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Have you ever wondered how people can be so great in the moment? How they can go with the flow so perfectly and know exactly how to maneuver a situation in their favor? Maybe it’s the ability to land that dream client who seemed unattainable. Maybe it’s being able to nail that trick on a skateboard, just when it seems like things are about to go wrong.
In any case, the secret to your success and ability to go with the flow stems from the same place: failure. We all fear failure, but in the end it’s what makes us stronger. It means we’ve been testing the space and working toward our dreams.
To go into this more, I wanted to post a clip of a previous episode with Travis Pastrana. Pastrana is an amazing athlete. He’s won gold medals for motocross in the X-Games and is a phenomenal BMX rider. He even runs his own action sports show called Nitro Circus.
Learn how you can become a master of your own passions on Episode 624.
Selling your business to a partner is probably the most common ownership transfer among small businesses. The reason is, your partners have a clear picture as to the value of the business, its potential, and what they need to do in order to replace you in the operations.
Selling to a partner is often one of the easier transfers to handle legally – not that partners don’t have their battles and disagreements – but most buying partners want to make the transition smooth and get the selling partner out quickly and painlessly. Many times, I feel that partners are amenable and anxious to define the transaction and process so that they themselves can utilise the same method with a good conscience in the future.
The document that typically lays the groundwork for a partnership sale like this is called the “Buy-Sell Agreement.” These types of agreements are drafted daily by law firms around the country and are actually implemented for more reasons than a partner wanting to sell.
In a more elaborate Buy-Sell Agreement for a more mature or established partnership, the document will cover issues of divorce, death, disability and a requested departure or exit. I call these the “Four Ds,” and each is important to address with predefined terms.
The primary purpose of the Buy-Sell Agreement is to define the procedure for the transfer of ownership, price, terms and transition well in advance of any event causing a transfer. This is a powerful tool because it prevents a partner from holding another partner hostage at a price or process in the heat of emotions when the transfer is needed.
For example, if all partners understand the process to determine the value well in advance, then they can work more clearly toward increasing the value of the business. Each party also knows that they’re all held to the same equation and process no matter what side they’re on. This way, it will be fair when the time comes for each partner to leave the partnership (at least, that’s the goal of the document and can certainly minimise the chance of a lawsuit). Following are some details you need to know about the Buy-Sell Agreement.
Determining the value
Most Buy-Sell Agreements require the partners to agree to the value of the company on an annual basis and record it in the annual partnership meeting. This may seem arbitrary, but if everybody agrees (typically requiring a unanimous vote) and everyone knows the value applies to everyone, then who cares what anyone from the outside thinks? If the partners can’t agree, then a third-party appraiser is brought in to do a formal valuation if a buyout is triggered during the upcoming year.
Terms
Oftentimes, the terms are based on a note, with interest, paid out over five to 10 years. This can obviously create the retirement income a partner is looking for, and over the period of payments, it will spread out the tax bill as well. Some Buy-Sell Agreements require the remaining partners to obtain a loan for a good portion of the purchase price and then finish off the rest with a Note. This allows the departing partner to invest the initial money received wisely to create additional cash flow and prepare for when the payments under the Note end.
First right of refusal
Typically, there’s a first right of refusal that must be given to the remaining partner(s) when a partner wants to leave or sell. This means that before a partner can run out into the open market and look for another buyer, they first have to offer their ownership interest to the other partners. This obviously can create some hurdles for the partner wanting to sell because they first have to find a third party willing to buy into a partnership where they may not be welcomed with open arms, probably be in a minority position, and then have to wait around for the other partners to exercise their first right of refusal. But, again, it’s a protection mechanism that “cuts both ways” and protects all the partners.
To protect both parties, there can be a provision requiring the departing partner to sign a noncompete, and also the remaining partner or partners to “pledge” the partnership interest they purchased as security or collateral for the Note they’re paying off. Thus, if the buying partner(s) defaults, the selling partner can come back into the company as an equity partner to try to recover the remaining sales price or value sold in the original agreement.
It’s OK for a partnership not to have a Buy-Sell Agreement in place, but it can increase the tension in the case of a partner selling when the remaining partners didn’t foresee the situation and don’t have the wherewithal to buy out their partner. In these situations, I tell the partners to turn immediately to their partnership agreement (typically an LLC Operating Agreement) to understand what the governing document allows for when it comes to a partner who wants to get out or sell.
If you’re in a partnership and you have the slightest thought that you might want to sell in the next 10 years, and your partner might just be the buyer, then implement a Buy-Sell Agreement immediately. Don’t mess around with the disaster that can be created in a partnership when it becomes volatile or a partner up and decides they want out.
This article was originally posted here on Entrepreneur.com.
Opinions expressed by Entrepreneur contributors are their own.
Thanks to the rise of mobility tools like Slack, Google Hangouts and the newly announced Facebook Workplace, fewer and fewer workers rely on an office to get work done every day. As a result, nearly 37 percent of the workforce elects to work remotely at least part of the time. And those who do say they are not only happier but more productive.
