What is an Entrepreneur Anyway?

Today, we’re going to do a bit of a 101 experience. I help business owners and executives strengthen their leadership teams, but there is frequent talk about being an Entrepreneur. What is that exactly?

Entrepreneur –  A word that has been associated in many fields and is defined in a variety of ways.

Living with passion

The word itself is of French origin which evolved into meanings that pertain to people who take the risks, founders of businesses and or someone who is accountable in case of failure or success in a business venture. Being a person who founded a new enterprise, it is also understood that entrepreneurs take the largest part when it comes to risks inherent to businesses. After all, they are normally the owners of the company or the business unit.

The common perception with entrepreneurs is that they are the founders of new entities that aim to offer innovative or existing services or products in the market. The talk of profit or non-profit issues also varies, depending on the type of business structure that is used.

Entrepreneurs are, of course, one of the main components of the capitalistic world. They take the largest loses or gains since they are the manipulators of the funds. Central to this is the belief of opportunities in a specific area that requires the filling of the demands. They are like the providers for the needs and thus, they take the gain in exchange for the provision. They are basically service- or product-oriented who device means to create the fillers for the two said demands. The main focus of their acts is towards the gain of profit.

In the United States, there are about 1,800 companies considered to be “large”. Yet there are over 32 million registered small businesses; the entrepreneurs. The segment is clearly a mainstay of the economy.

There are many types of typical entrepreneurs. And because of this evolution from the simple merchants to the more sophisticated corporate men, entrepreneurship has also matured in ways unimaginable when men first thought of selling their own produce.

The Risk Bearers

Risks are sometimes incalculable and rather undefined. They come as problems arise and they develop as more problems sprout. There are no specific ways by which risks come out. They just do and they seem to be integral parts of most business ventures. Entrepreneurs are not only risk bearers, they also take on all the disadvantages of uncertainties.

Risks can be something like insurance principles. Meaning, there are methods by which their intensity or frequency of risk can be measured. Thus, we can provide options in decreasing one’s susceptibility to risks. However, uncertainties may be considered to be more on the subjective side.

Since all risks can’t be calculated and their very nature can’t be estimated, it is easy to assume that entrepreneurs can be characterized both as decision-makers and improvisers. They provide solutions to immediate and long-term demands, which are uncertain, even when business routines are carefully structured.

Entrepreneurs certainly are great risk takers. Without this element of uncertainty, no business can create new, never before seen solutions and products. There are things that must be met with responses that are creative and productive for the business.

The Organizers

Entrepreneurs are typically the founders. It is only proper that they are equipped with facilities that make leaders lead. Founders are the leaders of the pack, they are the builders. They too are planners and the organizers of schemes for giving birth and growth to a business organization.

They are the planners for maximizing the resources. They combine specific factors like land resources, the capital from a partner, the labor of his employees or the resources that came from him to create products that would meet certain demands.

They will then create organizational tactics to come out with the earnings of the profit after everything is settled.

Being the organizers, it is understood that they are also the leader. Organizers always have the authority to set things in their proper places. They can be a leader because of position in the organization (i.e. the founder), but not necessarily a good leader.

Being a good leader is a matter of having a strong combination of values and abilities that will nurture and inspire the team. And because not all are born leaders, nor were made leaders, too few really achieve successes in business. However, leadership alone is not at the core of entrepreneurship. The founder can have a great vision that can become wildly successful, but they must have leadership surrounding them in order to accomplish the greatest achievements.

Entrepreneurship is the will; the will to start with uncertainty and keep believing that it shall, in the end, turn out well.

Next Steps

If your effort to become an entrepreneur could use a boost, I offer two options.

First, you can schedule a short and free chat to discuss your situation. If I can help in any way, we’ll figure that out quickly. LINK HERE to set that call.

Or… you can visit my Finding the Edge website. At this site, I am offering the best collection of resources, tools, tips, and hacks to help new entrepreneurs grow the business FAST! I have partnered with a very successful group of business growth experts. They have poured their 20+ years of experience into this powerful platform.

Right here you can get access to dozens of already-done-for-you ideas for marketing and business growth.

This platform requires a subscription that normally costs $197 per month. But I am offering a year-end/new year promotion that is only $97 per month as long as you stay subscribed. You are welcome to drop it at any time. You can even try it free for one month.

 

The Entrepreneur’s Need for Nimbleness

Being an entrepreneur is not for everyone. Often there is a false assumption that a good product or service idea will be a guaranteed success. The “If you build it they will come” mindset is a great cliché for a movie but seldom plays out as a winner in real business.

