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Why A Winning Mindset Can Make Or Break Your Business

The successful growth of your organisation is largely dependent on your mindset as the owner of the business. Are you taking the time to develop this crucial element?

Pieter Scholtz

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business-successes

Over the course of the last few months, I have worked with several business owners — some who are doing extremely well and others who are struggling. During this time, I have been reminded of the importance of mindset for business owners.

On many occasions, I asked business owners to list ten things that were affecting their ability to grow their businesses.

Most, if not all, listed the following items:

  • The economy
  • The Government
  • Competition
  • Lack of skilled staff
  • Employee commitment
  • Product quality
  • Legislation
  • Cash flow.

In most instances, the business owners did not mention their own role in preventing their businesses from growing. This was interesting, as I found that for many of them the most significant contributor to their lack of growth was their own mindset.

In Sharon Lechter’s book, Three Feet from Gold she discusses the following formula for success, one that I have found particularly useful in helping business owners focus on growth:

((P+T) x (A x A) + F = Success

Where:

P = Passion

T = Talent

A = Associations

A = Action

F = Faith

I have also included a third ‘A’ to the equation: Affirmations. But what do each of these elements mean to the business owner? Here’s an exercise you can complete to start working on your own success formula.

Related: How To Help Your Team Shift Their Mindset To Embracing Technology For Business Management

Passion

Richard Lieder, author of The Power of Purpose, said it best: “Purpose is the conscious choice of what, where, and how to make a positive contribution to our world. It is the theme, quality or passion we choose to centre our lives around.”

Many business owners do not spend enough time understanding or defining what their true passion is. What is that ‘thing’ that drives them towards success?

A useful exercise to complete would be to list at least ten things that you are passionate about. Focus on what energises you and the times that you were most fulfilled. It might be useful to obtain input from family and friends as well.

Talent

Now list ten things that you’re good at. What are you good at and what do you excel at?

Share this list with a family member or good friend and ask them to remove one item from the list that least describes you. Repeat this process until you are left with just one talent.

Once complete, match your core talent to the passion in the previous step to determine if there is a common connection.

Related: 8 Mindsets That Will Set You On The Path To Success

Associations

There is a well known saying that the books you read and the people you meet will determine where you will be in five years’ time. Write down the five or ten people that you spend most of your time with. Do they contribute to your success as an entrepreneur or not? If you are the most successful person in the room then it’s time to change your associations.

List the names of five successful people that you know personally. Now list the associations that could help you grow your passion and talent. Which people, networks, businesses, charities or sports clubs would you need to consider associating with that could grow your passion and talent?

Spend some time researching which associations might be of benefit to you and then decide on one of them. You will only obtain true benefit from interacting with any of these associations if you are willing to support them in their endeavours and objectives. Successful relationships are additive, not subtractive.

Affirmations

Most business owners who are struggling have a low self-esteem or image of their own ability or value proposition.

It’s often the ‘noise’ that goes on in their heads that is the biggest contributor to their own downfall.  Writing down a list of affirmations that start with the words “I am” is truly beneficial. Once you have completed a list of at least 20 affirmations, make sure you read them daily. It will help you start each day on a positive, confident note.

Action

Change requires action and this is often where things fall apart. On many occasions, business owners become overwhelmed by what needs to be done and instead of starting somewhere, they freeze and do nothing.

A useful exercise is to list ‘The One Thing’ that needs to be completed daily. Then repeat this exercise for the week, month and quarter. Keep it to one thing. As you complete each day, record what progress you have made for the day and take time to celebrate each accomplishment. You will find that by focusing on just one thing, momentum starts building and you make significant progress towards issues that matter, and achieving your purpose.

Related: An Entrepreneurial Mindset – Why And How To Develop One

Faith

In this sense, faith means believing in yourself and your ability to be successful in your business, despite any of the obstacles that may be put in your path. For many business owners, this is not easy.

It requires reflection on some of the highs and lows of your life to date and how you behaved during these times. Every business owner has had successes.

Draw on the lessons that got you there. But don’t ignore times of turbulence and challenges. Reflect on how you managed those times, and you will start developing a toolset that will help you develop faith in your own abilities, which is vital to your future success in business.

