“It’s been said that leadership is making important but unpopular decisions. That’s certainly a partial truth, but I think it underscores the importance of focus. To be a good leader, you cannot major in minor things, and you must be less distracted than your competition. To get the few critical things done, you must develop incredible selective ignorance. Otherwise, the trivial will drown you.” — Tim Ferriss, bestselling author, host of The Tim Ferriss Show
“A leader instills confidence and ‘followership’ by having a clear vision, showing empathy and being a strong coach. As a female leader, to be recognised I feel I have to show up with swagger and assertiveness, yet always try to maintain my Southern upbringing, which underscores kindness and generosity. The two work well together in gaining respect.” — Barri Rafferty, CEO, Ketchum North America
“I’ve never bought into the concept of ‘wearing the mask.’ As a leader, the only way I know how to engender trust and buy-in from my team and with my colleagues is to be 100 percent authentically me — open, sometimes flawed, but always passionate about our work. It has allowed me the freedom to be fully present and consistent. They know what they’re getting at all times. No surprises.” — Keri Potts, senior director of public relations, ESPN
“Our employees are a direct reflection of the values we embody as leaders. If we’re playing from a reactive and obsolete playbook of needing to be right instead of doing what’s right, then we limit the full potential of our business and lose quality talent. If you focus on becoming authentic in all your interactions, that will rub off on your business and your culture, and the rest takes care of itself.” — Gunnar Lovelace, co-CEO and cofounder, Thrive Market
“People always say I’m a self-made man. But there is no such thing. Leaders aren’t self-made; they are driven. I arrived in America with no money or any belongings besides my gym bag, but I can’t say I came with nothing: Others gave me great inspiration and fantastic advice, and I was fueled by my beliefs and an internal drive and passion. That’s why I’m always willing to offer motivation — to friends or strangers on Reddit. I know the power of inspiration, and if someone can stand on my shoulders to achieve greatness, I’m more than willing to help them up.” — Arnold Schwarzenegger, former governor of California
“You must love what you do. In order to be truly successful at something, you must obsess over it and let it consume you. No matter how successful your business might become, you are never satisfied and constantly push to do something bigger, better and greater. You lead by example not because you feel like it’s what you should do, but because it is your way of life.” — Joe Perez, cofounder, Tastemade
“In any system with finite resources and infinite expansion of population — like your business, or like all of humanity — innovation is essential for not only success but also survival. The innovators are our leaders. You cannot separate the two. Whether it is by thought, technology or organisation, innovation is our only hope to solve our challenges.” — Aubrey Marcus, founder, Onnit
“Patience is really courage that’s meant to test your commitment to your cause. The path to great things is always tough, but the best leaders understand when to abandon the cause and when to stay the course. If your vision is bold enough, there will be hundreds of reasons why it ‘can’t be done’ and plenty of doubters. A lot of things have to come together — external markets, competition, financing, consumer demand and always a little luck — to pull off something big.” — Dan Brian, COO, WhipClip
“It’s inevitable: We’re going to find ourselves in some real shit situations, whether they’re costly mistakes, unexpected failures or unscrupulous enemies. Stoicism is, at its core, accepting and anticipating this in advance, so that you don’t freak out, react emotionally and aggravate things further. Train our minds, consider the worst-case scenarios and regulate our unhelpful instinctual responses — that’s how we make sure shit situations don’t turn into fatal resolutions.” — Ryan Holiday, author of The Obstacle is the Way and former director of marketing, American Apparel
“Understanding the underlying numbers is the best thing I’ve done for my business. As we have a subscription-based service, the biggest impact on our bottom line was to decrease our churn rate. Being able to nudge that number from 6 percent to 4 Percent meant a 50 percent increase in the average customer’s lifetime value. We would not have known to focus on this metric without being able to accurately analyse our data.” — Sol Orwell, cofounder, Examine.com
“It’s true that imitation is one of the greatest forms of flattery, but not when it comes to leadership — and every great leader in my life, from Mike Tomlin to Olympic ski coach Scott Rawles, led from a place of authenticity. Learn from others, read autobiographies of your favorite leaders, pick up skills along the way… but never lose your authentic voice, opinions and, ultimately, how you make decisions.” — Jeremy Bloom, cofounder and CEO, Integrate
“One of the biggest myths is that good business leaders are great visionaries with dogged determination to stick to their goals no matter what. It’s nonsense. The truth is, leaders need to keep an open mind while being flexible, and adjust if necessary. When in the start-up phase of a company, planning is highly overrated and goals are not static. Your commitment should be to invest, develop and maintain great relationships.” — Daymond John, CEO, Shark Branding and FUBU
