A new study sponsored by The Entrepreneur’s Source finds 5 universal reasons why businesses fail no matter what their size. They are:
* Poor financial management
* Mismanagement of human capital
* Pursuit of projects that are incompatible with resources and capabilities
* Underperforming sales people
* Lack of communications leadership.
On this show Tom interviews guests who have successfully guided entrepreneurs in the past, focusing on how coaches can help entrepreneurs overcome their blind spots, see the big picture and improve their overall performance.
Guests
* Andrea Garfield, Entrepreneur, Advisor, and Coach
* Patricia Kelly, President and CEO, Limerick
* Terry Powell, Founder and CEO, The Entrepreneur Source
* Paul Williams, Strategist, Business Consultant, and Coach
Summary
A 2004 report by the Small Business Administration (SBA) on Entrepreneurship in the 21st Century found that small businesses will play a major role in shaping this century’s economic landscape. However, according to a 2005 report from the US Bureau of Labor Statistics, 45%
of new independent business ventures fail within two years of opening.
Many of us have dreams of running our own businesses and taking more control of our destinies – but what does it take to be successful?
And how can coaches who specialize in entrepreneurial development and growth help us realize our dreams?
Our guests discuss how coaches can guide entrepreneurs in both running their businesses and dealing with the challenges that come up along the way.
Startups: Attracting and Retaining Talent (updated 3/6/13)Patrick Seaman
White Paper on attracting and retaining talent for your startup. Based on my own experiences in many startups and early stage companies. Topics include: Introduction 3
Insanity & Genius 4
Founders & a Whiteboard 5
Wearing Many Hats 7
First Hires 9
Prototype 10
Beta 11
Pre-Launch 12
Launch / A-Round 13
State of the Team 14
Growing and Growing 15
Startups are Nimble 16
Startups –vs- Corporate Culture 17
Networking 20
Referral Incentives 21
Events 22
Interns & College/Universities 24
Compelling? 26
Who works for a Startup? 27
Early Employees 28
Poaching? 29
Location & Recruiting 31
Flex 32
Compensation 33
Options Value 34
Compensation Plans 35
Retention 36
The Simple Things 39
Family 41
Perks & Bennies 44
Change of Control 47
Flush with Cash 50
Or not 51
About the Author 52
About Pepperwood Partners 53
The document discusses the advantages of "Owner-Operators" as company leaders. Owner-Operators have a significant ownership stake in the company, aligning their incentives with shareholders. They have a deep passion for the business that started from humble origins. This passion drives innovation and creates a strong culture that attracts talented employees. Owner-Operators also maintain tight cost control and avoid lavish spending, since company expenses still partially come out of their own pockets. Academic research shows companies led by Owner-Operators with high ownership stakes have higher productivity, efficiency and lower CEO compensation.
Brave New Worlds Growing Sales In A Down EconomyTom Barrett
Despite challenging economic conditions, some companies are growing their sales. This presentation demonstrates how to use this period of economic uncertainty to gain market share and redefine your business.
Five keys to achieving entrepreneurial excellencehrt4
This document provides advice from successful entrepreneurs on keys to achieving excellence. [1] Carol Frank outlines five rules learned from mistakes including not believing bigger is better, putting all eggs in one basket, neglecting employees, trusting everyone, and ignoring finances. [2] Mark Graham discusses ten "commandments" Goldman Sachs used for business growth such as focusing on important clients and relationships. [3] Ravi Todi explains how embracing change, like merging his company, allowed for growth. [4] John Jankowski draws parallels between motorcycle racing and business regarding preparation, managing fear, and focus. [5] Michele Hecken outlines steps for leading a company while traveling including maintaining communication and transparency.
Produced e-magazine highlight entrepreneurs and entrepreneurship program, intended for online viewing. Assembled content, managed freelance writers, and executed design and layout.
The document discusses how to structure companies so that employees act like owners through creating "businesses within the business". It provides examples of companies that have done this successfully, including:
- Morning Star Foods, where workers manage themselves in peer-to-peer relationships and business units negotiate agreements like small businesses.
- Nordstrom, where salespeople have autonomy to make decisions and operate their own "stores" within the larger company.
- Rational Software, where cross-functional teams operated autonomously as stand-alone pods to serve customers.
- Semco, a Brazilian conglomerate that uses democratic management where workers have autonomy over decisions.
The document argues this "podular" structure
This document provides an overview of the Lean Startup methodology. It begins with the author recounting his experience failing in his first startup due to not knowing the right process. He then describes his later success with IMVU by following an unorthodox approach of rapidly iterating based on experiments rather than feedback. This led to the development of Lean Startup principles applying lean manufacturing concepts to innovation. The Lean Startup movement aims to reduce waste from building unwanted products and help more startups succeed through the right process.
Startups: Attracting and Retaining Talent (updated 3/6/13)Patrick Seaman
White Paper on attracting and retaining talent for your startup. Based on my own experiences in many startups and early stage companies. Topics include: Introduction 3
Insanity & Genius 4
Founders & a Whiteboard 5
Wearing Many Hats 7
First Hires 9
Prototype 10
Beta 11
Pre-Launch 12
Launch / A-Round 13
State of the Team 14
Growing and Growing 15
Startups are Nimble 16
Startups –vs- Corporate Culture 17
Networking 20
Referral Incentives 21
Events 22
Interns & College/Universities 24
Compelling? 26
Who works for a Startup? 27
Early Employees 28
Poaching? 29
Location & Recruiting 31
Flex 32
Compensation 33
Options Value 34
Compensation Plans 35
Retention 36
The Simple Things 39
Family 41
Perks & Bennies 44
Change of Control 47
Flush with Cash 50
Or not 51
About the Author 52
About Pepperwood Partners 53
The document discusses the advantages of "Owner-Operators" as company leaders. Owner-Operators have a significant ownership stake in the company, aligning their incentives with shareholders. They have a deep passion for the business that started from humble origins. This passion drives innovation and creates a strong culture that attracts talented employees. Owner-Operators also maintain tight cost control and avoid lavish spending, since company expenses still partially come out of their own pockets. Academic research shows companies led by Owner-Operators with high ownership stakes have higher productivity, efficiency and lower CEO compensation.
Brave New Worlds Growing Sales In A Down EconomyTom Barrett
Despite challenging economic conditions, some companies are growing their sales. This presentation demonstrates how to use this period of economic uncertainty to gain market share and redefine your business.
Five keys to achieving entrepreneurial excellencehrt4
This document provides advice from successful entrepreneurs on keys to achieving excellence. [1] Carol Frank outlines five rules learned from mistakes including not believing bigger is better, putting all eggs in one basket, neglecting employees, trusting everyone, and ignoring finances. [2] Mark Graham discusses ten "commandments" Goldman Sachs used for business growth such as focusing on important clients and relationships. [3] Ravi Todi explains how embracing change, like merging his company, allowed for growth. [4] John Jankowski draws parallels between motorcycle racing and business regarding preparation, managing fear, and focus. [5] Michele Hecken outlines steps for leading a company while traveling including maintaining communication and transparency.
Produced e-magazine highlight entrepreneurs and entrepreneurship program, intended for online viewing. Assembled content, managed freelance writers, and executed design and layout.
The document discusses how to structure companies so that employees act like owners through creating "businesses within the business". It provides examples of companies that have done this successfully, including:
- Morning Star Foods, where workers manage themselves in peer-to-peer relationships and business units negotiate agreements like small businesses.
- Nordstrom, where salespeople have autonomy to make decisions and operate their own "stores" within the larger company.
- Rational Software, where cross-functional teams operated autonomously as stand-alone pods to serve customers.
- Semco, a Brazilian conglomerate that uses democratic management where workers have autonomy over decisions.
The document argues this "podular" structure
This document provides an overview of the Lean Startup methodology. It begins with the author recounting his experience failing in his first startup due to not knowing the right process. He then describes his later success with IMVU by following an unorthodox approach of rapidly iterating based on experiments rather than feedback. This led to the development of Lean Startup principles applying lean manufacturing concepts to innovation. The Lean Startup movement aims to reduce waste from building unwanted products and help more startups succeed through the right process.
This document provides an overview of the Lean Startup methodology. It begins with the author recounting his experience failing in his first startup due to not knowing the right process. He then describes his later success with IMVU by following an unorthodox approach of rapidly iterating based on experiments rather than feedback. This led to the development of Lean Startup principles applying lean manufacturing concepts to innovation. The Lean Startup movement aims to reduce waste from building unwanted products and help more ideas come to fruition.
Turning the family business into business family by Daniel Doni SundjojoDaniel Doni
The document discusses issues that can cause family businesses to fail to achieve their goals or go bankrupt. It identifies 20 reasons why family businesses may struggle, such as lack of trust, only learning from failures, and unprofessionalism. The document recommends transforming the "Family Business" paradigm to a "Business Family" paradigm by putting business priorities first. This includes treating all employees equally, using data to inform strategy, and continuously improving processes to adapt to a changing environment.
This document provides an introduction to a book about creating a profitable and sustainable business. It discusses the importance of understanding context and "why" as a business leader. Context provides meaning and clarity, allowing for aligned decision-making. Understanding the fundamental "why" of a business, beyond just the "what" and "how", gives it power and drives success. Focusing first on shared beliefs and context, rather than just operations and content, can help a business thrive even in difficult times.
The document summarizes an upcoming leadership summit on November 13th at the Prairie Meadows Conference Center in Altoona, Iowa. The summit will include sessions on embracing change, print industry trends, navigating healthcare reform, and the potential of production inkjet technology. Registration is required and costs $149 for the first registrant and $99 for additional registrants from the same company. The document provides contact information for registration and directions to the conference center.
Managing a major promotion is second only to divorce in terms of life stress, according to research from HR consultancy DDI.
Failure to manage your step up the ladder could not only affect your morale and make you lose confidence in your abilities, but could cost the company if you're not able to take on the challenges your promotion requires.
What does it take to get ahead and how can a coach help ambitious employees reach this goal?
Guests
* Fernan Cepero, VP of Human Resources, YMCA of Greater Rochester, NY
* Jane Cranston, Executive and Career Coach, Managing Director, Executive Coach NY
* Anne Loehr, Executive Coach, Riverstone Endeavors, LLC
* Susan Whitcomb, President, Career Coach Academy & Leadership Coach Academy
Summary
According to an April 17th, 2007 article in Personnel Today Magazine titled “Manage a Major Promotion” HR consultancy DDI concludes that “managing a major promotion is second only to divorce in terms of life stress,” as supported by DDI research.
Simon Mitchell, a director at DDI, advises that if you are about to or are going through a promotion, you need to anticipate this stress. Your organization should help you cope with the changes in your new role, with minimum disruption.
However the article notes that just one in three leaders indicated their company provides any type of support to help them make the mental shift required for a big promotion.
What strategies can people apply to successfully get promoted? And how can professionals manage the stress associated with promotions?
What work are professional coaches doing to prepare their clients for promotions, as well as overcome challenges and hurdles once they land the job?
Our panel of experts address these questions and more.
