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The Leadership Challenge: Launching a New Business – 3 Tips!

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The Point: We all love the success stories associated with launching a new business that are bantered about in the media. 20-30x returns are often reported to those early investors who were daring enough to participate in fund raising. However, what happens to the ideas that don’t get launched successfully? What becomes of the leaders who fail(ed)? Where do the investors turn for investment lost? In this post we’ll take a look at the leadership challenge of launching a new business from a 30,000 foot perspective and provide three tips to help insure success at a foundational-level is achieved… Enjoy!

The Leadership Challenge: Launching a New Business – 3 Tips!

I Have a New Business Idea!

Being an Entrepreneur can be an easy living. You come up with an idea, market/sell it to the masses, and reap your financial rewards. Easy, right? Wrong! The leadership challenge associated with launching a new business venture can be daunting (Read that as long hours spent performing what amounts to tedious in nature tasks with little/no reward the potential outcome). I knot this unfortunately first-hand as a result of both launching several new business ventures as well as from an investment perspective helping entrepreneurs raise seed funding when either they drain their own funds or those of friends/family.

Just because you have an entrepreneurial idea there is no guaranteed success quotient that lies on the other side of that idea. So what can you do to dramatically increase your odds of success? I recently sat on a panel to discuss just what an entrepreneur can do to greatly enhance their odds, resulting in the following three tips to launching a new business:

Three Tips to Launching a New Business

Tip #1: Have an Awesome Team

I’m a firm believer that you can do it alone, but why would you? With today’s new economy and access to international talent for little/no cost, why would you not want to employ the talents of others to assist you on your journey. Look to hire the best, brightest, and passionate people. Remember, Rome wasn’t built in a day (#SPQR), but that’s because they didn’t have the internet!

Tip #2: Vet the Idea

Often times I’m approached to invest in a “thought” or more likely a “dream” that the founder(s) had one evening. Make certain that the idea you are pursuing in your new business venture has “legs” and can stand on its own outside of you and your startup-team. In other words, go out and conduct your market studies to insure that what you have to offer is (a) desired and (b) someone is willing to pay for it.

Tip #3: Make Certain You Love

It’s extremely important that you absolutely/positively love the new business concept. Notice I said “love” in that last sentence, not “I like it” or “I can live with it” or even “That’s a quick way to make a buck!” Here’s why love is paramount: You are going to spend countless hours away from those that truly do love you. So in those solitaire moments you’ll want to insure that your passion outperforms all others in pursuing your new business venture. If you are not 100% committed with mind, body and sole you will not be successful. (PERIOD)

SUMMARY

In this post we’ve taken a look at the leadership challenge associated with launching a new business, as well as provided three tips to assist in creating a foundation of success. It’s important to remember that not every idea you come up with as an entrepreneur will turn out successful. However, it only takes one idea to propel you to the front page of INC Magazine once success occurs!

 

Sam Palazzolo

The Leadership Challenge: The Yoda Process to Meeting Success – 4 Tips!

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The Point: Have you ever been in one of those meetings where the leader ram-rod home point after point, only to have everyone participating withdraw further and further from the team’s mission? How about if your meetings just don’t have a high level of candor/commitment present? If so, then this special May 4th Star Wars themed leadership challenge tip is for you… Introducing the Yoda Process to Meeting Success along with 4 tips. May the force be with you… Enjoy!

The Leadership Challenge: The Yoda Process to Meeting Success – 4 Tips!

Our Meetings Suck!?!

So you’re sitting through yet again another boring meeting at work… What makes the meeting so boring? Why do you keep on putting up with such time sucks? In my advisory services, I’ve noticed a lot of meetings taking place where nothing of importance gets reviewed, discussed, and resolved (if need be). Conversely, I also see a lack of meetings take place on topics that should be reviewed to realign stakeholders.

