‘Know thyself’ – Socrates
Immerse yourself in the ancient Greek philosopher Socrates’ words and for a moment consider that this famous scribe possibly assigned deeper meaning to the knowledge of self, than for example simply understanding your personality type. Knowing whether you are an introvert, ambivert, or extrovert, what your likes and dislikes are just means that you are navigating the periphery of your existence.
To get to a deeper understanding of yourself in terms of what your true infinite potential is and what your “deep driving desire” (purpose) is, is far more meaningful work and creates a deep level of wisdom in terms of the self and others.
“Whatsoever your deepest driving desire is, so shall your thoughts be, as your thoughts are so shall your deeds be, and your deeds shall echo in eternity”
As entrepreneurs we will do well to be reminded constantly that our businesses are extensions of ourselves and our teams. To do the work of self-development and the development of others on the deepest level possible is the key to developing and growing your business. First and foremost invest in your own development as an entrepreneur and person and in that of your team, for when business teams stagnate the business stagnates.
Be yourself. Be Authentic
Trying to be a Tony Robbins or a Richard Branson when you are simply not like them is futile effort. You are not here to be someone else you are here to be the best form of yourself as an entrepreneur and person. Wasting the energy to try to be someone else will, in time just leave you tired, unhappy and unfulfilled. To be authentically you, you must first find out who you truly are under the periphery of personality types, likes and dislikes.
Take the first step towards authenticity and honestly and deeply ponder the questions of:
What really gives me peace, or what will? What in life truly excites me and sustainably so? What do I sincerely have passion for and a deep love for? When I completely stop acting up to others expectations of me and be who I really am and do what I really want to do, what would that picture look like?
Being authentically grateful
To ensure that he lives a life of authentic gratitude a fellow coach, William Badenhorst regularly asks himself the following very meaningful question:
“What if I were to wake up tomorrow morning only with the things that I was grateful for the previous night?”
Sincerely reflecting on this question casts light on the level of gratitude that you live with. Develop authentic gratitude even for the trials and challenges on your entrepreneurial and leadership journey, for as the great Persian poet Rumi exclaimed:
“Through the wound, the light seeps in”
These beautiful poetic words alludes to the fact that there is always something positive to learn and take from even severe challenges, that is if one is willing to look deeper into the situation and be truly objective about it.
Lets’ get practical
Within a high pressure and highly competitive (within the business team) environment wherein creating an image is important as opposed to acting according to character, authenticity suffers. When you as an entrepreneur and leader create a paradigm shift towards constant self-improvement within your business and hire and fire according to character (true self within the context of this writing) and not image (false self within the context of this).
- By example make it ok to admit your fears, weaknesses and struggles. If you hide them they never surface and thus are never worked upon and improved. Firstly admit your fears to your team and also explain what you are doing about it and then create an environment where they would openly share theirs and what they are going to do about it.
- Be authentically you, if you are an operations expert be that and focus on that do not try to create the image of being a marketing genius when you are not, just develop the skill of finding the right person in your team to handle the marketing.
- Starting now go on a lifelong journey of constant learning. If you do not like to read, listen to podcasts, or go and learn directly from a mentor, alternatively there is a wealth of free information on the net.
- Ask yourself earnestly: “Where has my excuses got me to?”. Stop entertaining your own excuses because they form self –inflicted stumbling blocks on your journey.
- Let your voice of authenticity and your truth be heard within the business environment. Withholding the value of your ideas and insights is a disservice to the business.
- Take action. A meeting is purely talk. Thinking is just that, thinking. Procrastination is the fertiliser that problems use to grow. Do!!! Think before you do yes, but just for as long as really, really necessary and then do! Empires are built by building it not by thinking about it and doing nothing.
What A Grade 1 Sticker Business Taught Me About Business
It’s the very fundamentals that are frequently overlooked amid ambition and “blue sky thinking” – yet, these remain the most crucial element of any business.
