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Dabbling Was Cute.
 Now, Are You Ready To Dominate?

How you can become the Branson of Business, the Clarkson of Cars, the Oprah of Talk Show TV.

Douglas Kruger

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When Arnold Schwarzenegger began his career, he studied bodybuilding icons — not to emulate them, but to surpass them. His strategy was always to top the best.

From the roaring mosh pits of an Iron Maiden concert to the welcoming ambience of Nigella Lawson’s kitchen; from the secretive rainforests of a David Attenborough nature documentary to the sweat-soaked gyms of Schwarzenegger’s legendary workouts — every industry has its top name icons. What do they all have in common? What makes them rise to the top? And most importantly for entrepreneurs, what can we learn from them?

I’ve spent a decade trying to discern and decode what distinguishes the leading names in any field, and whether their approaches can be emulated. Here’s the secret I’ve discovered: We tend to think of experts in terms of superior knowledge or academic skills, but that actually misses something. There’s more to it. You can be highly qualified and yet completely unknown. Instead, to be truly iconic, you need to combine three non-negotiable qualities: Knowledge, personality and publicity.

You have to know it, you have to show it and you have to be it. You need to build an identity or ideal that tribes of followers want to emulate.

The following is an excerpt from What Makes Them Great? 50 Ways to Become an Industry Leader that focuses on four ways you too can become an industry leader.

1. Benchmarking globally, not locally

arnold-schwarzenegger

In his early twenties, Arnold Schwarzenegger made an interesting decision. Upon deciding that his life’s course lay in pursuing bodybuilding, he moved from Austria to California, to study the world’s top athletes in their own backyard. But he went with a philosophy that was quite remarkable. More than just wanting to study what the top practitioners did in order to emulate them, his stated goal was to study what the top practitioners did, in order to surpass them.

When last did you observe the best in the world, then think: “I could top that”?

Here’s why this dynamic matters: Today, your potential customers aren’t just benchmarking you against your exact equivalent locally. In reality, they are even benchmarking you against completely different industries and practitioners.

In the same way that a restaurant does not just compete with other restaurants — it also competes against the lateral options of movies, concerts or home pizza delivery — you are not just viewed against the backdrop of others who do exactly the same thing. You are viewed against the backdrop of an increasingly globalised market, by people who travel all around the world.

Your target market may be ‘just’ a mom with a simple problem to fix. But that mom has also been to London, New York and Sydney, and her perception of your levels of professionalism, as you operate in her home town, are not relative to others in your home town.

Moreover, the local mom evaluating your professionalism has Googled videos about how to solve this problem, and watched entrepreneurs from California talking about sleek and clever solutions. If she’s gone to the trouble as an outsider to your field, you certainly should have done the same and more as a practitioner. And that is her rightful expectation of you.

Related: Research: The Power Of Meditation That Will Blow Your Mind

2. “Good enough” for the locals, and other myths

Eiffel Tower

Fairly late into its lifespan, the Eiffel Tower acquired a glass floor. You can now go halfway up the Parisian landmark and scare yourself rigid by stepping onto a transparent walkway and looking straight down. It’s a great addition to one of the world’s most popular tourist destinations… that took about 15 years too long to implement.

Many years prior to its implementation, my wife and I went up the CN Tower in Toronto. Somewhere up near the Canadian clouds, its bulbous dome has a similar walkway, which has been there for decades. I remember watching my wife, who is no friend of heights at the best of times, crawling out onto the glass and smiling gingerly for a photo, then retreating to the safety of concrete as though she were on fire. Other places, like a tourist spot at the Grand Canyon, have since copied this notion too.

Why did it take one of the world’s leading tourist destinations — the Eiffel Tower in France — so incredibly long to do something so seemingly obvious?

The answer is: Because the custodians didn’t think of themselves as part of a global network of international travel. They thought of themselves as ‘custodians of the Eiffel Tower.’ Subtle shift; huge difference.

Do you still view yourself as a local operator? Increasingly, this view is becoming self-deluding. Many of your potential fans, tribes, clients and customers are now extremely well travelled, and may be comparing you to a much better version in Tokyo or Tel Aviv.

3. Contexualising yourself upward

improving-self

‘Imagine the government passes a law,’ a fellow speaker said to me one year, at the Professional Speakers Association convention, ‘And you are no longer allowed to charge your current fee. You have to double it. Non-negotiable. What would you do differently? And which clients would you target instead of the ones you currently deal with?’