Nimbleness

No, success and long-term sustainability require a whole host of ever-changing variables. The truly successful entrepreneur figures out how to navigate these choppy waters, making changes as frequently as they might be required. Plus, when the demand is for them to change, they will accept the proverbial writing on the wall and go with the change.

Nimbly and gracefully making the right changes is what differentiates the highly successful business owner/founder from the rest of the wannabes (as in I want-to-be successful). Wanting and doing are wildly different positions to be in.

Key Management Factors

Several factors, which change in importance as the business grows and develops, are prominent in determining ultimate success or failure.

A study done by the good folks at Harvard Business Review identified eight such factors in a research project(1). Four factors relate to the enterprise and four to the owner. The four that relate to the company are as follows:

1. Financial resources, including cash and borrowing power.

2. Personnel resources, relating to numbers, depth, and quality of people, particularly at the management and staff levels.

3. Systems resources, in terms of the degree of sophistication of both information and planning and control systems.

4. Business resources, including customer relations, market share, supplier relations, manufacturing and distribution processes, technology and reputation, all of which give the company a position in its industry and market.

The four factors that relate to the owner are:

1. Owner’s goals for himself or herself and for the business.

2. Owner’s operational abilities in doing important jobs such as marketing, inventing, producing, and managing distribution.

3. Owner’s managerial ability and willingness to delegate responsibility and to manage the activities of others.

4. Owner’s strategic abilities for looking beyond the present and matching the strengths and weaknesses of the company with his or her goals.

Small businesses are built on the owner’s talents: the ability to sell, produce, invent, or whatever. This factor, in the early stages, is of the highest importance. The owner’s ability to delegate, however, is on the bottom of the scale since there are few if any employees to delegate to.

As the company grows, other people enter sales, production, or engineering and they first support, and then even supplant, the owner’s skills—thus reducing the importance of the owner’s personal skill set. At the same time, the owner must spend less time doing and more time managing or even leading the enterprise.

He or she must increase the amount of work done by other people, which means delegating. The inability of many founders to let go of doing and to begin managing and delegating explains the demise of many businesses during the latter stages.

As a business moves from one stage to another, the importance of the factors changes. We might view the factors as alternating among three levels of importance:

  • First, key variables that are absolutely essential for success and must receive high priority;
  • Second, factors that are clearly necessary for the enterprise’s success and must receive some attention; and
  • Third, factors of little immediate concern to top management.

If we categorize each of the eight factors listed previously, based on its importance at each stage of the company’s development, we get a clear picture of changing management demands.

Entrepreneurship

The changing role of all of these factors clearly illustrates the need for owner flexibility. An overwhelming preoccupation with certain factors is quite important at some stages and less important at others. “Doing” versus “delegating” also requires a flexible management mindset.

Holding onto old strategies and old ways will not serve a company that is entering the growth stages. Failure to find the nimbleness to make these changes can even be fatal.

If you run your own business but are feeling the pressure to make some changes, perhaps you need a Master Coach to come alongside and guide you through the thought process. That is what I do. I’ve been doing it with successful entrepreneurs for decades. I’ve seen businesses of many types. You are not alone. Leave a comment or write an email

(1) To read the whole study, visit https://hbr.org/1983/05/the-five-stages-of-small-business-growth Please note that the study’s findings were written in 1983. Some may argue the findings and recommendations are therefore irrelevant just because of their age.

However, ask any businessman who has made one of these mistakes along the way. They will affirm the need to be this kind of nimble in order to make the best possible changes for the true good of the business. The principles are timeless.

Originally posted on DougThorpe.com

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Do Your Problems Seem Bigger Than Actual Size?

Do you sometimes make things bigger than they really are? When you face a challenge, can you see it in proper perspective? Or do you have a tendency to make things bigger than they really are?

The great social activist Chicken Little was quoted as saying “The sky is falling” when he had merely been struck in the head by a falling acorn.

Big Problems

Blowing things out of proportion can be a problem if you are the one in charge. Yes, that would be a challenge if you do it on a regular basis. Leaders must keep things in proper perspective.

One of my clients introduced me to a new term “catastrophizing”. This means making a situation far greater than it really is. The way we entered this discussion was talking about limiting thoughts. I had asked the client to give me some examples of limiting thoughts they suffer. While a few of the answers were the usual, this one surprised me.