This document discusses succession planning for family businesses. It emphasizes the importance of starting succession planning early, as comprehensive plans can take 10 years to develop. The document recommends four key elements for a successful transfer: planning succession management, defining family employment practices, establishing family harmony, and planning the estate. It provides suggestions for succession management structures and educating potential successors. Overall, the document aims to address how family business owners can plan effectively for transferring their business to the next generation.
This document contains profiles of 13 inspirational women in business, including brief biographies, career insights, and advice.
The profiles discuss the career paths and experiences of women in executive and leadership roles in various industries such as consulting, banking, retail, and engineering. They provide advice for aspiring women professionals related to developing skills, gaining experience, balancing work and family, aiming high, and having confidence. Values of honesty, integrity, resilience and supporting other women are emphasized.
Flexibility from employers around maternity leave and return to work is advised as important for retaining female talent. Non-executive director roles are discussed as a way to gain board experience and give back while being manageable with family responsibilities. The
The document provides reasons for why starting a business as a university student could be seen as a bad idea, such as lack of experience or time, but argues that students have advantages like free time, resources, and networks that can help launch an idea, and that successful entrepreneurs like Mark Zuckerberg founded businesses while still in college. It encourages readers to pursue their ideas now rather than waiting by highlighting the opportunities available to students.
Most people change jobs several times, with the average amount of career changes throughout a lifetime at 5-7, and the average number of job changes at 29-30, according to a university study.
This show explores the reasons why people change careers or industries and what factors prompt so many job changes within a career or industry.
We speak with career experts and coaches who help executives and managers reinvent themselves, and learn the best ways to find a career that makes one truly happy.
Produced e-magazine highlight entrepreneurs and entrepreneurship program, intended for online viewing. Assembled content, managed freelance writers, and executed design and layout.
The document discusses entrepreneurs and small businesses. It defines entrepreneurs as individuals who start new businesses despite risks in order to achieve profit and growth. It notes that over 6 million new businesses are started annually in the US. Entrepreneurs have characteristics like initiative, risk-taking, self-reliance and perseverance. While starting a small business has benefits like independence, it also has drawbacks like long hours, stress and uncertainty. Small businesses are a major force in the US economy, making up over 99% of all businesses and creating the majority of new jobs.
This document provides biographies of Ty Tribble and Bo Short, who are recognized experts in network marketing. Ty Tribble is an internet entrepreneur and former president of a network marketing company. He authors influential blogs on network marketing and social media. Bo Short is an author, speaker and leadership expert who has spoken to over 1 million people worldwide. The document also contains testimonials praising Ty and Bo from other network marketing leaders and executives.
The document discusses entrepreneurs and small business ownership. It states that over 6 million businesses are started each year in the US, with approximately 8-11% of the population actively involved in entrepreneurial activities or starting new businesses. An entrepreneur is defined as someone who creates a new business while facing risk and uncertainty in order to achieve profit and growth. The document outlines both benefits and drawbacks of small business ownership, such as the opportunity for independence but also long hours, stress, and risk of business failure.
Entrepreneurs (the driving force behind small business) Sara Elhadidy
The document discusses entrepreneurs and small businesses. It notes that in the US, entrepreneurs start over 6 million businesses per year. Entrepreneurs take initiative, are willing to accept risk, and identify opportunities to create new businesses. While small businesses provide many benefits like flexibility and potential for high profits, there are also drawbacks such as long hours, stress, and risk of business failure. Overall, small businesses make up the vast majority of US companies and are a major driver of job creation and innovation.
Silicon Valley Warsaw School of Economics (SGH) Presentation 2015.05.23Peter Szymanski
The document discusses factors that Silicon Valley investors look for in companies and advice for Polish startups seeking US funding. It describes 9 key factors including rapid growth, large market potential, predictable revenue, a proven management team, and a strong economic model. It also provides tips for Polish startups on setting up a US entity to facilitate fundraising, checking investor references, and global technology trends that may impact future opportunities.
Speaker: Teresa Snelgrove
Dr Teresa Snelgrove of Snelgrove Associates and Dr. Frederick Sweeney talks about career management theory and practice: what inputs are needed for critical career decisions and their execution. Join us for some very practical advice on how to manage your own success.
More information including webcast: http://www.marsdd.com/Events/Event-Calendar/Ent101/2008/selling-yourself-20080123.html
A talk delivered by Tim Rowe, CEO of Cambridge Innovation Center to students in a course on Information Entrepreneurship at Simmons Graduate School of Library and Information Sciences.
Entrepreneurs are the mythic heroes of our economy. We relish retelling the stories of superstar entrepreneurs such as Steve Jobs, Biz Stone, and Debbi Fields. But are they typical? Most new businesses stay small and don’t change the world (at least, not all by themselves).
Let’s start with a 360° view of what a “typical” new business looks like, according to our research.
This document provides an overview of the Lean Startup methodology. It begins with the author recounting his experience failing in his first startup due to not knowing the right process. He then describes his later success with IMVU by following an unorthodox approach of rapidly iterating based on experiments rather than feedback. This led to the development of Lean Startup principles applying lean manufacturing concepts to innovation. The Lean Startup movement aims to reduce waste from building unwanted products and help more ideas come to fruition.
Turning the family business into business family by Daniel Doni SundjojoDaniel Doni
The document discusses issues that can cause family businesses to fail to achieve their goals or go bankrupt. It identifies 20 reasons why family businesses may struggle, such as lack of trust, only learning from failures, and unprofessionalism. The document recommends transforming the "Family Business" paradigm to a "Business Family" paradigm by putting business priorities first. This includes treating all employees equally, using data to inform strategy, and continuously improving processes to adapt to a changing environment.
This document provides an introduction to a book about creating a profitable and sustainable business. It discusses the importance of understanding context and "why" as a business leader. Context provides meaning and clarity, allowing for aligned decision-making. Understanding the fundamental "why" of a business, beyond just the "what" and "how", gives it power and drives success. Focusing first on shared beliefs and context, rather than just operations and content, can help a business thrive even in difficult times.
The document summarizes an upcoming leadership summit on November 13th at the Prairie Meadows Conference Center in Altoona, Iowa. The summit will include sessions on embracing change, print industry trends, navigating healthcare reform, and the potential of production inkjet technology. Registration is required and costs $149 for the first registrant and $99 for additional registrants from the same company. The document provides contact information for registration and directions to the conference center.
Managing a major promotion is second only to divorce in terms of life stress, according to research from HR consultancy DDI.
Failure to manage your step up the ladder could not only affect your morale and make you lose confidence in your abilities, but could cost the company if you're not able to take on the challenges your promotion requires.
What does it take to get ahead and how can a coach help ambitious employees reach this goal?
Guests
* Fernan Cepero, VP of Human Resources, YMCA of Greater Rochester, NY
* Jane Cranston, Executive and Career Coach, Managing Director, Executive Coach NY
* Anne Loehr, Executive Coach, Riverstone Endeavors, LLC
* Susan Whitcomb, President, Career Coach Academy & Leadership Coach Academy
Summary
According to an April 17th, 2007 article in Personnel Today Magazine titled “Manage a Major Promotion” HR consultancy DDI concludes that “managing a major promotion is second only to divorce in terms of life stress,” as supported by DDI research.
Simon Mitchell, a director at DDI, advises that if you are about to or are going through a promotion, you need to anticipate this stress. Your organization should help you cope with the changes in your new role, with minimum disruption.
However the article notes that just one in three leaders indicated their company provides any type of support to help them make the mental shift required for a big promotion.
What strategies can people apply to successfully get promoted? And how can professionals manage the stress associated with promotions?
What work are professional coaches doing to prepare their clients for promotions, as well as overcome challenges and hurdles once they land the job?
Our panel of experts address these questions and more.
This document discusses succession planning for family businesses. It emphasizes the importance of starting succession planning early, as comprehensive plans can take 10 years to develop. The document recommends four key elements for a successful transfer: planning succession management, defining family employment practices, establishing family harmony, and planning the estate. It provides suggestions for succession management structures and educating potential successors. Overall, the document aims to address how family business owners can plan effectively for transferring their business to the next generation.
This document contains profiles of 13 inspirational women in business, including brief biographies, career insights, and advice.
The profiles discuss the career paths and experiences of women in executive and leadership roles in various industries such as consulting, banking, retail, and engineering. They provide advice for aspiring women professionals related to developing skills, gaining experience, balancing work and family, aiming high, and having confidence. Values of honesty, integrity, resilience and supporting other women are emphasized.
Flexibility from employers around maternity leave and return to work is advised as important for retaining female talent. Non-executive director roles are discussed as a way to gain board experience and give back while being manageable with family responsibilities. The
The document provides reasons for why starting a business as a university student could be seen as a bad idea, such as lack of experience or time, but argues that students have advantages like free time, resources, and networks that can help launch an idea, and that successful entrepreneurs like Mark Zuckerberg founded businesses while still in college. It encourages readers to pursue their ideas now rather than waiting by highlighting the opportunities available to students.
Most people change jobs several times, with the average amount of career changes throughout a lifetime at 5-7, and the average number of job changes at 29-30, according to a university study.
This show explores the reasons why people change careers or industries and what factors prompt so many job changes within a career or industry.
We speak with career experts and coaches who help executives and managers reinvent themselves, and learn the best ways to find a career that makes one truly happy.
Produced e-magazine highlight entrepreneurs and entrepreneurship program, intended for online viewing. Assembled content, managed freelance writers, and executed design and layout.
The document discusses entrepreneurs and small businesses. It defines entrepreneurs as individuals who start new businesses despite risks in order to achieve profit and growth. It notes that over 6 million new businesses are started annually in the US. Entrepreneurs have characteristics like initiative, risk-taking, self-reliance and perseverance. While starting a small business has benefits like independence, it also has drawbacks like long hours, stress and uncertainty. Small businesses are a major force in the US economy, making up over 99% of all businesses and creating the majority of new jobs.
This document provides biographies of Ty Tribble and Bo Short, who are recognized experts in network marketing. Ty Tribble is an internet entrepreneur and former president of a network marketing company. He authors influential blogs on network marketing and social media. Bo Short is an author, speaker and leadership expert who has spoken to over 1 million people worldwide. The document also contains testimonials praising Ty and Bo from other network marketing leaders and executives.
The document discusses entrepreneurs and small business ownership. It states that over 6 million businesses are started each year in the US, with approximately 8-11% of the population actively involved in entrepreneurial activities or starting new businesses. An entrepreneur is defined as someone who creates a new business while facing risk and uncertainty in order to achieve profit and growth. The document outlines both benefits and drawbacks of small business ownership, such as the opportunity for independence but also long hours, stress, and risk of business failure.
Entrepreneurs (the driving force behind small business) Sara Elhadidy
The document discusses entrepreneurs and small businesses. It notes that in the US, entrepreneurs start over 6 million businesses per year. Entrepreneurs take initiative, are willing to accept risk, and identify opportunities to create new businesses. While small businesses provide many benefits like flexibility and potential for high profits, there are also drawbacks such as long hours, stress, and risk of business failure. Overall, small businesses make up the vast majority of US companies and are a major driver of job creation and innovation.
