A mentor is vital

01/09/2014

A mentor is one of the most important tools in an entrepreneur’s kit bag. Growth companies constantly reach forks in the road – so, which way?  As your business gets bigger, then hopefully the team you have created will help you to make the decision on which road to take.  However, there are often BIG decisions that are outside the scope of the knowledge of the guys sat around the table.  Having a mentor – someone who’s experience and judgment you trust can be a serious crutch on these occasions.  Asking those very simple questions like, what would you do?  How would you approach it?  Who should I go and speak to?  Who are the best advisers? – to someone who has experienced the scars of the pain you are feeling is all too often the answer.  Every successful entrepreneur we have worked with (and that’s thousands) lean on someone they respect, all too often that advice comes over a beer or coffee.  It’s not formal, it’s not shrouded in business plans and three-year P & L calculations – its good, solid common sense.

The reality is that there are so many individuals out there who have succeeded in business, who are more than happy to provide a helping hand – the fact is they have not been asked.  The wisdom, experience and insight to help us make better decisions often comes free from willing souls, who just want to help others overcome the hurdles and challenges they face.

So the conclusion is, if you are trying to grow your business, find someone who has been down your path – invite them for a coffee and use the magic words – please can I ask your advice.  It could be the best couple of quid you have ever spent.

Most of the battles in business you have to win are in your mind first. Your mentor can help you work out your game plan and indeed make better-informed decisions.

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Train with those you think are “best in class”

22/04/2014

If you want to excel in your entrepreneurial life, work with those people that will take you to new limits. Training with these individuals will extend your comfort zone, teach you new skills and more importantly allow you to gain insight to how they think. Defining who you believe to be the best in your field of work provides a benchmark for raising your own performance. Do away with any feeling of personal pride or sense of undermining your own capability and explore how you can spend time with those you identify as best in class.

High performing organisations consciously create conditions that get the best to push each other to new levels of performance. If you want to achieve greater success then align yourself to those that consistently out perform the rest. Be open in your approach to these people and ask them – Please can you help? Or please can I ask your advice? By asking in this way you are delivering a complement and acknowledging their expertise and achievement mindset. More often than not people will help. Your aim should be to:

  • Shadow them on meetings and in their day to day activities
  • Ask for sometime to share their thoughts on why they constantly outperform
  • Seek insight on how they think and what drives them
  • Enquire what motivates them and what they read

By training with the best you set intentions and expectations that lift your mindset to new levels of attainment. Individuals you train with are different to mentors – they are the sparring partners that you work with to develop and grow your skills on a real time basis. If the person you want to work with views you as a potential threat the relationship will not work. Be honourable about your intentions and by no means use it to gain insights that would be of disservice to them – be clear be up front – if a conflict of interest presents itself then walk away.

 

 


Gazelles – past and present (part 2)

02/05/2012

I wrote a blog a week ago that covered Harvey Goldsmith’s view of the Top 10 greatest entrepreneurs past and present (part 1). Here is the final listing from 6 – 10 and the insights I think are important for other ambitious people:

6. Harry Hyams (1928 – ) – a man who changed the face of commercial property. He built Centre Point in the 60’s and left it controversially empty for months. He was a man who got his timing right, stirred things up – a great example of success is often down to luck. Many would say he planned to be “lucky”

7.Bernie Ecclestone (1930-) – grasped the opportunity when he saw it. From selling cars to F1 supremo. The window of opportunity is presented to so many of us but how many grab it when it appears? It often only lasts for a short time. His vision and leadership is an inspiration to us all.

8.William Morris (1834-1896) – crafts and arts specialist who dreamed of improving the quality of life for British workers. He was a highly successful artist whose designs are still around today – the message is? Leaving a legacy and putting something back!

9.Lew Grade (1906 -1998) – a master entrepreneur in the entertainment business. Famous for pushing an idea across the finishing line – how many of us are guilty of losing faith in an idea when the first hurdle presents itself. Faith is such an important part of getting the idea into the market place. Sunday Night at the Palladium and Pink Panther were several of his major accomplishments.

10. Sir Martin Sorrell (1945-) Not had the best of press this week given the big salary. However, so many forget what this man has achieved. In the mid 80’s he bought a little company called Wire & Plastic Products – this became WPP. It emerged as a world-beating communications and advertising business. Annual revenues running into billions and profits approaching £1bn. How many others can say they have done that. Grit and determination are key ingredients of his success. So the press….get off his back, how short people’s memories are!


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 !

