“I didn’t go into business to be performance managed.” So many entrepreneurs share this statement, and in my experience, it’s one of the biggest stumbling blocks to real growth.
When discussing the value of enterprise governance with business shareholder-managers, this is often the response I get. And it’s true. Getting away from a boss might actually be your motivation for taking that leap into building an enterprise.
What’s quite likely is that you wanted to create something significant, build an empire, create wealth or express your desire to do something truly unique. But here’s the only relevant question: Who ensures that you deliver on this promise?
In my experience and through the research I have done, governance is misunderstood and not widely recognised, especially in the SME and privately-held sectors. So here is a golden nugget myth-buster: Governance is as much about performance as it is about conformance.
Governance is a strategic responsibility and opportunity. It should drive the strategic growth and focus of your enterprise, while holding the enterprise accountable to its promise.
If you are the chief executive, you should also be held accountable for performance in your role as leader. It makes no difference that you might have founded the enterprise or are a majority shareholder.
If you want to achieve your primary goals and the reasons you really went into business, understanding the role of a board in your performance management is critical.
As an independent chairman and director of billion rand privately-held companies, I know what can be achieved by shareholder-managers who are willing to be scrutinised by a board.
It’s not just about scrutiny; it’s about challenge, constructive support and career development. The initial response is usually: ‘A board won’t help me. They will never understand my business the way that I do.’
Once the shareholder-manager starts to see that directors excel at business principles irrespective of the industry, the response becomes: ‘The board holding me accountable won’t get me to perform any better.’ Really? I would beg to differ. In one of our client companies, the chief executive who was very competent had never been performance managed in his 30 year career.
The moment that performance management was implemented, even at a small-scale initially, there was a significant improvement in his performance as a leader.
Boards challenge management to step up to the next level and to let go of the areas they previously held close, which may also have been holding them back. A formalised performance management process is a game-changer.
I know that a shareholder-manager’s governance understanding is evolving when the response then shifts to: ‘That’s an interesting question’ and then to, ‘When is my next performance review?’
When the chief executive then says: ‘What a valuable session that was!’ we know that as a board we have cracked through the block to accountability that will unlock the business on so many levels.
Empowered for Growth
The chief executive of one of our client companies, recently shared: ‘I cannot believe how much I have been freed up to focus on growth. And while this year we did not meet our revenue targets, we have more than achieved the profit line. It’s the board that has forced me to do this.’ Without a board, who is pushing you to achieve more personally and professionally than you thought possible?
Implementing governance and a board is a challenging yet rewarding journey. If you did not go into business to be held accountable by a board then did you really go into business to achieve financial success? In my experience, you can easily have one without the other.
Related: A Formula For Uncommon Success
21 Inspiring Quotes About Success, Persistence And What It Means To Be An Entrepreneur
Leaders of companies big and small share the mindset it takes to achieve your dreams in the face of all obstacles.
True, being an entrepreneur can be exhausting, lonely, frustrating and terrifying. But it’s worth every drop of blood, sweat and tears when you are pursuing your passion, turning your dream into a reality.
In an ongoing series called Real Entrepreneurs, we pick the brains of founders and leaders about what it is like to have every decision big and small rest on their shoulders and have compiled their thoughts on what it takes to succeed on the long, sometimes crazy journey of an entrepreneur.
The Mindset Strategy From The “Rock Star” Coach Can Turn Your Beliefs Into Results
William Badenhorst, a Director of Global Strengths shares his mindset secret to ongoing entrepreneurial success.
William Badenhorst, a Director of Global Strengths, is a coach to the coaches. His “Rock Star” attitude along with the deep driving desire to help others find their true selves formed the fabric of a highly interesting and entertaining interview.
The rolling thunder of his voice brought forth quote after quote, quip after quip and wisdom after wisdom. As a “peak performance coach” to professional athletes, celebrities, entrepreneurs and corporate career orientated individuals, William believes that knowing who you truly are as an individual is the catalyst for lasting growth and useful change in business and in life in general.
His intense eyes and energetic hand gestures emphasized one of his core beliefs and that is that we all are nothing but our very own beliefs.
“Everyone is focused on Results”
Everyone is always focusing on the outcome – the results they want. But what creates results? Let’s do some reverse engineering. In order to achieve RESULTS we need to take ACTION. And in order to take ACTION we need to make a DECISION. To make a DECISION, we need to think about it – THOUGHTS.
The interesting thing about humans is that we do not create our thoughts, we can only control them. So what does create your thoughts? Your BELIEFS creates your THOUGHTS. So ultimately your BELIEFS creates your RESULTS.
“You don’t attract what you want, you attract what you are.”
It is our very own limiting beliefs, such as for example that “I am not good enough” and “I am not deserving” and “I’m not worthy ” that creates barriers to our own success in entrepreneurial ventures and in our lives. In order to reach our limitless potential we must find and remove the self-created barriers that hold us back.