If you’re like me, you’ve read countless creative ways in which to make meeting success occur through the use of what I can only call “cute” techniques. Think a meeting is going too long? Implement an egg timer so that when the timer runs out, the meeting is over (or everyone gets paroled!) How about coming up with an agenda that dictates not only topics that are allowed to be discussed, but the individual who will be “telling” instead of “discussing” the topic at hand. Now don’t get me wrong, an egg timer can be useful (if you’re making hard-boiled eggs) and an agenda can keep you on-time/on-target (if your leader had ADD/ADHD). But what you might need to do is let the “force” guide you by implementing the Yoda Process.

The Yoda Process

Who can forget that scene in the swamp where a young Luke Skywalker is training under the Jedi Master Yoda. With failure after failure occurring, and frustration mounting, Yoda attempts to guide Luke to use the force to help him. Just like a lot of young leaders (young is a state of mind), Luke replies “All right, I’ll give it a try.” To which our Jedi Master explodes “NO! Try not! DO or DO NOT. There is no try.” So what if you had a Jedi Master in each of your meetings? Do you believe things would better? Better decisions would be made? More authority would be gained? Projects and goals would be achieved? If all of these sound like a good moment, then the Yoda Process is for you.

The Yoda Process consists of appointing a Yoda for each meeting. The role of this Yoda is to keep stakeholders in line (on topic) and engaged during the meeting. The Yoda also helps keep professionalism in play (Sometimes honesty has a price to play in hostility and disrespect). A key question to ask the Yoda during meetings are:

– What are we not talking about that we should?

– Is this the most useful utilization of the stakeholders time?

The Yoda can then report back on the meetings “State of Candor” and insure that meeting results are achieved.

Four Tips for The Leadership Challenge of the Yoda Process for Meeting Success

Here then are four tips for the leadership challenge of the Yoda process for meeting success that I would look for you to employ in your next meeting:

Tip #1 – Select Yoda Carefully

You just can’t pick anyone as the Yoda for your next meeting, or can you? I would implore you to have a “rotating” Yoda chair in which each team member is allowed to play the role of Yoda. Not only will this strengthen team dynamics, but should increase individual accountability!

Tip #2 – ID Yoda Questions

While I mention two questions to ask your Yoda during a meeting, your particular meeting might require different ones. Ask your stakeholders to develop/come-up with questions that are specific to your project at hand either prior to or at the start of your meeting.

Tip #3 – Keep Track of Yoda Progress

Monitor your Yoda progress by measuring milestones associated with the implementation of your Yoda Process. Remember, what gets measured gets managed.

Tip #4 – Meet with Yoda Post-Meeting

You should plan on debriefing with Yoda after your meeting, NOT to talk about the meeting that just was met about, BUT instead to identify what worked well/not so well, what should be continued/discontinued, and what should be done the same/different next meeting. These Yoda Post-Meetings should be shared with the next Yoda so that meeting faux-pas don’t repeat themselves.

SUMMARY

In this post we’ve taken a look at the leadership challenge of the Yoda Process to Meeting Success and provided 4 tips. If there is a dynamic in the room where you perceive that someone is holding back, try to encourage them to speak openly. Hence the Yoda Process was born. This process/methodology consists of designating one (or more) individuals to monitor meeting conversations to insure that they stay on-topic/on-reality. In the event the monitor senses someone that is holding back, they will call that individual out, requesting that they sense the holding back moment as such, and speak on behalf of said individual. Remember, while May 4th might only come around once per year, the force should always be with you!

 

Sam Palazzolo

 

The Leadership Challenge: BOLD versus SAFE – 4 Tips!

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The Point: Every year-end it’s the same old same old… A bevy of the year’s “Top” lists (Top 10 Goals of Successful Leaders), a slew of New Year’s Resolutions (ones that you’ll never keep, or keep for the first 4-weeks of the new year), and a bunch of “Year in Review” stories about what went right/wrong in the year that just was. Well that all ends right here and right now! In this post we’ll explore how you can truly set BOLD versus SAFE intentions and achievement expectations for the New Year… Ones that a year from now you’ll be glad that you did. Enjoy!