Catastrophizing

As an executive, you are confronted with problems almost daily. Things happen; often not as planned. You have to field questions, hear the news, and make decisions.

What if everything you were given was turned into something far more tragic? What if something someone on your team failed to do was declared a disaster when it is really just a setback or a simple honest mistake?

Think about the energy both emotional and physical you would spend dealing with such catastrophes.

Through my client’s own vulnerability, I was able to add a great word to my coaching. If you act like Chicken Little you will get yourself worked into a panic. You will be running around in a frenzy, stirring up others to join your panic party. Doing this is catastrophizing. Even if you leave others out of it, your own waste of energy and emotional effort can cause conflict and confuse the situation.

Why do people do this?

I don’t practice psychology, so I cannot even venture a technical argument as to why some are prone to act this way. However, I can share an observation from years of leadership experience on the job.

People who catastrophize often do so for several reasons.

  1. A Sense of Dread –  They are convinced life has been mean to them. The proverbial cup is half empty all the time. Therefore, any new event that arises must be bad. They are blinded to any possibility of a favorable outcome.

  2. Lack of Trust –  People who lose trust in mankind look at problems as people problems, all the time. Their way of thinking says the other person is the reason these things are bad.

  3. No Hope –  Theirs is a world of doom and gloom. They are convinced things are hopeless. In their minds, blue skies are really just a funny shade of gray.

Sadly, I have run into these kinds of co-workers and professionals most of my career. Thank goodness they are not everywhere, nor are they in leadership very often. But when they are, look out.

The biggest problem I see with catastrophizing is the waste of energy and resources. Whether the energy is emotional or physical, the expenditure of energy trying to avoid the catastrophe is great.

The Solution

One of the wisest words I ever heard was the phrase “The problem is not the problem.” Think about that. Whenever you are confronted with what seems like a problem, check first see if what you are being told is a problem is really the problem. Here’s an example.

Missed deadlines are usually a problem anywhere. Unless that deadline is a life or death situation, most missed deadlines are bad, but not the end of the world. Having a missed deadline, though it seems big and real, may not be the problem at all. Rather, the real problem may be with the process, procedure, or people. Are the deadlines even reasonable considering the mix of the above elements? Or has someone failed at their task?

Being able to properly discern the root cause of an issue is preferable to simply catastrophizing and running around like Chicken Little.

The sky is not falling. It’s just an acorn.

Question: How do you prevent yourself from catastrophizing your circumstance? You can leave a comment by clicking here.

Originally posted on DougThorpe.com

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Start Your Own Blog Today

There are plenty of reasons seasoned professionals should write their own blog. I’ve been blogging since 2009 when I founded Jobs Ministry Southwest. Back then, it was a great way to share information with the people using our career transition services.

That modest effort got me excited about the power of blogging. From its humble start, my blog has grown into the site you see now with over 110,000 followers and growing.

Blog Writing

Now, as my coaching and consulting businesses have grown, I use the blog to share articles on key topics for managers and business leaders, sharing thoughts about leadership and entrepreneurship (my two favorite topics). Blogging helps cast a wider net, spreading your message across the globe.

I am going to share some of the quick and easy steps I use to build the blog.

