Thought for the Week – Y is for “The Yin & Yang of Business”

So, we are approaching the end of the A to Z of Successful Business Owners and Leaders and this week is all about “The Yin & Yang of Business”

The humble letter “Y” originated as the twentieth letter of the Greek alphabet, upsilon, which was adopted into the Latin alphabet around 2,000 years ago to represent the “y” sound.

To speakers of romance languages, like French and Spanish, this “y” sound was new. And as a Germanic language, English already had a “y” sound, and so “Y” quickly found a home for itself at the tail end of our alphabet, although it has never been commonly used.

When it comes to business success, an obvious “Y” word could of course be something like “Yield”!

However, I am going to talk about Yin and Yang in Business as it is more unusual for us to consider this.

If you are familiar with Yin and Yang, you will know that …

Yin represents the female energy force in all we do, and

Yang represents the male energy force.

You will have seen the Yin & Yang symbol representing the balance between the two that exists in our World.

We know that everything comes down to balance at the end of the day;

  • balancing the books,
  • balancing our energy reserves,
  • work-life balance, etc.

So, let’s dive in and have a look at how this can help us to succeed in business …

Strategic Management:

YIN: Looks at your business from the Outside-In, and works towards satisfying the needs of all stakeholders. Practice customer-driven innovation.

Yin is more passive and accepting and about Outside-In Strategies:

Strategic analysis of the of the industries and markets in which your company operates to identify those markets in which your company’s capabilities can yield, leading to a Sustainable Competitive Advantage.

YANGLooks at STANDING-OUT from the competition, gaining customers, creating, formulating and implementing ventures.

YANG is more active and aggressive and about Inside-Out Strategies: 

Strategic analysis of the characteristic of your company to identify your Distinctive Corporate Capabilities (capabilities that help your company STAND OUT from its competition and sell distinctive differences in the market in which it operates). 

Your distinctive capabilities – the characteristics of your company which cannot be replicated by competitors, or can only be replicated with great difficulty – are the basis of your Sustainable Competitive Advantage.

According to the resource-based view of the company, sustainable competitive advantage is achieved by continuously developing existing and creating new resources and capabilities in response to rapidly changing market conditions.

For example, distinctive capabilities may include things like …

Patents, exclusive licenses, strong brands that lead to effective leadership, team work / tacit knowledge.

Reproducible Capabilities are those that can be bought or created by your competitors and thus by themselves cannot be a source of competitive advantage. Many technical, financial and marketing capabilities are of this kind.

Your distinctive capabilities need to be supported by an appropriate set of complementary reproducible capabilities to enable your company to sell its distinctive capabilities in the market it operates.

Balanced Management:

Effective Leadership demands a delicate balance between …

  • Sensitivity and authority.
  • Loose and tight leadership style.
  • Internal and external.
  • Tradition and innovation to achieve sustainable growth and employee satisfaction.

Look at your business from outside-in as well as inside-out and ask these questions relentlessly: –

  • What’s happening in the marketplace?
  • How are the needs changing? What’s causing the changes?
  • Where are the resulting opportunities?

Having answered the above questions, work backwards: –

  • What needs do we satisfy now? What need could we satisfy now? In future?
  • What’s the gap between them and what we do now, and how to bridge it?
  • What advantages and capabilities do we need to strengthen or create? What old competencies should we deemphasize?

So, coming back to Yin and Yang …

YIN: Practice Customer-Driven Innovation

YANG: Create Curiosity and Surprise to exceed expectations. Manage change and innovation proactively.

I hope you have enjoyed this “Thought for the Week”!

And if you haven’t already, remember that I would love to help you to explore your aspirations and create a roadmap to success with you.

You can book your Free Clarity Session and there is absolutely no obligation and we can meet via Zoom or Skype.

Have a great week and very best wishes for your success!

Korinne

Find out more about “The A to Z’s of Success”

Thought for the Week – X is for X-Factor and Xciting!

So, we are approaching the end of the A to Z of Successful Business Owners and Leaders and this week is all about “X is for X-Factor and Xciting!”

So, how does “Xciting” come into it?

“Xciting” gives us the X-Factor we need to be inspired in all we do.

A few weeks back, we looked at “G is for Goals”.

You will have heard about “SMART” Goals …

  • Specific
  • Measurable
  • Attainable
  • Realistic
  • Timely

Well, have you heard about EXACT Goals? In coaching, I like to explore these as opposed to SMART Goals, and I will explain why.

When it comes to your aspirations, EXACT takes you a step further. EXACT stands for …

  • Explicit (with one focus)
  • Xciting
  • Assessable
  • Challenging
  • Time-framed (ideally within 3 to 6 months)

You will notice that the following are the same as in SMART:

Explicit (Specific), Assessable (Measurable) and Time-framed.

So, what is in EXACT then that is not in SMART?

