Are You an Exponential Entrepreneur?
Listen to this conversation with George Bandarian to find out if you are an exponential entrepreneur. He describes an exponential entrepreneur as one that can go from start up to exit without a lot of stress, while maximizing valuation. As the advance of technology increases, learning the skills of the exponential mindset will be important.
The Five Key Areas
The exponential entrepreneur is also one who maintains the key areas of his/her life. It is important to maintain self-care, the priorities or life and energy, so the business can be maximized. A business owner with misplaced priorities will never maximize what can be accomplished.
George and I discussed several areas of technology that are important to keep track of as they continue to advance. Here is a list of some of the common growth areas
The Stages of a Business
In our work over the years, we have outlined three general stages that a small business will go through as it grows. They are the Technician, Owner and CEO phases. While each of these phases can be broken down into further segments, we will focus on these three overarching stages in this article.
When speaking with Shannon Miles, CEO and Co-Founder of Belay Solutions, we discussed her and Bryan's (husband) journey through these stages. They experienced a three year start up phase. At that point, they had to make some changes in their mental approach to get into the Owner stage. Now they are clearly in the CEO stage. Listen to the episode to learn more.
While these stages exist and are clearly defined on paper, they may actually blend into each other. There is a definite difference in the skills needed in each stage as well as the mental approach. It will be important to learn, hire and/or develop the skills needed first for you as a leader and...
Up or Down, there is a Way
One thing that is clear in this conversation with Paul Moore, there is always a way to success no matter the circumstance. He shows us that through sharing his journey. He had great success, failure and then success again along the way.
The key is to remain persistent and continue learning. Do not give up and keep doing the work. Sometimes you even have to be a little unconventional in your thoughts and methods.
One of the keys to achieving success is knowing yourself. To know your strengths, your weaknesses and what you are apt to learn and do is critical. As a leader, or an entrepreneur, knowing yourself is paramount to making the right directional changes and pivots. In the area of investment, it is also true.
Turn It Around by Giving
Paul found himself in a hole of debt, even after achieving success. He learned as much from that journey, if not more, than from the success. He shared with us how he unconventionally turned around by...
I Double-Dog Dare You
I challenge you to take a big step in your business and life - get a coach! Sure, you may think I am writing this because I am a Coach. To be honest, I risk writing this and sounding self serving, when in reality I am trying to serve you. I truly believe everyone needs a coach along their path of business ownership, among other things. Whether it is me or someone else, you need to find a coach that can guide you.
I have used coaches for sports (duh!), weight loss, endurance athletics, business, podcasting, farming and recently for being confident on video (listen to episode 30). This is the affiliate link if you want to see my video confidence coach interview me literally right of the farm. Anytime I tackle a new endeavor, I look for someone to coach me.
Why I Use Coaches
You will spend money and time one way or another, so I have learned that doing it with a coach is the most efficient and effective way possible. I can hear you saying...
We covered so much in this episode that only the highlights are listed here. This is a must listen to episode as we cover so much ground for the business owner. Enjoy!
"Being brilliant in the basics is what makes any team move from being o.k. to being elite" - Gerald W Jones II
Brilliant in the Basics
Listen to what Gerald says in this episode about being brilliant in the basics. He is exactly right in that many business owners are missing this simple but key concept. The stuff that makes an elite business different than an o.k. business is being brilliant in the basics. How do they do that? It is all about focus and intention.
Let's talk about the D.O.P.E. business plan that Gerald outlined for us. First you must Define your strategic objectives. If you do not know where your are going you may get somewhere unintended. You and your team has to know WHERE you are going!
You must also Organize your business model so that it fits your lifestyle. If your business is...
Three Basic Types of Leaders
There are three basic types of leaders we see on a regular basis. There are many more types and sub types for sure, but these are the typical ones we see.
1. Command and Control - these are the 'old school' leaders that were made infamous in the 70's and 80's by some of the most well known CEO's. While these leaders can get results, they can leave a wake of carnage in their path.
2. Weak or Selfish - these are the leaders that put their need to be liked above the need of the business or the people. They may calm recent discord, but in the long run they don't accomplish much nor create a joyful culture.
3. Humble and Gracious - these are the leaders that while still driving for results, can find a way to do so by respecting others and being kind. In the end, they will accomplish much, while building a team.
Do You Know How You Are Perceived?
There are two basic perceptions of your leadership style, yours and theirs. Do they match? It is...
A Simple Idea can be Big!
Dane Short tells us in our conversation about a simple idea his mom had when she was creating a doodle. He goes on in the story to tell how that one idea sparked a few more thoughts from others and eventually a business. All it took was that one spark and then the oxygen from some other people to ignite a fire that is burning bright today.
What idea do you have, that with a little oxygen, could turn into a raging fire of opportunity?
How to Create a Movement
Zymbol, the name of their product and company, is now a movement. How did that happen? First, they started with grass roots level marketing and engagement. This helped them truly understand their market and what was attractive about their product. This method, while not the on-line dynamic stuff we hear hear from the so called experts, is the best way to get started albeit a slow process. It endears you to your customers and ensures that you really understand the story to tell.
What is a Leadership Pipeline?
Your business will always have to recreate itself at best and may even go backwards if you don't have a leadership pipeline established. What exactly is a leadership pipeline you ask? It is a pipeline of talent filled with future leaders of your business. It is the inventory of talent being trained and groomed to be the next level of leaders of your business. They are your future.
Why a Leadership Pipeline?
A leadership pipeline allows you to build bench strength. As you fill the pipeline with talent you need to hire for culture fit, attitude and character above all else. Of course you must also consider the job role and personality match as well. To be sure, future leaders need to be hired that have a future of growth with the company. So in essence, the leadership pipeline is the bank of future leaders learning the business and gaining key insights while working for the organization.
What are the Benefits of a Leadership Pipeline?...
Without Cash it Dies
As the old saying "cash is king" implies, without cash everything else stops or dies. If you ever find your business in a cash deficit situation you will understand exactly what we discussed in this episode. Join Ken "Mr. Biz" Wentworth and I as we discuss the vital need for an understanding of cash flow in a business.
Profit is not Cash
'But my business is profitable!' says the owner who is missing payroll for the first time. I have heard this many times in working with business owners. I had a business owner call me one time and show me his P&L (Profit and Loss) Statement with over a hundred thousand dollars on the bottom line. His question was 'Where is it? It certainly isn't in my bank account." As troubling as this can seem, it is all too real. Actual cash on hand and profits are two different things.
There are many reasons behind this. A few of the common issues are:
1. Accounting methods - accrual vs. cash basis
2. Terms on payables and...
Delegation is Art
Art can be described as the result of the process of creation. As the dictionary describes it, art is "the expression or application of human creative skill and imagination". That is exactly what delegation is as it relates to leadership. Delegation can be considered powerful art as it not only results in creation from the leader, it also creates something much greater within the people.
Delegation is Powerful
Power can be described as 'great strength' or as I like to say, the proper use of force. Delegation is definitely a powerful force for good when the process of delegation is followed correctly. It builds trust, grows the team and alleviates stress from you, the business leader. It allows you to do the more powerful aspects of your role.
How to Delegate
There is a sure fire way to undermine the power of delegation. Do it the wrong way. Short cut the process or micromanage and you would be better not to delegate at all. In actuality, that...