Entrepreneurial Leadership

Emotional Intelligence and Entrepreneurship

Does emotional intelligence (EQ) play a role in an entrepreneur’s success?  Aren’t entrepreneurs just individuals that are driven to success at all costs?  There are plenty of studies that show a connection between EQ and entrepreneurial success.  Through personal experience and observation, I can attest to what I believe is a direct link.   Being a successful entrepreneur requires a diverse set of skills, EQ forms that foundation.  The most successful entrepreneurs are experts at identifying opportunities that others can’t see.  How do they do that?  Is it a sixth sense or is it really EQ?  They have a keen social awareness.  They are constantly observing, outwardly focused on the needs of others in an effort to identify needs that have not yet been met.  Sounds a little bit different than the typical money hungry vulture that the media sometimes describes, doesn’t it?  The most successful are masters of the art of leadership and teambuilding.  They understand how to manage themselves and their own emotions, as well as how to manage the delicate balance of relationships with others.  The best of the best appear to possess a multitude of skills needed to navigate the chaos of a startup.  They have the innate ability to observe, react, coordinate and manage the many moving pieces required to build a successful business, much more akin to the impresario of an orchestra than the socially awkward, inwardly focused individual society sometimes associates with entrepreneurial startups.   Yes, I do believe EQ plays a significant role in an entrepreneur’s success.  What do you think?

 

 

Brendon Burchard asks: “Did I Live? Did I Love? Did I Matter?”

I recently attended Brendon Burchard's High Performance Academy.  If I'm honest...I wasn't quite sure I wanted to go.  I was busy.  Aren't we all busy?  I was in the middle of putting together classes for our fall programs.  I was just plain tired out and wasn't excited about a cross country trip with a red-eye return flight that same weekend.  I was worried that it was another event of "joiners", a gathering of firewalking humans hell bent on tapping into some magic power that could only be accessed by knowing the secret chant.  Well, I went anyway and it was none of that.  Yes, it was high engery.  Yes, much of it was common sense that we need to be reminded of once in a while.  Yes, much of it was simple.  YES, there were some powerful moments and thoughts that resonated deeply and worth the time away from "being busy".
Brendon is a high enegy presenter with some useful information, but more importantly...he sometimes stops, hits you right in the gut and really makes you think hard.  For me...three simple questions was worth the entire trip.  If I took nothing else away at all, these 3 questions are my compass now in all I do in this busy world.  Strip away the trappings of what the world measures success by and consider these questions each and every day.  It will change your perspective and your priorities.  Pretty simple...yet incredibly powerful.  "Did I Live?  Did I Love?  Did I Matter?"

Authentic Leaders - Where or where have you gone?

There seems to be an endless amount of information written about leadership and what it means to be a leader.  Leadership can be bestowed on you by title or position, but is that really leadership?  To lead you must have followers and power given through title alone does not necessarily cause people to follow.  People don't follow a person...they follow a vision that resonates deep within them.  An authentic leader paints a picture for us and shows us what might be...a direction to move in...a goal to strive for... They speak not to our logical brain, but to our heart and soul.  Authentic leaders put the vision first and themselves last.  They understand that we are all connected and that each of us is just a piece of a much bigger puzzle of interconnected pieces.  In a system, it only takes the movement of one to start a chain reaction.  Imagine the power of such a reaction started from a place of authenticity...a place that requires one to "be real"...a place of truth.  As my friend and teacher Dr. Sylvia Lafair would say..."when one person is willing to be authentic, he or she gives space for others to risk telling their truth also."  Authentic leaders...where or where have you gone?  We need you now!

You better think about pushing most of your dollars towards direct marketing

I really appreciate Seth Godin.  He has the gift of communicating a ton of information in a brief paragraph that makes you at least think about your options.  Agree of disagree, this blog post by Seth is pretty dead on for most small businesses (95% of all businesses).  Read it here.

Enough already

We call it by names like "over analysis" and "paralysis of analysis".  Call it what you want, but if you intend on being one of those very few entrepreneurs that reaches their full potential, you better stop spinning your wheels and instead focus on moving forward. 

We live in a world of information overload, with a constant flow of information available to us via the television, books, papers, magazines and especially the internet.  The common entrepreneurial trait of always looking for that next opportunity mixed with this endless input of information can be a deadly combination that has brought many an entrepreneur down.  It is our nature to seek the "next great idea", but the truth is that if you are one of the rare few that can clarify, focus and execute...you will also be wildly successful. 

