Starting up.. the good, the arrogant and the terrified

Photo - C/O Professional Job Prep

Not exactly the good, the bad and the ugly...but starting up isn't quite as easy to categorise.

Having worked with start-ups of all varieties, shapes and forms - there are recurrent themes which surface time after time.  Though some issues tend to be more apparent in the female entrepreneur [more of which appearing in another post], I can loosely categorise most start-ups as good, arrogant or terrified.

The good [we'll start with the nice ones first] are typically positive, focused and diligent folk.  They remain clear-headed about their future and current priorities, unflinching in their commitment to quality and driven to achieve.  They take advice and are open to suggestion.  Failure isn't in their lexicon, and challenges are simply opportunities disguised.  Learning is central to their existence.

The arrogant typically slouch in their seat and gaze out the window during presentations... they snub suggestions because they possess all the world's infinite knowledge.  The thing is, they're not even sure why they're here, because, after all - they KNOW it all! Unfortunately for these guys - they often don't... but won't admit this, and sometimes never do, until it's too late.

Finally - we meet the terrified - for them, this whole experience is just too much.  Every day is a toil and every iota of work along the way is an ordeal.  Start-ups can commence 'life' at this point and move on to good - but it takes time, nourishment and support to get them there.  If there is no movement, however, they may perish on the shelf of paralysis, forever wondering why they bothered even trying in the first place.

If you're a start-up, or if you're thinking about starting up, get a grip on where you sit in the above attitudinal barometer.  Being frightened is understandable, starting up is a scary place to be, betimes - but the best medicine for fear in business is action.  Arrogance, however, leads to a sticky end if it's not remedied, so if you think you might be a bit lofty, do something about it.  Climb down from the height of the know-all, you won't regret it.

Business Productivity: The Importance Of Playing To Your Strengths

From: TweakYourBiz

It’s a statement we hear throughout our lives.  As school-leavers, when it comes to making those all-important decisions about our career and later, our business productivity - those around us are often heard recommending ”playing to your strengths”.

Simply a Proverb?

I have to admit using [and abusing] this exact statement over the years – advocating it to many – and not always sticking to it myself.  However, like many such proverbs, there is a clear undercurrent of truth to it, and a message we should all take on board.

Your Business Productivity

# 1. Find a Job You Love

Sticking with the subject of proverbs, I always remember my first Management Theory lecture, when my lecturer opened with the following teaser: “find a job you love, and you’ll never work a day in your life… the challenge is finding that job”.

Most of us who follow that challenge into self-employment have actually fulfilled the task… however, that doesn’t completely eradicate irritations or frustrations [aka, not always 'strengths'].

The key is in recognising that this is the case, and not dwelling on it.

For every hour you spend undertaking an element of your workload that bores, frustrates or exhausts you, you deny yourself the time to spend on things you relish.  The irony being, the things you relish and enjoy often generate positive outcomes for your business.

# 2. Be careful  around Energy – v – Exhaustion

We can all relate to that task we abhor: the monthly accounts report, the marketing budget, those pesky forms… they drain us of energy, focus and motivation, and worse still, leave us feeling negative towards our business.

Not a good ‘place’ to be when you’re working on growth plans, exploring new services or products, or preparing for a special client presentation.

What can you do? Well, it’s not quite as simple as waving a magic wand, sadly, but you can manage more cleverly…

# 3. And Manage the Negative Tasks

Well, of course, in an ideal world, we’d all be able to outsource or delegate them away… so if you can, then… DO!

For those of us with limited resources, a better way of managing the *yuck* tasks, is to break them down into smaller chunks, minimising the impact the job has on your general motivation [and head-space!].

Another good idea is to actively reinforce the success you feel when the job is done [giving yourself a pat on the back].  This tends to help in attacking similar work on a regular basis.

Depending on the person, allocating a specific period of time to manage the piece of work also pays dividends [an end is in sight!].

The Proof is in the Pudding

Yes, yet another proverb.  Undoubtedly, spending more time on the things we enjoy, our strengths – propagates more energy, creativity and enthusiasm in all of us.  Defining ourselves by the things we dislike or are not strengths of ours, is detrimental to the way we communicate, interact and sell our businesses.

Considering the things you enjoy and contribute to positively - do you spend much or little time on them?

Ultimately, when we consider the times we excel in business – it’s easy to understand why.  There’s harmony, ease and alacrity in our actions; things just seem to ‘work’ and adversity feels minimal.  It’s called playing to your strengths.

Being realistic, of course, there are times when we have to do the *yuck* stuff, however – we can minimise and manage its impact on our business productivity – and ultimately ensure that we’re playing to our strengths as much and often as possible.  Make sure you do, and the proof will be in the pudding.

This post was inspired by Mike Gaffney of LEAP Consultants.

