Despite your expertise, skills and education, nothing can prepare you for becoming a business leader. There’s a lot of trial and error and on-the-job-training that you’ll experience as you grow your business.
I’ve been a business owner for almost 10 years now. Over the years I’ve made my fair share of mistakes including several that cost me actually running the business in the way I wanted. Lucky for me, I don’t have to make those same mistakes again.
To help you run your business a lot smoother, here are 25 leadership lessons from millionaire business owners so that you don’t have to make the same mistakes we have.
1Believe in your business
“Give your venture everything you’ve got. A passionate commitment to your business and personal objectives can make all the difference between success and failure,” writes Sir Richard Branson.
“If you aren’t proud of what you’re doing, why should anybody else be?”
“And don’t get suckered into blindly pursuing profits and growth. If you stay focused on being the best at what you do, it’s more likely that the rest will follow.”
2Prioritise and delegate
As all entrepreneurs know, you live and die by your ability to prioritise.” suggests Jessica Jackley, co-founder of Kiva and later co-founder and CEO of ProFounder. “You must focus on the most important, mission-critical tasks each day and night, and then share, delegate, delay or skip the rest.”
3Hire people with superior skills
Jack Ma, co-founder and CEO of Alibaba, says that, “A leader should never compare his technical skills with his employee’s. Your employee should have superior technical skills than you. If he doesn’t, it means you have hired the wrong person.”
4Give employees expectations and training
In his book “Zingerman’s Guide to Good Leading, Part 4: A Lapsed Anarchist’s Approach to the Power of Beliefs in Business,” Ari Weinzweig, CEO and cofounder of Zingerman’s gourmet food company, writes that, “Clear expectations and training tools are all about a better future.”
Ari adds, Small training success build confidence. People are more hopeful when they know what’s expected of them and feel they have the tools they need to do the work at hand.”
5Set the tone
“You can go through thousands of dollars in consultants to shape your culture, but it will still come back to the owner’s approach,” says Kristi Hedges, leadership consultant and coach at The Hedges Company.
“If you’re motivated and happy in your role, then others will follow your lead. And if you’re burned out and tired, that energy will permeate everything. Owners need to make sure they shape their role, and their company, to make them fulfilled and excited. If you put yourself last, you’re hurting the entire organisation.”
It may be surprising to learn that Mark Cuban, owner of the NBA’s Dallas Mavericks and one of the investors on “Shark Tank,” is a nice and likeable guy. He’s known for going above and beyond for his fans and has said that being “nice” is a necessity in business. When your team likes and respects you, they’ll be more likely to rally behind you.
7Plan for fun
Speaking of “Shark Tank,” Cuban’s colleague Barbara Corcoran fosters a culture of fun. “I think drinking together, having fun, having days off doing stupid things, dressing in ridiculous costumes, whatever you mandate as a company culture, what happens is everyone really likes each other and you create a family.”
Corcoran also says that this can bring out the creative side of your employees.
Bill Gates once said, “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.”
Even after Microsoft became an industry leader and was earning billions of dollars in revenue, Gates wanted the company and his team to continue to evolve and diversify their products so that they would remain innovative and relevant, as opposed to being static.
9Mentor and give back to the community
“At the end of the day, we are all part of a community,” said Aneel Bhusri, co-founder and CEO of Workday. “Giving back at the Workday Foundation is just recognising that and being part of a broader community. We are just a small piece of the community.”
“We have been very fortunate and our growth and success is largely due to our community. The most exciting part about the Workday Foundation is that our employees actually drive where we give and they really drive the giving. Our employees get personally involved. It is fabulous when your hire the right people, with the right value system, and they want to give back and they push us to give back.”
10Leaders are lighthouses, not weathervanes
“Weathering changes at Primerica that often lead to uncertainty and chaos helped me develop a leadership philosophy steeped in being someone my teams can turn to for guidance, even during the most turbulent times,” says John Addison, CEO of Addison Leadership Group and leadership editor of Success magazine.