Explicit – here the goal is succinct, in a few words and has one focus, and …

Xciting – positively framed and inspiring to that person

Challenging – goals that stretch us and aim high.

I used to think that setting goals was important but uninspiring and now I know why – because when I was introduced to EXACT Goals, everything changed for the better.

And I cannot emphasise enough what a difference this makes – honestly.

And it is all about where our energy is!

Our energy is much higher when we are inspired – nothing will stop us moving forward and we become anchored to that goal and it is much more likely to happen.

And this is the X-Factor and Xciting!

And a goal doesn’t have to be put into words, it can be an image in our mind, a symbol of some kind, or even a feeling.

My goal is all about Freedom and I have an image in my mind of what that looks like. For me, freedom is about peace of mind and stems from a time in my life when I didn’t have that.

So, when I established my EXACT Goal, everything changed, my goal became all-important to me and it was completely life-changing.

So, if you gave a got a goal, I invite you to check it off against EXACT and see how excited you feel. If you don’t feel excited by it, then you are not there yet!

(You might also want to revisit “G is for Goals”).

I hope you have enjoyed this “Thought for the Week”!

And if you haven’t already, remember that I would love to help you to explore your own aspirations and create a roadmap to success with you.

You can book your Free Clarity Session and there is absolutely no obligation and we can meet via Zoom or Skype.

Have a great week!

Very best wishes for your success.

Korinne

Find out more about “The A to Z’s of Success”

 

 

 

 

 

Thought for the Week – “W is for Win-Win“

 So, as we get into a new week, we are approaching the end of the A to Z of Successful Business Owners and Leaders.

So, this week’s thought is all about “W is for Win-Win!” It is a meaty one with loads of information for you.

It is great to be a winner and we all want to work with them.

At the same time, to many people, “Winning” is about defeating others. Because, in defeating others, our success will probably be very short-lived and cause more damage than anything else.

However, winning successfully is a not about winning at other peoples’ expense, it is about winning peoples’ hearts.

Being successful does not mean that we have to look for ways to defeat others. We can always make the choice to look for ways for everyone to win.

Leaders and Working in a Team:

If you work with others in a team, or you work with associates, affiliates, suppliers etc., you are all on the same team regardless of what your title is or which department you report into. You have to decide which is more important to you:

If you are a leader, being a person that helps your team achieve their greatest potential, or engaging in an internal power struggle? You can do one or the other but you can’t do both.

The term: “Win-Win” – what does it actually mean?

When you think of the term “win-win”, you may think about compromise, or giving up a little of what you want so that someone else can get a little more of what they want.

In today’s climate especially, the art of the compromise seems especially lost. All too often, people are digging in their heels, refusing to give the slightest ground, both on the big things and the small things that don’t really matter!

So, we don’t always have great role models to follow, but that’s no excuse. We just have to go back to basics. What does compromise even look like?

What happens when everyone digs in their heels?

No one wins when everyone digs in their heels, and there is no easier way to make an office politics enemy for life than to derail someone’s pet project because you refuse to budge. We want to always look for the win-win through influencing in a positive way – without any manipulation.

It is better every single day of the week to get 70%, or 60%, or even 50% of what you want and to hand someone else a win than it is to get 100% of what you want and to win but lose your reputation and friends along the way.

People being people will carry around that slight in their back pocket for years, sometimes just waiting for an opportunity to return the favour.

Try to understand what people think they are losing.

When co-workers are resistant to coming up with a compromise, a common explanation is “well, they’re just afraid of change.” Not true. Things change around us all the time. People get married, divorced, start new jobs, the kids go off to college, we buy new houses and move.

No one is running down the street screaming in terror when those things happen. In fact, many times they are cheering the change on!

That means it’s not the change that people are afraid of – it’s the impact of the change.

Since everyone is giving up a little bit, there is a very real sacrifice involved in compromising. The people you’re working with may have a strong emotional connection to the thing you are asking them to give up, and when emotions come into play, things get tricky.

People make decisions emotionally and justify them rationally. So, we have to take care of the emotional part of the brain that believes that compromise equals loss.

So, what do they believe they are losing in the process of the compromise? Control? Power? Approval? Recognition? Influence? Stability? Their job?

How to move towards a compromise when people feel emotional:

Whether or not any of these are true, any one of these factors could be something that might prevent them from opening up to a compromise. This is where you have to put them in control and to help them feel safe.

Let them take the power position by asking “What would you need to move forward?”

Or even just ask them what other options they have.

Explore different ways to compromise and aim for a win-win that suits you both.

“What if we did it this way? What if we did it that way? How would you feel about those options?”

You’re not trying to sell them on an idea as much as you’re trying to figure out what the true sticking point is. Just talk about it, human to human, and let them open up to you without trying to push them in a specific direction.

Give them a golden bridge to retreat across.

If you’ve never read Sun Tzu’s Art of War, you will be familiar with: “Build your enemy a golden bridge to retreat across.”