Eyes Wide Open for Opportunity

Image: TweakYourBiz

It might sound like a simple analogy, but keeping your eyes ‘open’ for opportunity, in order to facilitate ongoing business growth is key in strategic development and informing your business’s trajectory in the long and short-term.
Is it really THAT simple?

One could argue that opportunities are loosely defined as something unseen, unknown or new… something that ‘appears’ out of nowhere. I’m divided in my view in this sense; it seems to me that opportunity is only hidden or unseen if you don’t have clarity and a defined set of strategic goals for your business. Yes, opportunities can be unknown in that they aren’t always clear to you on first view, but with a little precision in terms of your own objectives, an opportunity can present itself.

Er, what?

Opportunity presents itself when you are clearly aligned to your business’s purpose, with a strong understanding of your marketplace, stakeholders and influencers, positioning and offering [including value proposition]. It’s like being at the bus-stop at the right time. Pay no attention to the key elements of ensuring you are present for opportunity and your eyes are closed tightly. Visibility and credibility are key elements in opportunity-attraction. Hence some of the pointers already mentioned are so important. Ensuring your message is clear, evidence of ability is readily-available and networking / marketing yourself well are central tenets to attracting the right opportunities for your business.

Seen or heard? Well, both actually!

Business opportunities are there to be seen – as well as presented to you and heard of by you – when you are truly aligned to your business’s position [and it's the right one for you, obviously!]. When business owners feel they’re ‘missing out’ on opportunities, it’s usually as a result of strategy, position, reputation or other individual leadership decisions. Ask yourself, are your eyes open to opportunity?

What should I do to check?

As with many issues in business development, strategy is at the heart of any planned growth and identification of key objectives will drive your strategy. How do you identify these objectives, I hear you ask? Well – assuming you understand the markets, customers, financial and internal operational targets you want to reach – any objectives set should resonate these targets and the achievement of them.

Objective-driven opportunities…

When we have clarity in our business objectives, unsurprisingly, opportunities do present themselves [either directly or as a result of our own consciousness and clarity]. Why is this? Simply because, when we know, as business owners, what it is we want to achieve with our business, it’s far easier to spot the actions which will assist us in achieving them. Anyone coming across my posts in the past will note a theme of the following areas [!] – clarity, strategy, vision and message. Can you see why these areas are so important in keeping your ‘eyes open’ for opportunity?

Opportunity knocks: make sure you’re there to answer the door

Some definitions of opportunity include references to sets of circumstance that make it possible to do something or chance, occasion, opening, possibility. Can you see that you can exercise control and influence over these situations? Know what it is you’re looking for, and the opportunity is there to be seen.

The old adage of “opportunity knocks” is true… it’s up to you to make sure you’re prepared and present to open the door.

Fuel Your Vision [Your Vision will Fuel You!]

From TweakYourBiz

I realize it may sound a little ‘fluffy’, but vision really is key to the success of any business. Most of you following my tweets and posts will know that I focus entirely on two main qualities in business projects – strategy and message. Both of these key areas are defined by vision.

What am I on about?

When we, as entrepreneurs, set about researching, starting up, or developing a business, it is defined by a vision. It may not be articulated, clearly identified or expressed – but it exists in the reason why we do what we do. Some would argue that, no, it’s not vision, it’s necessity or reality, or it just IS. I disagree; if we’re really serious about what it is we want to achieve in business [as in life!] we have a vision of what success looks like.

The science behind vision

It can sometimes be alluded to as scientific, but for me, vision is instinctual and exists in the values, hopes and dreams of the entrepreneur or business owner.

· The science ‘bit’ comes from the understanding of key actual realities within the marketplace, competition, product / service scalability and so-on.

· However, putting a more romantic spin on things, vision is also defined by how you see your business in the future – what it will be perceived as [market or thought leader, innovator, tradition-restorative, global phenomenon], who the customer will be, size of market-share, where the product or service will be sold and the structure of the organisation.

The science and instinct cross-over.

Fuel the vision

Times are challenging, and even when they’re not, now is always a good time to take stock, review and move on. Fueling the vision is part of this process; noting what is working, addressing what isn’t and being bold about the things we want to achieve in business is paramount in driving our businesses onwards.

I’m always inspired [and motivated] by the vision fueling entrepreneurs such as Irishman John Concannon, and further afield, Richard Branson. Both individuals speak openly about always having something new to focus on. Another milestone, wild idea, aspiration… in essence, more fuel in the tank.

Fuel your vision and it’ll fuel you…

I’ve already mentioned the trials and tribulations we face as business-owners, founders and MDs – however for those of us on the level, or upward trajectory – the fuel tank can run dry when you least expect it. How? The antithesis of vision: complacency.

· Success is a wonderful feeling when it happens; but it can also engender feelings of laxity in those experiencing it. Mainly because the journey to that point can be arduous, hard-fought and oft-exhausting.