Still, not all companies embrace a flexible work-from-home policy. Marissa Mayer of Yahoo famously rolled back the company’s telecommuting allowance in 2013, citing that employees are more collaborative and innovative when working in proximity. Despite taking quite a bit of flack for the decision, Yahoo claimed it worked.
For companies committed to fostering both creativity and productivity in their office environment, leaders and office managers are faced with a challenge: How do you design an office where employees feel just as -- if not more -- productive as they do at home?
Optimizing your office layout and culture is a great place to start. These simple modifications can boost office productivity in most offices -- and can be set in place right away.
1. Carve out spaces that work for everyone.
When it comes to designing an office layout, one size rarely fits all. According to a study by Steelcase, 88 percent of employees will choose where to work in the office based on their task. Limiting employees to working only in an open office floor plan or only in a private, cubicle-style floor plan can squash productivity and lead to less overall happiness.
The solve for this isn’t to toss out the open office concept altogether, nor ditch every last cubicle. Rather, you can create task-specific workspaces within the office, designed for different workstyles. For example, the kitchen area will always be a magnet for discussion and collaboration. Rather than leaving this collaboration up to chance, encourage it by adding some bar-height tables and stools where employees can mingle.
For more heads-down work like coding or examining spreadsheets, do your best to create spaces for quiet focus. If you’ve got the resources available, consider converting an extra conference room into a silent workspace. You don’t need a big budget or major office updates to implement these changes -- start by communicating the new office functions to your team and back it up with some signage.
You’re probably thinking, “Yeah, yeah, yeah; I know it’s important to take breaks, but that doesn’t mean I have the time.” It’s true; taking a break can seem completely antithetical to tackling an endless to-do list, but if productivity is the goal, then breaks are essential.
Studies show that we should be breaking once every hour at least. And while that might not be realistic for everyone, it’s important to keep in mind that after much more than an hour of focus, our brains simply cannot continue to treat the task at hand as important, meaning work quality goes down.
As a business leader, it’s your job to make sure your team knows it’s not only acceptable to break from work from time to time, but expected. At TheSquareFoot, we make taking breaks from the grind a routine by holding in-office meditation sessions. Making it a group activity means we completely remove the stigma of stepping away from your desk. The stigma goes the other way now. If someone misses too many meditation sessions, we start to wonder if they’re struggling with prioritization.
3. Implement a conference room scheduling system...and stick to it.
We’ve all experienced what I like to call the “conference room shuffle” at some point or another. Your Skype call goes over by five minutes, the next group is chomping at the bit trying to get into the room for their meeting, awkwardness ensues. The matter gets even worse when the next team is delayed further by trying to figure out how to display their project on the big screen. There are tools like YArooms designed specifically for keeping the conference room shuffle organized, but if your team is ignoring these systems, it might be time for an intervention.
Consider drafting a conference room protocol sheet for every meeting room in your office. This should lay out exact rules for scheduling and passing off conference rooms, as well as how to utilize and leave the room itself once a meeting is finished. The benefits of codifying a system are twofold:
1. There will be less indecision when it comes to passing off conference rooms, and those who need to kick out the previous occupant will feel less awkward.
2. Meetings will start more efficiently if there’s one easy place to find information such as how to connect to the TV and how to dial out for conference calls.
While these tweaks might sound small, investing some time in organization up front can pay out massively in the long run.
Although you’ll likely never please everyone, making small tweaks to the environment of your office can have dramatic effects on productivity. Making sure the temperature, light, sound and yes, even smell of your office are tailored to suit the greatest number of people is an easy way to make work feel less like work for your team.
Let’s break it down:
Temperature: Most experts agree that the optimal temperature for workplace productivity is between 70 and 73 degrees. Fans, space heaters and blankets can be supplemented for outliers.
Light: Sunlight can dramatically improve workers’ health and productivity. It is one of the most in-demand amenities tenants look for, yet too much light is a problem when it adds a glare to computer screens. Finding the right amount of light has been a problem plaguing the office world for years. Companies 3M and Alcoa are on a mission to redirect plentiful office light. For offices that are just too dark, look into installing some LED lights, which mimic the effects of sunlight on the body.
Sound: You’ll probably never find a playlist to suit everyone’s taste, but studies have found compelling data to support that music helps us work faster and more efficiently by creating a more positive affect, so it may be worth it to keep the tunes going.
Smell: Aromatherapy enthusiasts have been saying this for years. Smell can have a dramatic effect on our moods and energy levels, so why not harness that knowledge to make your workspace more productive? Entrepreneur has a guide on the smells most likely to liven up your workplace.
Did you know that employees who take meetings on the go are 8.5 percent more likely to be engaged at work than those that don’t? Walking meetings or "walk and talks" have become so popular among Silicon Valley tech companies that Facebook has a gravel path on its campus designed for that exact purpose.