The best way to defuse a stalemate isn’t to fight it aggressively or to throw up your hands in futility declaring that you’ve done everything you can. It’s to give your opponent a way to retreat that allows them to keep their dignity intact.

So, once you know what the other person / people want, and what they think they are losing if they don’t get it, then your next best move is to find a way to give them a win.

Give them some, or even all, of what they want. You want them to be able to hold their head up high when they walk out of that discussion.

Sometimes the real sticking points in these discussions aren’t large concessions – they are private assurances or small gestures that affirm that the specific steps in the process won’t change. Don’t dismiss the value of these small compromises when it comes to building getter relationships.

In a professional world where many people are guarding themselves against being thrown under the bus by their boss or their colleagues, the person who makes it their aim to achieve a win-win is the one who will be admired.

I hope you have enjoyed this “Thought for the Week”!

And if you haven’t already, remember that I would love to help you to explore you own hopes, dreams and challenges and create a roadmap to success with you.

You can book your Free Clarity Session and there is absolutely no obligation and we can meet via Zoom or Skype.

Have a great week!

Very best wishes for your success.

Korinne

Find out more about “The A to Z’s of Success”

 

 

Thought for the Week – “V is for Virtuosity”

So, as we get into a new week, this week’s thought is all about ….

“V for Virtuosity!”

One of the problems most people have, who have great ideas is that they remain in the mind.

So, it’s a great journey from taking that idea in your mind onto a drawing board perfect it, then very few actually are able to make that design into a physical prototype.

Then there are the few who actually make that prototype into a commercial model and very, very few people who can actually sustain that commercial model.

The true entrepreneur is the one who goes through that entire journey of producing their idea from the mind into a real sustainable model and bringing about a transformation through their innovation.

And successful business owners and leaders use their creativity and apply strategic thinking to create effective business plans.

Virtuosity is all about Mastery. 

Mastery is the technical skills needed, including the day-to-day mechanics of running a business, producing products, delivering services, making money and managing people.

And Business Mastery is of course grounded around Personal Mastery.

So, Business Mastery consists of: –

  1. Personal Mastery

Having a Growth Mindset vs a Fixed Mindset, being crystal clear on WHY you do what you do and then always looking for ways to improve WHAT you do and HOW you do it.

This is what truly sets successful people apart from the ”also rans”.

Those people who are sponge-like to new learning, always looking to improve themselves, as opposed to those who are the “Rocks” who say; “I Know” and close themselves down to new learning.

  1. Destination Mastery

Knowing, living and breathing your “Big Why” you do what you do, who you help and where you are going.

  1. Delivery Mastery

This is how you deliver consistently, ethically, sustainably, flexibly and profitably.

Adapting to Changing businessmarket and customer realities. Being Flexible and not being in denial or avoiding tough choices. Learning through trial and error.

  1. Money Mastery

This speaks for itself.

  1. Time Mastery

This is so much more than ‘Time Management’ – it is all about balancing success, productivity, value and ethics.

The recent global crisis raises pressing issues that are not exclusively economic. The health of the economy reflects the moral health of the wider culture:

Ethics must be considered along with economics to understand world markets, especially now that globalisation and other forces have increasingly complicated the regulation of transnational corporate conduct.

And the importance of ethics in business that integrates economics and ethics is more important than ever before.

Value creation becomes a ubiquitous term that ties these two seemingly separate modes of thinking together so that virtuosity in business inevitably entails virtue and a commitment to moral standards. (We have several V’s here!)

Now, business people and ethicists are being called upon to expand their thinking by stressing the profound relevance of philosophy to business and economics! This is because “ethics” has been the overriding problem for business and that it is the only enduring solution.

Applying the concept of ‘virtue’ to the competitive realm of the marketplace …

Virtuosity, in all realms of human endeavour, is not merely a display of technical skill or adherence to conventional norms.

The invisible law of virtuosity, which discourages misconduct and rewards good corporate citizenship, guides ethical firms and wise entrepreneurs toward greater success by playing a constructive part in the human enterprise.

So, reviving business ethics addresses concerns arising from the global crisis, such as restoring faith in the market, respect for human rights, and environmental sustainability.

How can you achieve Virtuosity while improving your bottom line?

I hope you have enjoyed this “Thought for the Week”

And if you haven’t already, remember that I would love to help you to explore you own hopes, dreams and challenges and create a roadmap to success with you.

You can book your Free Clarity Session and there is absolutely no obligation and we can meet via Zoom or Skype.

Have a great week!

Very best wishes for your success.

Korinne

Find out more about “The A to Z’s of Success”

Thought for the Week – “U is for Unstoppable!”

So, as we get into a new week, this week’s thought is all about ….

“U is for Unstoppable!”

As entrepreneurs and leaders, we really do have to be an unstoppable force!