When I was a kid, my father believed that instead of getting pocket money, my brothers and I should learn how to make money. Stickers were the school craze when I was in Grade 1, and we wanted a collection for ourselves, so Dad said if we wanted to buy the stickers, we needed to make the money. So, logically, we started a sticker trading business. Dad gave us the start-up money and took us through the basics of business.
We had a cash float for purchases, and learnt about cost price, mark-up and selling price – very basic accounting. We kept recycling that money, making extra and using it to buy more stickers. Then we worked out that if we increased the mark-up, we’d make a bigger profit – so why not make the mark-up as big as possible? The obvious happened. Our prices were too high, and we lost customers.
Valuable business lesson learnt, we came back down to a mark-up that other kids were willing to pay for.
More lessons to learn
Then people came to us and asked if they could take a sticker today and pay us tomorrow. We saw no reason not to trust them. Guess what? They didn’t pay us back. We had bad debt on our hands. When we sold out of stickers, we had cash-flow issues and couldn’t buy more stock. Dad was there to help us out, though, so we received another capital injection to get back off the ground. And this time, if we did extend credit, we loaded it for the privilege of “buy now, pay later” – another lesson learnt.
We ran a proper ledger for the business, tracking our inventory, sales and profit. Even if our “bank” account was a piggy bank, we had a clear record of what was going on. When I look back on it, none of what I learnt was irrelevant.
Today, I run a leading financial services company with billions of rand running through our bank accounts. Even though the finances of the business are run on a much larger scale, the principles of business – those basic principles that we learnt trading stickers – still power our company. And when I see entrepreneurial ventures failing, or when friends come to me for advice because their business is struggling, it’s almost always because they haven’t got these basics right.
One of the most important lessons I’ve learnt is that if you don’t fully understand how the money is being made, walk away. Whether you are dealing with stickers or financial services, the business principles should be straightforward: money coming in, money going out, and profitability.
Every day, I look at an Excel statement of my company’s forty bank accounts. Every day, I look at the cashflow, and unusual big-ticket items get a note so I know what’s going on. It’s just like that Grade 1 business, only on a bigger scale.
Once the other kids saw the success of our sticker business, they started to want to get in on the action, so they came to market with their own competing products. At first, we were able to innovate as the competition squeezed our margins and started to impact on our profits. Eventually, the whole situation got completely out of hand and the school banned sticker trading for profit.
While I didn’t become a sticker magnate, the lessons I learnt in Grade 1 remain central to every business I am involved with – get the basics right.
How To Handle A Director Who Always Says No
Diverse opinions on a board is a good thing — but is it boosting your business, or hindering growth and decisions?
Do you have that director on your board who always says ‘no’? Regardless of what the issue is, regardless of the context, who raises it or whether or not it is indeed a good idea, their response is either a simple ‘no’ or an elongated perspective on why they disagree? It can even feel at times that they are actively working against the company and against the board. Although they obviously do not see it that way.
Experienced directors will have multiple war stories related to this subject. Aspiring directors should be aware of how to approach these situations when they arise and how to avoid becoming the subject of such stories.
Develop a culture of trust, candour and professionalism
A board’s conduct must be characterised by trust, respect, candour, professionalism, accountability, diligence and commitment. It is the board’s collective responsibility to build this culture and to engage with one another in a productive and effective way.
Dissent should be welcomed when it is constructive and engaging. The idea of being the ‘devil’s advocate’ for the sake of it however, is not the best way to approach this. Dissent should be based on a real belief that the issue has not been fully debated or creates a real challenge for the company going forward.
If you have a director who genuinely believes a different path is right for the company, hear them out and engage in the discussion. In my experience, this often opens up an issue or changes a detail that when taken as part of the whole, improves the decision-making outcome for the board and the company.
Related: Contributing In The Boardroom
Remove the politics from the boardroom
At the heart of this issue is often politics. Politics between directors, who are also shareholders or executives. Politics between the ‘new guard’ and the ‘old.’ Regardless of the genesis, politics really do not have a place in the boardroom and directors who engage in it should be called out by the chairman or another senior director.