Pulling it all together

Focusing your attention on these six factors will contribute to your success. It might be useful to obtain the services of a business coach or a mentor to assist you in maintaining your focus and holding you accountable for your success.


Do this

Implement daily exercises that will keep you focused, confident and pursuing your growth goals to ensure ultimate success.

checklist-for-a-good-mindset

Pieter Scholtz is the Master Licensee for ActionCOACH South Africa. ActionCOACH is the world’s largest executive and business coaching company with operations in 41 countries. It is also on the list of the top 100 franchises globally. As a highly successful Business and Executive coach, Pieter is a master of teaching business owners how to turn their businesses around and accelerate their growth. Email him at pieterscholtz@actioncoach.com or phone 082 8813729.

Leading

Why Elon Musk’s Vision Should Change Your Business

If you’re not moving forward, you’re moving backward, there’s no sitting on the fence, its one or the other.

Craig Johnston

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elon-musk

It’s about the big picture

Elon Musk is the kind of guy who probably divides the room wherever he goes; in the same way that people either prefer Superman or Batman, soccer or rugby, maybe summer or winter. There’s no sitting on the fence. It’s one or the other. You either like Elon Musk or you don’t. But this article is not about him, its about you and how you are leading your business.

Love him or hate him, I don’t believe any business leader can get away from the fact that Elon Musk, possibly more than any other contemporary entrepreneur, is going to have an influence over your business. And if he doesn’t, he should, not as an individual as much as an archetype.

In the early 2000s another famous South African born entrepreneur Mark Shuttleworth was the first South African to become a space tourist. We were all proud, and asked ourselves what we would do if we had billions of Rands… how would you spend it? Mark’s rigorous preparation and orbit in space riveted the nation, from coffee break conversations to television documentaries and Grade 5 school projects. Everyone was talking about it. Mark’s trip was ultimately the fulfilment of one man’s personal ambition, a dream long-held and finally fulfilled.

Related: What Elon Musk Can Teach You About Getting Funding for Your Start-up

Aligning the planets

Elon Musk seems to be a different kind of dreamer. He does not only dream for himself, he dreams for humanity and that is rare. It is also why I think that his vision is something that every business leader should take note of. Look at any Start-up:101 Pitch Deck and you’ll likely see Guy Kawasaki’s famous 10, 20, 30 format and the first slide trying to answer the question, “What problem are you solving?”

Imagine setting yourself the problem of transitioning humanity into becoming a “multi-planetary species”, as Musk famously declared in a 2017 TED interview, and if that’s not enough, you are also working to revolutionise transport and save the environment through clean energy. In my view, Elon Musk (flawed as he may be) represents, two essential qualities that are absolutely indispensable for leaders and businesses of the future: Hope and Vision.

The lever that Musk has chosen to crank open the future, restore hope and unlock his vision, is technology. Misunderstood and much maligned, technology; like Musk, also instantly divides a room.

Technophiles on the one side, technophobes on the other and you must choose. You cannot half use technology, you either opt in or you opt out. The only choice is whether you will use technology responsibly or not. This is no small question and something that many business leaders (including Musk) have shown some commitment to by adding their support to organisations such as the Future of Life Institute.

Ships are not built to stay in the harbour

Technology is agnostic, it is neither good or bad. It’s influence lies in how you choose to use it. With so much talk about the Fourth Industrial Revolution (4IR), and how it is going to impact our lives and, in a business context, the lives of our employees it seems prudent that, as leaders, we establish a clear vision for technology in our businesses with due cognisance of how it is likely to impact our staff and our customers alike.

A business that integrates machine learning and AI into its business management system, for example, may in future have unprecedented access to information, provide intuitive robotic support 24/7, and the power to influence behaviour. This goes beyond ‘old-school’ marketing and advertising, heading into untested waters.

While we should rightly rely on our policy makers and legislators to put regulatory frameworks in place to guide how we use technology, as business leaders we should already be taking the first steps towards developing a technology-use policy in our businesses.