“Whether it was another leadership change or trying to save the company during [the recession], my people could say I would make the best decision for their future, and stand firm on that decision, even if it wasn’t popular with everyone.”
Addison added, “Being a weathervane twisting in the wind wasn’t going to instill the confidence they very much needed, so I had to learn to be a lighthouse: someone they knew would still be standing strong once the storm passed. Thankfully, [my] mentor, Primerica founder Art Williams, demonstrated being a lighthouse for many years, and I was able to follow his example.”
“Through my writing, speaking engagements and position as leadership editor for Success magazine, I am able to share my leadership message with a wider audience and play a role in shaping future generations of leaders. My hope through sharing my message is that one day we will have more leaders who are lighthouses and far fewer who are weathervanes.”
11Create a family-friendly environment
Facebook founder and CEO Mark Zuckerberg made waves in November 2015 by announcing that he would be taking a two month paternity leave. Facebook, it turns out, is one of the leaders when it comes to offering competitive paternity leave.
“Studies show that when working parents take time to be with their newborns, outcomes are better for the children and families,” Zuckerberg wrote in a Facebook post. “At Facebook we offer our US employees up to four months of paid maternity or paternity leave which they can take throughout the year.”
12Treat employees like royalty
“We treat our people like royalty. If you honour and serve the people who work for you, they will honour and serve you,” said Mary Kay Ash.
Warren Buffett has said, “You’ve got to be able to communicate in life and it’s enormously important. Schools, to some extent, under emphasise that. If you can’t communicate and talk to other people and get across your ideas, you’re giving up your potential.”
14Be a man or woman of the people
Jim Sinegal, co-founder and former CEO of Costco, was beloved by his employees. Why? Because not only was his salary $350,000 a year, he was down in the trenches with his employees fighting for them to have higher wages. He had no frills office and everyone called him by his first name.
15Encourage employees to get more sleep
“Sleep plays a vital role in our decision making, emotional intelligence, cognitive function, and creativity – all of which are hugely relevant for both our overall health and our ability to be productive and effective,” Arianna Huffington told Forbes.
“Today, so many of us fall into this trap of sacrificing sleep in the name of productivity. But, ironically, our loss of sleep, despite the extra hours we put in at work, adds up to more than 11 days of lost productivity per year per worker, or about $2,280. This results in a total annual cost of sleep deprivation to the U.S. economy of more than $63 billion, in the form of absenteeism and presenteeism (when employees are present at work physically but not really mentally focused).”
16Boost their self-esteem
“Outstanding leaders go out of their way to boost the self esteem of their personnel,” said Wal-Mart founder Sam Walton. “If people believe in themselves it’s amazing what they can accomplish.”
“I’ve come to learn there is a virtuous cycle to transparency and a very vicious cycle of obfuscation,” said Jeff Weiner, CEO of LinkedIn. When employees are curious and denied access to information, they become resentful and start digging. “That’s when executive management says, well, clearly we can’t trust our employees with this information. So, we’re going to have to buckle down and release even less information.”
Instead, treat employees “like adults” and be completely transparent.
18Stop talking and start listening
“Leaders who listen are able to create trustworthy relationships that are transparent and breed loyalty. You know the leaders who have their employees’ best interests at heart because they truly listen to them,” writes Glenn Llopis, founder of the Glenn Llopis Group.
“As a leader, it’s difficult to really know what your employees are thinking about, what’s troubling them or how to help them get out of a performance slump – unless you take the time listen to them.”
Llopis adds, “Listening goes well beyond being quiet and giving someone your full attention. It requires you to be aware of body language, facial expressions, mood, and natural behavioural tendencies. Listening should be a full-time job when you consider the uncertainty embedded in the workplace and the on-going changes taking place.”
19Write ‘thank-you’ notes
Harvey Mackay, founder of the MackayMitchell Envelope Company, says that, “The cost of praising someone is nil – but every psychological study shows the payoff is huge. Employees want to be seen as competent, hardworking members of the team. You want satisfied, motivated and productive staff members. What better motivator than thanking employees for their contributions to the company’s success?”
