
- Learn this new word: co-opetition. Cooperation with competition. Find people who do what you do and connect with them. Don’t worry that they a similar business or the same target market. Create an abundance mindset in your life, and your competitors may just become your best joint-venture partners and allies.
- Success is ultimately about access. Access to the wisdom of others, access to those that can help you build the business of your dreams. But with access comes privilege; it’s your responsibility to share your access with someone else.
- Relationships, relationships, relationships. There are three sets of relationships you need to examine. First, personal relationships are your key to connectedness and happiness, so make sure you’re nurturing them. Second, business relationships. Who are the women and men you need to know but don’t? This is part of access, and you need to find out who those people are and begin creating a loose connection with them. Lastly, toxic relationships. Who are the toxic people in your life? This is a hard one, but the toxic people in your life must be dealt with – we all have at least one and they hold us back from our true potential if we let them.
After the event I was so inspired, I decided to attend the eWomen Network national conference – for all of the above reasons.
The next time you need to be at two networking events at once? Go for it! It made all the difference for me that day. That serendipitous seating arrangement may have just changed my life.
Publish a book, boost your credibility
Posted by: | CommentsLast week I went to a book launch party for local business coach Meredith Liepelt. Her new book is titled Flourish! 10 Easy, Elegant, and Essential Marketing Strategies for Solo- and Micropreneurs.
It offers tips and advice on topics that every entrepreneuse should know, like defining your target market, putting systems in place, marketing collateral, and support teams. Check it out at http://www.richlifemarketing.com.
I’ve always wanted to write a book (there, I’ve said it in print!), and learned a couple of things from the book launch experience that I’ll share with you.
First, I’ll share what a book can do for you. A published book:
- Builds your expert status. Expert status builds trust and credibility, which are key elements to filling your business with ideal clients.
- Leverages your knowledge into multiple streams of revenue. It can be sold at speaking engagements, converted into a workshop or tele-seminar, or promoted as a bonus at others’ events.
- Doesn’t have to take years to complete, or be published through a traditional portal. Especially if this is new territory, consider an e-book or an on-demand self-publishing avenue. Today there are so many options for you to get your expertise into print.
And now for the fun stuff, the book launch party! Some of the things I learned from Meredith:
- Create an atmosphere of abundance! Make it fun, inviting, and relaxing. It’s a party after all!
- Have copies of your book for sale. Also make sure people know where to buy additional copies.
- Create video excerpts of the experience. A video-savvy virtual assistant asked many of us to say a few words about Meredith and the book. Great way to capture the moment and create future marketing materials at the same time!
- Find ways to support other local business owners in the process. The party was hosted at a tea company owned by another local businesswoman. So not only was the book promoted, but so was this other business! Get creative and support as many people as you can along the way.
As a side note, Meredith and I belong to many of the same organizations but just met a few weeks ago. I joined her mailing list on the suggestion of a friend, and then reached out and introduced myself.
The lesson here my self-employed friends – if there’s someone you want to meet, go for it! There is so much value in local connections, and even if someone has a similar business or target market you will be a better person and business owner for making the effort!
“I wish I would have . . .”
Posted by: | CommentsDo you ever wonder what successful solo professionals would’ve done differently if given the opportunity to go back?
I did, and asked that very same question to the Women’s Network of Entrepreneurs on LinkedIn. The answers varied widely, and I’m sharing them with you so you can avoid these potholes on your path to success! (By the way, the quotations are mine.)
- “I wish I would’ve realized the value of networking.” Networking and establishing meaningful connections are a life line for your business. Spend 10% of your business time in this area, whether it’s attending live events, meeting someone in person for coffee, or participating in social media.
- “I wish I would’ve created a business plan.” Without a business plan you don’t have a map for success. Your plan can be as simple as 2-3 pages, especially if you aren’t in need of outside funding. Take a look at your plan at least once per year and make sure you’re heading where you want to go.