For instance; are you watering down your marketing message to make it more mainstream believing that it will be more palatable to who you think is your ideal customer?

Take a risk and fly your flag brightly and it will get some curiosity going!

Clarify WHY you do what you do and then look again at the what you do and how you do it.

Then decide to go for your REAL Vision that’s built around your WHY – the vision that you may have thought was too big or impossible to achieve.

Every problem in your niche has a solution and being unstoppable doesn’t mean that we have to be some kind of super-hero.

It doesn’t mean that we have to be extra-brilliant, or extra-courageous. It just means assuming that every problem our ideal customers face does have a solution!

The only difference between rich and poor is that rich people are willing to solve more problems.

We have learned not to use old resources because things are changing so quickly …

Now, it’s all about Artificial Intelligence and Machine Learning across the board – the No.1 thing in growing a business today.

And we don’t have to know how a lightbulb works to see the light!

Artificial Intelligence gives us access to virtually everyone these days, no matter what we sell.

AI is about machines learning to do smart things, e.g.; Uber – AI figures out all of the details increasing our scope and reach.

Here are 4 Steps to become Unstoppable …

  • Master Heart-Centred Marketing (based on your Big Why you do what you do)
  • Master Your Inner Game (mindset)
  • Master Your Time
  • Look for opportunities to solves problems for your ideal customers.

I hope you have enjoyed this “Thought for the Week” – Go Forth and be an Unstoppable Force for Good!

And if you haven’t already, remember that I would love to help you to explore you own hopes, dreams and challenges and create a roadmap to success with you. Book your Free Clarity Session and there is absolutely no obligation and we can meet via Zoom or Skype.

Have a great week!

Very best wishes for your success.

Korinne

Find out more about “The A to Z’s of Success”

 

 

Thought for the Week – “T is for Taking Action and Training”

I have chosen this “T” because it is multi-faceted like Business Owners and Leaders have to be to succeed.

So, as we get into a new week, this week’s thought is all about ….

T for Taking Action and Initiative, and

T for Training and Development

You know that successful people get things done, otherwise, they wouldn’t be very successful …

When taking action, often the first step is the hardest one. This is when fear, doubt and worry can take over. Even despite all your preparation up to this point, those voices still silently ask, “What if it doesn’t work?”

Take heart – you are not alone.

The most successful people who have gone before you felt the very same doubts, worries and fears.  But despite their uncertainties, they still took action.

So, no matter what, just get started and don’t wait for the “perfect” time as there is no perfect time!

Make your first steps small so that you can get into the habit of action, get some successes under your belt, and build your “action taking muscle.”

Out of all of the A to Z’s of Success, there is no principle more critical to your success than the principle of TAKING ACTION. 

Calvin Coolidge said it best when he said …

“Nothing in the world can take the place of persistence.

Talent will not; nothing is more common than unsuccessful men with talent.

Genius will not; unrewarded genius is almost a proverb.

Education will not; the world is full of educated derelicts.

Persistence and determination alone are omnipotent.”

To be successful in life, we don’t have to be the smartest, most educated or talented, we just need to take action, and act with determination and an expectation to succeed. 

You have everything you need at your disposal to be successful right now. Don’t delay another minute. You KNOW that success is MORE about taking action and LESS about having the best education, skills, smarts, money or looks.

“I had to make my own living and my own opportunity! But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them!”

-Madam C.J. Walker-

(Creator of beauty products and the first female self-made millionaire)

 “The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.”

-Nolan Bushnell, founder of Atari & Chuck E. Cheese-

 

“The key is to just get on the bike, and the key to getting on the bike …

is to stop thinking about ‘there are a bunch of reasons I might fall off’

and just hop on and peddle the damned thing. You can pick up a map,

a tyre pump, and better footwear along the way.”

-Dick Costolo, founder of Feedburner.com- 

 

“The important thing is not being afraid to take a chance.

Remember, the greatest failure is to not try.”

-Debbi Fields, founder of Mrs. Fields Cookies-

 

The thing is, how we learned at school is so different to how we learn out here in the real world right?

Business Owners and Leaders all have to think entrepreneurially …

Entrepreneurial education and training provides individuals with the ability to recognise commercial opportunities, self-esteem, knowledge and skills to act on them and to commercialise a concept, manage resources, and initiate a business venture.

The Challenges of the Global Economy …

Discoveries and inventions, revolutions and social movements have been the triggers of progress throughout history. Mankind has to face new challenges in the 21st century such as …

  • globalisation
  • the rapid pace of innovation
  • the fast spread of technology and its high-speed adoption in our lives.

These factors and many others are changing not only how businesses and economies are functioning, but also the job market landscape.

The knowledge and skills required by the present and future jobs are changing and consequently the education system at all levels has to respond and adapt to the new challenges.

Did you know that up to 85 percent of the jobs that today’s college students will have in 11 years haven’t been invented yet?

