The high growth entrepreneurial mindset

27/05/2014

I am a great believer that successful high growth entrepreneurs embrace the right mindset for success. My second book Success Factor – Master the Secret of a Winning Mindset outlines my thoughts on the secret sauce of the way they think – here they are:

1. Define your personal intentions and align them to the things you love doing. With this sense of purpose and clarity you can then begin the journey to achieving what you desire from your life, business or profession. Remember alignment must be achieved between personal and professional intentions – they cannot work in isolation.

2. Prepare yourself for the journey by creating the right mental conditions. Resilience and mental toughness are directly related to your sense of purpose. If you give up after the first hurdle then your purpose is not strong enough! It wont be easy! Be careful about what you think about! That’s what you will get.

3. Personal responsibility for your actions means that you will make choices and not sacrifices. Belief in yourself is a key part of the way to think – if you don’t believe in yourself then no one will! When things go wrong don’t fall to victim mentality as this gives rise to a whole series of self defeating internal discussions – become the master of your own destiny.

4. Taking action must quickly follow all the thinking. Success is down to 20% thinking and 80% doing. Strategies emerge when we take action – strategy comes alive in the execution – it is this action that creates serendipity – people will often talk about getting lucky! Success Factor believes that luck is the product of intense activity and personal clarity! We then start to walk the path of our destiny.

5. Embrace the spirit of cooperation and working with a team ethos. Going it alone can be a tiresome and difficult journey. Caring and working with others can be the catalyst for us reaching our destination. Finding those who can support our shortcomings and plug the gap in our performance, can make things happen smoother and quicker.

6. Learning to lead ourselves before we lead others is vital. Once self-leadership has been mastered the leadership of other can commence. This means we must foster an environment that create the conditions for success to flourish, we coach those we are supporting, we communicate with impact and we ensure those under our leadership conform to the rules.

7. Playing by the rules is an essential part of long-term sustainable success – we must observe the value of humility and operating by a set of values that show caring for others and our environment. Practicing the philosophy of giving before we receive warm the hearts of others and is visible representation of the fact that we live a life of integrity – our reputation is often all we have to trade.

8. Engaging with others and building win – win relationships is a vital step to success. By embracing a mindset that life is truly a pitch we begin to recognise that competition means that we have to sell to get what we want – this could be our skill and expertise, qualifications, talents or products and services. By active listening and marrying carefully our proposition to what others want – we start to build relationships

9. A creative mindset helps us to truly stand out from the crowd. Creative capital is often viewed as the ultimate source of competitive advantage because it unlocks our imagination – drives innovative thought and delivers remarkable differentiated results. Keeping a fresh mind and outlook enables us to remain ahead of the game and become memorable to those we need to influence.

10. Going the extra mile by doing things others wont do will get you remembered. Life has become extremely competitive which means there are far more applicants than jobs, more suppliers than contracts, less places on popular courses. The only way to get the edge is by digging deep and going one step further than others.

 


Non Executive Directors – Try before you buy!

10/05/2012

It seems very much the rage at the moment for companies to hire Non Executive Directors (NED). I am a big fan of these “outsiders looking inside“. They provide wisdom, guidance, help to raise the bar and introduce more robust systems and processes, help leaders make decisions and support change. In many instances an NED can help to open up new doors to finance and potential customers – help in the transition of growing up. If you are pursuing VC funding or PE finance then having a NED is often part of the deal.

One observation would be that many young companies appoint NEDs too early on in their cycle. They view them as the saving grace and the magic wand with all the answers. The reality is young fast growing companies should initially seek out a mentor or experienced person and trial the relationship before Companies House papers are signed. There are many individuals out there searching for NED trophies, it almost becomes their barometer for success – food for the ego!

My message to young growing companies who are seeking their new best friend, the NED, is be sure they can add value, be clear on where they can take you and most of all dont GIVE AWAY equity, people either buy or earn a stake in your company.


The Silver Bullets – Rules for Gazelles

22/04/2012

Here they are, and they work!