“In high school and college, to pick up extra cash I would often referee recreational basketball games. The mentor who taught me how to officiate gave his refs one important piece of advice that translates well into the professional world: ‘Make the call fast, make the call loud and don’t look back.’ In marginal situations, a decisively made wrong call will often lead to better long-term results and a stronger team than a wishy-washy decision that turns out to be right.” — Scott Hoffman, owner, Folio Literary Management
“We all provide something unique to this world, and we can all smell when someone isn’t being real. The more you focus on genuine connections with people, and look for ways to help them — rather than just focus on what they can do for you — the more likable and personable you become. This isn’t required to be a great leader, but it is to be a respected leader, which can make all the difference in your business.” — Lewis Howes, New York Times bestselling author of The School of Greatness
“Many of my leadership philosophies were learned as an athlete. My most successful teams didn’t always have the most talent but did have teammates with the right combination of skills, strengths and a common trust in each other. To build an ‘overachieving’ team, you need to delegate responsibility and authority. Giving away responsibilities isn’t always easy. It can actually be harder to do than completing the task yourself, but with the right project selection and support, delegating can pay off in dividends. It is how you truly find people’s capabilities and get the most out of them.” — Shannon Pappas, senior vice president, Beachbody LIVE
“In order to achieve greatness, you must create a culture of optimism. There will be many ups and downs, but the prevalence of positivity will keep the company going. But be warned: This requires fearlessness. You have to truly believe in making the impossible possible.” — Jason Harris, CEO, Mekanism
“My main goal has always been to offer the best of myself. We all grow — as a collective whole — when I’m able to build up others and help them grow as individuals.” — Christopher Perilli, CEO, Pixel Mobb
“A great leader once told me, ‘persistence beats resistance.’ And after working at Facebook, Intel and Microsoft and starting my own company, I’ve learned two major lessons: All great things take time, and you must persist no matter what. That’s what it takes to be a leader: willingness to go beyond where others will stop.” — Noah Kagan, Chief Sumo, appsumo
“It takes insight every day to be able to separate that which is really important from all the incoming fire. It’s like wisdom — it can be improved with time, if you’re paying attention, but it has to exist in your character. It’s inherent. When your insight is right, you look like a genius. And when your insight is wrong, you look like an idiot.” — Raj Bhakta, founder, WhistlePig Whiskey
“If people aren’t aware of your expectations, and they fall short, it’s really your fault for not expressing it to them. The people I work with are in constant communication, probably to a fault. But communication is a balancing act. You might have a specific want or need, but it’s super important to treat work as a collaboration. We always want people to tell us their thoughts and ideas — that’s why we have all these very talented people working with us.” — Kim Kurlanchik Russen, partner, TAO Group
“It’s a lot easier to assign blame than to hold yourself accountable. But if you want to know how to do it right, learn from financial expert Larry Robbins. He wrote a genuinely humble letter to his investors about his bad judgment that caused their investments to falter. He then opened up a new fund without management and performance fees — unheard of in the hedge fund world. This is character. This is accountability. It’s not only taking responsibility; it’s taking the next step to make it right.” — Sandra Carreon-John, senior vice president, M&C Saatchi Sport & Entertainment
“It takes real leadership to find the strengths within each person on your team and then be willing to look outside to plug the gaps. It’s best to believe that your team alone does not have all the answers — because if you believe that, it usually means you’re not asking all the right questions.” — Nick Woolery, global director of marketing, Stance Socks
This article was originally posted here on Entrepreneur.com.
4 Tips To Become A Team Whisperer (And Improve Your Employee Engagement)
Engaged employees are motivated, innovative and willing to take on more responsibility.
Your team needs to be nurtured on an ongoing basis if you want to attract and retain the best employees. You can hire people, you can fire people, and you can tell them what to do. But you can’t make them like what they do. Some business leaders are content with having an unhappy team; as long as they do what they are paid to do then the state of their mental health is seen as superfluous.
This line of thinking is not only wrong, but it is entirely counterproductive to the continued survival of a business. Gallup has run some excellent pieces that demonstrate the difference between engaged and disengaged employees. In particular, they list several additional things that engaged employees bring to the table: Motivation, innovation, and a willingness to take on more responsibility within the company. So how can you keep your team engaged?
