3 Essentials to be a successful entrepreneur:
1. Finances- Success is dependent on cash.
a. Businesses close because they don’t know how to manage their money. Expenses exceed their sales, they don’t collect their bills,
2. People- Empowering others to take responsibility in your business relieves you of having to do everything yourself.
a. When your people feel empowered, they become like owners and are eager to take special care of customers.
3. Customers- You can be the most skilled technician in the world, but if you don’t take care of your customers, you’re never going to make it.
a. Customers pay your bills and write your checks.
The character of a successful entrepreneur:
It’s okay to fall in love with looks and personality, but to marry character.
1. Strong and solid values
a. If you want a life of success and balance, your values and integrity will be the vehicle to get you there.
b. They are the foundation your life is built upon.
2. Integrity- Worth so much but often sells for so little
a. one of the most valuable assets you can have, Don’t ever miss an opportunity to do the right thing
3. Influence- the only difference between who you are today and 5yrs from now is the books you read and the people you meet.
a. You are the average of the five people with whom we are most closely associated
a. You don’t have to have all the answers be humble enough to admit it. That will give the desire to have a higher degree of focus. That intense focus will lead to higher learning and growth
b. Be competent, but also be a person of humility.
Performing in the Big Moments:
1. Psych yourself up before every meeting with client groups
2. Be your best every time. You’re on stage, so act like it!
3. Put your energy and conviction into your presentation, it will improve your overall message
4. Give every effort your best shot!
5. Visualize success
a. See yourself where you want to be before you go there
Have a winning team:
Leadership is a team effort, Give your people the leadership they need
1. There are two kinds of people in life: ducks and eagles. Don’t send your ducks to eagle school
a. Ducks Profile:
i. Victim mentality, make excuses, don’t take responsibility,
b. Eagles Profile:
i. Leaders, take initiative, take responsibility, stand out in a crowd
2. The one-man-band strategy of decision making just doesn’t cut it anymore. Today’s knowledge workers want a partnership relationship with their leaders.
a. People today believe the leadership needs them as much as they need the leadership.
b. They want to feel valued and involved; they want to know the leadership is loyal to them. They want to bring their brains to work. By letting people bring their brains to work, they can soar like eagles instead of quack like ducks.
3. Leadership is not something done to people, but something you do with people.
a. Leadership that positively impacts both performance and satisfaction is how healthy, productive organizations are created and sustained.
b. Leadership needs to nurtures both performance and satisfaction.
c. Leadership focuses on helping people produce good results so they can feel good about themselves and the organization can win.
4. Team work makes the dream work, Empower and delegate
a. Leaders realize they can’t do everything by themselves and they have to depend on the people they hire to take their dream, run with it, and make things happen.
b. Leaders treat mistakes as learning opportunities, rather than as a time to punish and downgrade others.
5. Set up an effective performance management system (E.P.M.S.)
Management 101- if you can’t measure it you can’t manage it
Keys to E.P.M.S. Success
a. Performance planning:
i. Agree with your people about the goals and objectives that they should be focusing their energy on. All good performance starts with clear goals. If people don’t know where they are going, they have little chance of getting there.
b. Daily coaching:
i. Invert the pyramid and turn the hierarchy upside down. the manager should be the cheerleader and supporter of all good performance by his or her people. It’s the role of the manager to do everything he or she can do to help team members be successful.
c. performance evaluation:
i. If you can’t measure it, you can’t manage it. When managers examine their direct reports and evaluate performance of the team member over time they must keep this in mind
ii. If you spend time coaching your people daily both parties need know how they are going to be evaluated.
Effective leadership for an entrepreneur today is about treating people the right way by providing the direction and encouragement they need to be their best. If you help your people get A’s, then you have a performance management system that will ignite them to blow your customers away. If you treat your people right, they get passionate about their work and your organization. Their passion overflows to your customers as they go out of the way to serve them well.
Kaizen: constant improvement, look for ways to change for the better
Good advice: Don’t ask people for their advice. Asking for advice is asking them to tell you what to do, you don’t want a mandate.
Priceless advice: Ask people for their counsel. Gather information so you can make your own well – informed decision.
1. Ask questions in a way that stimulates an answer you can use
a. The purpose of a question is to get information, the purpose of information is to increase your knowledge
b. A good question invites an answer
c. There is no right answer to the wrong question