- “I wish I would’ve better understood technology.” Technology is a great equalizer in the solo professional world. You don’t have to be a technological genius, but you do need to take the time to learn where technology can enable your business – by either saving time or increasing your bottom line.
- “I wish I would’ve asked for more help!” Delegate those tasks that aren’t core to your business. This could be hiring an assistant, an accountant, a web designer, or a copy writer. When we take on tasks that we don’t have time for or aren’t good at, it slows down our progress.
- “I wish I would’ve put a targeted marketing strategy into place sooner.” Get crystal clear on who you serve, or you run the risk of diluting your personal brand. Any marketing efforts you put into place won’t have the impact you need. A marketing strategy (and implementation plan) are a foundational aspect of your business. And in the spirit of the previous tip, get help with this if you’re not sure where to start!
Don’t be a wisher, be a doer!
A lesson in dreaming big from a PGA golfer
Posted by: | CommentsErik Compton isn’t Tiger Woods. But I’m telling you, he’s just as inspiring, if not more so.
Erik is a relatively unknown 29-year-old golfer who finally got his shot at the PGA Memorial Tournament this year. But what’s so unique about him is that he has had two heart transplants in his life.
One transplant? Amazing. Two? Very rare, because of the toll it takes on the body and the large numbers of people awaiting transplants.
This put things into perspective, doesn’t it?
When I learned about Erik’s story, I immediately saw some lessons I could apply to my own business and life.
- Dream big. When Erik woke up from his last surgery a year ago, what was one of his first thoughts? His dream of playing in a PGA tournament. Not what most people are thinking of after major surgery. But when you have a big dream, it can’t help but permeate your every thought. What’s your big dream? Does it permeate everything you do?
- Believe in yourself and find others to support you. Erik never stopped believing in his dream, regardless of the times he missed a tour cut or had a medical setback. It was all part of the process. He also has a close circle of support. Do you believe in your dream with everything you have? Do you see setbacks as opportunities to improve? Do you have a circle of friends and family that support you?
- Be competitive – with yourself that is. It would have been very easy for Erik to compare himself to other golfers and get discouraged. But instead, he focused on his own race. That meant getting up, pain and all, and getting back to the game. As solo professionals it’s natural to compare ourselves to others, especially those who seem to be further ahead in their business. We feel like we need to be doing more and doing it faster. Instead, look at the goals you’ve set for yourself and keep a laser focus on achieving them.
Read the full article. You’re truly inspiring Erik. Best of luck this week!
A business lesson from the Cleveland Cavaliers
Posted by: | CommentsThought I’d start my inaugural post with an article I read in today’s Columbus Dispatch (yes, I still read the actual paper!). The lead article in the sports section is dedicated to the Cleveland Cavaliers, making their bid for the NBA finals.
As a native Clevelander, I’m thrilled to see a local sports team make it this far. If you even remotely follow Cleveland sports, you know we have a history of getting our collective hearts stomped on anytime a team makes it into the playoffs or finals.
The secret to the Cavs’ success so far? A few things:
- They really like each other! They hang out together on and off the court.
- Egos remain in check, especially on the part of team stars. Everyone’s important and no one is left out.
- They celebrate one another’s successes. When a team member makes a great play, the entire bench cheers.
So how does that apply to my business, and hopefully yours?
- Your business doesn’t exist on an island. Surround yourself with teammates you like, and better yet, get to know them outside of work! These teammates can be joint venture partners, members from a mastermind group or course, and people from your industry association or community. Collaborating with teammates you like will naturally lend itself to success.
- Keep it in check. Look to those who are further along the path in their business and learn from them. Also, be willing to teach those who may be a few steps behind. Thank the family and friends that support you along the way, and try to keep your reactions to praise and criticism in balance.
- Celebrate your success and the success of others. I’m a fan of celebrating success – not only mine, but yours too. Did someone you know earn a new client, launch a new venture, or take a leadership role somewhere? Let your network know about it! You’ll make that other person feel great, and I promise it will come back to you in spades.
Go Cavs!