  1. Domain names – Get yourself a custom domain name. Most registrations may cost you $12 a year (or close to that). Reasonably cheap for the significance of pointing to a brand name you build.
  2. SiteGround Hosting services – Unless you have a brother-in-law with insane computer networking skills, subscribe to a hosting service. I’ve tried several, but have landed on SiteGround. I love their responsiveness (the site loads quickly despite a lot of overhead/functionality going on). I’ve also found their support to be world class good. To check them out click this link.
    Web Hosting
  3. WordPress – I’ve become a huge fan of the WordPress framework. The themes and templates give you so many options. Some custom themes you buy, but many are free. The free ones can give you a great looking site to get you started. WordPress was created for blogging and has grown into a whole discipline of its own.
  4. Plugins – These are add-on tools you can add to your WordPress suite of code. With plugins, you can add awesome features like social media sharing, guest list management, shopping carts, etc. There are three critical plugins I have chosen to use.
    • Jetpack – a collection of tools that maximize the operation of WordPress, keep statistics, and hacker protection
    • Yoast SEO – helps optimize the valuable search engine optimization aspects of your site and all its content
    • Vaultpress – file backup; you never want to lose your blog
  5. RSS Feeds – Build an RSS feed to allow your content to get distributed to other social media channels automatically as each post gets released. I use Google’s Feedburner.com tools for this task. Opening an account is free. You can customize the tool to grab your posts and push them to channels like Facebook, Twitter, Pinterest, and Instagram all automatically and spontaneously with each post.
  6. LeadPages.net – I use LeadPages to help me promote and manage product offerings, events, seminars, webinars, and my other client attraction efforts. Build your own landing pages with LeadPages. As an example, my promo for Big 5 Performance Management is done with LeadPages.
  7. MailChimp – Email management tools. Using an effective email management service is vital. I’ve tried several and have landed on MailChimp. I like the ease of use and the straightforward tools they offer. I know there are other services that are equally effective, but after several disappointments (and higher costs) I landed with MailChimp.
  8. Fiverr – Occasionally you need some freelance skill sets to augment what you are doing. Fiverr.com is tremendous for this. Fiverr is a collection of freelancers from all around the world. They call their projects “gigs”. As the name might imply, you can get help for as little as $5 per “gig”. I’ve used Fiverr resources for things like graphic design (videos, book covers, and logos) or getting a press release written. I’ve also used them for social media promotions to reach a broader audience for book releases or other promotions I am doing. Yes, occasionally I get a less than acceptable outcome, but I only invested a few dollars versus hundreds through other sources or contractors. It’s a winner for simple outsourcing.

About Content

There are numerous opinions about content creation; write it yourself, borrow others, merely re-post, etc. I’ve taken the basic approach that is at the core of blogging, “my message, my voice”. Yes, I study many different sources and try to compile credible resources to cobble my articles together. Anything I use gets proper attribution for its source.

The content I write is intended solely for your use. If I can’t help you, a busy professional, do more right where you are, then I’ve missed the mark. If you decide to start a blog, you need to decide what your purpose and message will be about.

There are also great debates about when to publish and how often. The golden rule I learned early on is simply “be consistent”.

To that end, I choose to write at least 2x per week. By using the great scheduling features of WordPress I can accumulate a volume of articles and stage them for automatic release on whatever schedule I choose. By using this queueing method, I never have to worry about publication deadlines and getting writer’s block over the deadline pressure. Typically, I have content scheduled at least three weeks ahead, sometimes more.

I’ve juggled the release days of the week, experimenting with response rates and open rates. There are other blog writers I know who limit publication to once a week. If it works, great! Just be consistent. Allow your following to become reliant on your consistency.

Disclosure: By clicking some of the links above, I may receive a small affiliate commission from the service provider. Rest assured I would not promote anything I don’t use myself. But even if I didn’t get any commissions, I really like these tools, and I think you will too.

If you want to let me help you with organizing your online presence, send an email to my assistant Karla 

It’s No Fun Casting Pearls at Mules

You know when you’ve been trying to help someone? I mean really help them, but they refuse to hear what you say? We’ve all faced the moment when we realize that someone is being a stubborn mule. I don’t mean to be cruel or harsh, but face it, you know what I am talking about.

Maybe the person is an employee or a boss. Or worst case, they are a family member, maybe even your spouse. Ouch! Regardless of the situation, there is an emerging reality that all of your valuable insight or suggestions are going unheard. The precious pearls of wisdom you try to share are falling on deaf ears. Here’s the solution.

While it is very easy to spot stubbornness in others, sometimes we are guilty of acting that way too. As a leader in any situation, you must at times deal with personalities that act stubborn. But what do others have to do when you are the stubborn one?

If you, the leader, are the one being the mule, the team will stop wanting to be open with you. They will pull back from the interaction. It’s human nature to avoid confrontation of this kind. In other words, it is easy for those around you to start asking themselves “why bother?”

What is Stubbornness?

Stubbornness is the tendency to resist any form of change.The person with stubbornness is driven by a fundamental resistance to being forced to do anything or experience anything against his will. The basic stance is, “No, I won’t, and you can’t make me.”

The personality with stubbornness is over-sensitive to the possibility of having sudden or unwanted change imposed upon itself and sees the threat of it everywhere. Anything new or different or involving change is perceived (subconsciously at least) as a direct threat—even if the change in question is positive and in the person’s best interests.

Like all character flaws, stubbornness involves the following components:

  1. Early negative experiences
  2. Misconceptions about the nature of self, life or others
  3. A constant fear and sense of insecurity
  4. A maladaptive strategy to protect the self
  5. A persona to hide all of the above in adulthood

Stubbornness is the most prevalent character flaw there is. We all have some degree of stubbornness within us, but more people have stubbornness as their chief feature than any other.