· There’s no risk in basking [for a short-time] in the glory of your win, but don’t make it a permanent state.

Speaking to a colleague in the small business support arena some time back, we touched on the risks for SMEs – her #1 concern? Complacency. Ignore it at your peril. Keeping the vision ‘tank’ replete at all times, or refueling regularly keeps complacency at bay.

Regular re-fuels

Ensuring you make time to stop and re-imagine the vision is key. The thread of this article is to provide you with a nudge to do just that.

· When you ensure you’re regularly assessing your progress and closeness to the actualisation of your vision, you’re also making great strides in business.

· Raising your game, identifying new opportunities and always monitoring what you can do better for your customer is integral to ongoing success, growth and future possibilities.

… and finally!

Don’t fall foul to the complacency bug: when it has bitten, there can be serious repercussions, not least for the willing victim!

The (Dis)connect Between the Micro and Macro Economic Picture

Susan Hayes, the Positive Economist

“When do you think it’s going to get better?” is a familiar start to many Irish conversations these days and I often find myself wondering what is the signal people are looking for? What is “it” and how will they know when”it” really does get better?

In economic theory, a recession occurs when there are two consecutive periods of economic decline in terms of GDP. According to the most figures released by the CSO, 2011 was the first year that Irish GDP rose in four years. However, our economic growth has turned negative in the first quarter of the year. The thing is though, that according to this data, “it” got better last year. Yet, did our tone of conversation change? If it did, I didn’t notice any joyous outburst on the airwaves of Joe Duffy?

Perhaps, people are waiting for us to get back on the bond markets? Well, we sold €500 million of 3 month debt in July, are on course to be back fully back to the capital markets next year and are the only country to have locked in the bond yield fall since the EU Summit at the end of June. Maybe it’s the real estate market – we are waiting for properties to shift off the market. According to daft.ie, there are 16% less homes available for sale since last June and, across the media airwaves last month, commentators discussed the rise in the price of property. Could it be that we will all be happy when we know that others around us have enough confidence in the economy to set up enterprises relying on this green island for custom? According to vision-net, for every one company that closed last year, approximately 3.5 enterprises were born into life.

Of course, it would be easy to fall back on exports ( the IEA told us that “On the advantage of the weaker euro to the US Dollar .... the current rate is 7.9% below the monthly average across last year, and represents a €1.7 billion gain to Irish goods export companies” and in its half year review, the IDA reported that its “client companies announced in excess of 5,000 jobs in the first six months of 2012, continuing the strong flow of Foreign Direct Investment (FDI) which occurred in 2011”. They have been the silver lining throughout our economic cloud, so let’s not mention them.

Olwen Dawe, Irish Business Intelligence

Selectivity has not been applied in choosing the data; from the most painful indicators (business collapses and bond yields) as well as the perennial green shoots (exports and FDI). However, in each case, there is a reason to be optimistic. Is this down to a sunny disposition or because genuine recovery is taking place? That’s not for us to answer, but to question.

The thing is that macro-economic indicators tell us about exactly that... the MACRO economy. If somebody is unemployed and the employment figures go up, does that automatically mean they have better chances of getting a job? Maybe not. If domestic demand contracts further next year, does that mean that my company’s profitability will move in the same way? Why should it? I suggest to you to define your own “it”. What is your personal KPI (key performance indicator)? How will you know that your economic circumstances improve – is it a pay rise, an increase in your company’s bottom line or a stabilisation of your savings.

Unfortunately, many people aren’t thinking quantitatively, but qualitatively. They are letting the news, general negative conversation and a contagious feeling of “it’s all bad” blind the objectivity of their view. Indeed, there are some very cash-strapped households on this Emerald Isle and there is forced emigration, bitter unemployment as well as a host of other gut-wrenching elements of “the current climate”. It must also be acknowledged that there are also lots of people with money, job security and bright prospects ahead of them. However, they don’t see that as the country has been enveloped by an intangible fear which has tightened the spend power of the majority. If those who could spend and wanted to spend, went out and spent, it would help the entire economy and may even push us into a self-fulfilling prophecy.

Every day we have the choice of tuning in [or out] the background noise of our ‘current economic climate’. Though the content of today’s commentary is improving somewhat, the drone of negativity has had a profound impact on most business people – whether they’re surviving or thriving. While, on the one hand, emphasis is continually placed on the importance of micro-enterprises in job creation, they are also the ‘one-man-bands’ who fear increased taxation, a poor future for their children and financial insecurity. How does this affect the likelihood of their business developing in the short and long term? Critically.

Every day, each one of us has a choice: to connect with the background noise, or not.

Further, we have the choice to strive for the outcome we know is feasible, to research and understand the possibilities of change in the way we do business, to ask for help. A large percentage of the issues presented to executive and business coaches are simply accounted for by lack of research or vision. It’s true, not everyone is cut out for self-employment – if you’re not, you’ll find out very quickly. If you have developed a product or service which could make you the next Trump or Branson, your market may not be ready for it – what do you do? Go back to the drawing board.