  1. Create and craft differentiated propositions that stand out from the crowd – don’t compete on price, compete on difference
  2. Develop an effective vision, strategy and execute of a practical game plan – communicate this to the rest of your team – success is 20% thinking and 80% doing
  3. Drive innovation into the processes and functions of your company and always look at doing things differently
  4. Embrace change and see it as an opportunity to develop and introduce new propositions
  5. Build a great team – thinkers, sellers, doers and controllers – create a culture where values and behaviours are aligned to delivering great service both internally and externally
  6. Condition your mindset – coping with the challenges that come with growth means a Believe You Can (BYC) state of mind is vital
  7. Live in the “Customer’s World” and deliver services and products that capture their need and voice. Build long-term relationship and keep coming up with new ideas to address their challenges.
  8. Disciplined systems and processes need to be put in place – KPIs that provide a real time state of business health are vital. Key your eye on cash and how you finance your company. Get expert help.
  9. Become great at selling and put the sales engine in place – sales are the lifeblood of any organisations, sell what you believe in as well as the products and services you offer.
  10. Find connectors that can provide answers to the challenges you face – getting experienced mentors, coaches and non executive directors working to raise the bar of performance are an essential ingredient of success

Personal development is the ultimate source of competitive advantage – be aware of what you are good and bad at. Review how you are performing in relation to the Ten Silver Bullets !

 


What’s your position? A lesson for gazelles

01/04/2012

I read a great article this week, passed on to me by my mate Julian Grice (he’s a top lad when it comes to branding and marketing, probably the best I have come across) – it was all about positioning and game changing strategies for high growth companies. There were four fantastic examples of companies that repositioned their brands with dramatic effect:

1. Apple….from geeky nerds to a cool brand probably the biggest on the planet

2. Domino’s…..moved from selling pizzas to focusing on service and delivery excellence

3. Red Bull….repositioned the drink from one for exhausted lorry drivers to life style marketing for “go getters” 

4. Netjets….from selling private jets to adopting the time share model (the results speak for themselves)

This is a lesson for all gazelle businesses…..a tweak in what you do, for a new segment can have a massive impact. Here’s to the start of a high growth week!


Manchester Business Survey – Downtown

27/01/2012

A breath of fresh air entered the business support arena at this mornings launch of the Manchester Business Survey. Frank McKenna led a great debate, much of which focused around the support for growth businesses in the GM Region. At last we are getting to the real issues and I am so pleased that Scott Fletcher, Chairman and Founder of ANS has started to unearth the paucity and confusion that sits within the business support arena.

The number of quango’s that still exist is causing enormous confusion within the business world and if we are going to create more “ANS Types” then its time to raise the bar, leave delivery to the private sector and provide the much-needed hands on help for risk takers. In particular advice from people who have been there and done it, inputs that drive strategy into action, executes plans, embed innovation, provides route to market, delivers an introduction to trusted advisers not just fee chasers, develops winning teams and leaders and provides well crafted business plans that hit the mark with the finance community.

Interesting comments about the Growth Hub and relations of the Family.

Well done Frank for getting on the table this long overdue debate. Fingers crossed that Scott’s forays to getting it sorted will create the desired changes and he doesn’t get ground down by non value added debates driven by committee, sub committees, talking shops, steering groups……


The ego – a danger zone for leaders

11/01/2012

In his book Good to Great, Jim Collins wrote about the power of humility, personal will and its links to leadership excellence. Not to be confused with being a big softy, my own experience is that effective leaders running successful companies exhibit loads of it! Humility is the inherent quality of treating everyone as an equal, with respect, candour and dignity. Unfortunately for many, success very often breeds ego’s the size of cannon balls – self-interest overshadows the importance of colleagues, friends, customers and very often family. Acquiring a big ego can lead to a danger zone for leaders – a disconnection from the things and people who lie at the heart of success, they become redundant and forgotten. The ego is a critical ingredient to making enemies and switching off the support from those who matter.

Ego’s are an unsavoury element to corporate life as well, pure observation leads me to believe that all too often judgements are made purely in self-interest. Well my advice is, make balanced business decisions ones which consider the impact on staff, shareholders and customers (and family!). Very often the mighty fall as a result of their ego’s drowning out any appreciation of humility. Self awareness is the antidote and as my Mum say’s – never get too big for your boots!


Our Hi-Tech Future

05/01/2012

This was the title of yesterday’s speech delivered by David Willetts, Minister of State for Universities and Science. It was positive to hear that science and technology lies at the heart of economic growth policy, something which I passionately believe in. Even more encouraging was the recognition that science and the arts are truly complementary. My blog The Enlightened Company (20th February 2011) reflected on this very point, some of the global technology brands of today were formed by fusing the skills of arts and science graduates. It is diversity that drives innovation and hopefully this recommendation will stimulate debate between arts and science faculties, the resultant effect being new possibilities, innovations and products – maybe a Google or Twitter?