As with every chief personality feature (or flaw), the key is becoming conscious of how stubbornness operates in oneself. If you have stubbornness, you can begin by observing your outward persona in action:

  • Do I have a tendency to justify the status quo?
  • Do I generally argue against change or newness on seemingly logical grounds?
  • Do I often deride new ideas or suggestions?

The Deeper Dive

To fully eliminate stubbornness, you have to do more. You must agree to dig deeper.

  • Why do I resist change, newness? What am I afraid of?
  • What do I fear would happen to me if I allowed uncontrollable changes to happen?

Approaching the deepest level you may need outside help in the form of a counselor, therapist, coach, or at least a close friend:

  • Where does this fear of new situations come from?
  • How was I hurt in the past?
  • Can I let it go?

By genuinely exploring the source of your concern, you can calm the fears and doubts that cause the need to be stubborn. Yes, rigid rejection of change can look like stubbornness, yet it is usually tied to a deeper concern for facing change. If you agree to explore your inner resistance to change, you can begin to unwind the tangled views and actions that come out of being stubborn.

As you reduce the need to resist change, you can inspire others to be more open to bringing you ideas.

Question: What have you done lately to avoid being the stubborn one? You can leave a comment by clicking here.

Portions of this text come from writings of Barry McGuinness

Originally posted on DougThorpe.com

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Don’t Waste Time Setting New Year’s Goals

As the calendar turns to a new year, there’s always a lot of hype about resolutions, planning, and goal setting. I promise this is NOT your average article about goal setting.

Depending on where your past year ended, you may or may not be ready to do a goal-setting exercise. I see a couple of options for where you might be standing right now.

  • Things have been going well, you need to do more of the same
  • You feel stuck or disappointed with prior results, so you want to make a change
  • You’re not sure about which direction to go

Two out of three of these conditions are not good. I’m convinced this is why goal setting seldom works. If you are already living in scenarios two or three, you aren’t ready to plot out new and different directions.

You Need a Change

Ask a room full of people to close their eyes and point North. When everyone opens their eyes, fingers are pointing all over the place. (Try this some time; it’s a great icebreaker).

The message is that “north” while being geographically available for specific identification and location using the right equipment, can conjure various meanings depending on one’s perception.

During life-changing moments our perception of our own true north can be equally confusing. For people who find themselves in career transition, I coach and teach the concept of resetting your true north. Perhaps re-set is not the perfect term, but what I mean is that you should get back in touch with that center of your being. Revisit the core values, goals, and beliefs you once held dear. Allow time to rekindle a fire that might have burned low or even worse, burned out.

When you find that true north again, any decisions you make about the next chapter of your life will have far more meaning and purpose.

Finding your true north applies to all major decisions. Nothing should be decided without checking it against whatever standard you believe is your true north.

There is Risk

There is a risk in what I am saying. All around me I see a slow shift in values and beliefs from what I grew up with. Here’s an example.

I live in a large planned community with a golf course and other very nice amenities. The golf course has a beautiful lake right in front of the clubhouse. It’s not a big lake, but definitely bigger than your average pond. The lake is posted for no swimming and no fishing. It’s posted mainly as a safety thing for young children who might venture that way. Simple enough to follow, wouldn’t you think?

Well, one of my neighbors spied a man and a boy out there one afternoon after work. From all indications, they were a father/son team. They were fishing! Yes, in broad daylight, casting away. The neighbor made a comment on the area Facebook page. We have a very active neighborhood engagement via that page.

The thread blew up in less than 2 hours. Here’s what people were saying. Some agreed with the first poster who argued the Dad was violating the posted sign, so what value was that teaching the young boy?

Son “Hey Dad, what does that sign say?”

Dad “It says no fishing or swimming.”

Son “But we’re fishing. Should we stop?”

Dad “Nope. It’s OK, let them try to stop me.”

Others got outright angry at the thought of anyone having an argument with a Dad spending time with his son, even though it involved breaking the law together.

The way that people spun the meaning of the moment and the variation of core values expressed in this matter made my head spin. Yes, it was radically different from my own upbringing. I had a hard time seeing the merit in letting the people fish despite the posted signs against such activity.

There are questions of respect, honor, following the law, making your own law, and so on. Where is the true north here? Who is the judge?

Clearly, it is a personal decision to honor a higher standard.