That level of motivation contrasts greatly with employees who don’t even want to be there. They do their jobs, but they never put in more than the bare minimum of effort. Don’t expect them to ever go beyond what their job description requires, and if there is a chance for them to duck out of work without getting fired, they’ll take it. Obviously, you don’t want to have a team that consists of these people. But without the right knowledge of how to motivate a team, you’ll find yourself unable to inspire your employees to go above and beyond what is required of them.
A great company cannot exist without great employees, and there are steps you can take to mould them into the people you want to have working for you. These tips are proven methods of getting your employees to be engaged in what they do, and anybody can learn to apply them.
1. Be a team, not a dictatorship
Every ship needs a strong captain, but that doesn’t mean that you have to spend every second reminding your employees who’s the boss. Your employees look to you for guidance, but they also want to feel as though you are in tune with everything that is going on. Some managers come off as though they are giving mandates from heaven, or worse, they rattle off long lists of orders because they don’t want to do the work themselves.
If you give the directive and then pitch in to reach the goal, you’ll show your employees that they are all part of a team, and they sink or swim together.
2. Give them a chance to shine
It’s true that some people are placidly content with being a cog in the wheel. I’m sure you know of at least one person who is sitting in a job they are relatively indifferent to just so they can collect a pension in twenty years. Those that fit that mould will gravitate towards jobs that give few chances to stand out and plenty of job security. For those who want to achieve more, they will never settle for a job pushing pencils all day.
These restless employees are always looking for a way to prove to you that they are capable of so much more than low-level work. Denying them this opportunity will either push them to greener pastures, or if they can’t/won’t quit, cause them to become disillusioned with what they do.
If you find somebody who wants to prove themselves, let them. An employee who shows the initiative and drive to better themselves is a person who will bring your business an incredible amount of value. Don’t waste this potential.
3. Don’t take them for granted — show your gratitude
This goes beyond a simple “thank you,” although those two words can have quite a bit of power in themselves. If your employees feel like their contributions are not recognised or rewarded, they will feel little incentive to go above and beyond in what they do. How you show this gratitude is as important as the action itself, because a perceived token gesture is even more insulting than a lack of a reward. Put another way, if somebody comes up with a million-dollar idea and you give them a monogrammed lanyard as a gift, don’t expect that person to stick around. Rewarding achievement is the flip side to punishing failure, and a balance between both is necessary to craft the ideal team.
As intuitive as these three traits seem, you probably know from personal experience that a lot of managers don’t quite know how to implement these strategies effectively.
4. Share the bigger picture with them
A really important element of keeping your team engaged is to share the bigger picture with them. This involves amongst others:
- Constantly communicate the Vision and Mission of your business to your team. If your team can buy into why the business was started, where it is headed and why you exist as a business, they will be able to be as passionate as you are.
- Provide a monthly update on how the business is tracking against its plan and this will empower them to focus on the areas that matter most to the business at that time. This includes sharing financials with the team — here one needs to take into account any legislation that might be applicable — but the more you share, the more you show your team that they are trusted with the information as well as being able to make better decisions that affect the business.
- Keeping your team engaged, excited and energised is a pre-requisite to developing a high performing team that is able to take the business to the next level. It takes a team of dedicated people to build a successful business. Without this team, your ability to expand at the rate you had planned to will be severely hampered.
IN YOUR TOOLKIT
Become a leader that inspires greatness
“Multipliers is profound. It’s been lifechanging for me and everyone that works with me. Leadership is not about having the best answers. You need to ask the best questions, and what happens is that you are turning people into productive engines. Micro-managing stops people from thinking for themselves as they wait for answers from you. The principle is that micro-management on that level means you are paying people 100% salary for 50% productivity. The multipliers effect allows you to pay 100% salary for 200% productivity.” — Robin Olivier, co-founder and MD of Digicape, a R240-million business based in Cape Town. Go to multipliersbooks.com for additional tips, tricks and surveys.
Radical Candor means challenging employees directly and showing you care personally at the same time. It will help you and your team do the best work of your lives.
Developed by Kim Scott — who led AdSense, YouTube, and Doubleclick Online Sales and Operations at Google and then joined Apple to develop and teach a leadership seminar — Radical Candor is all about becoming a leader who is both respected and followed, without being falsely ‘nice’.