Make sure, however, that you’re sincere, specific, share publicly, and keep the praise on-going.
20They don’t tolerate poor performance
“Anyone running an organisation understands how important talent is,” says Duncan Maru from Possible. “But many early stage social enterprises are impatient, cut corners on hiring, or don’t transition people out quickly enough when things are not working. You need to be aggressive and brutally honest about your talent pool.”
21They hold themselves accountable
Accountability, according to Michael Hyatt, “means that you accept responsibility for the outcomes expected of you – both good and bad. You don’t blame others. And you don’t blame the external environment. There are always things you could have done – or still can do – to change the outcome.”
“Until you take responsibility, you are a victim. And being a victim is the exact opposite of being a leader.”
Hyatt adds, “Victims are passive. They are acted upon. Leaders are active. They take initiative to influence the outcome.”
22They challenge the status quo
“Internally, the impact of the status quo is a stagnant culture that pushes away top performers,” writes Matt Wagner, vice president of strategy at Client Focus.
“Your best employees are driven by the need to do something great. When they run into obstacles that don’t make any sense to them, they start thinking about greener pastures. Of course, the opposite is true of your bureaucrats and your go-along-to-get-along employees. They hope to milk the status quo for as long as possible. They hate change.”
23Have face-to-face discussions
“There’s a temptation in our networked age to think that ideas can be developed by e-mail and iChat,” Steve Jobs told author Walter Isaacson. “That’s crazy. Creativity comes from spontaneous meetings, from random discussions. You run into someone, you ask what they’re doing, you say ‘Wow,’ and soon you’re cooking up all sorts of ideas.”
Don’t be afraid to celebrate your accomplishments. Just celebrate those of others more, recommends Nina Vaca of the Pinnacle Group.
With my company, this means that we celebrate even the little accomplishments of others.
25They encourage continuous learning
“Learning is the minimum requirement for success in your field,” writes Brian Tracy. “Information and knowledge on everything is increasing every day. This means that your knowledge must also increase to keep up.”
The best leaders encourage their employees to read, attend workshops, and conferences so that they “can get ahead in every aspect of” their lives.
This article was originally posted here on Entrepreneur.com.
Become Your Best In Business
How can you streamline the actions you take in your business?
A few of the primary keys to becoming successful in business include having a clear intent or purpose, a truly inspiring vision, a grand message to share, a genuine social calling and a targeted niche to serve. From these initial basics arise the primary strategic objectives you would love to accomplish or achieve and a plan for their implementation. But before these objectives can be met, the mastery of the mind is to be initiated.
True business leaders are those who are congruent and integrated and who can organise and lead their inner parts purposefully. Once leaders govern themselves, they can govern others.
Time Is Life
When you loaf about, your mind starts thinking about all kinds of doubts, insecurities, fears, other people’s beliefs and worries about what’s happening and what isn’t happening. Such dead time can zap your energy and confidence levels and distract your mind from your purpose. Any time or space that’s not filled with high priorities often automatically becomes filled with low priorities.
Have you noticed that when you’re busy, you often accomplish and create much more? The more intensely you’re focused and active and the longer you maintain such a focus, the faster your accomplishments (time x intensity = results). Time spent on doubt, fear, or low-priority actions slows down your accomplishment process.
When you take your mind off your focus, all you see are obstacles. When your mind is focused on your dreams, you don’t have time for the many self-doubts that block them.
Raise Your Standard
Anything you do consumes time. To maximise the value of your time, prioritise your interactions. People who seem less busy and want to consume your time may think you’re being rude when you say no to their invitations, but busy people understand immediately that you’re just choosing to prioritise and wisely manage your time.
People who don’t value their own time want to take up yours with small talk, and if you keep associating with people who talk small, you could end up with a small life. You’ll find out what kind of people they are by putting a fee on your time and raising that fee regularly. If people really value your skills and time, they’ll pay for it.