That’s according to a panel of experts assembled by the Institute for the Future, although an exact percentage is impossible to predict.

Business owners and leaders have to take action and initiative to help them grow.

But one size does not fit all.

Policymakers can achieve greater impact by better targeting their training interventions. If you want to help micro and small businesses survive, grow and create employment, building their marketing skills may be a good place to start

Roughly 2 billion people in the world live on $2 a day or less.

Of these, 50% are estimated to be micro entrepreneurs, running a small business to make ends meet but employing only a handful of people. If just a small proportion of these entrepreneurs were encouraged to grow and invest in their business, and hire more employees, it could transform the fortunes of developing economies, and billions of people living in poverty.

On that note, I am privileged to work with the Focus Youth Forum in Uganda who are training young people to become entrepreneurs. They have 85% unemployment in Uganda and I am truly moved and inspired to see what they are achieving through Taking Action, Initiative and Training.

I hope you have enjoyed this “Thought for the Week” and it has sparked some creativity for you!

And if you haven’t already, remember that I would love to help you to explore you own hopes, dreams and challenges and create a roadmap to success with you. You can book your Free Clarity Session

There is absolutely no obligation and we can meet via Zoom or Skype.

                

And this week on June 24th and 25th I am co-hosting a Virtual Conference all about Social Enterprise Success with a focus on Africa. It FREE TO ATTEND and you can reserve your place via one of these links:

https://hopin.com/events/social-enterprise-success-conference

https://www.facebook.com/SocialEnterpriseSuccess

https://www.linkedin.com/company/social-enterprise-success

https://www.instagram.com/ses_glbl

           

I will be speaking on Thursday June 24th about “What is Your Purpose and Big Why?” and would love to see you there!

Have a great week!

Very best wishes for your success.

Korinne

Find out more about “The A to Z’s of Success”

 

Thought for the Week – “S is for Support”

I hope you had a very enjoyable weekend.

Each week I am writing about the A to Z’s of Successful Business Owners and Leaders and this week is all about “S for Support”

Of course, it is also about ‘Success’ and the A to Z’s so far are about the qualities that business owners and leaders need to have to succeed.

As you know, I write my blog and email it to you as well. You can find my Blog, along with past posts HERE.

Successful people get things done. Otherwise, they wouldn’t be very successful.

But how do they do it?

They have big goals, they plan, they take risks, and they overcome setbacks.

But there is one more thing they do that greatly improves their chances of success – they ask for help.

“Don’t be afraid to ask questions. Don’t be afraid to ask for help when you need it. I do that every day. Asking for help isn’t a sign of weakness, it’s a sign of strength. It shows you have the courage to admit when you don’t know something, and to learn something new”.

-Barack Obama-

 Asking for help comes in many forms – teambuilding, delegating, seeking a mentor or a coach, or outsourcing.

With all those opportunities to receive help, why do so many of us refuse to ask for it?

Fear!

  • Fear of appearing weak.
  • Fear of losing autonomy.
  • Fear of rejection.

Whether you’re afraid of asking or merely don’t know where to find support, here are some tips to help you get the support you need to help you realise your dreams.

  • Hire freelancers or an assistant. Need more time to concentrate on what you love to do, a.k.a. what you’re good at? There will most likely be an upfront investment in time, training, and cash but the payoff can be huge. Once you get the ‘delegation bug’ you’ll wonder how you survived without it.
  • Seek advice from colleagues by recognising their value. Instead of saying, “I’m in over my head! Can you help me?!” try, “I was impressed with your presentation. Could you take a look at mine and provide some feedback?”
  • Bartering is back. Limited funds? Think about offering your service in exchange for a service you need.
  • Find a mentor. Chances are you know someone with the ‘been there done that’ experience you need. These savvy guides can offer inspiration, help you avoid the mistakes they’ve made, and provide contacts through their network.
  • Mastermind groups. Whether you’re looking for practical advice, accountability buddies, or the occasional shoulder to cry on, peer groups can help keep you on track to reach your goals. You give and receive help – a win-win situation!
  • Assess your existing resources. Help could be right under your nose. Do you have colleagues, peers or friends who could help? Start there and always look for opportunities to cultivate your network.
  • Lastly, could you hire a home-assistant. Unless chores are a form of meditation for you (as they can be to some), hiring someone who cooks, cleans, and runs errands can be well worth the cost. If that’s not in the budget delegate tasks to all members of the family / co-habitees to share the burden.

Seeking help doesn’t always come naturally to us, even when we know we need it. But asking for help can make a huge difference in your performance and ability to achieve success.

Besides, doing everything alone is not only unrealistic it’s unhealthy. Once you get over your fear and seek the help you need you increase the chances of accomplishing your goals with less effort, more time and less stress.

What’s stopping you from finding support?

