Tuesday, February 18, 2014

Try it on Mom


Friday, January 03, 2014

Does your Mother Know?

As my mother once said "Don't do anything you wouldn't do if I was there."

Now that was a great way to keep me on the straight and narrow while I was looking for trouble as a teenager.

I've often thought of repeating the question as I encounter bad drivers flying by on the highway. "Does your mother know you drive like an idiot?"

Mothers are also an important influence to guide our ethical conduct in business. That was apparently understand by the jeweller in Cranbrook BC who had a conspicuous sign posted by the cash stating "We give instant credit to all our customers ... if they are over 90 and accompanied by their mother." Good credit guideline!

Most entrepreneurs and executives probably don't often think of their mothers on the job, unless she's the boss like Ma Boyle (pictured) at Columbia Sportswear. Maybe they should. We would probably have fewer issues of corporate misconduct if their mothers knew what was going on.

Perhaps instead of all those current management courses on ethics and corporate responsibility we only need to remind decision makers to ask themselves "Would my mother be proud of me, if she knew what I was doing?"

Sometimes mother knows best.

A New Start for 2014

Time for more "Random Ramblings from Uncle Ralph".

Dreadfully neglected, it is time to reactivate my online presence as Uncle Ralph.  I do want to raise my visibility so somebody notices when my new books are out.

Yes, my first book, the widely (well, maybe it was narrowly) acclaimed "Complete Do-It-Yourself Guide to Business Plans" is being redone and will be published soon in a Second Edition by AuthorHouse.  The first edition is still available at www.DIYBusinessPlan.com.  Only $9.95 in e-book .pdf. 

The Second Edition will be expanded with new material, more access to Online Tools and Templates and will be available from a variety of traditional and online bookstores in hard cover, paperback and e-book versions.

You should see it before March this year.

Then I will be able to make progress on Uncle Ralph's more comprehensive book of advice for Entrepreneurs, "Don't Do It the Hard Way", based on the simple principle that a wise man learns from the mistakes of others, only a fool insists on making his own.

Meanwhile, back to Blogging.  Excuse me if I cheat a little and re-cycle some of my old favourites.  Think of it as a warm-up exercise to start the creative juices flowing.

Come back soon and I'll try to make it worth a visit.

And Happy New Year in 2014!
 

Monday, October 28, 2013

Other Blogs to Follow, since I'm so negligent here

In order to give you some value in return for your visit here, since my own Blog has been neglected (for very good reasons that I may explain here another day), I recommend that you follow my favourite Canadian commentator, analyst and writer on Entrepreneurship, Rick Spence.

Rick Spence: Blogspot

You can also find him in Financial Post and PROFIT Magazine.

Until later,
Del

Tuesday, March 19, 2013

Can you succeed as an entrepreneur?

You may agree with the suggestion that anyone can be an entrepreneur, but remember that not everyone should be, and not everyone wants to be.  

The important question is what is right for you? 

Why would anyone want to be an entrepreneur, when we all know that:
  1. You will not really work for yourself, but instead for all the people that depend on you and have demands of you. These include employees, customers, the bank and the government. 
  2. The world really doesn't care about you or your business. They have to be made aware of you and then be persuaded that you have a solution that they need. Effective marketing will be required.  
  3. Most new businesses fail. Within two years it is likely to be over - having lost a lot of your time and money. And it will be your fault; for bad management, losing to the competition or not reacting to changing market conditions.  
The first test of a successful entrepreneur is that you will still proceed with enthusiasm, in spite of all that discouraging information. (Just don't be stubbornly stupid about a bad idea. That is not a plan for success.)   

In the opinion of many experienced investors and entrepreneurs, the key to success is a determined  passion for your plan, in spite of the known obstacles. Those entrepreneurs will find a way to succeed    regardless of the challenges along the way.

Completing a formal business plan is always a good start.  It is the best way to test your assumptions and different scenarios in the market as well as alternative business models to meet your objectives. But the plan is less important than the passion for achieving your goals. 

Be determined and confident, but be aware of the cruel world around you and realistic about what you can achieve. 

Important perspectives to keep in mind.

Monday, May 28, 2012

Impressive Billionaires or Not?