Make the Right Choices

Spending your time at the first of the year to set goals and make resolutions is valuable, but only after you have checked back in to center your self on your core values; your true north. Don’t waste time with the planning and goal setting until you re-establish your purpose and value.

Question: What have you done to reset your true north BEFORE you begin planning for the New Year? You can leave a comment by clicking here.

PS – OK I don’t literally mean “NO Goals”. You have to set your base before you start setting goals. I see too many professionals who make major mistakes in their planning because they let their true north shift too much. They want to stay centered on the real north, but if things have slipped or wiggled out of alignment, you have to get those core values reset before you plot another set of goals, plans, or resolutions.

Originally posted on DougThorpe.com

If you enjoyed reading this article, please recommend and share it to help others find it!

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Why Entrepreneurs Need To Move Away From FOMO

The ‘Fear Of Missing Out’, mainly known by its acronym FOMO has become a much talked about behavioral phenomenon ever since social media has taken over our lives. The word itself became so popular that it was added to the Oxford English Dictionary in 2013!

Until now, FOMO was a term that was applicable to the Internet junkies. However, given its psychological impact, it is now also commonly used to describe a human tendency. Surprisingly, FOMO has taken even the community of entrepreneurship in its grip.

Before we delve further into how entrepreneurship and FOMO are related, let’s first understand what exactly FOMO is.

study titled ‘Motivational, Emotional and Behavioural Correlates of Fear Of Missing Out’ defines FOMO as

the uneasy and sometimes all-consuming feeling that you’re missing out – that your peers are doing, in the know about, or in possession of more or something better than you.

In this study, nearly three-quarters of young adults reported that they had experienced the phenomenon.

People who are experiencing FOMO are always craving for more and possess ‘I want that or I want to know too’ attitude. If they don’t get what they want, it instils anxiety and depression in them.

Now, let’s understand FOMO in the context of entrepreneurship.

The first FOMO that entrepreneurs experience is related to opportunities. Entrepreneurs are wired to think that there is nothing worse than missing an opportunity that could have changed their life. This opportunity could be an idea, an investor or anything that matters to launching or growing the business – if only I had an opportunity to put my idea into action, if only I could have one meeting with the investor, and so forth.

As an entrepreneur, you should accept that entrepreneurship is all about success, failure, and missed opportunities. It’s good to be ambitious and seek opportunities, but don’t let this become an obsession. Sometimes, you just need to turn down an opportunity and wait for another one. You have to take a leap of faith and learn to say ‘no’. Like Kenny Nguyen, CEO-Founder of Big Fish Presentations and co-author of the book ‘The Big Fish Experience’ did.

He refused to attend the popular reality show ‘Shark Tank’ which gives aspiring entrepreneurs a platform to make business presentations to the investors. Of course, it was a big opportunity but somehow he felt that it was not the right time for him to participate in his venture was only a year old.

Instead, he focused all his energy on making his startup the best among the others. Today, Big Fish Presentations is one of the fastest growing companies in the startup ecosystem. Kenny Nguyen advises his peers to focus on the right opportunity, not every opportunity.

Entrepreneurs also suffer from FOMO on success. Agreed that every entrepreneur wants to become a winner, but success takes its own sweet time to give its taste to you. It’s one thing to have a vision and another thing to forget the journey that takes you there.  You should not let the fear of ‘what my successful business look like’ to stall your today’s efforts to grow it.

Keep the success in mind, but do not expect an instant win. Sometimes, it is better to adhere to the maxim ‘Slow and Steady Win The Race’.  Anu Sharma, the founder of HR Practice firmly believes so and says, “It’s not always the big leap which is needed to start off – it’s fine to take small steps and begin your journey.”

Then, there is also FOMO on a commitment to the company. Give the time, energy, money and emotions that they have invested in their business, entrepreneurs fear of exiting it even if they know that it is heading south in terms of expected targets, revenue, and profits.

This kind of behavior is also known as ‘sunk cost fallacy’ which make them continue running their company even when it is not the best thing to do. They fear on missing out on the possible success the business can bring if they stay invested.

The millennial entrepreneurs are believed to be the worst sufferers of FOMO syndrome. In fact, a report on the millennials cites that FOMO is not a cultural phenomenon, it’s an epidemic. Entrepreneurship is a trend for the millennials.

Everyone has (at least they think so!) or is looking for the billion-dollar idea that will put them in the league of Azim Premji, Sachin Bansal, Sergey Brin or Mark Zuckerberg. They want to experience entrepreneurship just for the thrill of it, without thinking it through.