So...enough already...douse the distractions and make up your mind to become a "choosy chooser".  Here are some tips to keep you on track:

1. Identify what is important and break it down into manageable chunks.  You need to do this in both your personal and business life.  The simple truth is that you probably can't accomplish more than two or three things with any degree of proficiency...so pick what is most important and in alignment with where you want to be the next quarter, next year and next decade.
2. Write it down.  Describe your goals.  Have a plan and stick to it.
3. Choose not to choose.  Simply put, you can't do it all so don't try.
4. Put a time limit on things.  Sometimes we just need to put an end time on our goals.  When will you complete them?
5. Hold yourself accountable.  Use a coach, a friend, a mastermind group or a class.  Do whatever it takes to stay on track.
6. Forget perfection.  Perfection is a procrastinator's best friend.  Realize that sometimes good is good enough. 

Enough already! Now just get out there and do it.

Defining moments

Today will be a defining moment for our nation and for small business.  Tonight the House will undertake one of the biggest votes in the history of our country.  They will vote on a health care bill that is over 2,000 pages long.  It is also likely that no one voting on it has read it in full. 

Representatives will negotiate and horse trade up to the last second.  Some will give their yes vote for promises backed by executive orders, others will trade their votes for deals that benefit only their constituents, others will vote the party line and some will actually vote their consciences. They will vote on a bill that currently is estimated to cost almost a trillion dollars.  Let's be honest, the number will surely grow from there and in the end will cost significantly more.  Who is going to pay for it?

As business owners, we all agree that rising health care costs are killing us and something needs to be done.  As American's we all agree that some type of reform is needed.  So the question becomes, is this the right reform?  Health care reform should not increase the cost of doing business, it should lower costs.  Will this bill do that?  Many experts don't think so, but time will tell.  Agree or disagree we will surely look back on today as a defining moment.  Let's hope the moment is positive and it doesn't negatively impact our ability to be successful business men and women going forward.  Only time will tell.

The Checklist Manifesto - How to Get Things Done Right

Admittedly, I read lots of books.  And those of you that know me can attest to the fact that I have a very bad habit of collecting books.  Collecting to the point of having a minor library everywhere I tend to spend time.  That wouldn't just be one library, no that would be too simple.  Instead I have three.  One at my "work cave" at home, one at my business office in Alden and still another at my office at the university. 

That being said, I don't often get overly excited about another new business book.  The vast majority are the same principles presented in a slightly different matter.  The Checklist Manifesto by Atul Gawande is a rare exception.  This is a must read book in my opinion. 

I picked it up on a friends recommendation and couldn't put it down.  It is written by a surgeon and traces the history of checklists and their ability to prevent failure by helping us to catch the mental flaws that we all experience.  Explore how checklists help improve processes in everything from airplanes to operating room procedures.  An easy and inspiring read.  Enjoy!

Hitting the mark!

Why do so few businesses "hit the mark"?

In working with entrepreneurs I have heard lots of ideas and listened to many dreams of someone ready to start a business or working to grow an existing one.  Despite these great ideas and vivid dreams of success most business owners never reach them.  Why?

In my experience the difference between wildly successful ventures and the very average "grind it out to make a living" lifestyle company it really comes down to four areas:

Opportunities vs. Ideas - successful businesses don't have ideas...they identify opportunities.  Sure, they start with an idea, but they take it to the next step in making sure that their idea is an opportunity, not just another one of the millions of good ideas that bubble up every day.  We all have ideas, but ideas aren't good enough.  They have to be opportunities.  The difference between an idea and an opportunity is huge.  Ideas are based in hope, opportunities are based in reality.  Is there a market for your idea?  Will someone buy it?  Can you make a profit by selling it?  If you can answer yes to those few questions your idea is probably an opportunity worth more exploration.  If not, forget about it and go back to the drawing board as the best ideas in the world are worthless without a customer to buy them.

Clarify - successful entrepreneurs are good at clarifying the barrage of information headed at them every day.  They are able to clarify what is important out of the daily data dump that is part of the information age.  They know how to sort through the clutter and find those few things that will make a marked difference in their success if they pay attention to them.

Focus - after they've clarified what is important, the best business leaders are able to focus in on these few things that make a difference like a laser beam.  They focus on a few critical items that can move their businesses forward and they are able to put aside the clutter.  It is a rare entrepreneur that exhibits this skill, but find the most successful businesses and you will always find a leader and management team that knows how to focus.

Execute - the final key is the ability to execute or actually perform those tasks needed for success.  After they have identified an opportunity, clarified what is key to success and focused in on what makes a difference...they execute the strategy needed for success.

Opportunity, clarity, focus and execution are each a piece of the puzzle that I often find  in common across  companies that rise to the top. 

How would you measure your expertise in each of these skills?  If you are able to perform all four well, you are almost guaranteed success.  If you are weak in one area or another you can develop those areas, or better yet, surround yourself with people on your management team that can fill in those gaps and get you to "hit the mark" on a consistent basis.