The Entrepreneurial G-Spot

26/07/2012

So what are the ingredients of a high growth business or gazelle as they are commonly referred to? This is a question that I must be asked at least twice a week. As both a founder of several and adviser to loads I am still learning every day. As an obsessive researcher of their behavior, tactics and strategies, one conclusion is gazelles are not just the stereotypical university high technology spin –out, they are also well established organisations from mature sectors  – with fire in their belly.

So how do entrepreneurs unearth the Gazelle spot for their business? This is the point at which rapid growth ensues, new markets open up, customers display a strong desire to buy and value is created for both the founder and stakeholders. For the economy they become job generators and employers of skilled individuals. The challenge is there are only a small proportion of these businesses, nationally and globally – why? because its really hard to grow a business, get the right people on board pointing in the same direction, raise and manage finance….the list goes. This G-spot takes time to find, as one member of the High Growth Foundation® muttered the other night – it has taken me 10 years to become an overnight success – or as Malcolm Gladwell puts it 10,000 hours of effort and practice are needed to become an expert at anything.

Lots of entrepreneurs talk a good game but many fail to cope with the roller coaster ride that so often accompanies growth – the high and the lows can be quite debilitating and at times the problems just “do your head in”. Having a resilient and positive mindset able to cope with uncertainty and unforeseen challenges is an ability too few have. High growth will usually equate to high risk (that’s why banks are scared stiff of high growth entrepreneurs), embracing fear and having the courage to see through immediate and longer term challenges is a skill high growth entrepreneurs have honed.

The Entrepreneurial G-Spot is a complex framework involving an eclectic mix of business, commercial and emotional components. Put very simply it’s the fusion of a sound business model with propositions and service that carry a market place edge – disciplined doers not talkers execute the plan to achieve the vision and everyone knows their role. The active ingredient is brilliant leadership, more specifically a culture of ambition underpinned by mental toughness and an ability to cope. All too often it’s the latter that is missing, so many entrepreneurs fail to truly realise their potential, they run out of steam and to put it frankly cant be bothered with the hassle.

You’re a long time dead, get stuck in, have a go, fail fast move on, get your head in gear and unlock the potential of your business. Only practice and iteration makes perfect!

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High Growth Foundation – A trip to Silicon Valley

18/05/2012

What delegates found in Silicon Valley was the theme of last night’s High Growth Foundation event – you could actually feel the entrepreneurial spark in the air at Manchester Airport’s Concorde Suite. I don’t think attendees actually realised that Concorde was going to be in the room – over 150 delegates sat under the fuselage and listened to what was a set of fantastic contributors. As always our resident compare Michael Taylor did a great job unlocking interesting stories from the massively enthusiastic Gareth Burton, fun loving Jim Clarke, and the practical go getting Janet Green. (On the side lines Liz Weston, a Winning Pitch friend and Foundation supporter was busily tweeting).

The setting for this event was symbolic of what the Foundation is all about. Our purpose is to support entrepreneurs who have the desire and ambition to move their business forward at supersonic speed but doing it within a framework of disciplined management and focus on key business processes.  Encouraging companies to deliver sustainable growth over a long period of time is what we are about. The session I feel was an effective antidote and reminder of not to take part in the doom and gloom thinking we have seen over the past months.

The event brought together almost one year of social media activity and events whose messages focused on thinking globally and thinking big, a state of mind that is finely tuned into “going for growth”.

One of the most effective ways entrepreneurs learn is by experience sharing:

Viewing what great looks like – strategy, raising finance, sales marketing

Speaking to other entrepreneurs – what went right what went wrong

Studying biographies of success – personal and business journies

Well in March this year 18 entrepreneurs did experience sharing in a big way. They went to Silicon Valley to observe how some of the most successful brands on the planet go about their business.

More to follow on insights from the West Coast!

Our guest speaker Scott Fletcher went down a storm – his messages focused on conditioning yourself to develop a positive mindset, create a great culture and look after staff.   He’s is a living example of an entrepreneur who has embraced the big thinking mindset.  As Chairman of the ANS Group, he has off the scale ambition and grown one of the Region’s finest businesses – one that has rapidly transformed itself from gazelle to gorilla.

Really chuffed great that Pannone supported this event, especially Lisa Conmy their very own passionate ambassador for the entrepreneurial agenda.


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 !

 


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.


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.