Related: Elon Musk’s Formula For Successfully Growing Companies Faster

Like Musk, our aim should be to bring hope and share a vision. A hope that, even with the threat of diminishing resources in our businesses, we are up to the task of conceiving novel and exciting alternatives that, even if it looks different than in the past, are able to meet the needs of our people. And a vision, not just to increase shareholder value or to be the leaders in our field, but something aspirational.

A commitment to lift eyes and hearts with a big vision, maybe not for interplanetary travel, but at least to let your Enterprise boldly go where it has not gone before, not as a tourist, but as the captain of your ship. Because if you’re not moving forward, you’re moving backward, there’s no sitting on the fence, its one or the other.

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Leading

6 Ways To Lead In The Multi-leader Economy

Why business leaders today compete for mindshare among their employees, and how they can lead.

Don Packett

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I recently attended an event where a CEO delivered the company’s annual results and outlined its future strategy. He closed the talk with some inspirational content to get the team excited about the year ahead.

While I listened to this business leader speak, I also had my eye on the audience. While the content was relevant and inspiring, the narrative and delivery was off. This was evident in the audience, who seemed disengaged – most had their faces in their phones. These employees, who should be inspired by their leader, were simply biding their time, waiting for the next speaker.

Was it because they’re generally rude, disengaged people? Not at all. In fact, they were a phenomenally switched-on crowd when we presented to them. So why weren’t they listening intently to the proverbial captain of the ship?

Leadership competition hotting up

I believe it’s because leaders today are competing for the attention of those they lead. People are exposed to hundreds of potential leaders in their daily lives, and that number grows daily as the internet brings a whole host of outside influence into reach.

While many of these influencers are not tasked with leading, per se, great leaders seldom have to force a following. They naturally build one through an innate ability. They achieve this by delivering inspiring and engaging content on a regular basis via platforms like Facebook, Twitter, LinkedIn, YouTube, podcasts or TED.com.

And it’s not just inspirational visionaries like Jobs or Branson who people listen to today. Anyone with a strong message can self-publish to spark debate, inspire or influence.

Related: 21 Tanks: Don Packett and Richard Mulholland

Understand the new dynamic

will-smith

Accordingly, whenever a leader steps up to deliver something relevant to their team, they need to be aware that in the past 24 hours their audience has probably watched people like Simon Sinek, Mel Robbins or Will Smith deliver a message that could spark a different way of thinking.

If you’re a business leader and have not considered the possibility that your team is also being influenced and, often, led by a host of other leaders, then you’re in for a tough time. The reality is that leaders now face fierce competition, and as the head of an organisation you need to take charge and own that space.

Here’s how you can take the lead in leadership:

1. Maintain face-to-face engagements

This is still the best way to work, especially when talking about important matters. I have a standing one-hour meeting with my team every three weeks. I open this session with a 10-15 minute talk on a specific topic I feel is important. The remaining time is used for open discussion. These sessions have been incredibly powerful, because it’s an opportunity for everyone to have their say, share their views and contribute to growing the business and the team, together.

2. Write narrative that catalyses conversation

This pertains to the content of your engagements. This needs to be something that’s not only on your agenda, but also on your employees’ agenda. People need both answers and guidance, but when leaders and teams can work on both aspects together, magic happens.

3. Deliver with conviction

Leaders often throw out a concern, hoping that it gets resolved. You can’t do that. Leaders need to stand up and deliver with passion to galvanise their teams. Sure, be part of the conversation, and ensure that your team knows how important it this, but understand that it’s more than just a conversation.

4. Get them to challenge you

The proverbial ‘open door policy’ requires employees to walk up to the door. Our regular team session offers me the opportunity to ask everyone, collectively, about their thoughts on a subject. I’m basically standing at the open door and asking them to come in, and not just randomly, but to discuss something pertinent.

Related: Rich Mulholland Reveals His Secrets To Success And How He Plans To Stay There

5. Make the changes required

After listening to your team, take action. Due to the influence of social media, society today is plagued by “ask-holes” – people who ask for advice or ideas, but never action them. Leaders need to listen and take action. Not that you should do everything you team asks, of course, but listening is the first step to understanding, and action needs to follow.