FOMO in entrepreneurship is good as long as it does not make you depressed, stressful or restless. It can have a serious impact on your mental and physical well-being. Every entrepreneurial venture has its own story and journey. You can’t guarantee success or avoid failure – you can only keep working on specific goals and recognize the tradeoffs.

This article contributed by Vijay Shekhar Sharma. It first appeared in Inc42.

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Merry Christmas: Are YOU the Gift?

Soon will be Christmas, December 25. I’m not really ashamed to admit that I still celebrate Christmas. It has been in my family tradition for many decades. I respect the needs of saying ‘happy holidays’ to those who may not be of Christian descent and choose not to celebrate in the tradition of Christmas, but for me and my family, today still has special meaning on several levels.

I would like to ask you a somewhat personal question.

Since the Christmas season often is associated with the giving of gifts, what have you done to be the gift for someone?

Yes, I mean you, personally, unashamedly, and individually, being the gift for someone in your life. They could be family, work, or community members.

It seems we don’t think about that personal, really personal touch anymore. There are so many great technological gadgets to buy for one another. We share things that have material value, maybe a special meaning, or other reasons for identifying a material gift. Yet I find it interesting that it is difficult to think of ourselves as being a gift for someone we care about.

Last year the virtual mentor, Michael Hyatt, wrote a new book called “Living Forward”. In that book, he and his co-author, Daniel Harkovy, introduce a continuum of human existence that goes like this. In their model, Michael and Daniel talk about three distinct phases of life. The first phase is drift.

DRIFT

If you have found yourself in a period of your life that feels uncertain, without direction, and maybe even without purpose, you, my friend, are drifting. You wake up each day and you allow the day to pass just living through the circumstances and situations that arise on their own. There’s really not a plan. And there’s certainly not a goal. Drifting is a state of our existence that happens to all of us. It’s not uncommon to experience a little bit of drift at some point in your life.

Clearly, it would not be a good thing to live your whole life in a state of drifting. You want to be able to identify a goal or an outcome that has positive meaning for the purpose in your life. So we have to get out of drifting. You need to be able to stop the drift and begin making some more intentional forward progress.

SHIFT

That leads us to the second phase which is the shift. Once you’ve recognized you might be drifting and you agree that you want to stop, you have to make a shift. You have to find a focus, a new goal,  and a plan to get you onto a path for forward momentum.

Making a shift can be as simple as changing your mindset. Instead of waking up each day with the thought of repeating yesterday, you start the new day with an intentional statement of purpose. You say I’m going to do something different today. You set the course and you choose to do things differently.

Albert Einstein is attributed with the famous quote that says doing the same thing and expecting different results is the perfect definition of insanity.

Making a shift allows us to break the cycle of monotony and repetition that causes drift. By agreeing to shift, we find a new focus, a new strategy, and a new direction.

LIFT

Once the shift has begun, you find yourself beginning to experience lift. You experience new accomplishments. You have a sense of progress. Goals are starting to be achieved. You find a new direction and you find levels of success.

The lift in our lives is what gives us the energy to begin to be able to influence those around us. As you experience lift, you have an energy that can be shared with others. Lift is a very interesting physical force. Lift is the principle by which birds fly and airplanes are able to rise into the sky.

Many years ago I decided to tackle a bucket list item that I had carried for some time. I wanted to get a private pilot’s license. I enrolled in a local flight school where I began taking the courses and learning the principles of aerodynamics. There is a very interesting undeniable force that happens with flight.

When a wing is moved forward there is a dynamic of the wind passing over the wings. The variation in pressure that occurs with that forward momentum, we call that thrust. But as the intensity of the wind flowing over the airfoil increases, there is this notion of lift that occurs.

In essence, as a plane gains ground speed during takeoff, there is no denying the force of the wing wanting to lift the whole plane off the ground. If you apply enough power and begin the forward momentum, that wing can do nothing but lift you off the ground. So the essence of flight is the ability to control that natural lift that is occurring.

I see great similarities with having a lift in our own lives. If you begin experiencing lift, there will be an undeniable force that you create. You will have an attraction to you that others cannot deny. You will have the ability to influence people.

The next question is, could there be a fourth phase of human experience? I say yes. I call it the Gift.

GIFT

As you move away from drifting and you start to shift your life and your presence, you achieve this lift in life. Ultimately you become a gift. With the momentum, you create by shifting and lifting you get to the point of being able to start gifting. This is the stage when you can help others. You can influence them with your thoughts, your ideas, and your compassion.