“A man’s growth is seen in the successive choirs of his friends.” – Ralph Waldo Emerson
Efficiency and Effectiveness
Often when you perform a service for less than you feel you deserve, you lower your worth and enthusiasm and slow down your business. Even though you may be working like a ‘dog’, it’s neither efficient nor effective.
Any aspect of your work that pays less than you truly feel you deserve can become the weak link of your business. In addition to undermining your motivation, inefficiency and ineffectiveness can also reduce profit margins. When you or your employees perform effective actions in an inefficient way, ineffective actions in an efficient way or ineffective actions in an inefficient way, your business becomes undermined. Your worth can be determined by how efficient and effective you are at performing high-priority actions. Business masters are those who love what they do, do what they love, and work efficiently and effectively. They delegate everything else to those who desire to do the same.
How can you streamline the actions you take in your business? Ask yourself, “What can I delegate?” You’ll be far more productive, energised, and inspired at the end of the day when you can stick to actions you deem to be high-priority. Unless you value your time, neither will the world.
For more information on Dr Demartini’s teachings, visit www.drdemartini.com
How To Be A Leader
Lead by example and you’ll win the respect and loyalty of your staff.
Being a successful entrepreneur is not about locking yourself away in your workshop and bringing a great innovation to life. Certainly, you need a must-have product that will have customers beating a path to your door. But you also need the business skills to ensure you can scale up production – and the leadership skills to motivate the staff you have employed to help you make this happen.
It is rare to find these three key skills balanced equally in an entrepreneur. Most have more of one quality than another – but there is one of these qualities that we tend to fool ourselves about.
Most of us know whether we have creative skills that can produce great innovations or whether we need to improve our business skills. Almost all of us assume we can be leaders if circumstances mean we have to step up to the plate. However, almost all of us are wrong about that.
Leadership skills are something that you develop and hone as your career progresses. You might think that being head girl at school, rugby captain or president of your Toastmasters’ branch means that you have got leadership nailed.
You would be right that you have some leadership experience. But you are wrong because so much about leadership depends on context. Just as what works on the rugby field and what works in the debating chamber are not the same, so what works in business is different.
In part, it can depend on the size and sector of your business. That in turn is partly because your understanding of the context – your business savvy as opposed to your business skills – is as important as your credibility as a leader.
But there are some common traits in leaders that work in all business contexts. Once you have these nailed, you will find that you can reuse them in different businesses as you expand your entrepreneurial interests.
Here are three starter principles to put into practice today:
1. Be first
Get to work first and leave last. As an entrepreneur, one of the prime qualities you need is energy. You need to put mental and physical energy into knowing the detail of what is going on in your business. Listen to the insights of your staff as to how your systems are taking strain or could be streamlined. If you are serious about growing your business, you cannot expect to achieve this as a sleeping partner who drops by the business premises at best once a week.
2. Be a team player
Make it clear that you are not giving yourself privileges just because you are the boss. If your business involves any kind of production line, whether actual or virtual, you should be able to pitch in and help out if there is a rush of demand or an unusual number of staff hit by the virus that is going round. This is also an opportunity to check personally on the effectiveness of the systems you have set up and make tweaks where you see bottlenecks or downtime occurring.
3. Be last
As well as leaving work last, you should also pay yourself last. Consider this part of your investment in your business – and also an investment that will pay dividends in consolidating staff loyalty.
Peak Performance – How To Become A Strong And Legendary Business Leader
The starting point is to consistently and constantly build and mould an unshakeable character and add a clear strategy for your personal life and your business.
‘Leadership is a potent combination of Character and strategy’
– General Norman Schwarzkopf
Leadership has long fallen into the category of the enigmatic. It is no longer the case considering the ‘deep dive’ neuroscientists, psychologists and industrial psychologists have taken into understanding the brain and human behaviour in general.
For those that have a deep and driving desire to understand themselves better volumes of highly beneficial research are available to you. How willing you are to seek for and apply the infinite amount of knowledge out there is dependent upon your priorities, your ‘grit’ and your level of desire to personally transform and be impactful in this world.