The speech also communicated the strength of the UK’s research on the global stage and the fact that we publish more articles per researcher than the US, China, Japan or Germany. Whist this maybe the case, I do seem to recall that we are not up there when it comes to commercialisation of this research. Enhanced entrepreneurial mindset and orientation lies at the core of economic growth fuelled by science and technology focus. Much to be learned from the West Coast of the States.

Science and technological excellence is fine but if the patents, know how and IP end up overseas or sitting on a shelf then it does no good for UK jobs and growth. Greater effort needs to be directed to getting HE to think more about the commercial impact of what they do. It’s not just about spinning out companies but…how do academic staff  gain a better balance of research and selling their knowledge as consultants, attaining greater utilisation of assets that sit idle…… encouraging entrepreneurial thinking of post grads – creating more ideas and mind to market.

The reality is many university professors and academics frown upon enterprising forays and suffocate new possibilities even before they see the light of day.

A greater entrepreneurial culture will be vital to the successful execution of David Willetts’ strategy.


You get what you focus on…

02/01/2012

The importance of having a plan sounds like such a statement of the obvious, but how many of us in our business or personal life have one? At this time of year New Years resolutions are made – in my view nothing more than a wish list. By February most will have given up on them with an estimated 80% not even remembering what their goals were in the first place.

Whilst it is hard to move away from the term goal, I am trying my best to do so. People think they have goals but they don’t – why? – because are not hard wired into daily actions, this is why I prefer to use the term personal intention. This defines more precisely what you WANT!

Personal intentions have momentum and are limited to a vital few, rather than a trivial many. It’s impossible to focus on many things, so my advice is work out what 2 or 3 things you want to achieve and really focus on them. For 2012 I will be focused on 2 measurable intentions and the action plan to achieve them will benefit from a laser beam approach.

So my advice is, define your vital few intentions, write them down, create a plan, set KPI’s and review them daily and weekly. Get them hard wired into your system and focus – its amazing what happens.


Business Coaching For Growth

13/12/2011

I am delighted to announce that Winning Pitch will be part of the team delivering the UK Government Business Coaching for Growth programme – here is an extract from today’s BIS’s Enterprise Directorate publication – Business Improvement Programme Newsletter

Appointment of BCG Provider

We are pleased to announce the appointment of the ‘Coaching for Growth Consortium’ as our preferred bidder to deliver the Business Coaching for Growth programme.   The consortium comprises Grant Thornton, Pera, Oxford Innovation and Winning Pitch along with 7 other key delivery partners together with excellent connections to local support providers right across the country. The service will be delivered on a national basis across England and will be up and running in spring 2012.

A great opportunity to make a massive difference to UK growth and our forward thinking, ambitious and innovative SMEs!


High Growth Foundation Wow Event – Insights from Google

02/12/2011

What an absolutely fantastic High Growth Foundation event the other night at the Imperial War Museum. Led by Michael Taylor with his usual charm, wit and insight, we had a great line up of speakers who had fantastic and inspirational stories to tell. Steve Oliver and his Music Magpie venture is a real one to watch in the Region, and success could not be more deserved, a really nice bloke. Steve speaks from the heart and his views on creating a loyal workforce with a culture of graft were well received. Deepak Jayaraman from Goldman Sachs articulated the benefits of mentoring and how the 10,000 small business programme can help in this regard.

Alexis Giles delivered a fantastic key-note and shared with over 200 delegates Google’s rules for building an innovative culture and gosh were they powerful, here they are:

  1. Ideas come from everywhere – everyone has a place at the table
  2. Share everything you can – create a culture of sharing new thoughts, no idea is a bad idea
  3. Hire smart people – they create a challenging culture
  4. Chase your dreams – create 20% thinking time
  5. Innovation is not instant perfection – have a go and refine
  6. Data is apolitical – provide the fact to evidence potential
  7. Creativity loves constraint – draws out new ideas quick
  8. Users not money – money follows the eyes
  9. Don’t kill projects, morph them – iterate till you get it right

Alexis was a real star performer and delivered some real value to businesses with a passion to grow. One of the nuggets I took away was the importance of embedding processes and systems as a company grows. Google are a shining example of how an innovative culture fused with discipline delivers excellence. The lack of processes and systems is what so often stunts growth, innovation on its own is not enough.

Alexis and the Google story was an inspiration for ambitious people – so chuffed she will be hosting our  study tour at Google’s Mountain View complex in March 2012 – what an experience that will be. Its not all doom and gloom.