6. Rinse, repeat

Effective leadership is not an annual speaking engagement. It requires constant work to keep teams focused on the business. The biggest failure in most businesses is a lack of communication, which is something leaders need to constantly work on.

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Leading

Want To Achieve Greatness? Force Everyone Out Of Their Comfort Zones

Diverse teams are better performing teams, but only when they are inclusive.

Rob Jardine

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Working in a diverse team feels uncomfortable and that’s why we perform better. Discomfort arouses our brain, which leads to better performance.

Diverse teams are smarter teams. They have higher rates of innovation, error detection and creative problem solving. In environments that possess diverse stakeholders, being able to have different perspectives in the room may even enable more alignment with varied customer needs.

Being able to think from different perspectives actually lights up areas of the brain, such as the emotional centres needed for perspective taking that would previously not be activated in similar or non-diverse groups.

In a nutshell, you use more of your brain when you encourage different perspectives by including different views in the room. However, work done at the NeuroLeadership Institute has proven that this only works when diverse teams are inclusive, and this still remains a key challenge in business today.

When we consider the amount of diversity present in the modern workplace and the addition of more diverse thinking as a result of globalisation and the use of virtual work teams, it’s clear that the ability to unlock the power of diversity is just waiting to be unleashed.

Here’s how you can unlock this powerful performance driver.

The Social Brain

Despite the rich sources of diversity present in most workplaces, companies are still often unable to leverage the different perspectives available to them in driving business goals. Recent breakthroughs in neuroscience have enabled us to understand why. The major breakthrough has centred around the basic needs of the social brain.

We have an instinctual need to continually define whether we are within an in-group or an out-group. This is an evolutionary remnant of the brain that enabled us to strive to remain within a herd or group where we had access to social support structures, food and potential mates. If we were part of the out-group it could literally have meant life or death. We are therefore hypersensitive to feelings of exclusion as it affected our survival.

The brain is further hardwired for threat and unconsciously scans our environments for threats five times a second. This means, coupled with our life or death need for group affiliation, we are hypersensitive to finding sameness and a need for in-group inclusion.

When we heard a rustle in a bush it was safer to assume that it may be a lion than a gust of wind. It is this threat detection network that has kept us alive until today. The challenge is that society has developed faster than our brains. In times of uncertainty we often jump to what is more threatening.

Some of the ways that this plays out is when we leave someone out of an email and they begin to wonder why they were left out. The problem is that it’s easy to unconsciously exclude someone if we are not actively including. The trouble occurs when we incorrectly use physical proxies to define in-group and out-group, as this is the most readily available evidence used unconsciously by the brain.

Barriers to Inclusion

A study done between a diverse group and non-diverse group demonstrates how this plays out in the work place. Both groups completed a challenging task and were asked how they felt they did as a team after the exercise.

The effectiveness of the team and how they perceived effectiveness were both measured in the study. It’s no surprise that the diverse team did better in the completion of the problem-solving task, but what is surprising is that they felt they did not do well. In contrast, the non-diverse team did worse, but felt that they had done well.

Working in a diverse team feels uncomfortable and that’s why we perform better. Discomfort arouses our brain, which leads to better performance. It feels easier to work in a team where we feel at ease in sameness, but in that environment we are more prone to groupthink and are less effective.

Creating Inclusion

We can’t assume that when we place diverse teams together we will automatically reap the rewards of higher team performance. As discussed, we’re hardwired for sameness and if we’re not actively including, we may be unconsciously excluding.

If we want diversity to become a silver bullet, we need to actively make efforts to find common ground amongst disparate team members. This in turn will build team cohesion and create a sense of unity, including reminders of a shared purpose and shared goals. Many global businesses put an emphasis on a shared corporate culture that supersedes individual difference.

It’s the same mechanism that is used in science fiction films that bond individuals together against a common alien invasion. It can also be used to describe why we felt such a great sense of accomplishment during the 2010 World Cup as we banded together as a nation.

We must also make sure we uplift all team members by sharing credit widely when available and recognising performance. The last thing we can do to further inclusion is to create clarity for teams. By removing ambiguity, we allow individuals to not jump to conclusions about their membership within groups and calm their minds so they can use their mental capacity to focus on the task at hand.

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