Yet despite the trendiness and numerous health benefits of getting out of the office from time to time, most employees still spend way too much time planted in front of their computers. This may be because though many businesses are switching to a “results-only work environment” in recent years, some still prefer face time to flexibility. So, rather than simply encouraging team members to get out of the office for meetings and private conversations, lead by example. Executive leadership should take team members on walks instead of just booking a room. Often, these trends are implemented best when embraced from the top down.
Small updates to your workplace’s systems and environment can go a long way in boosting employee satisfaction and productivity. Taking these steps will ensure your team has a haven of productivity to come to each day.
Finding the perfect business partner isn't easy, but it can make or break your company.
2 min read
Opinions expressed by Entrepreneur contributors are their own.
Finding the right business partner is a matter of chemistry. While it can be a tough, it’s extremely important to find someone compatible with you and whose skills complement yours.
So what can you do to have a good partnership? For starters, understand your business and leadership style so you know what you need from a partner. Ask yourself questions including: Do I prefer coming up with facts and figures or brainstorming ideas? Do I like to plan things or play them by ear? Do I look at the bigger picture or focus on details? Questions such as these can help you understand what you can bring to the table in order to figure out what you need from the other person.
Once you figure out the type of partner you need, there are a few other rules to live by. Before jumping into a partnership, you should know that person for at least a year so you’ve seen their true colors and have a solid grasp of who they are. Next, make sure your core values and beliefs line up. It would be no fun to butt heads later on. Lastly, draft it all out: Write out your partner’s responsibilities, rights and exit strategy so everything is clear and transparent.
To learn more, check out Business Backer’s infographic below.
Emotional intelligence is not something somebody else was born with, it's a skill caring leaders work to develop.
5 min read
Opinions expressed by Entrepreneur contributors are their own.
It's amazing that even in 2018, many of us find it increasingly difficult to connect with ourselves, others around us and the ever dynamic world. Most times, it's a struggle we're unaware we're constantly dealing with. I once had a colleague who got overtly sensitive when she was asked to pitch to clients at meetings. Public speaking wasn't her strong suit, and our boss at the time couldn't take any excuses. It affected her output and delayed her career progression in the firm simply because the boss wasn't emotionally intuitive to put her in the right role.
Needless to say, a very important factor at play in interpersonal communications and conflict resolution is emotional intelligence. EQ, as it's commonly called, is the aspect of human intelligence that governs our ability to recognize our feelings, those of others and manage emotions. In other words, it constricts you to pay attention to your soft side and that of others -- something my boss lacked at the time.
Interestingly, the smartest people don't necessarily make the pool of successful people. I've realized that intellectual intelligence (IQ) is not enough to guarantee success. For a human resource fueled business to thrive and be sustainable, more attention must be placed on the soft side of the human capital. Thankfully, according to a research by CareerBuilders, more than one-third of employers are beginning to place more emphasis on hiring and promoting people with emotional intelligence, post recession.
In line with the dynamic demands of the workplace, I've learned a few ways EQ can play an almost more resounding role than IQ in increasing productivity.
1. It affects physical health.
When your emotions are not properly managed, it is more likely to translate to stress, which is harmful for the engine on which your business runs -- your body. You'll be amazed at how much damage stress can cause. Uncontrolled stress creates a ripple effect that spans through high blood pressure, weak immune system, increased risks of heart attacks, infertility and more. Luckily, a better dose of emotional intelligence can diffuse the stress bomb.
2. It affects mental health.
Four months before I resigned from my former place of work, I was constantly fighting bouts of depression. I was unsatisfied with the culture at my workplace. My boss constantly attacked my work. I was dealing with a heart break, and I completely lost the passion to add value to the firm. I had to learn to sieve out the toxic emotions, switch to a better job and surround myself with the positives. Sadly, 1 in 6 people experience varying degrees of depression, and it most often leads to anxiety.
Research from World Health Organization (WHO) shows that 350 million people worldwide suffer from varying forms of depression, with women more likely to be diagnosed than men. With outcomes like these, it is expected that one's relationships with others will be flawed and work output stunted. However, strategies that feature emotional intelligence have been known to improve mental health.
3. It influences relationships.
With emotional intelligence being exercised in the work place, more respect is accorded to every colleague as their emotions are being carefully managed. Luckily, I groomed myself to manage my anger and not react aggressively when hurt, and that helped with communicating better with others. On the contrary, a lack of emotional intelligence will mean an utter disregard for the feelings of fellow workers and leads to a dearth in strong and meaningful relationships in the workplace.
With the continuous disruptions by new technology and innovations, EQ is becoming increasingly important. Not only will EQ help protect the business from potential risks, it will also to preserve personal relationships which may experience various kinds of hiccups, when effective communications become a chore.
4. It improves conflict resolution.
I once came across a Dale Carnegie quote which helped shape my perspective in interpersonal communications. He's quoted as saying, "when dealing with people, let us remember we are not dealing with creatures of logic. We are dealing with creatures of emotions, creatures bristling with prejudices and motivated by pride and vanity."