“He who is afraid of asking is ashamed of learning”

-Danish Proverb-

I hope you have enjoyed this “Thought for the Week” and it has sparked some creativity new thinking! I would love to know what you think about all of this!

And if you haven’t already, remember that I would love to help you to explore you own hopes, dreams and challenges and create a roadmap to success with you.  You can book your Free Clarity Session

There is absolutely no obligation and we can meet via Zoom or Skype.

Have a great week!

Very best wishes for your success.

Korinne

Find out more about “The A to Z’s of Success”

Thought for the Week – “R is for Risk-Taking and Resilience”

I hope you had a very enjoyable weekend.

We know that Business Owners and Leaders are special people and see opportunity in every flaw …

  • Slow service
  • Poor product, and
  • Unmet need.

But here’s the secret of the most successful business owners and leaders …

Great business owners and leaders are made, not born. Those that make headlines put in years of work before their businesses become “overnight successes.”

You had to learn how to be great at what you do; entrepreneurship and leadership are just another skill set to add to your repertoire.

If you are considering setting up a new business — or have already taken the plunge — these personality traits will give you an edge. If the stars didn’t grant them to you, you can cultivate these characteristics and set yourself up for success.

And this is what the A to Z’s of Successful Business Owners and Leaders I am sending through each week is all about.

This week is all about “R for Risk-Taking and Resilience ” and all of the A to Z’s so far are about the qualities that business owners and leaders need to have to succeed.

As you know, I write my blog and email it to you as well. You can find my Blog, along with past posts HERE.

In last week’s post about “Q is for Qualities”, we touched on Risk-Taking …

Traits Challenges Action points for maximisation
10. Risk-taker
Optimistic, rational decisions, charismatic, confident, will to win, can deal with complexity Over-confidence, judgement errors, haste Take incremental risks, cool off, map knowledge and scenarios, experiment systematically


How comfortable are you with risk?

Being your own boss rates high on the reward spectrum, but the flip side of that coin is risk, and you have to be comfortable with it.

That risk-embracing, venturesome attitude is a quintessential aspect of the entrepreneurial mindset that both business owners and leaders must have.

Whether you’re launching a massive enterprise, dipping a toe in the water as a solopreneur or leading an organisation, you’ll have setbacks. You know this all too well by now!

We know that we have to be prepared for cash flow issues, supplier glitches, employee meltdowns, economic turndowns, and yes, even global pandemics!

And be prepared to fail.

If your business doesn’t stay afloat, that doesn’t mean your entrepreneurial dreams are dashed …

Maybe the idea wasn’t quite right, or the wrong approach, or merely the wrong time.

So, if this happens, rather than just closing the door on it, we have to be resilient, do a thorough analysis on what went wrong and learn how to fail better next time!

Resilience is our ability to bounce back from the stresses of life. It’s not about avoiding the stress, but learning to thrive within the stress.

 

Our productivity over the past 20 years has soared, and with this increase in productivity has come an increase in our stress levels. We may sacrifice accuracy and thoughtfulness for immediacy.

 

Our work–life balance has plummeted and burnout is being felt by many individuals.

 

Learning to live a more resilient life has numerous benefits including:

 

  • Decreased depressive symptoms & increased emotional well-being
  • Improved working memory
  • Improved sleep
  • Improved immune system function
  • Improved relationships
  • Improved coping when we experience emotional disruptions

 

There is no shame in not succeeding …

 

As Winston Churchill famously quipped …
“Success is just stumbling from failure to failure with no loss of enthusiasm.”

 

I didn’t succeed first time round with my business. I was trying to be all things to all people and it was only when I got really, really clear on who I help that things took off.

And we need Courage …

In order to harness the power of creativity, we must have the courage to act on our great ideas and plans.

“Often the difference between a successful person and a failure is not one’s better abilities of ideas but the courage that one has to bet on their idea, to take a calculated risk and to act.”

-Maxwell Maltz-

While you need to research your ideas thoroughly, you must also have the courage to take an unknown step and try things that are unfamiliar to you.

It goes without saying that finding a successful path in life is rarely a straight and narrow process.

Many entrepreneurs and leaders must take numerous steps to develop the right combination of skills, traits and knowledge to be successful with their efforts. If you focus your attention on nurturing these traits in your own life, you are highly likely to be able to enjoy better overall success with your efforts.

And often one big thing that holds up back, is needing things to be “perfect” before we go out there and do it! 

“We would no nothing if we wait until we could don it so well that no one would find fault with what we have done”

-Cardinal Newman-

One last thing …

I also believe that “R is also for Relationship-Building” and we can’t underestimate how important this is.

You will have seen some business owners and/or leaders, offer an amazing product or service and believed that alone would lead to their success.

An example: The brilliant plan you have for creating a new app that will revolutionise how people can fill their prescriptions, and have them delivered to their home before they’ve even made it back from the doctor’s office is a literal gold mine.