I took the question seriously. And it’s a good one. What would you do if forced to take your business up, not just a notch, but a couple of tiers, in one fell swoop? Grapple with the answers to this question (and there are answers to them, in every industry) and you are actively engaging yourself with the problem of how to position yourself as one of the premium players in your game.

If forced to face that test, what would you do? It is a good idea to keep graduating yourself upward; to compel constant growth by design. In your quest to become truly iconic, do not benchmark yourself against the immediately available, local talent. Contextualise yourself upward, and think about your own performance relative to the global best.

This may entail a few practical things:

  1. You may have to stop doing the low-level and/or free stuff. Being valuable, and being seen as valuable, is everything here. But you have to go first. The market doesn’t just assume you are.
  2. You must find ways to actively display your new, greatly increased value.
  3. You may have to cull the cues that disqualify you as premium, such as low pricing, amateur visual cues in your marketing, etc.

4. Pricing yourself correctly

dr-frasier-crane

By the time the sitcom came to an end, after 11 Emmy-award devouring seasons, Frasier had established itself as one of the most popular and successful comedy shows in television history. Toward the end, each of the main actors was earning in excess of a million US dollars per episode. The show’s success was a fabulous argument against the notion that one should simplify everything and ‘pander to the masses,’ given that the two lead characters, psychiatrist Dr Frasier Crane and his brother, Dr Niles Crane, were highly intellectual, unapologetically snobby, sophisticated patrician elites, who pontificated in sentences one might typically hear at a medical convention. Or Mensa.

In an episode of season ten, Frasier and Niles are seated at Nervosa, their favourite Seattle coffee shop, along with Niles’ wife, Daphne. Daphne is pregnant. Egged on by another couple, Daphne and Niles are trying to find ways to ‘heighten’ the experience of childbirth. The whole thing becomes competitive, and they end up hiring a doula to guide them through the event — more to impress their friends than anything else.

Frasier, meanwhile, has been suffering through a dating dry-spell. He has hired a professional matchmaker and is about to meet up with her. Donning his jacket and excusing himself from the coffee table, Frasier says, “I’ve signed up with a matchmaking service.”

“Frasier, a matchmaker?” Niles responds, aghast. “I’m surprised you’d use a professional for something as personal as your love life.”

“Well, I could say the same thing about you and your doula,” says Frasier.

“Well, our professional comes highly recommended,” says Niles.

“So does my professional,” says Frasier.

“Well, our professional is at the top of her field,” Niles counters.

“As is mine.”

“Well, our professional charges two hundred dollars an hour.”

“Mine charges ten thousand!”

Niles gasps. “She sounds fan-tastic! Congratulations, Frasier!”

“Thank you, Niles…”

The dialogue concludes with Daphne rolling her eyes. The scene was obviously created for comedic effect, but there’s an undeniable grain of truth in this overblown observation. We do perceive quality according to price. It’s a natural human bias that you will read about often in books on behavioural economics, and which you will see reflected in the purchase price of your next luxury car.

If you are too cheap, you will be perceived as amateur. Here is another example, from author Robert Cialdini. A lady owns a jewellery store in a coastal town, and she’s struggling to sell a particular range of jade jewellery. So begins the true story in Cialdini’s book Influence. Before going on leave, the owner instructs her sales person to halve the prices. The sales person misreads her note and doubles the price. The entire range sells out before the owner returns.

Behavioural economics are fascinating. In this particular case, the items sold more effectively because they were more expensive. The reverse dynamic applies too. Set the bar too low, and you will raise innate suspicion from high-level buyers (Hmm… No, thanks. You’re too cheap. Sounds risky).

Mindset tip: Where it matters, be a surgeon

Going about their daily work, doctors are required to make use of competing skill-sets. They have to be dispassionate enough to be able to do necessary, hurtful things to their patients; injections into delicate parts of the body, cutting open skin and billing them right in the soft spot.

But they must also show compassion. Doctors are typically sued more often when their bedside manner is lacking, even for the same results as their more compassionate contemporaries.

An ideal doctor, if such a thing exists, is able to be compassionate when it counts, but dispassionate when it is necessary.

I’d like you to remember this concept the next time you struggle with stating your price: Be a surgeon.

The pricing is not an emotional aspect of the thing you do. This is merely ‘part of the procedure.’ Just do it, and do it dispassionately.