As you experience lift in your life, you become a gift to those around you. Your families can be enriched. Your workplace can be influenced. Your whole community can receive value and benefit from who and what you are. As you become a gift to the world around you, you become a thing of value; you become an inspiration.

This Season

Yes, this is Christmas. But while the rest of the world is thinking about gift giving with boxes and bows, I ask you again, have you been the gift to those around you?

It’s a great time to be that person, be that influence, and bless those around you with the power and the privilege of you being who you are. Now if you’re stuck in a drift, obviously your gifts not going to be that special. Maybe you won’t even feel like doing anything. But if you found a shift in life and you’ve begun to lift, you can become a precious and wonderful gift.

I wish each and every one of you a very blessed and Merry Christmas. Happy holidays. All my best to you, your family, and your business.

 

PS – Many of my clients consider me their closest confidant. We discuss things that they feel they cannot discuss with anyone else. It’s a tricky balance to build the kind of rapport and relationship that can have the level of trust you may want. If you are looking for just such a confidence, think about giving me a call. Let’s discuss where you are right now at work, with your family or in your community. Perhaps I can offer some encouragement.

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Leaders: Are You a Pretender or a Contender?

There's really only 6 inches of difference.

If your desire is to be a better manager at work, at home, or in the community, you may want to develop some actual leadership skills. However, if you are already following certain leadership principles, there is always room for lifting the lid to expand your reach and influence.

After many years working with clients of all kinds, I see one recurring theme, time and again. The biggest difference between managers and leaders who are pretenders versus contenders is a small six-inch piece of real estate; the distance between your ears.

Yes, I am talking about the space inside your head. The things you allow to happen in your thought life will drive the rate of success. You can be a pretender or you can be a contender. The difference is isolated in this really small space.

In the following diagram, you can see the natural progression of thought, action, reaction and behavior that is derived from our beliefs, expectations, and experiences. It’s all centered in the mind.

BELIEFS

Beliefs are your values, judgments, interpretations, assumptions, and attitudes. When you wake up each day, you have a whole set of these beliefs waiting ready in your head. The sum total of all these makes up your outlook for the day, often before you even begin. The collection of these beliefs set the stage for the way each day might unfold.

If a string of circumstance has tainted your set of beliefs, you will look at new opportunity through a jaded lens. On the other hand, if you have achieved a certain success, you may be more inclined to view new opportunity with a more optimistic mindset.

BEHAVIORS

Your beliefs drive your behaviors. Your “style” openness (or not), your habits, skills, practices, and actions stem from the beliefs you carry.

If you prefer mustard over mayonnaise, you are expressing an eating behavior based on some belief you established a long time ago. And so it goes with many of your daily choices, clothes, cars, hobbies, reading, entertainment, music, etc.

RELATIONSHIPS

Even the people you may choose to call friends will be governed by your beliefs turned into behavior. The kind of tribe you may join at work or in the community will be influenced by your behaviors.

If you align with a certain religious belief system, that will dictate the house of worship you choose to attend. Political affiliations, other social settings, and even workplace choices will be heavily swayed by the relationships you think you want to make; all having root in your mind’s eye.

RESULTS

Finally, the results will reflect the collection of beliefs, behaviors, and relationships. The direct circles of activity you choose will have a specific set of outcomes. These results (outcomes, impact, improvements, and “performance”) will all serve to reinforce your belief system.

When the results align with your original beliefs you say “see, I told you so.” You feel you knew it all along.

On the other hand, if an outcome somehow runs counter to what you expected (as many things will do), you may be inclined to fall deeper into your beliefs saying things like “I will never do THAT again”, or “I wish I had followed my gut.”

The Remedy

The successful leader will learn how to control that delicate real estate between the ears. Negative thoughts will be replaced by ones that provide a more meaningful value. The cycle of belief, behavior, relationship, and result will become a momentum-generating machine for positive action and success.

Whenever limiting thoughts creep in or pop up, the prudent, experienced leader will properly address the thought and prevent it from taking root to undermine the rest of the experience. Whenever in doubt, the seasoned, learning leader will seek advice from trusted counselors and coaches or mentors and friends, to better evaluate the thought. If the thought has merit, then it can be addressed with a balanced, healthy view, never interrupting forward progress.

When you handle the root belief system, you set the stage for a more positive outcome. More importantly, you set the process by which you can grow, profit, and prosper in all areas of your life.