In exercising emotional intelligence, we listen, talk and resolve conflicts in a more sensitive and productive manner.
Emotional intelligence is widely known to be the key fabric of effective leadership. It contributes almost 80 percent of success rates, with IQ sitting at 20 percent. The ability to be perceptive and in tune with the emotions of the followers stems from a healthy dose of emotional intelligence. A leader who gives himself to this mode of thinking is more self-aware, self-managed, emphatic, better at managing relationships and communicates effectively.
Emotions are strong enough to get in the way or get you well on the way to success. Renowned psychologist Dr. Martyn Newman in an interview said, "the set of skills we need to meet business needs are rooted in our emotional and social behaviors, and studies also show that as you grow a culture of emotional intelligence in your organization, levels of absenteeism drop and engagement levels increase."
Investing in EQ is guaranteed to yield you more committed employers and relationships, as most people don't care how much you know until they know how much you care.
If you're in transition and looking for a new job or you're contemplating changing jobs, there's nothing more powerful than learning how to be efficient and effective on LinkedIn. Being listed on LinkedIn is a must. A study by Microsoft revealed that 70 percent of employers have rejected job candidates because of information they found online about those candidates. Yet, the same study suggests that 85 percent of employers say a positive online reputation influences their decision. Those are pretty convincing numbers.
The power of LinkedIn lies in the fact that you can connect with people who influence decision-making regarding whom to hire. In turn, you too can research the company you're targeting, the hiring manager there and even the culture of the company. Sixty percent of hiring decisions are based on a candidate's fit with the company's culture.
By joining professional and alumni groups on LinkedIn, you can participate in online discussions as well as answer questions, thus becoming prominent -- and even possibly viewed as an expert. (Companies love hiring experts.) Additionally, recruiters scour professional groups in search of experts.
When you're in transition, it's important to know the right people but also important that they know you and that they get reminded of what you're looking for. Therefore, it's advisable to invite people to connect with you on LinkedIn. When you send an invitation, personalize your message, address the person by name, include a reminder about your commonality or mention how you came across them and ask whether they would be willing to connect with you.
When looking for opportunities, go to the home page and type in the search field the name of a company of interest. Perform an Advanced search via the filters available on the top. Then customize the screen to your circumstances. From that list, select and invite the people you want to connect with.
Solve their problem instead of simply selling them something.
5 min read
Opinions expressed by Entrepreneur contributors are their own.
The most successful salespeople in the world don’t come across as salespeople at all. Instead, they carry themselves as experts in their industry who can solve key challenges for their ideal prospects. Simply put, if you’re in the business of selling, then you’re an expert in whatever you sell. It’s up to you to make sure your prospects know it.
While your prospects only see what’s going on at their own companies, you can offer them a valuable bird’s eye view of trends across the entire industry. But do your customers see it that way? If not, it’s because you’re coming off as salesy instead of as an expert.
The following eight simple keys will help you build a reputation as an expert in whatever you sell, so you can earn prospects’ trust and start to crush your sales goals:
1. Don’t think like a salesperson.
If you want to come across as an expert to your prospects, you must first stop being salesy. That means you have to stop thinking like a salesperson. When you think like a salesperson, you jump at any chance to pitch your product or service. Instead, slow down and listen. Strive to identify if your prospects are a fit in the first place. Thoughtful intentionality is the first step towards being viewed as an expert in the eyes of your customers.
2. Adopt a doctor’s mindset.
Instead of thinking like a salesperson, try adopting the mindset of a doctor. I’ve never met a doctor who used a pitch like, “We have this incredible new procedure that I just can’t wait to tell you about! It’s going to change everything!” Rather, good doctors ask questions to make sure they truly understand your pain before making a diagnosis. Mimic this approach by making it your goal to fully understand your prospects’ deepest frustrations before you ever propose a solution.
3. Lose the P.E.P.
Most salespeople are full of P.E.P. -- Persuasion, Enthusiasm and Pitching. They’ve been told that this is the key to closing more sales, but it simply isn’t true. If you have to persuade a prospect, then that prospect probably isn’t a good fit for what you sell. Enthusiasm comes off as salesy and insincere. And pitching is the opposite of trying to understand a prospect’s problem. Instead of turning your sales meeting into a P.E.P. rally, adopt a genuine approach that seeks to understand and diagnose key challenges. When you do, prospects will view you as an expert they can trust.
As an expert, you have valuable industry information that your prospects would love to know. Capture their attention and increase your perceived value by sharing some of that information at the start of your conversations with prospects. Try listing a few examples of challenges you’ve seen in their industry. This will provide value, give the prospect something to relate to and serve as a launching-pad for some great discussion.
5. Ask about their challenges.
Once you’ve shared a few common challenges you’ve observed, simply ask, “Do any of these challenges ring true to you?” Simple questions like this create more value when you sell, in addition to engaging prospects and encouraging them to open up to you. If you can get someone to articulate a challenge that they’ve yet to share with anyone else, you’ll immediately gain respect as an authority in your field who can tap into, and ultimately resolve, big problems.