The misconception for most entrepreneurs is that a business plan [and many shiver at the distinct notion of it] is a necessity for someone else. Wrong. It guides your business’s trajectory. In every sense. It contains the heart and soul of the business, acts as a roadmap, and maintains focus for the individuals at the helm of the business. It IS the drawing board.

It is yours to highlight, step-by-step, how you will achieve your business’s vision – key clients, positioning, markets, figures – and the one place you must start at when things don’t appear to be developing as you wish. It’s the point at which you can park your business concerns and understand why the ‘as is’ isn’t reaching the ‘to be’ in the time you had planned it to.

So, in going “back to the drawing board’, that’s an assumption that you have an honest, clear and strategic one to start with. Your drawing board is an organic item – it grows and develops – it’s got a sell-by date too, so make sure you keep an eye on it. It’s important to review it quarterly or more if you can... that way you can manage and investigate possibilities, review what isn’t working and why. For those of us who advise business-owners, our role is to examine, guide and provide insight – to avoid jargon and contribute effectively to the drawing board. Keep your drawing board fresh and alive by exploring new markets, examining your product ‘line’ or business model and always striving for excellence.

Staying competitive in today’s market means innovating. Another misconception amongst entrepreneurs is that ‘innovation’ always means technical, scientific advancements. Not true! It can, but these days, innovation often refers to executing an established concept in a new, more effective way – or taking a product or service and re-engineering how it is delivered. Identifying a ‘market in the gap’ is another successful way of innovating.

Strategic Plan Implementation - the What, How, Who & When...

Image courtesy of: teamaltman.com

Following my last blog, I promised I'd talk 'nitty gritty' and the fun and games of implementation.

When we've finally wound our heads around the big vision and fully understood where it is we really want to be, we've got to look to the what, how, who and when of our implementation plan.

Implementation can be likened to a recipe; you've got to have the right ingredients, timing, direction and application to deliver the finished product [e.g. the plans' objectives].  What does this translate into for you, as Owners, CEOs, or whatever you refer to yourself as? Simply, a clear layout of the route your specific strategic objectives will need to travel in order to come to fruition.

Take, for example, the area of new market exploration - this is often an objective of a growing SME.  How do you feel you might approach this? A wise stance would be to:

1. Identify the specific market[s] we feel are most suitable - or the "what";
2. Understand the possible route to defining the markets [e.g. research, visits, meetings, stakeholder contact and so on] - the "how";
3. Decide on who the key people are - internally and externally - and their role in the objective, how they will be informed / instructed;
4. ... most importantly, the element of time is critical in strategic plan implementation, we're all fully versed in the notion of SMART objectives, right? Well, without timing in implementation, we're not likely to realise any real outcomes.  

Another key consideration in implementation? REVIEW. Yup, I'm a staunch advocate of "Plan, Do, Review", so make sure you do just that.  Remember, implementation of any plan is not worth a jot if you can't review its success.  

The Power of Social Enterprise... Harnessing the Social Profit Margin

Copyright: blog.premiersocialmedia.com

A common misconception in the business mindset betimes, is the sense that Social or Community enterprise initiatives are, in some way, less 'profitable' than businesses driven by commercial objectives.

The reality is quite different.

Obviously, it's important to be cognisant of the fact that not-for-profit organisations or ventures are not, in the main, driven by financial outcomes, however, their 'modus operandi' or operational style, should follow a similar rationale to those that are.  Why? Because an awareness of viability and sustainability is hugely important to the growth and development of any enterprise, whether it is generating social or financial profit.

Recent Government reporting has indicated the importance of social enterprise in contributing to a healthier economy in Ireland  -  not simply because social entrepreneurs are recognising the issues "on the ground", but that their awareness and understanding can tackle real problems, or better still,  provide real support to those in need.

As mentioned in the DJEI report, a taskforce and full reporting is set to illuminate the concerns and issues of those seeking to develop or grow a social enterprise.  From my perspective, one of the key cornerstones of social [and indeed creative] enterprise, is the need for clear, concise and non-jargonistic supports - often those starting out in these industries are focused solely on providing a solution, or pursuing a goal motivated by personal experience.  Reams of highly technical lingo or unmodified processes and approaches are not the route to go to support this industry.

That is not to infer that non-commercial entrepreneurs are not business thinkers - they almost certainly are - however their focus is different.  A social or creative profit margin is not motivated or propelled by financial outcomes, but by more focused societal ones - greater awareness, change and impact.

Undoubtedly, the Irish social profit margin will benefit our economy - however, the reality is, we must tailor supports to meet the needs of our social entrepeneurs in order to truly harness their potential.