Silicon Valley Warsaw School of Economics (SGH) Presentation 2015.05.23Peter Szymanski
The document discusses factors that Silicon Valley investors look for in companies and advice for Polish startups seeking US funding. It describes 9 key factors including rapid growth, large market potential, predictable revenue, a proven management team, and a strong economic model. It also provides tips for Polish startups on setting up a US entity to facilitate fundraising, checking investor references, and global technology trends that may impact future opportunities.
Speaker: Teresa Snelgrove
Dr Teresa Snelgrove of Snelgrove Associates and Dr. Frederick Sweeney talks about career management theory and practice: what inputs are needed for critical career decisions and their execution. Join us for some very practical advice on how to manage your own success.
More information including webcast: http://www.marsdd.com/Events/Event-Calendar/Ent101/2008/selling-yourself-20080123.html
A talk delivered by Tim Rowe, CEO of Cambridge Innovation Center to students in a course on Information Entrepreneurship at Simmons Graduate School of Library and Information Sciences.
Entrepreneurs are the mythic heroes of our economy. We relish retelling the stories of superstar entrepreneurs such as Steve Jobs, Biz Stone, and Debbi Fields. But are they typical? Most new businesses stay small and don’t change the world (at least, not all by themselves).
Let’s start with a 360° view of what a “typical” new business looks like, according to our research.
Some dreams are just too good to pass upJerry Hartman
1) Michael, a contractor with 40 years of experience, is contemplating starting a new business to mentor others after past failures. He is meeting with a friend Jay who wants to start his own business.
2) Michael is unsure how to apply modern management techniques as a small business owner. He realizes the high failure rate of remodeling businesses and wants to learn from past mistakes.
3) The document discusses that having a written business plan is essential to avoid common small business pitfalls. It provides an overview of the necessary components of an effective business plan, including market research, financial projections, and clearly defining the business concept.
#1 reason why start up fails is because they don’t validate their idea. And the secret of success behind any startup is to validate their product or services using positive feedback loop & other methods.
This document provides an overview of Yolk Recruitment, a recruitment agency, in three sections:
1. Yolk Recruitment was established in 2009 during the recession and has since grown to 16 employees across two offices. They focus on building personal relationships and ethical practices.
2. The document includes an interview with James Robinson of Zeffa media agency discussing what makes a great employee. He emphasizes finding trustworthy and passionate people who believe in your vision.
3. Brief updates on the job market include buoyant demand for IT professionals and increased permanent roles and job opportunities in the UK in January 2012 according to a KPMG study. Yolk has also added five new recruits.
This document provides an update from Yolk Recruitment, a recruitment agency. It discusses how the company has grown since launching during the recession, expanding its services and team. It also shares the results of a company survey finding that over 40% of sales professionals have left jobs due to aggressive or dictatorial management styles. Additionally, it announces a new partnership with Fiftyone3, a business club for young professionals, to help connect with new talent.
This document provides an overview of Yolk Recruitment, a recruitment agency, in their March 2012 newsletter.
1) Yolk Recruitment has experienced growth since launching in 2009 during the recession. They have expanded their services and team, and relocated to larger offices.
2) The newsletter includes articles on the still buoyant IT job market, effective use of Facebook for B2B brands, and tips for maximizing advertising campaigns.
3) Yolk Recruitment has partnered with a young professional networking group and appointed a new IT division manager to expand their IT recruitment services.
Entrepreneurship an idea is an opportunityKarim Soliman
1. Entrepreneurship an idea is an opportunity
2. Before we start
3. Anything that is worth memorizing is worth looking up. Seth Godin
4. Definition
5. Entrepreneur: No single definition
6. Walt Disney’s definition
“…. To do things and make things which will give pleasure to people in new and amazing ways. …. It is magic!
7. Forms of Entrepreneurship
Social Entrepreneurship
Business Entrepreneurship
8. Social Business Mix
NGO (non-profit) - NGO (for-profit) - Social Enterprise Social Business - Business Enterprise CSR - Profit Maximizing Business (PMB) Business Enterprise
9. Banker to the poor "Muhammad Yunus"
10. Sir Edmund Hillary was first to conquer Mt. Everest
11. Why are they entrepreneurs?
They had little or no resources at all but they survived and achieved what they wanted in life.
12. Business Entrepreneurship
13. The business cycle, according to Larry Farrel – Int’l expert on entrepreneurship
14. Entrepreneurship Is a PROCESS
15. Why Entrepreneurship?
16. Employees VS Entrepreneur "Money".
17. Special Power
18. Why NOT Entrepreneurship?
19. Risk
20. Peer Pressure
21. Work-Life Balance
22. An idea is An opportunity
23. Add Real Value
24. Solve a Problem
25. How to Start?
26. Creativity Vs Innovation
27. The Main 4 Types of Innovation
28. Product/Service "What we DO?"
29. Process Innovation " How we DO it?"
30. Business Model Innovation "How we make Money?"
31. Positioning Innovation "In our Marketing Mix"
32. One More Thing
33. So you want to be a billionaire - Put your name here
34. We are not perfect, Phones aren't perfect.
We want to make all of our users happy. "Steve Jobs"
35. Resources
Developing Innovative Ideas for New Companies: The First Step in Entrepreneurship
https://www.coursera.org/course/innovativeideas
Samsung Case Part 2: Innovation Process
https://www.youtube.com/watch?v=YRCip1KDR18
Types of innovation - Choosing where to innovate
http://www.innovation-management.org/types-of-innovation.html
Ten Types of Innovation:
The Discipline of Building Breakthroughs
https://www.doblin.com/tentypes/
35. Thank You
@KareemSamara
Founder & CEO of Social Business Kits
http://www.sbkits.com.my
Family Business, Non Family Business, Urban MythsSteven Brown
Looking at the differences between Family business, Non Family Business and Urban Myths. The Knowledge and understanding needed for C level people, companies and owners.
Eight Podcasts on Entrepreneurship You Need to HearShawn Nutley
This document provides summaries of 8 podcasts related to entrepreneurship. The podcasts cover topics like starting a startup, managing an independent business, branding, pitching to investors, and learning from successful entrepreneurs. They feature interviews with entrepreneurs, business leaders, and investors. The podcasts are recommended for those seeking to grow their business and learn from the experiences of others.
Similar to Coaching For Entrepreneurs Transcript (20)
IEC is a management consulting firm based in San Jose, California that specializes in employee development, workforce performance, and change management services. They take a "human approach to consulting" to help companies address issues like resistance to change, attrition, and hesitation to adopt new technology. IEC has provided strategic, results-oriented consulting services to many companies including Cisco Systems, Hewlett Packard, Harrah's Entertainment, and Xilinx. Their services include training needs analysis, curriculum design, performance planning, and change readiness assessment.
Coaching And New Employees Shortening The Ramp To Productivity TranscriptTom Floyd
One of the biggest challenges for any manager is to rapidly and effectively integrate new workers into the workforce.
This show discusses how professional coaching can expedite the on-boarding process by helping new hires strengthen core skills and adjust to the company culture.
Guests
* Joanne Dustin, Executive and Career/Life Transition Coach
* Dr. Michael O'Connor, Thought Leader
* Sue Schaefer, Certified Coach
Summary
Research shows new hires who were put through a structured onboarding program were more likely to remain with their company three years after being hired. Other studies show 90% of companies believe employees make their decision to stay within the first 6 months.
But what role can professional coaches play in reducing attrition and keeping new hires onboard?
From increasing employee overall engagement to motivating new hires for success, our guests discuss how coaches can keep employees focused, productive, and meeting expectations.
Coaching New Managers For Success TranscriptTom Floyd
Many companies still take the sink-or-swim approach to training new managers. After a day or two of HR-mandated training, you’re on your own.
But today, no company can afford not to properly prepare its mid-level managers for their new roles.
Professional coaching is one of the most effective tools in helping new managers make the transformation from individual contributor to management.
This program discusses where and how coaching fits into management training and how it can increase the overall effectiveness of your management team.
Guests
* Dr. Michael J. O'Connor, Author, Managing by Values and The Platinum Rule
* Patrick Reilly, Principal, Resources in Action Inc.
* Michele Wolpe, Executive Coach
* Celia Young, President, Celia Young & Associates Inc.
Summary
Research shows that individuals new to management can have a variety of myths about how to be successful in a management role.
From not being able to see linkages and interdependencies across the organization to learning how to get commitment instead of compliance from employees, our experts discuss how these perceptions can affect how new managers perform in their first 3 to 6 months.
Guests explain how coaches can guide new managers in their process of self realization, as they adjust to their new roles.
This document summarizes a discussion between Tom Floyd, Marshall Goldsmith, and Pam Brill about coaching skills for leaders. They discuss that for a leader to be successful, they must be open to listening, learning, and identifying areas for self-improvement. However, a leader's perception of themselves may differ from how others perceive them. Conducting 360-degree feedback interviews is important for understanding how a leader is viewed by different audiences. Both guests require 360 assessments with current feedback when coaching leaders, as the impetus for change must come from within the individual.
Coaching Successes In Corporate America Part 2 TranscriptTom Floyd
The document summarizes a discussion between Tom Floyd and three guests - Guenet Beshah, Allan Polak, and Steve Dwyer - about introducing coaching programs within large corporations.
Guenet Beshah discusses her role leading the executive coaching program at Capital One, noting that coaching has been part of the company's development approach since the late 1990s. She outlines how Capital One uses coaching to support leader transitions, enhance competencies, and expand leadership abilities.
Allan Polak describes his background in consulting and internal roles, and how his company ALP Consulting works with organizations like Pfizer and United Technologies to establish coaching programs. He notes programs are most effective for leaders in transition or new to roles/companies
Cultivating Executive Skills And Presence TranscriptTom Floyd
Coaching can be critical in helping executives and managers develop the business skills and communication styles – both verbal and non-verbal – required of successful senior executives.
Guests discuss how professional coaching can be highly effective as part of an overall succession strategy with an organization and can address the very real leadership gap ahead for many companies.
Guests
* Robert Dickman, FirstVoice
* Karen Radtke, Beacon Street Coaching
* John Boisvert, President and CEO, Greenwood Consulting
* Ginny O'Brien, Executive and Corporate Coach, The Columbia Consultancy
Summary
According to many experts, there isn’t a formula for exactly what it takes to be a good leader. A variety of studies have been unable to identify any universal characteristics, skills, or traits that are seen consistently across those in leadership positions.
The coaches on the show discuss strategies that focus less on the textbook skills most programs identify as keys to success, and more on the importance of knowing yourself – and developing a style that works for you.
Generation X Moving Into Management TranscriptTom Floyd
How can companies harness the independence of this diverse generation to fill increasing leadership gaps within their organizations?
Experts discuss the impact of professional coaching on developing the management, planning, and business skills of these future leaders.
Guests
* Amy Hirsh Robinson, Founder and Principal, The Interchange Group
* Cheryl Palmer, M.Ed, Founder, Call to Career
* Misti Burmeister, Founder/CEO, Inspirion Inc.