News flash: "Australian tycoon is world's richest woman worth $29Billion" 

But "heiress to an iron-ore empire" suddenly sounds less impressive, even if it was up by $19Billion last year. And then we read that the woman she pushed back to #2 spot was Wal-Mart heiress Christy Walton.  So are these successful entrepreneurs we can learn from?

I think the ranking should be based on increase in their net worth from the starting point.  And even that might be an indicator of the skills as an investor (or the skills of their management people) more than their success as entrepreneurs.  So let's agree that for model entrepreneurs we need to look at what they built starting from zero.  That works, even if they started with lots of their own money.

So then we still can be comfortable with our role models, like Steve Jobs, Richard Branson, Bill Gates, Oprah Winfrey, etc. .... 

Rich heiresses, not so much.  




Wednesday, May 16, 2012

Are you the Entrepreneurial Type?

It's a question that I suggest entrepreneurs ask themselves before they commit to their business venture.  Am I really the entrepreneurial type?  Do I have the characteristics of a successful entrepreneur?  Am I likely to succeed in a business venture or should I make a new plan?

I usually advise that anyone can be an entrepreneur and start, build and grow a successful business if they are determined and persistent, talented and hard working; and they have a viable business concept. But it is still important to consider that you may actually be better suited to another option.  You will certainly be more satisfied and likely to achieve your potential if you spend your working hours in a career that is better matched to your personality, your individual preferences and where you are motivated by what appeals to you, rather than what is expected of you.

So I have developed a theory (very unscientific and certainly not as a professional psychologist) based on my observations of people who are happy and successful in their chosen careers. 

There are three basic personality types that fit certain careers best:

1. Creative spirit (entrepreneurial)
  • Characteristics: determinedly independent, confident, constantly curious, questions conventional wisdom, always seeking a better way, balances vision (the dream) with practicality, action and results oriented.
  • Occupations: entrepreneurs, artists, writers, research scientists, political activists, architects, designers, some managers and engineers.
2. Contributor
  • Characteristics: loves to add talent to the team, thrives on collaboration, needs or provides leadership and a plan, seeks recognition by peers.
  • Occupations: some managers and engineers, staff positions, civil servants.
3. Builder
  • Characteristics: thirst for knowledge, proving their expertise, pursuing usefulness, providing valued service.
  • Occupations: some scientists and engineers, tradesmen, doctors and nurses, social workers, teachers.
Recognizing your own personality type and preferences will help you to decide on your career plan and what situations to avoid.  Yes, there are more combinations and permutations of the three types I have described.  But if you recognize your own needs and what will motivate and satisfy you, you are much more likely to make the right choices for a long and satisfying career.

You do not need to be a psychologist to know that.

Tuesday, April 24, 2012

8 Core Beliefs of Extraordinary Bosses

The best managers have a fundamentally different understanding of workplace, company,

With thanks to Geoffrey James at "Sales Source" , this is worth repeating.



A few years back, I interviewed some of the most successful CEOs in the world in order to discover their management secrets. I learned that the "best of the best" tend to share the following eight core beliefs.

1. Business is an ecosystem, not a battlefield.
Average bosses see business as a conflict between companies, departments and groups. They build huge armies of "troops" to order about, demonize competitors as "enemies," and treat customers as "territory" to be conquered.

Extraordinary bosses see business as a symbiosis where the most diverse firm is most likely to survive and thrive. They naturally create teams that adapt easily to new markets and can quickly form partnerships with other companies, customers ... and even competitors.

2. A company is a community, not a machine.
Average bosses consider their company to be a machine with employees as cogs. They create rigid structures with rigid rules and then try to maintain control by "pulling levers" and "steering the ship."

Extraordinary bosses see their company as a collection of individual hopes and dreams, all connected to a higher purpose. They inspire employees to dedicate themselves to the success of their peers and therefore to the community–and company–at large.

3. Management is service, not control.
Average bosses want employees to do exactly what they're told. They're hyper-aware of anything that smacks of insubordination and create environments where individual initiative is squelched by the "wait and see what the boss says" mentality.

Extraordinary bosses set a general direction and then commit themselves to obtaining the resources that their employees need to get the job done. They push decision making downward, allowing teams form their own rules and intervening only in emergencies.