Although he loves the interaction and benefits of social media he is quick to point out that it also has created a fantasy of who and what we should be. He advises to not to adopt such fantasy as your desired reality but to instead be who you really are as an individual and goes on to quote the famous Greek philosopher Socrates:
“Know thyself, Be thyself and Love thyself”
You always end up falling back on your beliefs -whether they are empowering or disempowering. The challenge with that is that a large number of your beliefs are unconscious especially when you have not put in the work to find out what your belief system truly is.
Through his vast experience as a coach he realized that a large number of people veer away from self-awareness as they are afraid of being judged for whom they truly are.
The conversation naturally evolved into the exploration of the true meaning of the concept of faith and William’s mind grasped at a Quote from the apostle Paul:
“Faith is the substance of things hoped for, the evidence of things not seen”
He went on to explain that faith is evidence of true-self which creates certainty which in turn is equal to confidence. Confidence brings a certain state where everything flows. He calls it “Peak State”. He further advises to search for evidence of who you really are and gain belief in yourself.
Advice to young entrepreneurs
William’s thoughts on self-development for entrepreneurs are to get a Coach. If you are already in business and don’t have a Coach – get one! Begin with taking extreme ownership and responsibility of everything in your life. And when you do that you win.
Stop blaming everything and everyone around you. Stop complaining about circumstances. You are in control and it is up to you to make it happen. There are no un-resourceful people, there are only un-resourceful states. Go where you are celebrated not tolerated and love yourself unconditionally. Remove the very unrealistic expectations of what and who you should be and authentically be yourself. Believe in yourself and go all in on YOU!
Become the best form of yourself because as an entrepreneur you are the business. Play to your strengths and manage your weaknesses. You do not need a title to lead, have massive self-belief and others will follow.
Have an attitude of constant learning:
“If you are the smartest person in the room, you are in the wrong room”
And then yet another quote rolled off his tongue that put me in a self-reflective mood:
“A person that shines from within does not need a spotlight”
William Badenhorst, the father, the coach, the entrepreneur and key note speaker left the author and the reader with a question of mesmerising depth:
“What if you woke up this morning with only the things that you were grateful for last night?”
Gratitude is everything!
How You Can Move From Your Potential To Your Purpose
“Value isn’t in opinion, it’s in perspective” – Wes Boshoff
Let’s face it, we all know that when wanting to achieve something different, you need to do something different. The challenge isn’t in wanting the different, it’s in doing the different!
Mark Twain said, “The two most important days of your life are the day you were born and the day you find out why”.
I love that because it highlights the importance of knowing that you have a purpose, and that you need to find it or design it, then live it, love it and look after it.
You have heard it said or said it yourself…”that person has huge potential, if only they would…”. It’s great to have potential but potential doesn’t equate to purpose. They are like elastics, just sitting there on the desk, and it’s not much good to anyone just sitting there. You see there is a gap between potential and purpose and that gap is called ‘The Stretch’.
For that elastic to move from potential to purpose it needs to be stretched, and only once its stretched and put round a bunch of pens does that elastic really move into its purpose. We are a lot like elastics, we need to be stretched to move from potential to purpose. The stretch isn’t always easy because we tend to get twisted out of shape when we need to do something different. However, the stretch is not designed to change who we are, just change how we are.
Here are a few ideas to help you in The Stretch.
Think about what you think about – it’s all in your perspective
Things are achieved or not achieved depending on how we think about them. Do you focus on the obstacles or the opportunities? It’s easy to see the obstacles, the key is to choose which one you going to focus on. Obstacles will always get in the way of opportunities if you let them. So, remain attentive to the possibilities that opportunity brings.
That means you need to position yourself in the way of opportunity, get in its way – make something happen, don’t just sit there! There’s a catch to this one though, opportunity never travels alone, it always comes with responsibility. Do you have the ability to respond to the opportunity? Are you taking responsibility, often we are given it, but we don’t really take it! You need to take and own the responsibility to maximise the opportunity!
Beware of distraction
‘Dis’ – a prefix meaning reversal, or the absence of action and traction refers to grip. When you get distracted you lose grip and that’s dangerous. Imagine driving, suddenly, you’ve lost traction, you are heading in the wrong direction, you may even end up going backwards.
Make sure you stick to what you need to do, create daily productive habits that will help you achieve in the long term. Grow your capacity and increase your footprint. Gain traction by repeating what works for you, that way your practice becomes repeatable and your brand becomes reputable. Don’t stop moving, its easier to change direction while you are still moving, than it is to start moving.
Things don’t always work out
Employ the “What’s Wrong – What’s Next?” philosophy. When things go wrong with people, products or plans, we can get caught up in drama. There’s no time for drama, simply define what went wrong and decide what needs to be done next to fix it. Once fixed, then deal with the doer of the wrong, but deal with them in the right way too…you still don’t need drama!
“Value isn’t in opinion, it’s in perspective” – Wes Boshoff
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