6. Know when to walk away.
What do you do if you ask, “Do any of these challenges ring true to you?” and your prospect answers “no?” Well, if a prospect doesn’t have the challenges you can solve, then it’s probably not a good fit. When this happens, you must be willing to disqualify. Walk away without looking back so that you can spend your time with qualified prospects instead. Customers will respect and trust you more when they notice you aren’t trying to push a product they don’t need.
7. Remember the 15 percent rule.
Salespeople should never talk for more than 15 percent of a meeting. Talking doesn’t put you in control of a conversation; great questions do. Engaged body language, thoughtful questions and small prompts such as, “really?” are all great tools to keep the customer talking. Follow this rule, and prospects will view you as a thoughtful listener and an expert.
In all fairness, there may be times when you really do need a sale to pay your bills, but prospects should never be able to tell. When you come across as successful and confident, prospects will believe you don’t need their business. Instead, you’re simply meeting with them because you think your offering will truly help them. Relaxed confidence is attractive to prospects, and an air of success will suggest that you’re an established expert in your field.
You’re already an expert in your industry. Now it’s time to act like one. Which of these keys will you use to establish yourself as an expert in the eyes of your prospect? Take this free 1-Minute Sales Strengths-Finder Quiz for even more insight into improving your sales strategy.
Opinions expressed by Entrepreneur contributors are their own.
When you’re starting a business, you can expect mistakes and sometimes even failures to come along with it. For most successful people, failure is always a part of their journey. It’s learning how to handle and grow from these experiences that make us stronger and better position us for future successes.
Just take a look at Bill Gates, Richard Branson and Walt Disney. Before dropping out of Harvard and creating Microsoft, Gates co-founded a traffic monitoring website called Traf-O-Data, which failed.
For all Branson’s life, he’s struggled with dyslexia. He dropped out of school when he was 16 years old, but then went on to create Virgin. Even at Virgin, Branson has faced many troubles, attempting to start a soda company, a bridal company and a digital download agency, all of which failed.
Walt Disney was also prone to failure: the high school dropout was fired from a magazine job at 22 years old because the editor felt he “lacked imagination.” After that, he created Laugh-O-Gram Studio, which went bankrupt after two years.
To learn more, check out Quick Base’s infographic to see how 10 billionaires faced failures.
Are you familiar with the term mental blockers? These are automatic blockers that come into your mind and reduce productivity. If NOT controlled, they can hinder your growth and productivity, which is bad for any business. There have been many resources and people who have dedicated their lives to finding out what they are and how to overcome many of them. It’s important to note people will obviously have different mental blocks they have to overcome, but the universal ones are pretty simple to understand. I think it’s important you know how to manage them so I would like to go over some of them now. Please let me know what you guys think and if you have any feedback.
Let’s jump right in.
Short Attention Span
This applies to both people and entrepreneurs but because my focus is businesses or blogging, then let’s talk about their effect on them. First, over the years, research has shown people have less of an attention span than fish, which is now 8 seconds and this can cause many problems if you multi-task. If you’re like me, you do several things at once, jumping from one to another and this can cause you to lose track. I have changed my ways since then and try to complete tasks in an organized fashion. However, doing too many will cause you to lose focus. This means your work suffers and you could start paying attention to less important tasks.
Human attention has a span of 8 seconds so you should focus on NOT dividing up your time, but doing tasks in an organized fashion.
Negative Thinking
This is another major one and can completely destroy your positive energy. If you have your own business, you’re going to have difficulty starting out and will need to find ways to overcome it. However, if you think negative and say things like:
I won’t do it
I am going to fail
I don’t have enough knowledge
You’re going to be setting yourself up for failure. I’ve always encouraged people to stay positive because this can influence your work going forward. This will also keep you pushing in the right direction, which will help you overcome every obstacle in your way. Negative thinking is the cause of previous bad experiences, but you have to remember to live in the present and future, and forget the past.
Suppressing Thoughts
There are some thoughts you should bury away, but how about those that apply to your business? What happens if these are mistakes you made in business and that you should be learning from? This is a problem I’ve seen among many entrepreneurs and instead of them learning from them, they’ll suppress them. However, this can have an opposite effect on your business because if you ever make the same mistake, it can have deep consequences. I’m a true believer that with business, you should learn from your mistakes so you can be better going forward. This will help you make quality decisions and simply make you better within your niche.
Here’s what I mean:
Learn from your mistakes
Don’t suppress them
Always stay positive
I Can Do it on My Own
This is another major mental block and you have to learn to accept the help of others. I learned this the hard way and didn’t reach out to anyone in my industry for years because I didn’t want to work with my competition. However, you have to remember everyone needs help because mentors can teach you what you are missing. Having help will allow you to avoid mistakes that you otherwise would keep making, hindering your growth. Understand everyone needs help but it’s the way you approach someone for it. Be genuine and always give back because people remember who helped them get where they did and this can be huge for your brand.