4. My employees are my peers, not my children.
Average bosses see employees as inferior, immature beings who simply can't be trusted if not overseen by a patriarchal management. Employees take their cues from this attitude, expend energy on looking busy and covering their behinds.

Extraordinary bosses treat every employee as if he or she were the most important person in the firm. Excellence is expected everywhere, from the loading dock to the boardroom. As a result, employees at all levels take charge of their own destinies.

5. Motivation comes from vision, not from fear.
Average bosses see fear--of getting fired, of ridicule, of loss of privilege--as a crucial way to motivate people. As a result, employees and managers alike become paralyzed and unable to make risky decisions.

Extraordinary bosses inspire people to see a better future and how they'll be a part of it. As a result, employees work harder because they believe in the organization's goals, truly enjoy what they're doing and (of course) know they'll share in the rewards.

6. Change equals growth, not pain.
Average bosses see change as both complicated and threatening, something to be endured only when a firm is in desperate shape. They subconsciously torpedo change ... until it's too late.

Extraordinary bosses see change as an inevitable part of life. While they don't value change for its own sake, they know that success is only possible if employees and organization embrace new ideas and new ways of doing business.

7. Technology offers empowerment, not automation.
Average bosses adhere to the old IT-centric view that technology is primarily a way to strengthen management control and increase predictability. They install centralized computer systems that dehumanize and antagonize employees.

Extraordinary bosses see technology as a way to free human beings to be creative and to build better relationships. They adapt their back-office systems to the tools, like smartphones and tablets, that people actually want to use.

8. Work should be fun, not mere toil.
Average bosses buy into the notion that work is, at best, a necessary evil. They fully expect employees to resent having to work, and therefore tend to subconsciously define themselves as oppressors and their employees as victims. Everyone then behaves accordingly.

Extraordinary bosses see work as something that should be inherently enjoyable–and believe therefore that the most important job of manager is, as far as possible, to put people in jobs that can and will make them truly happy.

Geoffrey James' "Sales Source" (formerly "Sales Machine" on CBS) is the world's most-visited sales-oriented blog. His best posts, with many extras, are in his new book: How to Say It: Business to Business Selling. @Sales_Source

Monday, April 23, 2012

I'm back

It's been a while since I've updated this Blog, but I'm back at it. 

After a year of living dangerously in the corporate world.  Not any more fun than it was the last time, some 27 years ago.  Great reminder why so many entrepreneurs prefer to be self-employed - less corporate crap and less dependent on somebody else's bad decision making and uninspiring leadership.

So a year older and a little wiser, I will be sharing more insights, ideas and inspiration for entrepreneurs who aer interested in being better in order to do better - for themselves and their families, their companies and their employees.

Stay tuned, I'll be here again soon.

Be well, sell like hell,
Del

Tuesday, November 09, 2010

The Essence of Entrepreneurship

What makes a successful entrepreneur? 

The question is often asked and there are many different, but acceptable, answers. To add my perception, I think there are certain personal character traits mixed with particular skills, knowledge and experience that add up to the "essence of entrepreneurship" that leads to success.

Here is my list of what I think adds up to be the Essence of  Entrepreneurship:
  1. Burning desire to turn an idea into a successful business.
  2. Determination and persistence to achieve results.
  3. Treating every obstacle as just another challenge to be met.
  4. Recognizing the challenge to provide both strategic leadership and operational management.
  5. Consistently communicating vision, mission, values.
  6. Willingness to change the plan but not the goals or ideals.
  7. Strong social awareness and empathy for people.
  8. Motivated by more than the money. 
  9. Good marketing and sales instincts - knowing what appeals to the target market. 
  10. Understanding the industry measures of performance for the business.  
  11. Continuously aware of business results relative to planned performance. 
  12. Does not waste time - the most precious non-renewable resource. 
  13. Knows to decide when it's time to decide, not waiting for all the information to be sure it's right.
  14. Mix of strong industry knowledge or technical/professional skills with good instincts
  15.  Acceptance that success is a very imprecise objective and that never being satisfied is the way to continue being better and doing better.  
Not a short list and not all essential.  But also probably not yet the complete answer to what it takes to be a successful entrepreneur.

Let's keep working on it.