Mental toughness and resilience are essential to growth

26/03/2014

Running a business, particularly a high growth one is full of ups and downs. The highs are fantastic and the feeling of jubilation when we move closer to our goals provides us with a clear sense of accomplishment. For our mind it’s a great place to be as we are motivated and energised by this sense of achievement, this creates the impetus and motivation to keep pushing forward. However the journey towards our vision very rarely proceeds along a smooth path. Invariably, obstacles will be thrown in our way, these force us to create diversions and look for alternative ways of getting to our destination.

Constantly being forced to deal with the need to explore alternative roads to our desired end point can have a wearing effect on our mindset, it can bring us to all time lows in motivation – many individuals will ask themselves what’s the point in doing this? Is it really worth it? Most of us at some point in our lives have internally deliberated these issues.

Only you can answer these questions, only you can decide whether to keep going or not. At these critical points, it can be easier to give up than to carry on – from my research into success, winners in all walks of life dig deep, maintain focus and continue with their mission, they accept that setbacks are just part of the game plan.The old adage when the going gets tough the tough get going is one you should reflect on when you experience these feelings (Billy Ocean said this in his famous song). Two vital questions you need to ask yourself if you reach this stage:

  • How much do I want it?
  • Can I cope with more setbacks?

Having mental toughness differentiates winners from losers, your sense of purpose ebbs away when you listen to negative self talk, phrases such as why am I doing this? are symptomatic of the condition, in turn it weakens the endurance of the mind  and sprit thereby resulting in I give up. Successful people I have researched have an insatiable desire and internalised motivation to succeed – you have really got to want it!


Going for it

25/02/2014

Fear of the unknown can have a massive impact on our ability to realise our business dreams. Virtually anyone that has succeeded in their profession, career or sport has been able to overcome their inner fears. Fear comes in many shapes and forms, it could be:

  • Fear of losing a big contract
  • Fear of being unable to provide for our family
  • Fear of speaking in public
  • Fear of providing personal guarantees to support growth
  • Fear of taking on that new overseas market

In many instances fear is an emotion we create in our own mind and it often results from negative self talk. Fear can hold us back from doing what we want to do and what we want to achieve – it acts as a barrier to personal and business progression. The emotional turmoil created by fear stunts our personal growth, creates self limiting beliefs and leads to a lackluster performance that will not get you your desired outcome

By getting into the habit of confronting our fears, we release the internal brakes of the mind – this allows us to move forward with our personal intentions and create the life and career we desire. Mind conditioning is required if we are going to overcome the fears that hold us back. We must get into the habit of listening to those fears but asking ourselves – how real are they? Do away with those fears by:

  • Taking small steps to overcoming those fears by forcing yourself to take action
  • Visualise the outcome you want – not the fear factor
  • Ask yourself how real is the fear?
  • Dispel the invisible audience that fear creates in the mind
  • How much do you want success? If you cant do away with the fear, disappointment will result

Surrendering to fear will hold you back, don’t fall victim to it, take positive steps to embrace fear and push through it. Once in the habit you will never look back – almost anything becomes a possibility.


Entrepreneurial Learning

29/06/2012

I spoke at the Institute for Small Business and Entrepreneurship conference earlier this week. The theme was entrepreneurial learning in organisations. It was an extremely thought provoking session, that brought together fantastic academic minds on the theme of entrepreneurship.

As a keen observer of entrepreneurial learning and improvement, my view is that the UK economy will grow faster if more effective leaders are created and nurtured. Enterprise policy makers must recognise the importance of bigger thinking and greater ambition – a key component of leadership. Academic enterprise research needs to investigate in greater depth the emotional needs of entrepreneurs – the spirit and mindset. Setting up and growing a business can be extremely demanding. For entrepreneurial leaders balancing personal and commercial risk can be a debilitating experience – we must look at developing practical coping strategies to help leaders overcome the fear often associated with the stages of growth.

From my discussions with participants I was encouraged to hear that softer issues do appear to be attracting more academic interest. Topics such as developing an entrepreneurial mindset, coping, resilience, mental toughness, personal branding and faith must get on the agenda. These are all essential ingredients for leadership success. Practical tools to help entrepreneurs address these areas would be well received within the community – when the going gets tough, the tough get going. Entrepreneurs are courageous individuals who cope well with the lonely rollercoaster existence, helping them to live with high pressure moments would be a well-received antidote for those wanting to make a difference. I am extremely excited about the work ISBE is undertaking.


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!


Success Factor For High Growth Entrepreneurs

12/02/2012

Success Factor is my second book and it has not been given the attention it deserved over the last 12 months, the main reason being the focus on several major tenders. I am now back onto it, with bags of momentum.

I am a great believer that successful high growth entrepreneurs embrace the right mindset for success, here is the summary:

The ten steps to a winning mindset involve:

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.


Building a high growth business – The Essentials

15/11/2011

I was really honored to be asked to present the fast growing business award at last weeks North of England Excellence Dinner. The winner was 3P Logistics and at the end of the ceremonies I made a beeline for the winner, Ian Walker, I wanted to get his view on what it takes to build a high growth company. It was clear the moment Ian started talking he had a passion for his business that was off the scale – it created an instant engagement which meant you had to listen to what he had to say. The guts of his story provided a truly fascinating insight into the motivators for setting up and growing a business. As well as passion, courage and bravery feature high on the list of special qualities – leaving a highly paid job when you have dependants can be an extremely scary moment in life, this is what sorts out the true entrepreneurs from the dreamers. This takes an enourmous amount of guts – fear is what holds so many individuals back from taking the leap.

A few years down the line new dilemmas and challenges are presented to entrepreneurs like Ian.  They become most profound at the point when the company is providing a comfortable life style – the internal conversations usually goes something like this, do I take more risk and go for it again and build an even bigger business? However, so few are willing to subject themselves to the burdens and stresses that got them to the well deserved position of a regular salary and the associated benefits that come with being your own boss.

Well my advice for those who decide to continue going for growth is, find a mentor first, someone you trust, then together work out how you are going to do it – the following are what I refer to as “The Essentials” –

  • Become future focused and prepare a strategy and game plan which sets the course for the next three years
  • Understand the best ways of financing growth, one that balances personal risk, commercial gain and control (or loss of control)
  • Effective leadership is core to success. Building a team/organisational structure you can rely on to support the business transition is vital
  • Embed disciplined management systems to provide an effective barometer of commercial performance – the bigger you get the tighter the controls need to be
  • Ensure you have created a customer focused culture, one that delivers innovative product and service propositions carrying higher margins
  • Ensure you have a differentiated business model  – one that creates real competitive advantage to support domestic and possibly international growth
  • Condition your mindset to win and success.
  • Ensure you have the support of your partner and immediate family

Having trusted advisers and being part of a network of likeminded people becomes an important part of the journey it also helps to maintain your sanity.

 


High growth entrepreneurs need a mentor

08/11/2011

A mentor is one of the most important tools in the entrepreneurs 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 whos experience and judgement 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 and 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. The High Growth Foundation we have set up is living proof that members who are much further on in their journey are only too willing to give someone their time, experience and thoughts, without any strings attached!

So the conclusion is, if you are trying to grow your business find someone who has been down your path – invite them for a brew 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.