You don’t have to ‘believe in it,’ or ‘feel anguish about it,’ or in any way emotionalise the scenario. That’s for amateurs. This is the part you do clinically, simply as a step in the procedure.

If they can’t afford your fee, that’s fine. Nobody is going to shout at you or place you in stockades in the town square for a dose of public humiliation. If they can’t afford you, they are not your customer, and that’s all there is to it. If they can, they are. You can then continue on together to the next part of the professional relationship, at which point you will display empathy for their needs.

Pricing is not emotional. It’s procedural. Get it done. Like a surgeon.

Douglas Kruger is the only speaker in Africa to have won the Southern African Championships for Public Speaking a record five times. He is the author of ‘50 Ways to Become a Better Speaker,’ published in South Africa and Nigeria, ‘50 Ways to Position Yourself as an Expert,’ and co-author of ‘So You’re in Charge. Now What? 52 Ways to Become a Better Leader.’ See Douglas in action, or read his articles, at www.douglaskruger.co.za. Email him at Kruger@compute.co.za, or connect with him on Linked In or Twitter: @DouglasKruger

Leading

How To, In Practice, Distinguish Between Executive, Non-Executive And Independent Directors And Their Functions

Learn more about the differences in executive and non-executive directors.

RSM

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Definition of a director in terms of the Companies Act

Section 1 of the Companies Act 71 of 2008 (Companies Act) defines a Director as “a member of the board of a company, as contemplated in section 66, or an alternate director of a company and includes any person occupying the position of director or alternate director, by whatever name designated”.

Powers of directors

Section 66 of the Companies Act determines that the business and affairs of the company must be managed by or under the direction of its board and that the board has the authority to exercise all of the power and perform any of the functions of the company, except to the extent that the Companies Act or the Company’s Memorandum of Incorporation provides otherwise.

The board of directors, for the first time in our current Companies Act has been assigned the legal duty and responsibility and play a very important role in managing the affairs of the company and making vital decisions on behalf of the company.

Related: What You Need To Know Before Transitioning From Business Owner To Director

Number of directors required on a board

In the case of a private company, or a personal liability company, the board must consist of at least one director and the case of a public company, or non-profit company, the board must consist of at least three directors. A JSE listed company requires at least four directors. The company’s Memorandum of Incorporation may however specify a higher number, substituting the minimum number of directors required.

How to distinguish between executive, non-executive and independent directors and their functions

A clear distinction is noticeable between the different types of directors in practice, even though the Act does not distinguish between executive, non-executive and independent directors.

The below table gives a clear understanding of the differences between executive and non-executive directors:

Executive directors

Non-executive directors

Member of the board of directors with directors’ duties.

Part of the executive team, as an employee of the company and generally under a service contract with the company. Not an employee of the company.
Involved in the day-to-day management of the company. Not involved in the day-to-day management of the company.
In addition to a salary, does not receive directors’ fees. May receive Directors’ fees, but does not receive a salary.
Shareholders are not involved in approving their salary packages. Shareholders must approve their fees by way of special resolution, in advance.
Employee entitlements apply, such as annual and sick leave. No entitlements apply.
Has an intimate knowledge of the workings of the company. They contribute to the development of management strategies and monitor the activities of the executive directors.
They carry an added responsibility. Entrusted with ensuring that the information laid before the board by management is an accurate reflection of their understanding of the affairs of the company. Plays an important role in providing objective judgement, independent of management on issues the company are facing.

 

Independent, non-executive director

An independent, non-executive director does not have a relationship, directly or indirectly with the company other than his or her directorship. They should be free of any relationship that could materially interfere with the independence process of his or her judgement and they do not represent the shareholders of the company.

An independent, non-executive director should be evaluated on an annual basis to determine if they are still considered independent.

Related: The Role, Responsibilities and Liabilities Facing Non-Executive Directors

The role of these directors

All directors should apply objective judgment and an independent state of mind, regardless of the classification as an executive, non-executive or independent non-executive director.

Executive directors may be appointed as non-executive directors on other boards if this does not influence their current position and is in accordance with company policy.

Before a director accepts the appointment, they should be familiar with their duties and responsibilities and be provided with the necessary training and advice.

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Managing Your Priorities And Learning To Say No

How you use your time determines the degree of meaning or fulfillment you have and the money you make.