Most of all a strong belief in your own abilities to become a legendary business leader is a basic requirement for the alchemy from follower to leader to take place.
The human nature guru Robert Greene describes a strong character as follows:
“Strong character has a tensile quality like a good piece of metal – it can give and bend but still retains its overall shape and never breaks”
Character is who you really are, not what you want others to think of you. Who you truly are is especially revealed under the most challenging circumstances. How your investors, co-founders, employees and clients view you is highly dependent upon your actions during times of business crisis, failure or when you as an entrepreneur are faced with turbulent personal circumstances.
The ability to authentically and empathetically (towards yourself and others) take a stand for your beliefs, admit (to yourself most of all) to your mistakes, rectify them (the highest and truest form of an apology) within times of strife and difficulty leads to a strong and un-breakable character.
Through this writing you are strongly urged to reflect on the fact that a strong character will not fall from the sky and simply be bestowed upon you, instead a strong character, akin to steel, is moulded and shaped by fire meaning that your character is mostly shaped by challenging times.
As the late master poet Leonard Cohen said –
‘There is a crack in everything that is where the light seeps in’
Nothing is perfect and when you truly learn from failures and mistakes your wounds can become blessings, your tests can become testimonies and you can lead others to achieve the same.
Those that have a slight and very determined smile on their face and maintain belief and even dramatically increase their levels of performance the moment they recognise that they have arrived within a highly challenging space are the ones that have trained for that exact moment.
The Navy Seals say:
“You do not rise to the challenge you fall to your level of training”
All external information gathered within each moment enters the brain and is processed through the Amygdala first – that part of the brain that provides housing for the ‘fight or flight’ response. Information is first filtered through your very own doubts, fears and insecurities.
If you have not worked on your own fears diligently and instilled habitual mechanisms of effective action triggered by fear your re-actions of lack of action (procrastination) will not be optimal at all. ‘Grit’ is born at the intersection of passion and perseverance and can be trained. Bravery can be trained. Leadership can be trained. Character although influenced by genetics can be trained.
All tools to succeed at the aforementioned subjects are within us all, in a lot of cases lying dormant and anxiously awaiting your increased levels of awareness which will empower you to use the tools required effectively.
As a practical example I coach my ‘Peak Performance’ clients to train for Grit in the following way – Choose a day of the week when you are especially tired and not in the greatest of moods force yourself to the gym and train the toughest muscle group for you (usually legs) and where you normally do three sets of squats do seven and make those sets harder than before in every way.
Or again choose a day of the week again where you are very tired and instead of taking a plunge onto the couch to watch ‘Game of Thrones’ or whatever it is, go and hike, a long tough hike that will really test you.
It does sound harsh but you will thank yourself when the tough times occur and they will, that you have willingly trained yourself for grit.
On to the subject of Strategy which forms a potent combination with character and results in Leadership.
Dictionary.com defines strategy as:
A plan, method, or series of manoeuvres or stratagems for obtaining a specific goal or result.
For a strategy to be effective a basic requirement of many requirements is that a clear and highly specific end vision and/or goal, and/or result must be defined. Visions, goals or desired results are often vaguely defined because the often subconscious fear of clearly defining our failures by setting clear and measurable goals plagues us.
The mind struggles with finding solutions, answers and strategies when vague goals are set. It is also very hard to retain focus on anything that is very vague. As the importance of an effective plan to achieve your well defined Vision and goals cannot be overstated I strongly recommend getting expert help to facilitate a future session.
Once the desired end result, goals and vision is crystal clear we can ‘reverse engineer’ an effective plan that can actualise our dreams. We need to create a metric system that constantly, consistently and visibly measures our progress and success of our plan. The metrics will notify us of challenges and will signal a need for adjustments within our strategy.
The very good news emanating from this article is that anyone can be a legendary leader should they not only sincerely wish to be a leader but also take effective action on becoming one. The starting point is to consistently and constantly build and mould an unshakeable character and add a clear strategy for your personal life and your business.
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