It’s easy to implement this because you just have to reach out to people within your niche. Ask them genuine questions or for help on something that is stopping you from moving in the right direction.
Opinions expressed by Entrepreneur contributors are their own.
Silver-tongued orators are like world-class magicians. They float onto the stage with enviable swagger. They use choice material, and their compelling delivery keeps audiences rapt. They know that to touch the heart is to affect change; to stir the imagination is to inspire action.
But they also know something that others don't: Effective communication is an attainable and deliberately acquired skill set -- one that can be learned and practiced over time. Too many people mistakenly believe that good communication skills are written into a person’s DNA. While it’s true that individual attributes can make these abilities easier to acquire, there is nothing that the world’s best communicators have that you can’t acquire through hard work.
Ask any impressive orator and they will tell you that the real magic is anchored in the precision work they do behind the scenes. And as author and former presidential speech writer James C. Humes writes, “The art of communication is the language of leadership.” Those who master the art can convince others to help them move mountains.
If you’d like to improve your ability to communicate and gain greater influence as a leader, take the time to cultivate the cardinal skills.
Smoke out original thought.
Citing tired platitudes and bumper sticker slogans might win you a few "cool points" in social media circles, but they will only take you so far if you're truly striving to effectuate change. People loathe hearing the same old ideas, over and over again. Smart leaders know that stretching their creative capacity is required to increase industry clout and deliver meaningful messages that matter.
Make no mistake, to become a more effective communicator, you must 'smoke out' original thought. Rather than conforming to the status quo, make a conscious decision to abandon overdone and clichédmaterial. When a disruptive idea rears its peculiar head, instead of immediately dismissing it, meditate on it to see where it takes you. The most inspiring and provocative ideas usually evolve this way.
And as for those who say that you shouldn’t try to reinvent the wheel? Anyone who has ever sat through multiple renditions of Three Ways to Become a Servant Leader will tell you that it’s high time that someone, somewhere did.
Prepare an impactful delivery.
Once you’ve developed a fresh idea, it’s time to work on organizing your message and polishing your delivery. How will you launch a stunning opening and closing line? How will you organize your material succinctly, so that it is both moving and memorable (perhaps tweetable and repeatable)? Should you use humor? Persuasion? What kind of compelling details should be included? Would a story be appropriate? Remember that your delivery also includes your vocal and non-verbal communication (body language), which are critical to the success of your overall message.
Winston Churchill practiced one hour for every minute of talk-time. A polished delivery is not about cobbling together the "perfect words" and then memorizing them like a robot. It is all about the way you competently and confidently convey your message in real-time. Take the time to internalize the subject matter and work on the mechanics until you own them. The delivery should feel so natural that you hardly have to think about it. Note that while practicing your message aloud, you may realize that the content needs to be tweaked. Welcome these edits. You're on you way to chiseling out the heart of your message so that it falls nicely on the ear.
It's often a good idea to send your draft material to someone you trust (even a subject matter expert) for honest, constructive feedback. Once you've honed the content, practice it in front of someone with a good eye and ear for impeccable delivery. Whatever you do, don't become defensive. Throw your ego out the door and apply what you learn to sharpen your saw.
George Bernard Shaw coined the famous phrase, “The single biggest problem in communication is the illusion that it has taken place.” Poor listening skills create roadblocks to communication, especially when the single-minded goal of the speaker is to be heard. Anytime you are engaging an audience, there should be continuous cycle of give and take, which includes listening and learning, as well as offering tangible value.
A speaker communicates best while he or she listens actively, which helps them to respond more organically to the needs of the audience, while simultaneously expanding their understanding of the nuanced dialogue taking place. However, if you’ve convinced yourself that you’re the only person in the room with something interesting or valuable to say, then you'll miss key opportunities to clarify, provide relevant examples and challenge the audience to dig deeper to extract greater meaning.
Real communication involves purposeful exchanges between all interested parties. If you’re doing all the talking, you’re not maximizing opportunities to create reciprocal understanding or expand the reach of your thought leadership.
Develop rapport by engaging in real dialogue.
Most people know when they’re being "talked at" rather than "talked to." And being "talked at" almost always turns people off. Leaders who engage in dynamic, interactive dialogues -- rather than defaulting to stale monologues -- establish trust, develop rapport and experience greater empathy from their audiences.
We've all sat through lackluster, canned presentations hardly salvaged by the PowerPoint slides that consumed them. And when they're read verbatim, with little to no emotion, it's a miserable experience for all. If you’re not focused on building rapport and having an organic conversation with the audience you're attempting to sway, then you’re squandering your efforts and wasting everyone's time.
In a trust economy where honored relationships form the basis for developing and maintaining business, treating communication as a perfunctory exercise will only result in a gratuitous diminishment of credibility. Remember, connecting with your audience (whether that be an audience of one or 1,000) will always mean taking the time to engage them, exposing your humanity and jettisoning the unfortunate behaviors so commonly associated with an aloof and ill-prepared presenter.