As a result, you throw all your time and resources into creating your perfect app, building an amazing webpage and have even started blogging — something you thought you’d never do — in an effort to get the word out about your product.

In the meantime, you’ve ignored emails from your angel investor for the last three weeks and have five voicemails that need to be returned. The potential client meeting you had last week — the one with the big group of local doctors that could have resulted in a marketing opportunity — you cancelled it because you were focused on the app interface and have yet to reschedule.

In this case, these connections and that person’s reputation are quickly being squandered because they haven’t paid attention to one of the most fundamental building blocks of any successful business — relationships.

So, whether you’re a new small business owner or a seasoned pro, you can never put enough time towards building and sustaining a network of engaged contacts.

I hope you have enjoyed this “Thought for the Week” and it has sparked some creativity new thinking! I would love to know what you think about all of this!

I will leave you with one last quote this week …

“I am always doing that which I cannot do

in order that I may learn how to do it”

-Pablo Picasso-

And if you haven’t already, remember that I would love to help you to explore you own hopes, dreams and challenges and create a roadmap to success with you.  You can book your Free Clarity Session

There is absolutely no obligation and we can meet via Zoom or Skype.

Have a great week!

Very best wishes for your success.

Korinne

Find out more about “The A to Z’s of Success”

 

 

 

 

Thought for the Week – “Q is for QUALITIES”

I hope you had a great bank holiday weekend.

I have been out and about enjoying the good weather here and I hope you have the same there.

So, we have been exploring the A to Z’s of Successful Business Owners and Leaders each week.

This week is all about “Q for QUALITIES” and all of the A to Z’s so far are about the qualities that Business Owners and Leaders need to have.

When you think of “Q”, you may well think of Q in James Bond! Q being a fictional character and standing for “Quartermaster”! And in James Bond films, they use letters for job titles, rather than a name, like “M” as well.

So, I want to spend a little time this week just thinking about the qualities, personality characteristics and behaviours that lead to venture creation and success.

For business leaders these are often entrepreneurial characteristics that create “Intrapreneurs”

Can one learn to be an entrepreneur, or is it a quality a person is born with?

Just as there are tests for IQ, EQ (Emotional Intelligence), MQ (Motivational Intelligence) and even SQ (Spiritual Intelligence), … how do we know who are natural-born entrepreneurs and who can be nurtured to launch and scale up successful businesses?

We have explored so many of these qualities over the past few weeks …

Gallup conducted research on 2,500 entrepreneurs to understand what it takes to create a business, scale it, make profits and create jobs.

They concluded that the ten key talents of successful entrepreneurs are:  –   

  • business focus
  • confidence
  • creative thinking
  • delegation
  • determination
  • independence
  • knowledge-seeking
  • promotion
  • relationship-building, and ·
  • risk-taking.

Some level of talent is innate, some can be nurtured and I thought you might find the following table interesting …

Traits Challenges Action points for maximisation
1. Business focus
Profit-oriented, plan for growth, clear goals, alignment with business, tight operations Can sometimes lose sight of customers Use timelines and yardsticks, communicate clearly, focus on human element also, read a lot
2. Confidence
Self-awareness, conviction in ability to succeed, action-oriented, pro-active Over-confidence, haste, over-commitment Plan ahead, prepare for contingencies, get diverse feedback, avoid the speed trap
3. Creative thinker
Firing off many ideas, curious, quick learner, exploratory, imaginative, alert Difficult to work in a team, rushing off in many directions Balance present and future, use metrics, prioritise, use simple structure, learn from failures
4. Delegator
Collaborate, recognise and draw on people’s abilities, encourage team contribution Abdicating responsibility, communication gaps Map processes and skills, allow employees to perform, give effective feedback
5. Determination
Persistent, eager to act, confront obstacles, not deterred by roadblocks Sticking with failing strategy, regret with  failed steps Share your optimism, partner with creative types, focus on big picture, be alert to environment
6. Independent
Resolute, faith in self, multi-tasking, responsible, multiple competencies, ‘can-do’ Burnout, difficulty in growing the team to scale the enterprise Focus on main objective, form alliances, delegate, don’t let love for your product blind you
7. Knowledge-seeker
Anticipate and use knowledge, drive for in-depth information, knowledge as an asset Generating too many new ideas, too many pivots Write and share ideas, prioritise, get outside inputs, create a clear roadmap for changes
8. Promoter
Communicator, speaks boldly, storyteller, ambassador, persuasive, enthusiastic Becoming blind to flaws, lack of objectivity Rehearse your story, use multiple media, build a whole community of evangelists and champions
9. Relationship-builder
Mutually-beneficial links inside and outside workplace, open, socially aware, integrity Time management, focus, lack of diversity in networks Diversify and renew networks, reciprocity, understand the local social landscape, be selective
10. Risk-taker
Optimistic, rational decisions, charismatic, confident, will to win, can deal with complexity Over-confidence, judgement errors, haste Take incremental risks, cool off, map knowledge and scenarios, experiment systematically

So, I hope this has given you food for thought this week!