Summary
This show examines a dynamic and increasingly influential generation in today’s workforce: Generation X.
Typically characterized by their independence, resilience, and direct communication style, many Gen Xers bring a collaborative, open approach to the workplace that weighs the need to “get the job done” with overall work life balance.
But how do these characteristics play out in the workplace?
And why do many Gen Xers feel trapped beneath a “Gray Ceiling” that prevents them from moving up?
Our guests answer these questions as well as provide expert commentary on the role coaching can play in developing Gen Xers as managers while bridging intergenerational gaps between members of this independent generation and their Baby Boomer and Millenial colleagues.
Managing Through Mergers And Acquisitions TranscriptTom Floyd
Guests discuss how coaching can assist managers and corporate executives guide their companies through mergers and acquisitions.
Topics discussed include how coaching can be used to help leaders create strong and effective work teams, bridge cultural differences, communicate with confidence, and ensure the retention of key employees.
Guests
* Emily Crawford, Kabachnick Group
* Tim Dorman, Korn Ferry International
Summary
Research shows in 2006, mergers and acquisitions totaled $310.7 billion dollars in the United States alone, examples including Google and YouTube, AT&T and BellSouth, and Alcatel and Lucent. But what role does professional coaching play as two organizations come together?
According to the Harvard Business Review there can be a variety of challenges during a merger, ranging from determining how to bring two radically different groups together to risks associated with not involving key influences, stakeholders, and top talent in the process.
Professional coaching experts discuss how coaching can help address these issues and more.
Millenials Newcomers To The Workplace TranscriptTom Floyd
Technologically savvy, eager – and almost as large as the Baby Boomer population - Millenials are graduating from universities and entering the workforce in mass numbers.
However, most are also unfamiliar with the requirements and expectations of corporate life.
This program discusses how professional coaching can assist these workers in their transition to the workplace and effectively harness their ambitions and skills.
Guests
* Annika Hylmo, Coach and Consultant, The Interchange Group
* Bea Fields, President, Five Star Leader Coaching and Training
* Misti Burmeister, Founder/CEO, Inspirion Inc.
* Shweta Khare, Founder and President, Career Bright Career Coaching Services
Summary
Generation Y members seek both purpose and meaning in the work they do. Parents of Millenial children taught them to aim high and that anything was possible. The result has been a highly educated, ambitious, and competitive emerging generation in today’s workforce.
However, Millenials have been micromanaged since childhood and often struggle establishing themselves in meaningful or lasting careers.
Our guests discuss how coaching can help Millenials align their ambition with their potential.
Your company has invested millions of dollars in a major enterprise application. Your technology professionals have spent months or years preparing for the launch.
This program discusses how coaching can ensure a successful implementation and – yes – a positive experience for your workforce.
Our experts discuss how professional coaching can help management teams plan all aspects of an implementation, anticipate obstacles and remove barriers, communicate benefits of change, and stage the actual launch.
Guests
* Majid Abai, President/CEO, Seena Technology Corporation
* Susan Alvey, Organizational and Leadership Development Coach
* Dr. Jeremy S. Lurey, Founder and Principal, Plus Delta Consulting, LLC
Summary
Over the past ten years, scores of Fortune 1000 organizations have felt the pain associated with introducing a new technology in their organizations. From ERP to CRM, these applications
have streamlined data and processes for companies, but have certainly taken a toll as well.
Executive sponsors aren’t always involved as they need to be, and a significant number of individuals within most organizations are resistant to these new applications. Our experts discuss how coaching can help.
Topics covered range from recommendations on how coaches can partner with executives, stakeholders, and project managers throughout an implementation, to the competencies
required to successfully manage the change resulting from the introduction of a new application.
Disasters like 9/11, Hurricane Katrina and the Minneapolis bridge collapse in August, force first responders, investigators, law enforcement, community and corporate leaders to work together in ways they never would day-to-day.
Effective leadership is the hallmark of a successful response to a crisis. But it also requires exceptional levels of organization, communication, cooperation and commitment by everyone involved.
How can coaching help companies, community groups and public agencies ensure that their people will be ready to take action when the worst happens?
Guests
* Len Biegel, General Counsel of the Biegel Group
* Dr. John Harrald, George Washington Institute for Crisis Disaster
* Myra Jolivet, Chief Communication and Marketing Officer for the American Red Cross of Greater Los Angeles
* Larry Smith, Coach and President of the Institute for Crisis Management
Summary
Last year, nearly a million volunteers of the American Red Cross and its 35,000 employees helped victims of almost 75,000 disasters and taught lifesaving skills to millions. From sudden crises including natural disasters and explosions to smoldering crises like class action lawsuits that can paralyze an organization, these catastrophes have a significant impact on the lives of those affected.
An October 2007 YouGov survey found world events and crises left 56% of people surveyed feeling powerless, 50% of people surveyed feeling angry, 35% of people surveyed feeling anxious and 26% of people surveyed feeling depressed.
Are today’s corporations and small to medium sized businesses prepared to handle a crisis when it occurs?
And how are coaches who specialize in crisis prevention and response working with organizations to prepare and guide leaders through these catastrophic events?
Our panel of experts address these questions and more.
Coaching Toward Multi Cultural Selling TranscriptTom Floyd
Your company has a multicultural marketing strategy, but how knowledgeable – and adaptive – is your sales team to the needs of your target customer groups?
In this program, we hear from coaches who are experts in multicultural marketing and how they help organizations build winning multi-cultural sales strategies, and how they help sales teams to develop winning strategies with diverse cultural groups.
Guests
* Jeff McFarland, Executive Director of Multicultural Marketing, Verizon
* Earl Honeycutt, Professor of Marketing and Sales Management, Elon University
* Michael Soon Lee, President, EthnoConnect
* Shelley Willingham-Hinton, Founder & President, National Organization for Diversity in Sales and Marketing
Summary
The National Organization for Diversity in Sales and Marketing (NODSM) defines multicultural as women, African-Americans, Hispanics/Latinos, Asian Americans, Indians, People with Disabilities, the LGBT community, multicultural youth, those with diverse religious beliefs, and Baby Boomers. However NODSM points out that multicultural is more than ethnicity and race – it’s a state of mind,
lifestyle, and perception.
According to the Association of National Advertisers (ANA), multicultural markets have not only grown, they have become increasingly complex. To align with this trend, successful organizations have taken multicultural marketing beyond creating and promoting a single, standard message to a specific group, such as African Americans or the LGBT community.
How have consultants, coaches, and other outside experts helped corporations develop strategies targeted at these various groups?
What are the challenges in implementing them, and how are coaches helping marketing and sales leaders overcome them?
Our guests address these questions and more.
Coaching Successes In Corporate America Part3Tom Floyd
Another show in our continued series focused on the successes Fortune 1000 companies have experienced in implementing coaching programs within their organizations.
Guests share their perspectives on making the business case for coaching, common barriers, the keys to measuring success, and advice on creating a coaching program that is right for your organization.
Guests
* Karol Eller, Associate, Booz Allen Hamilton
* Jane Moran, Executive Coach, Coach Trainer EDS Global Learning & Development
* Tracey Wik, Managing Director of Leadership and Learning, ABN AMRO, Global Markets
* Maureen Williams, Assistant Vice President, CNA Leadership and Organizational Effectiveness
Summary
According to a 2004 survey by Executive Development Associates, Inc (EDA), 55% of corporations are utilizing executive coaching as a learning methodology.
But how are corporations designing and implementing these programs?
What’s the business case, what are the drivers - and what successes are specific companies experiencing?
Our guests address these questions and more, highlighting:
* The business drivers that helped influence the creation of their coaching programs.
* How coaching fits within the overall leadership development strategy for their organizations.
* How coaching programs can be tied to overall performance management systems and competencies.
* The positioning and messaging that can help articulate what coaching is and what it isn’t.
* How to structure coaching programs to drive performance and impact the bottom line.
* The benefits their organizations are experiencing as a result of implementing coaching programs.
Coaching Nonprofit And Charity Leaders TranscriptTom Floyd
Non-profit and charity leaders often are hailed for the altruistic deeds and missions of their organizations, most of which are largely central to the health and well-being of society.
However, with a continual reliance on fundraising, volunteers or public policy, non-profit leaders face a unique kind of pressure and stress, one where the line between personal and professional lives can more easily get blurred, often leading to burnout and high turnover.
How can coaching help non-profit/charity leaders succeed both professionally and personally?
What are the differences and similarities to coaching a non-profit leader versus a CEO, and what lessons can be learned from the private and public sectors?
Guests
* Bill Bothwell, Partner, Orrick, Herrington & Sutcliffe
* Kathleen Enright, Founding Executive Director, Grantmakers for Effective Organizations
* Martha Lasley, Founding Partner, Leadership That Works
* Don Listwin, Founder and Chairman, Canary Foundation
Summary
According to Giving USA 2005, an annual report focused on the non profit sector, charitable giving rose 5 percent to nearly $250 billion in 2004.
However, some reports including The Charitable Impulse, indicate that typical donors haven’t been receptive to some non profit organizations starting to act like big businesses, and additional data from sources like the January 2006 Harris Interactive Donor Pulse Survey highlight that one-third of U.S. adults have less than positive feelings toward America’s charitable organizations.
What are the challenges facing today’s non profit leaders, and how are these trends impacting them?
Our panel of experts address these questions, and discuss how coaches who work in the non profit sector have been able to help.
Coaching Lgbt Professionals In The Workplace TranscriptTom Floyd
In 31 states, you can be fired for being gay. In the states where you cannot be fired for being gay, states came up with new legislation making it illegal to fire someone based on sexual orientation.
In this program, our guests discuss how politics and business intersect on this issue.
Our panel discusses the challenges LGBT professionals are facing in the workplace, and types of issues coaches can help address to ensure sexual orientation isn’t a factor in forging a successful career.
Guests
* Selisse Berry, Executive Director, Out and Equal
* Daryl Herrschaft, Director, HRC Workplace Project, Human Rights Campaign Foundation
* Kate Karasmeighan, Chief of Staff, Director of Affiliate Relations, National Gay and Lesbian Chamber of Commerce
* David Stocum, Coach and Owner, Great Lives Coaching
Summary
In the June 22nd 2007 issue of CondeNaste magazine Portfolio, author David Koeppel writes “The Lesbian Gay Bisexual Transgender (LGBT) community has huge buying power and a large disposable income. Companies realize that portraying a gay friendly workplace and marketplace go hand-in hand.”
However within many organizations LGBT professionals continue to experience anxiety, fear, stress, and even harassment at work.
According to Echelon magazine, issues impacting LGBT professionals range from fear in being fired based on their sexual orientation or gender identity to stress in discussing personal relationships and including same sex partners at workplace events.
Can LGBT professionals survive “coming out at work?
Does advocating and supporting a gay friendly workplace have an impact on both company and individual performance?
Our panel of experts answer these questions and more.
How can coaching keep teams strong during the absence of an armed forces member in wartime?