In local government I have heard stories of councillors who always vote ‘no,’ so that whenever something goes wrong, they can say “I told you so,” and show the public why they should be re-elected. But that is indeed politics. The boardroom is a very different space. It is private and discussions should be confidential.
Board rotation, a simple solution
While the removal of an errant director should never just be left to resolve itself, there is a simple solution that can support the easy removal of the most difficult directors. The challenge is that it requires forward planning prior to the appointment of any new director.
Directors should only ever be appointed for a predefined term, with automatic rotation at the end of that term. This does not stop you from reappointing a director for a further period. It is, however, always easier to ask someone to consider a further term than it is to tell them that their time has come and they should resign from the board.
Having a predefined term for a director essentially ensures an automatic resignation period. A simple rotation policy for directors is not just good governance, it is a practical step you can take to provide a way out of a sticky relationship.
Ultimately the board as a whole must address issues that detract from the board fulfilling its function as and when they arise. A rotation policy might provide an effective backstop. A high-performance board is one that will tackle the issue head-on.
Read next: How Diversity Drives Board Performance
The Power Pose: Using Body Language To Lead
Use the way you move and stand and interact with others to become a better entrepreneur and leader.
In 2012, the power pose became a global sensation. A Ted Talk by Amy Cuddy hit a staggering 46 million views and became the second most popular Ted Talk in history. The premise was simple – hold a powerful pose and it will not only affect the way you behave but it will even change your body chemistry. Since the talk, the power pose has met with heavy criticism and been labelled as nothing more than pseudoscience. Fortunately for believers, they were proven right. Amy Cuddy released further research this year and it fundamentally proves that this bold stance works exactly how she said it did back in 2012.
The power pose isn’t something that you’d adopt in a meeting or around the office but the science behind it shows how important it is to pay attention to your body language as it can fundamentally change how you are perceived.
Notice how you are noticed
People spend a lot of time reading one another’s body language and the way a person stands or holds their hands or moves can influence how others see them. It’s very natural to judge someone else’s posture, but what about the way they are judging yours? Few people look at how their body language is affecting the way people engage with them.
So, what are you supposed to do?
Fake it until you make it
Want to know how can you adapt to become a better leader? You can fake it.
The power pose isn’t the only way to change your mood. Research has shown that whether you laugh naturally or put on a smile and make yourself laugh, your body still releases the same levels of serotonin.
Whether you are really laughing or just pretending to laugh doesn’t matter – they both have the same impact on your demeanour.
Change how others see you
Think about the pose that every athlete adopts when they win a race or achieve something that’s been physically taxing. They hold their hands outstretched in the air. Even blind athletes hold the same pose. It’s big, it’s bold and it’s a physical manifestation of success.
Now consider the defensive pose. The tight hunched shoulders or inward curve of the spine. These poses immediately make a person look nervous, afraid and lacking in confidence. Like the porcupine curling in on itself for protection.
The same ideas apply to daily business life. While the power pose and the athlete pose are not necessarily a team activity, ensuring that you hold your body upright and with confidence means that you’re conveying an attitude of strength. You come across as confident and capable and positive. You are ready to take on anything and overcome the odds.
By contrast, if you are hunched and withdrawn, you come across as nervous and lacking in confidence and these are not the qualities you want associated with you as an entrepreneur and a leader.
Body language for entrepreneurs
- Shake hands like a hero. The way you shake hands with someone is very significant in terms of establishing equality. Be even, be firm but don’t pull people towards you or turn their hands under your own. This makes them feel like you are trying to establish dominance.
- Create an atmosphere of openness. Maintain eye contact, say hello to people with warmth while holding a strong posture. A warm and open greeting is essential to establishing trust.
- Do the power pose for two minutes before any meeting or interview. This will get those chemicals stirring and make you feel confident and in charge.
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