I would love to know what you think about all of this!

And if you haven’t already, remember that I would love to help you to explore you own hopes, dreams and challenges and create a roadmap to success with you.  You can book your Free Clarity Session

There is absolutely no obligation and we can meet via Zoom or Skype.

Have a great week!

Very best wishes for your success.

Korinne

Find out more about “The A to Z’s of Success”

Thought for the Week – P is for Passion & Purpose, Planning, Perseverance and Principles

I hope you had a great weekend. I went for my first row of the season on Saturday and it was great to be out on the water again.

The next step in my weekly blog, which is all about the A to Z’s of Success of the most successful entrepreneurs and leaders, this week we are looking at “P” …

The thing is that “P” comes up a lot when it comes to success!

So, this week, I am writing about Passion & Purpose, Planning, Perseverance and Principles. Which actually all interconnect!

Passion & Purpose:

I have put this first because it is so important and at the core of success and we talked about this in “G for Goal”.

What is the reason you get out of bed each morning?

If you said something like; “Well, I have to go to work!”

Yes of course. And you may be passionate about what you do.

But you may not. Then ask yourself this question …

If you go to work, what does that give you? You may answer something like;

“Hmmm, money to pay my mortgage, pay my bills and put food on the table”

Again, yes of course! So, ask yourself now;

When you have money to pay your mortgage (or rent), pay your bills and put food on the table, what does that give you? You may say something like …

“Peace of mind, a sense of security” or something like that?

Now keep asking that question; “What does that give you?” until you get to the core of your Passion & Purpose. When you feel your energy shift up a gear, you are getting there.

My Passion & Purpose is all about Freedom for me because I was in a place in my life where I felt trapped by my circumstances and “Freedom and Peace” is what excites me.

It’s different for everyone of course and I help my clients to get to their core and raison d’etre.

The Japanese have a work for this in their dictionary: “IKIGAI” which means …

“A concept referring to having a direction or purpose in life, providing a sense of fulfilment and towards which they the person may take actions, giving them satisfaction and a sense of meaning”.

What is your Ikigai?

Why do you do what you do?

Why does your Company do what it does?

So many organisations, entrepreneurs and leaders know WHAT their Company does and most know HOW but very few know WHY.

Here’s an example of Southwest Airlines who started out being very clear about WHY they do what they do. READ HERE.
They thrive to this day because they live and breathe their “Big Why”.

If you haven’t already read it, you can read Simon Sinek’s book “Start with Why” HERE

As an entrepreneur and leader, how can you develop a strong workplace culture of positivity and growth with a strong “Why” you do what you are doing?

For instance; research has shown that millennials are driven less by profits than purpose.

It found that those workers were likely to stay in their jobs longer if they were satisfied with a workplace’s sense of purpose. Now that millennials dominate the workplace, connecting employees with purpose has become more crucial than ever.

Planning:

What do astronauts; accountants and novelists have in common?

When they want to make big things happen, they plan ahead.

You know that achievement isn’t reached through luck or coincidence, it requires planning. Thinking and planning ahead increases the odds of taking calculated risks, bouncing back from setbacks, and achieving your goals.

Some people resist making plans. They prefer spontaneity.

Some fear planning will cramp their style or negatively impact their freedom.

But a good plan doesn’t need to impinge upon your freedom, spontaneity, and enjoyment of life.  It can simply be a guide that allows for adjustment along the way.

Planning has many benefits. It helps us to:

  • Improve decision-making.
  • Anticipate needs.
  • Identify problems and solutions.
  • Avoid costly, time consuming mistakes.
  • Be more efficient and productive.
  • Achieve important goals.

Planning doesn’t have to feel restrictive or imposing. The first step is to identify, visualise, and describe the desired result. For example, “I want to run a half marathon,” or “I want to learn Spanish.”  Then put your plan in place for how to get there.

So, you can see how this links in with Passion & Purpose!

Without knowing why we want to get somewhere, what we hope to achieve by getting there, how will be know when we arrive?

When starting out on a long journey, we wouldn’t start without setting up a sat nav or at least have a route plan.

Perseverance & Principles:

“When you reach an obstacle, turn it into an opportunity. You have the choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.”

-Mary Kay Ash, founder of Mary Kay Cosmetics-

And it is our Passion & Purpose that gives us that “fire in our belly” and that grit and determination!

It is our anchor that keeps us grounded and on point.

If any of this Thought for the Week has sparked even one small golden nugget, then that is my purpose for writing it and thank you for reading this to the end.

If you would like to explore any of this further with me, why not book a Free Clarity Session? There is absolutely no obligation and we can meet via Zoom or Skype.

Have a great week!

With very best wishes for your success.

Korinne
Find out more about “The A to Z’s of Success”