When the serviceman or woman returns from overseas deployment, how can coaching help the individual and the organization adapt to the changes and remain successful?
How are the armed forces using coaching? Do they use it for generals and other military leaders?
How is this different than business coaching?
What lessons can the business world take from this?
Guests
* Richard Halbrook, Executive Vice President of Administration, Dollar Thrifty Automotive Group Inc.
* Richard Strozzi-Heckler, Founder, Strozzi Institute, Author
* John O'Connor, President, Career Pro Inc.
* Bill Offutt, Veterans' Employment & Training Service Special Assistant, U.S. Department of Labor.
Summary
According to the United States Army, there are currently 189,000 people in the Army Reserve who can be rapidly mobilized when their skills are needed in times of national emergency or global conflict. However in serving their country, the departure of an employee in the reserves can have a significant impact on both the individual and their employer.
Legislation like the Uniformed Services Employment and Reemployment Rights Act ensure that members of the uniformed services are returned to their civilian employment upon completion of their service at the same seniority, status, and rate of pay before they left.
How then, according to the September 2006 issue of Inc. Magazine, did over 3,845 complaints arise in 2006 from reservists related to returning to work, pay rates, or allegations of discrimination?
Our panel of experts address these scenarios, and discuss how coaches are working with reservists to ease them back into the working world.
Additionally, guests explain how somatic coaching in particular can be helpful in developing leadership abilities in both the armed forces and the workplace, as well as how serving in the armed forces can foster valuable experience and skills in employees that can benefit their organizations back at the office.
Coaching And Offshore Outsourcing TranscriptTom Floyd
Outsourcing parts of your business can be a strong business strategy.
But your customers – internal and external – need to have a consistent experience whether they are dealing with employees who are stateside or offshore.
Guests on this program discuss how coaching can help companies build cohesive teams in disparate locations in the U.S. and abroad.
Guests
* Maya Hu-Chan, President, Global Leadership Associates
* Dr. Robert Lee, CEO, Achievo Corporation
* Daniel Mummery, Partner, Latham & Watkins LLP
* Susan Schwartz, Principal Consultant, The River Birch Group
Summary
According to the July 20th, 2006 issue of the Mondaq Business Briefing, the volume of outsourcing activity has doubled in the last decade. One estimate puts the annual growth rate of outsourcing at 20 to 30%.
While outsourcing is big business (estimated at well over $1 trillion), managing across borders – and cultures – is certainly not without its challenges.
In a November 2006 article titled Managing Multicultural Teams, the Harvard Business Review cites four categories of challenges that can arise on global teams, including direct versus indirect
communication, trouble with accents and fluency, differing attitudes toward hierarchy and authority, and conflicting norms for decision making.
Are these issues arising within outsourced engagements?
And how are corporations and outsourcing providers using professional coaches to help?
Our experts discuss these topics and more.
Coaching On Character And Ethics TranscriptTom Floyd
Most successful managers know how to avoid the obvious ethical lapses. But sometimes small mistakes can derail the success of a department, a company and a career.
Paul Wolfowitz recently lost his job as head of the World Bank over concerns about his personal relationship with a bank employee.
The CFO of Wellpoint Health was recently ousted after allegations surfaced about extra marital affairs.
Why do high performing, very smart people find themselves in these situations?
How can executive coaching help prevent self- sabotaging behaviors?
Guests
* Phyllis Davis, Author/Authority on Ethics
* Marjorie Doyle, Global Practice Leader, LRN
* Linda Livingstone, Dean, Graziadio School of Business at Pepperdine University
* Diana Scott, Co-chair, National Labor and Appointment Practice; Greenberg Taurig
Summary
A 2005 National Business Ethics Survey stated the most common types of unethical misconduct observed by employees range from abuse or intimidating behavior to discrimination and
sexual harassment.
Some experts on ethics and etiquette believe it’s impossible to teach ethics past the age of 21.
Can ethics coaches resolve these concerns?
Our guests discuss a variety of topics from what causes unethical conduct, to the bullying that causes it to go unreported, to mentoring and coaching strategies that create an ethical business environment.
Coaching Leadership And Workforces During A Strike TranscriptTom Floyd
Today marks nearly four months since the highly publicized union strikes in Hollywood began on November 5th, when the Writers Guild of America and the Alliance of Motion Picture and television Producers couldn’t see eye-to-eye on New Media revenue, placing thousands in Hollywood out of work for several months.
This coming June, the Directors Guild of America also has its own contract up for negotiations and talks of another strike looming.
How can professional coaches help leadership and work forces during a strike?
What are the rules that come into play when a strike affects business as usual?
What lessons can other industries take away from the Hollywood strikes?
Guests
* David Brownstein, Founder, Hollywood Coaching
* Jonathan Handel, Entertainment Attorney, TroyGould
* Sherri Ziff Lester, Certified Life Coach, RockYourLifeCoaching
* Patric Verrone, President, Writers Guild of America, West
Summary
According to the Bureau of Labor Statistics, in 2007 there were 21 lockouts and strikes involving 1,000 or more workers. The largest major work stoppage in total days idle was between the Alliance of Motion Picture and Television Producers and the Writers Guild of America East and West, with 10,500 workers accounting for 409,500 lost workdays.
What questions did the Writers Guild strike raise for the entertainment industry?
And what were the leadership lessons learned from the strike?
Most importantly, how were coaches able to help during the Writer’s Guild Strike, and what role can coaching play within other strikes as well?
Our panel of experts answer these questions and more.
Coaching For African American Audiences And Teams TranscriptTom Floyd
African Americans have had major influence on societal/cultural trends and business innovations, yet this group remains largely underrepresented in the corporate world.
The group makes up just a small fraction of Fortune 500 company leadership, major college campus populations, and business school graduates.
How can coaching help companies find, attract and retain African American talent?
What issues are important for coaching African American business teams or marketing to African American audiences?
Guests
* Dr. Joel Freeman, President, Freeman Institute
* Patricia Harris, Vice President, McDonald's USA
* Pat Perkins, CEO, Exodus Coaching, Inc.
* Pat Thomas, Founder, Thomas Coaching Company, Inc.
Summary
According to the U.S. Census Bureau, as of July 1st, 2006, the estimated population of African Americans in the United States is 40.2 million, making up 13.4 percent of the total U.S. population.
However when looking across the business landscape, many experts note that African Americans still remain largely underrepresented in the corporate world.
In 2006, the Executive Leadership Council (ELC), a professional network for senior-level African American executives, found that 32% of the top 500 publicly traded companies do not have African American board directors and 68% have at least one.
Why is this group under-represented within Corporate America today?
And how are coaches who specialize in working with African American audiences and teams helping to cultivate and grow leaders within this group?
Our panel of experts address these questions and more.
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
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Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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Coaching For Entrepreneurs Transcript
1. Insight on Coaching
Coaching for Entrepreneurs Transcript
Prepared for: Prepared by:
Insight Educational Consulting Ubiqus Reporting
(IEC)
2. 00:28 Tom Floyd Hello everyone and welcome to Insight on Coaching.
Insight on Coaching explores the many facets, flavors and sides of the emerging
professional coaching field.
I’m Tom Floyd; I’m the CEO of Insight Educational Consulting and your host for
today’s show.
Well this week our topic is Coaching for Entrepreneurs.
We’ll talk about everything from the challenges that many entrepreneurs face as
they’re starting out to how coaches can help them tackle these challenges and how
coaches can work with entrepreneurs to achieve their goals while making sure they
don’t throw their businesses, or for that matter their lives out of balance.
With me to explore this topic are four guests, Andrea Garfield, Patricia Kelly, Terry
Powell and Paul Williams.
Let me give you a quick overview of each of their backgrounds.
Andrea Garfield is an entrepreneur and adviser to business creators.
Through her own consulting practice and as a program leader and entrepreneurial
coach with the UCLA Anderson School of Management, Management Development
for Entrepreneurs Program, Andrea has worked successfully with hundreds of
entrepreneurs to help take their companies to the next level.
Andrea and her companies have been featured in Fortune’s Small Business
magazine, the Los Angeles Times and on CNN.
Welcome to the show, Andrea.
01:35 Andrea Thank you for having me.
Garfield
01:36 Tom Floyd Our next guest, Patricia Kelly, is the President and CEO of Limerick Incorporated, a
privately owned company located in Burbank, California which she started in 1992
with her daughter.
Limerick provides a company-sponsored workplace lactation program for women
returning to work after giving birth, as well as related products.
Since Limerick’s opening Kelly has appeared on CNN and NBC and in many
newspapers for both nutrition interviews and for her workplace lactation program.
Welcome to the show Patricia.
02:03 Patricia Kelly Thank you.
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Coaching for Entrepreneurs Transcript
3. 02:04 Tom Floyd Terry Powell is the founder and CEO of The Entrepreneur Source.
The Entrepreneur Source is a global coaching and advisory firm with over 275
franchisees assisting people to find self-sufficiency through business ownership.
Terry also created Franchisesearch.com, now the Google of the franchise world
which is fast becoming the Internet’s leading resource for franchise and business
opportunities.
Welcome to the show Terry.
02:29 Terry Powell Thank you Tom.
02:30 Tom Floyd And our last guest, Paul Williams. is a strategist, business consultant and coach
based in South Florida.
Since 1989 he has coaches over 1,000 entrepreneurs in financial, manufacturing and
technology industries.
He has senior management experience in finance, manufacturing and marketing
industries and has been published in Million Dollar Practice and Registered Rep.
Welcome to the show Paul.
02:51 Paul Williams Thank you Tom.
02:51 Tom Floyd Well to set the stage I want to start today’s conversation by reviewing some statistics
that our research team pulled.
The U.S. Small Business Administration, Office of Advocacy, says that in 2006,
new business start ups totaled 671,800.
In a Report on Entrepreneurship in the 21st Century published in March 2004, the
SBA also noted that
Small businesses will play a major role in shaping the 21st century’s
economic landscape.
They account for half of the U.S. non farm private gross domestic product,
and employ half of the U.S. private work force
Over the past decade, small firms have provided 60 to 80 percent of the net
new jobs in the economy
However ,according to a 2005 report from the U.S. Bureau of Labor Statistics,
45% percent of new independent business ventures fail within 2 years of
opening.
Andrea, I’d like to start with you.
Can you set the stage for us, how true are these statistics ringing to you?
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Confidential June 19, 2008
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Coaching for Entrepreneurs Transcript
4. 04:02 Andrea Well I’ve done a little research on this as well and it’s really interesting when you—I
Garfield don’t know this report exactly but I’ve read some other reports.
And when you look at the fine print of how the research is actually done, they count
businesses that change their names or that merge or go through some other type of
change as technically out of business.
So I think that sometimes the statistic on failed businesses are a little bit misleading
because I don’t think that every study is—I think the number are kind of high for
shock value at times and some of them may be true.
But I think that it depends on how the study is done.
04:48 Tom Floyd So it’s like they’re painting a grimmer picture and that’s not what the reality might
actually be.
04:51 Andrea Yes. Sometimes that is true so I’m not sure about this study.