Dr John Demartini

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Getting more done is not about managing your time; it is about how you focus your attention and intention during the time you have. When you focus on scheduling your day to do high priority actions, they are more likely to get done.

Since you can have more than one kind of high priority action, it is wise to define them accordingly by further prioritising your high priorities. High priority items or actions can fall under one or more of the following categories:

  • Those needing to be strategically planned (working on the business)
  • Those needing to be done in relation to yourself
  • Those needing to be done in relation to your employees
  • Those needing to be done in relation to your clients, customers, patients…
  • Those needing to be done that are creative (new divisions, services, products, markets…)
  • Those needing to be delegated outside your company (outsourced)
  • Those needing to be delegated inside your company (insourced).

It is essential to master the art of saying no to anything less important.

When you are unclear about what your true highest priority or business mission is, distractions can take you ‘off track’ and consume your time, attention, energy, focus, power of concentration and productive capacity.

Related: How To Say No Nicely

Knowing what your highest priority business mission and primary objectives are prevents you from being as easily distracted by every so-called ‘opportunity’ that comes along. It allows you to be more discerning about the activities you choose to take on board and those you discard. Clarity of mission gives you the ability to ignore distractions, and that can be incredibly inspiring and empowering.

You cannot please everyone so don’t waste your time trying. Continually saying yes because you can’t bear the short-term pain of saying no will cost you greater opportunities and lead you to bite off more than you can chew. Your time is finite.

 

Block out all less important distractions. Give them up. Embrace your trade-off.

Try eliminating, or scaling back some of your activities to determine if reducing or eliminating them makes any real difference in your results. This also helps you determine which actions are truly the most productive priorities. Deliberately eliminate or at least reduce your trivial, unimportant, unnecessary and irrelevant actions. Your intentional limits can help you become more limitless.

Sticking to your own higher priorities each day raises your self-worth. Take command of your time before others do and tell them the truth, or they may possibly keep demanding from you. Your integrity and, at times tactful bluntness, will allow you to get your most important job done. Your true friends or colleagues will respect your time and your priorities.

Since your work will expand or contract to fill the time allotted (Parkinson’s law), if you don’t fill your space and time with high priorities they can become filled with low priorities. And, if you don’t consume your energy and material resources with high priorities uses they can become consumed by low priority ones. If you don’t intensify your day with inspired actions things can slow down. Your time x your intensity will determine your results.

Related: I Started Saying ‘No’ To These 6 Things. My Life And My Business Got A Lot Better

Many distractions that are being initiated by others are often opportunistic in nature. Many are simply others trying to sell you something – an idea, a viewpoint, an opinion, a friendship – in exchange for your valuable life and time. Simply being aware of what is being sold allows you to be more deliberate in deciding whether you want to buy or spend time on it.

Gracefully, respectfully and reasonably saying no, may temporarily disappoint the opportunist, but eventually it will lead them to respecting and appreciating you even more. It shows that you are a professional more than just an amateur and that you value yourself and your time more than their distractions. It is wiser to have a long-term gain in respect than a short-term popularity.

So ask yourself every morning what exactly is the highest priority action step I can take today to help me fulfill my most purposeful, meaningful, productive and profitable dream tomorrow.

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(Infographic) The 6 Best Ways Leaders Can Inspire Their Teams

Being an inspirational leader takes empathy, centredness and clarity.

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business-inspiration

One of the most effective traits of a leader is their ability to inspire and motivate a team. As a leader, you have to lead by example and the tone you set will resonate with the rest of your employees.

So what’s the best way to inspire your team? For starters, show your team that you care just as much about them individually as you do about the business. That means asking questions about their personal lives and getting to know them outside of the office. Lead with both your heart and head, thinking equally about your employees and the business, and balancing empathy with management. Not only that, but you should continuously find ways to support the professional development of your employees, listen and learn to what they have to say and value the input of each and every member.

Having trouble effectively inspiring and leading your team? Don’t worry, according to science, leadership is something that can be learned. In fact, only 24 percent of leadership skills are genetic, and the remaining 76 percent are learned. Overall, the top trait of inspirational leaders is centredness, meaning the ability to stay calm under stress, empathise, listen carefully and remain present. After centredness comes clarity, balance and self-awareness.

To learn more about inspirational leadership, check out InitiativeOne’s infographic below.

inspirational-leaders-infographic

This article was originally posted here on Entrepreneur.com.

 

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