 


Lloyds TSB Enterprise Awards

01/03/2012

The banks have had a bit of a kicking over the past few years. However, let’s be fair and look at some of the great things they are doing. Earlier in the week I was fortunate enough to judge and speak at the Lloyds TSB Enterprise Awards – an initiative designed to seek out the best university students and graduate entrepreneurial talent. It was an inspiration to listen to young people with ideas and the motivation to build a business rather than go down the traditional route of trying to find a job.

Universities have an important role to play in preparing individuals for the next stage of their career, equipping them with the ability to write a 5,000 word dissertation is just not enough. Conditioning graduates to consider the option of setting up their own business is vital – is it any riskier than trying to find a job? probably not!

The young entrepreneurs I met, had ideas, put them on paper and then rolled them out – they were generating revenue and jobs. The winner of the Best Enterprise, Adam Soliman of Charbrew was a top lad, his head in the right place. The Best Start up – Peter Van Neste of Stagetex had a clear handle on his sector and the finances of his company.

The reality was, all of the finalists were high performers and an inspiration to other graduates, more specifically the finalists :

-had clarity of what they wanted to achieve

-were innovative and displayed an edge

-displayed the invisible forces of passion, hunger and determination

-lived in their customers world

-had a grip on the importance of finances

The finalists must be showcased – they are role models and an example of what can be achieved if you just get your head around the idea of being your own boss. Come on universities wake up – Lloyds TSB, great, you have clocked the potential of graduates and their ability to create and generate wealth!


Businesses with soul and purpose

21/02/2012

I spoke at the Business Conference for Childcare Providers this morning – it was a fantastic group. The audience comprised a mix of private sector, social enterprise and volunteer groups. One thing that struck me was the passion and enthusiasm and giving nature of the people who turned up. They were individuals with a passion for what they do – a soul and purpose which focused on looking after children.

The theme was leadership in a changing economic environment, my messages revolved around the 10 principles of getting it right:

  1. Changing times need a change of mindset
  2. Create the right mental imprints with stakeholders and staff
  3. Be future focused
  4. Performance measurement & monitoring is vital
  5. Build a great team
  6. Put a credo in place
  7. Live in the “customers” world
  8. Gain the edge through innovation & creativity
  9. Great leaders have a mentor
  10. Practice the 4C’s (Condition, Coach, Communicate, Conform)

It confirmed my belief that businesses with a higher purpose have a greater chance of success. Many of us are searching for meaning in life and a sense of belonging. When we translate this quest into a commercial idea and balance it with good business practice then the results are amazing. Moreover, a business with a cause deals with the harder times much easier than those that don’t. Its so easy to pack up when things get tough – I feel that those companies with a soul and purpose have a greater chance of success!

 


Small business owners ‘ready to give up’ (what?)

24/01/2012

This was the headline finding of a report compiled by Aviva and covered in today’s Daily Mail. It went on to read “a quarter of small business owners say the economic outlook is so bleak they would rather return to being an employee”. Given the job I do I am more than aware of the pressures and challenges entrepreneurs face, but why is the media constantly pushing out such bad news.

Negativity of this nature can condition ambitious people to hang up their boots up, we must balance all of this with celebrating the successes of many entrepreneurs who have decided not to participate in recession.

Headlines like this do nothing for the spirit or culture of enterprise. A brighter way of looking at the future is looking at the great successes of the past:

General Electric – formed by Edison when US economy faced collapse.

IBM – set up in the middle of a US economy slump

General Motors – went buying spree when the Federal Reserve was approaching melt down

Disney – took off smack bang in the middle of the Great Depression

Microsoft – founded in the middle of a phase of stagflation

CNN – started in a “double dip” recession

Apple– thrived just after the dot-com bubble burst!

These are the messages we should be putting out into the market. One of the key ingredients for business success is the mental toughness of the entrepreneurial team – please can we stop with the doom and gloom – we all know things are tough, stop pushing it in our face. To quote Jim Collins (again) great leaders face the brutal facts but they maintain absolute faith and belief in what they set out to achieve.

Well I am sure Aviva did the research with all best intentions, but this is  my advice to those thinking of packing in:

1. Remember the very reason why you set up on your own

2. Get involved with a network/group and speak to other business owners, ask them for their advice

3. Find a mentor – someone to lean on

4. STOP – take a day off and try to rise above your business situation

5. Surround yourself with positive people

6. Stop listening to enterprising assassins

7. Be aware of negative thinking and reframe with positive thoughts

Challenges are all part of the business growth journey, many of us would be lost without the pain. More success and good news stories PLEASE.