Garfield
But it is true that many business owners who are launching new ventures do get in
over their heads and there are certainly a lot of challenges to running your own
businesses, as I’m sure everyone here knows, and a lot of our listeners do as well.
05:08 Tom Floyd Did it surprise you to hear things like—this certainly surprised me, in a good way, it
was something that made me smile, especially as a business owner myself, is that
small businesses employ half of the US private workforce?
05:23 Andrea That’s not really that surprising to me. I think it’s wonderful and I think it shows how
Garfield important small business is in the US and how important it is to grow these
companies to employ more people and really grow and strengthen our economy
here.
It really relates to the topic of the show.
And coaching is so important as it can help these companies grow and reach their
potential and be a big part of what’s going on in US business.
05:51 Tom Floyd Yes, absolutely.
Patricia, tell us a little bit about your experience starting Limerick in 1992.
Did you ever think in your wildest dreams that you’d be running your own company?
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5. 06:04 Patricia Kelly Yes and no. I always wanted to but never thought I, to be honest with you, would
have the nerve to do it.
And then I just looked at what I wanted and figured if I didn’t try, I wouldn’t know.
So I think what surprised me more was going into manufacturing because I had no
clue as to what that involved.
And it was my CPA who encouraged me to go forward with this because we had so
much information on products from the mothers in our workplace lactation program
that that was the most challenging part for me.
But after I got into it I just really enjoyed it immensely.
06:47 Tom Floyd What were some of the steps you took to overcome some of those challenges and
fear around manufacturing for example?
Going into a completely new area, I can imagine how scary that was.
06:59 Patricia Kelly Well I was fortunate enough to have friends that were employed at large medical
manufacturing companies.
And they just took me on a tour of their company which gave me a feel for what that
was like.
But I think overcoming my fear was just not looking at the big picture, it was just
taking small baby steps.
And as I went through the process and look back, I thought “okay, I can do this.”
And every step I took just validated that I could do what we had to do to start the
manufacturing company.
Then I was lucky enough to find some good employees who knew a little bit more
than I did.
07:44 Tom Floyd So it was really letting yourself not get overwhelmed by the big picture and focusing
on smaller, accomplishable tasks.
In other words, learning your way along the way.
07:56 Patricia Kelly Exactly right. When I first looked at the big picture I got overwhelmed.
But then when I just broke it down to the first step it just makes life a little bit easier
for me to see that I could do this. And as the success—you build on successes,
basically is what it was.
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6. 08:14 Tom Floyd I want to build a bit upon the statistic while taking into consideration Andrea’s point
that it could be painted a little more grim than it actually is.
But the statistic around a significant portion of new business ventures failing within
two years of operation.
A recent study by the Entrepreneur Source found that five universal reasons why
businesses fail regardless of what their size is, included poor financial management,
mismanagement of human capital, pursuit of projects that are incompatible with
resources and capabilities, underperforming sales people and lack of communication
with leadership.
Terry, I want to turn to you next.
These are the results of a study or a survey done by your organization.
Can you walk us through each of these a little bit, highlighting what you did.
Some of the information and scenarios behind each one?
09:14 Terry Powell Thank you Tom. Yes.
Well we did the study because we were very entrenched in the B2B coaching and
advisory aspect of our business. We spent six years doing our own research.
And what we found in working with so many, literally thousands and thousands of
small to medium sized business owners is that although they all felt that their own
particular issues and problems were unique, there were common threads.
And then we hired an independent research firm just in the last year and a half to see
whether our research was valid.
And they really came back with these five key areas what we like to call the five top
dangers that affect over 90% of all small to medium sized businesses.
Quite frankly until these five areas are addressed and a process and system is put
into place to manage these, nothing else really matters from the standpoint of
customizable solutions or in depth evaluations of their business and so forth. So
either now—[Interposing)
10:13 Tom Floyd Are any of those listed more painful than others?
For example when I see underperforming sales people for example, I can tell you
from my own experience as a small business owner, that sales is probably one of the
most critical, if not the most important factor than can really sail or sink a new
business.
Are there any like that that are particularly painful, or the most painful or critical?
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7. 10:42 Terry Powell Well I would say that you hit on the key one.
Obviously sales and marketing of a business model or a business venture is the key
element.
Volume cures a lot of ills and a lot of the other factors that will come up behind
underperforming sales and sales management or marketing strategies will just lead
into the other problems that we talked about in the top five.
So if you can drive revenues and you can continue to market yourself and be
competitive and you have a good understanding of the human capital associated with
your sales and marketing team. And you can leverage that, that’s going to over come
a lot of the problems that lead to the lack of success or more importantly, as Andrea
pointed out, although it may not be quite as high as it’s cast to be, where businesses
fail to be able to operate ongoing.
11:32 Tom Floyd And when people are typically starting out their own businesses, do sales and
marketing skills tend to come naturally for people, or are those newer skills for most
folks?
11:43 Terry Powell It varies tremendously.
Most people make the drastic mistake of going into their own business because of
their own technical skills or their background or interest or love of a particular product
or service or industry.
And then they go into business only to find that being the technician day in and day
out doesn’t give them the opportunity to pay attention to some of the entrepreneurial
skill sets that are in force—
12:06 Tom Floyd Got it. So they’re really starting based on their backgrounds and expertise.
12:10 Terry Powell Exactly.
12:11 Tom Floyd Okay. Well let’s go ahead and go on pause. I’m hearing the music for our first
commercial break.
Stay tuned everyone, more from Insight Coaching when we get back.
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8. 15:05 Tom Floyd Welcome back to Insight on Coaching, I’m Tom Floyd.
Today the topic is Coaching for Entrepreneurs.
With me are Andrea Garfield, entrepreneur and program leader and coach with the
UCLA Anderson School of Management's Management Development for
Entrepreneurs Program, Patricia Kelly, President Limerick, Inc., Terry Powell,
Founder and CEO, The Entrepreneur’s Source & FranchiseSearch.com, and Paul
Williams, President, E Odyssey, Inc.
Well for those of you just joining us, in the first part of our show we talked about five
reasons why businesses can fail. And just to recap real quickly what those were, they
were poor financial management, mismanagement of human capital, pursuit of
projects that are incompatible with the resources and capabilities, underperforming
sales people and lack of communication with leadership.
I’d like in this next segment to spend some time talking about how a coach who
specializes in helping small businesses and entrepreneurs can really help with each
of these.
And let’s go ahead and start with poor financial management.
Now Paul, you’ve worked with a lot of entrepreneurs.
Have you coached them through financial crises or situations where the way money
was getting managed or other things like that had just gotten out of hand?
What were some of the actions that you took in that scenario?
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9. 16:23 Paul Williams Well I’ve certainly seen it many times.
I think part of the problem is, and Terry made the comment that a lot of people get
into their own business because they have the particular technical skill and they think
that that’s the key to having their own business. And then they get into it and realize
that there’s more to it than that.
What I have found is that in the area of financial management, most of the people or
let’s say a lot of the people have no fundamental understanding of accounting or how
to read a financial statement.
And so what happens is months will go by and they haven’t looked at their monthly
financials to find out are they doing better, are they improving, what areas are a
problem.
So one of the things that I get people to do is to say “okay in each of our monthly
reviews, and certainly our quarterly reviews, let’s look at the financial statements.
Let’s see what the financial statements are telling us” and can they relate those
numbers on that sheet to what is actually happening in their business.
The other thing that I think is a part of that is understanding, for example, how do you
use a program like QuickBooks to say here’s how you can—even though you may
not be entering the data, I wouldn’t expect the entrepreneur to be entering the data,
but being able to look at the data and click and expand and say what is this telling me
and being able to derive some meaning from the numbers that are on that screen or
on that P and L.
18:00 Tom Floyd Well it’s funny you used QuickBooks as an example. When I first started IEC, my
business, in 2001, QuickBooks was overwhelmingly overwhelming, to use the word
twice, for me.
Like just going through it, looking at the numbers and things like that. I can remember
I was like “wow, wow. I haven’t quite used a program quite like this before.”
18:19 Paul Williams. One little anecdote story, I had one situation where it was a partnership; it was a
husband and wife team.
The wife was supposedly the bookkeeper but apparently didn’t know bookkeeping.
She was using QuickBooks.
She would create an invoice for a sale.
When the money came in she would create a cash sale.
And what would happen is they had this huge, obviously, unreconciled receivables
and sales that were almost 60% bigger than they really were.
18:45 Tom Floyd Oh no!
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10. 18:47 Paul Williams And this couple couldn’t sleep because they could not make their Quick Books
reconcile with their bank statement.
And I spent an entire day with them going through, because I was trying to figure out
what had gone wrong, and yet there was a perfect example of how they probably
could have spent $1,000 to get some instruction and training on how to use the
program and some basic accounting understanding.
And instead they didn’t do it because they didn’t want to spend the $1,000.
And instead ended up with several weeks, if not months, of high anxiety because
they really didn’t know where they stood.
19:26 Tom Floyd And I can tell you the stuff in that scenario - I so outsourced that.
I realized looking at that, I thought “you know what, I bet I can find somebody who will
deal with my QuickBooks file for me and keep it up to date each month.”
And my god did I sleep better after that.
19:38 Paul Williams Oh yeah. And I think the key here is, to your point, outsource it.
I don’t think anybody, and I think I said it earlier, I don’t think anybody who’s an
entrepreneur should be entering the data.
But be able to be conversant and comfortable with going in and looking at it and then
saying “okay, here are the numbers, what do they mean?”
19:57 Tom Floyd Got it.
Andrea, anything that you would add around the theme of poor financial
management in terms of a challenge that small business owners or entrepreneurs in
general are struggling with?
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11. 20:08 Andrea Yes I would definitely echo that “outsource it” sentiment.
Garfield
I think of all the things that entrepreneurs tend to struggle with, financial management
tends to be right up there.
But it is also important to remember that even though you’re going to outsource it you
need to have tools that you can use, that you are comfortable with.
So if you do have an outside bookkeeper or accountant or whatever you use, work
with them to develop reports that will help you to run your business properly.
Figure out what the key drivers of your business are and key metrics and ratios and
things like that.
Where you can look at one sheet of paper every week and figure out what’s going on
with your company.
Because the numbers do tell a very important story.
So I think just because you’re not creating all those numbers every week doesn’t
mean that they’re not very useful to you.
You want to make sure you know what’s going on.
And then a second part of that would be to make sure that those numbers are being
checked by somebody else.
I work with a lot of entrepreneurs and I’ve been hearing a lot of stories lately about
entrepreneurs who are taken advantage of by people who are running their books.
And if they’re not keeping an eye on things it can get a little out of control.
And lots of people have had a lot of money taken from them.
21:23 Tom Floyd That sounds scary.
21:24 Andrea Yes.
Garfield
21:24 Tom Floyd Can you give us a few examples of what you mean by folks getting taken advantage
of?
21:28 Andrea Well I think the stories that I’ve heard really range all over the place.
Garfield
Some of them were bookkeepers that had worked for them for many, many years
and people that they trusted completely.
And they never even checked the work that was going on.