There are two great YouTube videos that will give you her tips and lessons in under 20 minutes:
- Radical Candor — The Surprising Secret to Being a Good Boss | First Round Review
- INBOUND Bold Talks: Kim Scott “Radical Candor”
And if you’re interested in really unpacking the lessons behind radical candor, read the book: Radical Candor: Be a Kickass Boss Without Losing Your Humanity.
5 Signs A Business Is Being Poorly Managed
Are you considering investing in a new company? Evaluate its leadership with these five factors first.
Ideally, every business’s success would be so simple that anyone could run it – even an untalented person. Unfortunately, though, many businesses cannot withstand the leadership of an unqualified or untalented person, and, if a business is lucky enough to achieve longevity, odds are that someone unqualified or untalented will run it eventually.
But, how can you, as an investor, identify when a business is being run by one of those untalented people? More importantly, how can you spot when a business is being run by an untrustworthy person?
In this video, Entrepreneur Network partner Phil Town breaks down five signs of bad leadership you need to consider before investing in a new company.
Click play to learn more.
This article was originally posted here on Entrepreneur.com.
4 Essential Steps To Take To Successfully Sell Your Business
Here are 4 essential steps that will help you avoid potential setbacks and increase the chances of a fair and satisfying transaction while you are selling your business.
Many startup founders and small businesses dream of receiving an offer to becoming the next billion dollar business. Whether its because they are ready to move onto another project, or they are ready to expand and are looking to leverage the financial power of a bigger partner, selling a business is a big move for any business. For many business owners, getting an offer from a buyer is certainly exciting, but before you jump into anything, remember that are important steps to take before you sign the paperwork that will move a successful transaction forward.
From making sure you have a functioning and potentially lucrative business model, to working with an expert to establish goals and expectations on both ends to ensure everything goes smoothly.
Here are 4 essential steps that will help you avoid potential setbacks and increase the chances of a fair and satisfying transaction while you are selling your business.
1. Preparation is everything
Since you’re already a business owner, you most likely already know the importance of preparation. When it comes to selling your business it’s always wise to conjure up all that you have learned along the way and apply that to the process of making a sale.
Some of the key documents that buyers expect to see are:
- Corporate records
- Records of any important contracts
- Information concerning stocks and investments that would affect the relationship with the buyer.
Preparation also entails that you are forward about any setbacks or issues you had in the past that currently affect company operations. Being open about what failed in your business model will help buyers feel confident in their decision working with you, in addition to understanding what to potentially avoid in the future.
2. Setting up the right environment for buyers
Your business may have received endless praise from the press and has made the “most up and coming list” time and time again that doesn’t mean you are ready to sell. Good press will very likely attract buyers, but if you haven’t created the right environment to continue along with a merger and acquisition, those investors and businesses that were one so eager to scoop you up may not stick around that long. To ensure a productive environment for selling your business it pays to be open to new ideas, while also maintaining a professional setting from which trust can build.
3. Make sure your finances are in order
Financial records are vital when making a sale. Not only to they provide a clear outline of your businesses progress in numbers, they are also key to making sure you get what you want out of the final sale in the end; investments and any and all financial commitments. Ensuring that both parties are satisfied.
4. Hire a merger and acquisitions advisor
Even the most experienced business owners can benefit from the expertise of a mergers and acquisitions advisor. Trained specifically to help owners assess their the value of the business by reviewing it’s strengths and weaknesses on both a macro and micro economic level.
Some of the key ways that an M&A consultant can help you streamline the selling process are as follows:
- Professional who specialise in mergers and acquisitions are highly skilled at preparing for due diligence, helping you to navigate and organise the necessary documents and information that is needed by all prospective buyers
- If you are in the unique situation that you have more than one buyer interested in acquiring your business, an M&A consultant can help you assess which one will be the right relationship for you, especially if you will still be activity participating in daily business operations.
Again, experienced business owners may know everything there is to know about running a company, but that doesn’t mean they know how to appeal to buyers. Not only do you have to be in tune with your own company’s needs, but it’s essential that you understand what buyers and investors expect from a sale.
At the end of the day, even if you think you’ve found the perfect buyer, taking a few extra steps to ensure that a potential buyout will meet both parties needs and is overall good for the business can be done by being fully prepared and and working alongside an expert that will help to point you in the right direction. Successfully taking your business won’t happen overnight, in fact most transactions take about six to twelve months to complete, so it pays to be prepared every step of the way.
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