NOTE: If you want an Accountability Partner (someone that will keep you on-time/on-target towards actually achieving your New Year Intentions and Expectations, see the end of this post for a special offer!

The Leadership Challenge: BOLD versus SAFE – 4 Tips!

Resolutions are Painful | Goals go Unmet

As the year approaches conclusion, I would ask you if you were an executive coaching client of mine to rate the year that just was. Here, do it right now:

Q1A: On a scale from 1-10 (with 10 being best-in-class come write an article on me and we’ll get published in HBR – Harvard Business Review), how would you rate the year that just was?

Q1B: What would have needed to occur for you to have rated it a 10?

Here’s what I know (and you should too if you want BOLD versus SAFE)… New Year Resolutions are often painful when you set them (you are admitting defeat in as much you haven’t been able to accomplish them prior to setting them… perhaps setting them again each year, right?) Resolutions are also painful when you don’t accomplish them, or as I just mentioned have to revisit them again the following year. I also know that Goals sometimes go unmet, both professionally as well as personally. You can rationalize the professional goals that aren’t accomplished by saying that the economy was against you (“This would be a great business if it wasn’t for the customers” one client told me!) You might even be able to blame it on your team (Leaders lead though, so that’s not a good excuse!)

Be BOLD… SAFE Won’t Work (i.e., BOLD versus SAFE)!

In researching why this whole nonsense of resolutions being painful and goals going unmet occurs, I stumbled upon a formula that should be considered when setting just such future desires. First and foremost, we should attempt to set Intentions and Achievement Expectations, and here’s why: It might seem like a semantic moment regarding what you call something, but the reality is that it can and will make all the difference in the world. Your mindset will shift towards a different paradigm, especially when you write them down (More on this in a minute).

There also is an achievement moment that comes when you classify these Intentions and Achievement Expectations across four (4) variables, which are:

– Scale

– Risk

– Innovativeness

– Difficulty

You can elect to play things SAFE (Small, Achievable, Following, and Easy) or you can play things BOLD (Big, Outperforming, Leading-Edge, and Difficult). Guess which one the leader who leads chooses? By the way, the BOLD acronym is also the 4 Tips! for this post.

SPECIAL OFFER! If you’d like to see 25 of my “100 BOLD Intentions and Achievement Expectations for 2017!” send me an email to info AT javelininstitute.org… These will not only be BOLD, but will blow SAFE ones out of the water for what I know is going to be my best year ever! You’re not going to have a “best ever” 2017… Why not?!?

SUMMARY

In this post we’ve examined the leadership challenge of BOLD versus SAFE along with 4 tips to help you succeed. If you are serious about your success, then send me an email through the SPECIAL OFFER! above to see how I’ve structured my very own 100 BOLD Intentions and Achievement Expectations for 2017. Here’s to your success!

 

Sam Palazzolo

www.BloodSweatSpears.com

 

The Leadership Challenge: Cyber Security

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The Point: What used to be a problem only for organizational information officers (primarily Chief Information Officers or CIO’s), now the leadership challenge of cyber security spans the horizon for organizations. In doing so, cyber security is every leader’s responsibility regardless of function performed. In this post, we’ll examine the threats associated with cyber security for the leader of today/tomorrow… Enjoy!

The Leadership Challenge: Cyber Security

Cyber Breach… You’re Fired!

The well-publicized cyber breach associated with Target in 2014 should have served as a warning alarm for leaders everywhere (Here’s an article to refresh your memory: “Target CEO Fired – Can You Be Fired If Your Company Is Hacked?“ http://www.forbes.com/sites/ericbasu/2014/06/15/target-ceo-fired-can-you-be-fired-if-your-company-is-hacked/#5df21d7f7bc1). Once upon a time, cyber security was the role/responsibility of those residing exclusively in IT (Information Technology) or Information Systems, and leaders therein (CIOs in particular) were typically focused on for blame (Keep in mind, few were/are actually released due to this sensitive role in organizations). However with the advent of “leadership-less” organizations and other human resource strategies now leaders residing anywhere within an organization have the opportunity to breach exposure (See my previous post on the concept of “Holacracy” like at Zappos here: https://tipofthespearventures.com/leadership-challenge-holacracy-like-zappos-5-tips/)

So regardless of your leadership position (elevation within the org chart) or primary department affiliation (IT, Finance, Marketing, etc.), you too could be called on the carpet for information systems security failures which occur within your organization.