And sometimes there was a personal crisis, the bookkeeper had gone through and
borrowed a little bit of money and then they borrowed a little bit more money and
then—
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12. 21:53 Tom Floyd Yikes.
21:53 Andrea Suddenly millions of dollars were disappearing from these companies.
Garfield
And it was a really scary thing, particularly from an entrepreneur who was working
with someone that they felt was a partner in their business and that they really
trusted, that they’d given a lot of help to and just really helped to get the company off
the ground over the years.
So having that second person like a CPA or somebody else checking things
periodically is very important.
Making sure that the entrepreneur themselves is getting in there with that weekly
report, checking things, looking at them, trying to understand them and asking a lot of
questions.
And I think that’s what it comes down to.
Ask a lot of questions, try to figure things out, you don’t have to be a financial genius
but you have to get involved and do what you can and get help.
22:40 Tom Floyd Got it.
22:40 Andrea Like Paul said, you can get training relatively inexpensively.
Garfield
Don’t reinvent the wheel.
Get help from people who have done it before you.
22:48 Tom Floyd Got it. Yes, I’m definitely nodding a lot on this end of that.
Moving onto one of the other themes, the one around pursuit of projects that are
incompatible with the resources and capabilities.
Patricia, from your perspective, how do you know when a project is the wrong
project, so to speak?
Or the wrong endeavor for your organization?
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13. 23:11 Patricia Kelly Well I think I’m very focused on what we do which is the workplace lactation program.
And so most of our products that we develop are based on the input that we receive
from our mothers in the program.
Because they send us their comments after they end the program and they’ll tell us
what they think we need to do next, which we look at.
And if we feel it’s right, we do it.
But I don’t make the decision independently. It usually is a group decision.
And it’s usually anything that has to do with breastfeeding that will enhance the
mother’s ability to do this and make it easy for them.
23:59 Tom Floyd So it’s actually looking at the requirements from your customer in this case and
saying “okay this would match what I’m hearing from the people who are buying my
product.”
24:07 Patricia Kelly Exactly. Everything we did is based on input from our marketplace basically.
24:13 Tom Floyd Got it.
24:13 Patricia Kelly So we’re pretty sure that we’re in the right direction.
And we test everything before we even make a prototype and put it out for the
mothers to test to see if this is something they would want before we go too far.
24:26 Tom Floyd What about if it’s an external project.
Let’s say you’ve got a vendor who comes to you and says, “hey I have a great
product. I help businesses just like yours and I think you should consider it.”
Is it the same thing? Do you look at that and say “does this help get some of the
issues and things we’re trying to address with our customers?”
How do you handle situations like that?
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14. 24:47 Patricia Kelly We just started something like that. And it was a person that our marketing people
knew and they called us in and showed us the product.
We tested it with our mothers in the workplace. It worked beautifully.
And so we did take it on but the marketing department really helps us.
It’s almost like what Terry says, when you go into a business, you do what you think
you know best.
And marketing is not, I mean I think I know my area of marketing.
I think every entrepreneur needs help in that area with the marketing because there’s
more to marketing than just getting a product.
It’s the branding, how you’re going to put it out there.
Where’s the marketplace?
And you have to look at whether the investment is worth what you’re going to be
getting on the return.
25:42 Tom Floyd Absolutely. Terry, how would you counsel an entrepreneur who might be pursuing
the wrong project so to speak?
25:49 Terry Powell That’s a great question.
Yes, the key here is when you look at the five dangers that we’ve outlined several
times here on the program, what we have to understand is that as coaches we need
to help entrepreneurs understand that basically 20% to 40% of the areas that need to
be addressed in the five dangers, most entrepreneurs have some skill sets or comfort
level with.
The other 60% to 80% of those areas, they don’t have skill sets.
They don’t have backgrounds or enough information to become comfortable with it.
So they tend to avoid it.
The key in the coaching process is to get entrepreneurs to look beyond their blind
spots.
In terms of the pure sense of coaching, it is really geared to helping people see
things that they don’t typically see on their own.
When you’re talking about projects and incompatibility with resources and
capabilities, in almost every case where I’ve been coaching entrepreneurs, if they
look at the project based on their own internal resources and capabilities, financial
resources and capabilities from a human capital standpoint, the projects are the
wrong projects.
The key is to help them understand how to insource and outsource, and leverage
resources and capabilities so they can do a Blue Sky project.
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15. 27:01 Tom Floyd Okay. Well let’s go ahead and go on pause; I’m hearing the music for our next
commercial break.
Stay tuned everyone.
More Insight on Coaching and Coaching for Entrepreneurs when we return.
30:26 Tom Floyd Welcome back to Insight on Coaching. I’m Tom Floyd.
Today the topic is Coaching for Entrepreneurs.
And with me are Andrea Garfield, Patricia Kelly, Terry Powell and Paul Williams.
Well I’d like to continue our conversation today by talking a little bit about the
pressures and stress that some entrepreneurs may experience as they venture into
their new business.
In an article from Fortune Small Business from this past April 1, 2007, cites the
annoying habits of entrepreneurs, including how “entrepreneurs, almost by definition,
are obsessed with achieving their goals.” In interviewing executive coaches on that
matter, one expert said, “Entrepreneurs kill themselves, literally. Their health goes
straight to hell. For what? You have to find balance.”
Now that was certainly one that I smiled at when I read and not necessarily in a good
way.
Because you know balance as a business owner for me has certainly come into play
many times throughout my career over the past six years running my own business.
I definitely want to talk about this a little bit more.
I want to start by addressing the point the article makes about entrepreneurs being
obsessed with achieving their goals, first.
Andrea, what’s been your experience with this? Is this something that you’ve seen?
31:49 Andrea I think it’s a positive thing.
Garfield
And I wouldn’t say obsessed as much as focused on reaching their goals because if
you’re not focused and you’re not sort of consumed at some point with reaching your
goals then you’re just going to be another person who thinks about starting their own
business and then sort of just resigns themselves to having a corporate job.
Like Terry spoke about, a lot of people are very, very interested in being in control of
their own lives but when they find out that they have to be self-employed they might
not be as interested.
So I think having that focus and having that drive is the key part to actually becoming
an entrepreneur.
And making it through a lot of the tough things that everyone goes through.
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16. 32:36 Tom Floyd When is there a point though when that clearly gets out of hand?
I mean when you find yourself, and I hope I’m not making myself sound like the most
unhealthy person in the world saying this, but those points where you are at Sunday
brunch with friends or family and you’re sitting there thinking, “okay I’ve got to get
back really fast. I have to do this, this, this and this. Yes. I’ve got that meeting on
Wednesday and I have to get that done.”
33:00 Andrea Yes. I see that a lot with the entrepreneurs that I work with.
Garfield
Both the management development for Entrepreneurs Program that I work with
through UCLA, Anderson, as well as my own consulting practice, we focus on
entrepreneurs that are in a growth phase.
Maybe they’ve been a mom and pop sized company for a while and now they’re
starting to become a professionally managed organization and really grow.
What we se a lot of at that point are people who can’t put their Blackberry down.
They’re working 100 hours a week. They never see their families.
And it’s really difficult for them.
And a lot of what’s involved with that is again what Terry spoke about, technical
people who get involved with something that they’re very good at and then they
continue to try to do that technical part of the business while also having to run the
business which is another full-time or more job.
So they’re trying to do everything. And a company will only grow so much while the
entrepreneur is trying to do everything.
At some point they need to step back, they need to create a strategy for growth and
getting themselves out of doing every little thing.
Delegate some of that work, focus on running the company and that’s when the
company’s really going to grow.
And I’m sure that there are a lot of coaching techniques associated with getting
people’s heads out of the sand and realizing that they’re missing their lives.
But another aspect of that is showing them what they can achieve if they create a
strategy, in little pieces, and helping them to let go of parts of the company.
And they can see what will happen and they will see what it’s like to get their lives
back.
And we’ve had a lot of really great success stories with people who have emerged
from that obsession and have been really successful.
34:45 Tom Lloyd Excellent. Patricia, as an entrepreneur yourself, are issues like this some of the
things you’ve faced?
And if so, what steps have you taken to deal with them?
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17. 34:58 Patricia Kelly I think every entrepreneur does face them.
And then what I did was I went to UCLA, Anderson School of Management
Development for Entrepreneurs.
And it was easy for me to let go. I was ready for that.
I think the key is to know that you can let go and that your company will survive if you
have the right people in place. And I did have the right people in place.
It was just a matter of me saying “okay you know your job, just do it” and let go of it.
The other thing I found too and this is not something that anybody mentioned yet,
was, my background is in dietetics and so I think eating healthy and I also exercise
daily which relieves a lot of stress for me is the exercise portion.
So I think it’s important to go to a school like UCLA, Anderson School of
Management, and to take care of yourself and to trust that you have hired the right
people, and to keep an eye on things so you know you have the right people.
Let them come to you.
Keep your doors open so that if they have an issue or are not sure of something—
36:12 Tom Floyd Well I’m really glad you mentioned the exercise piece.
That’s something that I learned myself as an entrepreneur.
If I don’t get that in, I mean I am nasty.
My mood noticeably changes.
I’m a bear to work with. I don’t sleep as well.
And there’s times a day or so will go by where I won’t be able to and that drives me
nuts.
But you’re right, it has such a big impact on mood and motivation and things like that.
I’ve realized getting that workout in is just as important as getting that deadline met.
36:47 Patricia Kelly It truly is. I have my exercise equipment at home.
So that makes life easy for me so I don’t have to run to a gym.
But exercise for me let’s my mind relax and the tension comes out and actually I get
new ideas when I’m exercising.
37:02 Tom Floyd Yes.
37:03 Patricia Kelly Problems that I was trying to figure out, it’s just like the answer comes real easy then.
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18. 37:07 Tom Floyd I have somebody in my social circle actually who owns her business and there’s
times we’ll go hiking together.
We’ll get up at 6:00 o’clock in the morning and get exercise in that way, and talk, and
I find that gives me fuel for the fire in terms of new ideas.
37:27 Patricia Kelly Well anything outside does that, I think you have to just take a look around and stop
and smell the roses.
37:33 Tom Floyd Literally!
37:38 Tom Floyd Paul, what are some of the symptoms or signs that new entrepreneurs should watch
for in terms of their business really starting to take a toll on their health?
37:49 Paul Williams Short temper, frustration, high level of anxiety, not sleeping, manifestations of
attention deficit, I think all of those.
38:04 Tom Floyd As a coach, how do you get some entrepreneurs to recognize some of these things
when they might not see it themselves?
38:26 Paul Williams Well you’re right. It is a sensitive subject.
I think that what I have found is that, and I think Patricia and Andrea have said similar
things, is that people end up trying to do too many things.
And so one of the questions that I’ll ask people is “okay what are we trying to
accomplish here. What’s the overall objective?”
And then let’s stratify what some of the tasks are that need to be done to accomplish
this.
And then saying to the entrepreneur, “okay now, of all these tasks, which are the
ones that you’re good at. And which are the ones which we ought to farm out or
delegate to somebody else. And what are we going to do to give you some alternate
experience. Some exercise, some relaxation, some rejuvenation time, to take your
mind off all of these things?”