Part of mastering the four skills mentioned so far necessarily includes following up with your audience, in real-time. Even the most accomplished communicators observe this critical step. How do you do that in a speech? You check in with your audience to make sure that they "got" what you intended to give.
One way to do this is to emphasize the main points of the presentation by strategically reintroducing them at the end. By no means does this suggest regurgitating a mundane list, though. Be creative! For example, you might offer several calls to action, complemented by an expansion of each point.
Another way to accomplish this is by eliciting feedback and answering audience questions, especially when a live Q&A session is part of the engagement. This allows the audience to flesh out any unanswered questions, resolve any misunderstandings and walk away with greater value. If a Q&A session is not possible (and even still in most cases), offer a mechanism that allows the audience to provide anonymous, but targeted feedback. You'll want to know what worked and what didn't.
After the engagement, review and assess the evaluations. Use the constructive feedback to improve your next performance and surgically remove from it anything that isn't useful. The more evaluations you receive and analyze over time, the better you'll get with your scalpel.
Are you ready to benefit from the golden touch of a silver tongue? If you work to master the above skill set, you'll be well on your way!
Longtime media executive, startup investor and author Fran Hauser tells Jessica Abo why niceness has a place in today's work culture.
2 min read
Opinions expressed by Entrepreneur contributors are their own.
Fran Hauser has held senior positions at some of the world's largest digital media businesses, including Time Inc.'s People, InStyle and Entertainment Weekly, as well as Moviefone and AOL. Today, she's a busy angel investor who is passionate about investing in female founders. In her book, The Myth of the Nice Girl: Achieving a Career You Love Without Becoming a Person You Hate, Hauser tells Jessica Abo why being nice matters in the workplace and how it's possible to be both kind and successful.
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The ninth annual Women in the World conference in New York City brought together authors, activists, politicians, innovators and entrepreneurs to share their expertise and perspective about the strides women have achieved in the world of work and the progress that still must be made. But no matter what their background, these women at the top of their fields spoke candidly about to be an effective leader and know your own worth.
Check out these quotes from 10 inspiring women who spoke at the conference:
Leah Busque, TaskRabbit founder and Fuel Capital Partner
"Work in general is not working for women. 60 percent of women are college grads and 5 percent of them hold top leadership roles in corporate America," says @labunleashed#futureofwork#WITW
@TaskRabbit founder @labunleashed says choosing the flexibility of freelancing shouldn't mean that you are setting yourself up for a world of instability. "There needs to be a marriage between the two." #futureofwork#WITW
Success happens when you empower your employees to take ownership of their work. “I dislike the word boss, I love the word leader. Everyone is a leader and the team is leading you too," says Chef @dominiquecrenn
“I’m going to be in this business for a long time, I need to treat people with dignity.” - Chef @barbaralynchBOS on learning what not do as she worked her way up to running her own kitchen. #WITW
Carmen Rita Wong, founder and CEO of Malecon Productions
Talking and being honest about #money is part of the fight for #equality. “You have to understand your own autonomy," says @CarmenSense. "How you manage your money changes your life completely...it affects every single point of your life." #WITW
For aspiring female founders, @caribu's @Maxeme says that if you want to start a business, there will never be a right time, so don't wait. “If you are passionate about something, go do it.” #WITW
“Sponsors will put your name on their name and that is what all women should have," says @caribu CEO and co-founder @Maxeme about the qualities you should look for in the people you have in your corner. #WITW
You're more successful when you have people to rely on and share your experiences with. “It is so critical to have that authentic network that allows you to be vulnerable," says @WeightWatchers CEO @mindygrossman#WITW
As you work toward achieving great things, make sure that taking care of yourself is your top priority. “Put your oxygen mask on yourself first," advises @BCG partner @Leila_Hoteit#WITW
Diane von Furstenberg, designer and founder of DVF
Don't feel like you need to run your company like anyone else. “I never did a business plan," @DVF revealed in conversation with @katiecouric. "My first real business plan is now.” #WITW
“The most important relationship in life is the one that you have with yourself...When you doubt your power, you give power to your doubts.” - @DVF#WITW
“I’m trying to learn to assert my value...you think you’re not good enough to earn the same as the blokes, but when you look at the other women, you think that’s not right, because this person is amazing.” - @BBCCarrie on owning accomplishments #WITW
Advisors can vet your idea, define your go-to-market strategy and draft a financial plan, among other valuable skills. So pay them some respect.
8 min read
Opinions expressed by Entrepreneur contributors are their own.
An advisor is someone who gives advice, typically from a position of expertise in your field. And he or she merits respect: Throughout our professional lives, most of us at some point need mentors and advisors who guide our steps and help us navigate the day-to-day complexities of a fast-paced business world.