Cyber Breach Solutions

With the advent and implementation of all this technology, leaders today need to do it the “right” way. What is the “right” way? You have to have the right protocols in place. You need to insure that you have a full-robust set of controls in place. But how do you as a leader insure that you have the right solutions?

Analysis of exactly what your cyber strategy (How do you want to interact with your clients? What’s your technology that allows you to do so? What are your operational components going to look like?) can lead to diverse approaches so as to safeguard data.

The development of a cyber security program that allows you to be in control, have the right types of messaging and protocols in place if (when?) there is a breach so as to remediate them very quickly is imperative. For example, right now when you examine current breaches that take place, what is their source (Could be individuals, rogue nations, etc. that are responsible). But moving away from the “Who?” that is doing it and identifying the “Why?” they are doing it will allow you to focus/create appropriate security strongholds around such data.

SUMMARY

Cyber security isn’t just business as usual anymore. Regardless of where you work within an organization, keeping in mind cyber breach issues will allow you to more thoroughly manage your business and keep cyber under control. In this post we’ve examined the leadership challenge of cyber security. Knowing what you know now, there should be greater focus placed on keeping organizational information safeguarded and career paths plotted and progressed.

 

Sam Palazzolo

www.BloodSweatSpears.com

 

 

The Leadership Challenge: Cutting Ties with Poor Performers

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The Point: Performance reviews by the numbers often don’t take into account the emotional aspects of working with people. While the numbers should speak for themselves, is it important to take into consideration the “other” factors when determining future personnel roads forward. In this post we’ll examine the leadership challenge of cutting ties with poor performers… Enjoy!

The Leadership Challenge: Cutting Ties with Poor Performers

GM Dumps Cruze… Why You Should Do Likewise!

General Motors (full disclosure, I’m an Alumni that spent 6-years at “Mother Motors”) recently announced that they would be cutting 2,000 jobs at their Lansing, MI and Lordstown, OH factories. Amongst the collateral damage that played out is the dumping of the Chevrolet Cruze model. Why are they getting rid of so many people? The answer is simple… The vehicle just isn’t selling!

In the competitive automotive landscape, just like in your personnel decisions, there is a need to constantly review portfolios of performance to identify what is and what is not working. These decisions can be long and difficult, and their implications can be far reaching for the organization and people (both those left behind to do “more with less” as well as those thrust into the job market searching for work).

Cutting Ties is Easy/Difficult

So what is the leader to do that is faced with poor performance and market rejection? The easy answer is to cut ties based on the financial or operational performance. For example, if John Doe isn’t performing up to the desired performance level he should probably be provided the opportunity to go be successful somewhere else. Important to note that as a leader this should not be done at first-blush, instead you have got to give John the opportunity to receive the proper training/skills/technology to perform the role. Once able to conduct their role, if they are unwilling or abilities come in under performance thresholds it’s time to cut bait!

On the other hand, cutting ties could be very difficult. I know plenty of leaders who struggle with the thought of letting go of an employee because of the employee’s good nature, family relations, and overall good-guy persona. But these aren’t good business decisions, and this isn’t personal in nature. So poor performers should be given the opportunity to go on their marry way out the door (They will land on their feet somewhere, and wherever that is isn’t your responsibility).

SUMMARY

In this post we’ve examined the leadership challenge of cutting ties with poor performers. While the business versus personal decision making ability of a leader can be clouded, making decisions with crystal clarity will lead to better results (And you do want results for yourself/your organization, right?)

 

Sam Palazzolo

www.BloodSweatSpears.com