And I think that, I mean, I’ve had an experience once where a fellow was working 80
hours a week and was not accomplishing what he wanted to and when we sat down
and talked it through and said here’s what was really important to accomplish in the
next 90 days.
And then one of the things I threw in there was that the first thing you need to do is
take a long weekend vacation.
And he looked at me like I was an idiot. And I said “trust me, if you will just take this
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19. time and detox and relax and rejuvenate, some of the things that you’re trying to
accomplish will come into focus.”
As Patricia said, she sometimes goes off and does some exercise and some
answers will come to her almost subconsciously.
And I think getting people to say “wait a minute, step away from the issue.”
What are you trying to accomplish? What are you good at?
And then let’s build some balance into your schedule going forward.
People don’t need to taste too much of that to realize “you know what, that works.”
40:32 Tom Floyd Well for some people, it’s not just step away from the issue, it’s like step away from
the Blackberry for gods sakes.
40:36 Paul Williams Yes that’s true. Very true.
40:39 Tom Floyd I’m a big advocate of the enneagram tool that I’ve gotten introduced to actually on
this show. We had several folks bring it up.
Gosh it was in our second season that it came up and ever since I have loved the
enneagram as a self-realization tool.
And when you go through it, I’ve been through the first 25% of their certification. And
when you go they take your laptop, your cell phone, everything from you.
And man I was like crying. They took that away from me.
41:03 Tom Floyd I was like a little kid fighting over his blocks getting taken.
And it took me—I was resentful for several hours.
I was angry that I didn’t have that stupid piece of equipment.
And then halfway through the day it was like “god this is great.”
I mean it was completely freeing. It felt wonderful.
41:15 Paul Williams Yep.
41:17 Tom Floyd Terry, anything that you would add?
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20. 41:19 Terry Powell Yes actually, Tom, I think I’d like to go back to the point you talked about at the
beginning of the topic was the entrepreneurs being obsessive.
And I think one thing we need to make sure we understand is that it’s not all business
owners or entrepreneurs.
And those that are true entrepreneurs, the rest being technicians, really are
passionate to the point of obsession about what they’re doing.
And the thing that we help coach entrepreneurs on, or people who are business
owners who think they’re entrepreneurs, they’re technicians trying to mask
themselves as entrepreneurs, is to surround themselves with an entrepreneurial
team.
And to realize that business is all about results.
And they’re not going to be able to balance all of the items that they need to do, no
matter how obsessive or how passionate they are about their business.
They’re just basically, the good majority of the business owners are technicians that
are avoiding entrepreneurial tendencies and uncomfortable with the entrepreneurial
elements of running a successful business in today’s economy.
42:16 Tom Floyd Well I can think of one client that I have, actually, there’s three people that founded it
and it’s obvious which one is like that.
There’s one who’s the mastermind behind the operation, the technical genius.
Literally meetings head down, laptop open the entire time, not even speaking.
The other two are the ones that have completely different focuses, one on customer
services, one all about strategy and marketing.
I think it seems to be a good balance of them really playing to each others’ strengths
in doing that too.
42:45 Terry Powell That kind of equated to today in business being the entrepreneur or business owner,
it’s sort of like the gentleman in the circus trying to spin as many plates as he can at
the same time and keep them spinning.
And that’s what it becomes, trying to keep up in today’s business environment as an
entrepreneur or business owner.
And involving other people and helping coach entrepreneurs to develop good teams
and to have those good human resource capitals available to be able to draw into the
business.
43:12 Tom Floyd In the meantime you’ve got an elephant standing behind you and you’ve got to make
sure the lions are all in their cages too. Well let’s go ahead and go on pause.
Our next commercial break is coming up. Stay tuned everyone.
More on Coaching for Entrepreneurs when we return.
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21. 45:56 Tom Floyd Welcome back to Insight on Coaching. I’m Tom Floyd.
For those of you just getting tuned in today, today’s topic is Coaching for
Entrepreneurs.
I’d like to spend the last segment of our show talking a little bit about how coaches
can help entrepreneurs build a more solid social networks for support.
Going back to some research that our research team pulled up, according to
Entreprenur.com’s Brad Sugars, who writes in his Entrepreneur Column “Startup
Basics”: “The most common mistake people make when starting a business is
trusting their gut too often. Not that instincts aren’t important; they’re essential. But
it’s even more important to talk out your ideas, your trouble points and your
opportunities with skilled individuals. Often, just the process of explaining a situation
to someone else will spark alternatives that can give you a new perspective. Discuss,
listen carefully and then go with your gut.”
According to MSNBC this past week (August 22, 2007), a recent study by Intuit,
working with the Institute for the Future, found that small business owners and
entrepreneurs, peers helping peers is on the rise.
With an increase in social networking, it’s much easier for small businesses and
entrepreneurs to find each other and get help. With business networking sites like
LinkedIn, Plaxo, Ryze and more, it’s much easier to get help from your peers or a
coach.
Turning to our panel today, and the first question to get to the first data point, are
many entrepreneurs trusting their gut instincts too much and not bouncing ideas off
enough people first?
Terry, you’d started to get in a conversation a little bit about this.
Can you talk about that a little bit more?
47:31 Terry Powell Yes, absolutely. I would agree that most business owners and entrepreneurs tend to
trust their gut a little too much.
And sometimes because they’re so focused on the—really what they want to do is
become comfortable with the kind of ideas and thought processes that validate why
they did what they did, is they trade off good reasoning and good business practices
for that comfort level.
So it really is crucial that as you’re coaching entrepreneurs, it really becomes more of
a discovery process of helping them discover their blind spots and realizing that it’s
not for them to be the all encompassing answer for everything.
And how to start to bring in mentors and embrace training and have advisors that
they work with closely, develop that sort of director influence in their business early
on.
And draw in some of those resources so they can get beyond some of those
limitations. That their desire to be comfortable and stay within their own background
and knowledge as a technician will drive them to do.
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22. 48:34 Tom Floyd Andrea and Patricia, anything that you would add?
48:38 Andrea I would say that in my personal experience, I’ve had a lot of success and gotten a lot
Garfield of support from peer groups both sort of informal and organized.
There are groups like the Entrepreneur’s Organization, The Young President’s
Organization, Vistage, and other groups which have been around for a long time.
And they’re focused on the idea that as an entrepreneur or as a business owner, you
don’t have as many peers as someone else might because there just aren’t as many
people around and the challenges that you go through are very unique, both
personally like how do you deal with your personal life and who do you talk to when
you have hundreds of employees as well as some of the technical business
challenges that you go through.
So these groups were created to provide a framework for learning from each other
and interacting and sharing ideas and supporting each other and creating structures
and accountability. And I think that they’re absolutely wonderful.
I don’t think they’re necessarily a substitute for a coach.
I myself am involved in some of these groups and I have a coach myself.
But they’re definitely a great way to learn from people who have come before you
and just the shared experiences on current issues that other people are struggling
with.
It provides a lot of comfort to people and it provides a lot of help and expertise that
we all seek.
50:01 Tom Floyd You know, that’s actually something that one of my coaches had suggested to me as
well.
In terms of really telling entrepreneurs out there in our audience, some good
examples of places to really go to form some of those relationships and networks.
The study from MSNBC mentioned LinkedIn and Plaxo for example, but what are
some good sites, good sources, good places to really go and start to build those
social networks?
50:29 Andrea The ones that I mentioned have branches and groups all over the world.
Garfield
So The Entrepreneur’s Organization for companies that have over $1,000,000 in
revenue would probably be the first that I would go to because I’ve had extensive
experience with them.
50:45 Tom Floyd Okay.
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23. 50:46 Andrea I believe it’s Entrepreneur’sOrganization.org or EO.org.
Garfield
That would be the number one thing that I would do.
50:54 Tom Floyd Any other good associations or sites or networks that come to mind for anyone else?
51:02 Paul Williams Well Patricia mentioned Vistage which I guess had its genesis in tech, the executive
committee.
And I think that one, their website and their newsletter that comes out, I think, weekly
or monthly, is extremely informative.
But I think the neat thing about their mechanism is that when you join, you join
probably 10 or 12 other CEOs and you meet once a month and there is a subject on
the table.
Whether it’s marketing strategy or whether it’s human resources, whether it’s
recruiting, sales management, you name it, and they get together once a month,
typically it’s a four to six hour program, and with the use of a facilitator and discuss
these issues.
And then in addition to that once a month, the tech chair or rather the Vistage chair
goes around to each of the members and spends a two hour session with them
discussing whatever is germane at that time.
I know quite a few people who belong to that and have found it extremely valuable in
that it gives them a peer group and yet it gives them a structure to discuss issues.
52:04 Tom Floyd I’m frantically taking notes here. Definitely going to look into that myself, I have to
say.
Well in the last few minutes we have left here, about two minutes before we wrap up
our show, Patricia I want to turn to you next.
Now in 30 seconds or less, what advice would you give to any entrepreneurs
listening in to today’s show?
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24. 52:27 Patricia Kelly Well I think we’ve covered a lot of it, but first of all you need to get the support of your
family if this is something you want to do.
Then I think I would tell them to go to UCLA Anderson School of Management,
Development for the Entrepreneurs, because that is such a help to get a great
understanding of all the areas you have to take a look at when you’re going into
business.
It just doesn’t mean you have a desire to do something and you have this project or
product you want to put out.
You have to know everything about what you’re doing before you make any
investment in your business.
So I think I would tell them to do that.
And I think a coach is also very important.
So they can help you with the family life. They can help you with the business.
They can just walk you through each step that you’re going to be taking so you have
a good understanding of what you’re going to do before you make the big investment
of financial investment and time.
53:27 Tom Floyd Got it. Terry, same question.
Anything that you would add in, gosh, 15 seconds or less here?
53:34 Terry Powell Yes. I think the key is to have a good coach advisor and some of those resources.
Obviously I’ve spent the last 25 years developing over 300 companies around the
country that help entrepreneurs and people who want to become them.
We’ve created a methodology called The Advicoach. And www.advicoach.com is a
great resource for getting that coaching advisory type of assistance.
And of course if you want to become an entrepreneur or start your first business,
there’s the www.e-sourcecoach.com which is a resource for people who are not in
business yet.
But the key is to have a coach advisor develop that relationship.
Somebody who can really help you get beyond your blind spots and broaden outside
your comfort level so you can really take that business venture to the heights that it
deserves.
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25. 54:22 Tom Floyd Fantastic. Well huge, huge thank you to the four of you. And as always, huge thank
you for our listeners as well, for joining us today.
For more information about our show you can look us up on the Voice of America
business channel.
You can also visit our website at www.ieconsulting.biz and feel free to e-mail me at
tfloyd@ieconsulting.biz as well.
And for those of you who use Apple iPods, don’t forget you can access the podcast
version of our show as well.
Just go to iTunes, go to the iTunes store, click podcast on the left side of the screen
and enter Insight on Coaching.
Thanks everyone. We’ll see you next week.
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