Take the field I'm currently advising in: cryptocurrencies. Not too long ago, the business world knew next to nothing about cryptocurrencies; the only way to invest in a startup in this segment was through venture capitalists and angel investors, potentially leading to your very own IPO.
But business has evolved and now people have jumped on the cryptocurrency-blockchain-ICO bandwagon. This year alone, there have been 151 initial coin offerings (ICOs) -- mostly in communications (22.8 percent), finance (17.2 percent) and trading and investing (14.5 percent). And we’re not even a full four months in.
Despite the less rigorous process of an ICO (compared to that of an IPO), there are still “t’s” to be crossed and “I’s” to be dotted. As you get ready to start your own process, the first question you need to ask is: Who are my advisors going to be? This is not a step to be skipped, even if you think you know what you’re doing.
Why? Because advisors (for the example given, of an ICO) can help you:
Vet your idea
Define your go-to-market strategy
Structure your token sale
Draft a financial plan
Ensure legal compliance
Introduce investors to pre-launch stage
Create a viable road map post launch
Advisors also add credibility to your venture. However, make sure that your advisors don’t outnumber your team members. That’s a red flag for investors who are pretty up to date on who’s who in the crypto world.
Here are two key questions to get you started on your hunt for the best advisor(s).
What to look for in an advisor
This stage will require the most legwork. Choosing the wrong advisor will erode trust within your team and, as I’ve mentioned before, trust is the most fragile relationship you’ll ever have. It takes a lot of work to build it and just a second to lose it. Any business owner knows that you need to surround yourself with people who have a different set of skills than you do; and an advisor/entrepreneur relationship is no different.
So, first identify which areas you need help with. Are you a good communicator, but not great with numbers? Have a sharp marketing mind but your only legal experience comes from watching Law & Order?
Look for people who have "been there, done that"-- people with diverse experience and expertise. For example, a local Sioux Falls company, CoinLion, that I advise pro bono, has advisors who are an eclectic mix: seasoned corporate executives ranging from legal and government advisors, to a former police officer and circuit judge. They also include Wall Street analysts and engineers.
One thing to keep in mind is to get to know your advisors. Everyone should feel comfortable enough talking about anything related to the business, including financials.
Where to find advisors
The answer is obvious: Start with everyone you know. Bust out your old Rolodex, figuratively speaking; Google those people; check out their LinkedIn profiles. Do whatever it takes to properly vet anyone who might be jumping on board. Check out these individuals' recent experience and work history. Recently, my team did an interview with a book author for one of the C-suite TV shows in which the author reminded listeners that “your network is your net worth.”
That's good advice. Here's more: After you've compiled your first list, compile another: Reach out to people in your personal network who might be a complement to your business. It’s all about whom you know. Spread the word to family, friends, colleagues. They might suggest someone willing to impart knowledge, fueled by a personal network of contacts to provide valuable recommendations. Also, make sure that anyone you consider has a good reputation.
In terms of my own advisory experience, my criteria for working with an ICO is the same as that for any other business deal I might consider. And it's threefold: He or she should have the ability to make money, grow professionally and have fun doing it. If these three criteria are not met, I’m not going to do business with this person; I don’t care how tempting an offer it may be.
Note: Not every crypto expert will be a good advisor. There will be those looking for some sort of compensation for their expertise or to enhance their own portfolio; these are people who probably won’t care about your product. Steer clear!
What to do next
Now that you have your advisors in place, here are a few "dos and don’ts." As the (ICO) entrepreneur bringing on the advisor:
Do: Ask yourself: What is the purpose of my token? Do I really want to launch an ICO?
Do: Hold off on launching your ICO if you're not ready. If your venture doesn’t have to be built using the blockchain platform, or you’re unsure if that’s the way you want to go, wait to be sure. You need a strong, compelling reason as to why you’re using a decentralized platform, and you need to conduct more research because you might not fully understand the process.
Do: Write a concise, informative and thorough white paper. The document should cover every aspect of the venture: financials, technology, the ins and outs of how the product would work and ways in which the token will be used within the system.
Don’t: Don't write a vague white paper with complicated terminology that doesn't do much to explain why people should invest. The bottom line is: If you can’t clearly convey a message, investors will steer clear of you.
Do: Profile every single team member prominently. Each member needs to have a clean LinkedIn page as well as a Twitter page. Any investor worth his or her salt will do a thorough search of each team member, top to bottom.
Don’t: Don’t be shady about your team. If you list only a few members, investors will get suspicious about the lack of disclosure. These projects are complicated and require an entire team to pull off the feat, so why not showcase the entire team?
Do: Make sure everyone on your team is in sync with the communication strategy pre-, during and post-launch. Whatever your platform is (website, white paper, slack, social, etc.), your messaging needs to remain consistent. Also, respond to any inquiries in a timely manner. People asking questions are people expressing interest. Turn that interest into investors.
Don’t: Change your communications strategy every time you get a different reaction from an investor or the public. Doing so jeopardizes your entire operation. People value consistency, and while you should address every concern, you don’t need to change your core message. Make sure your executive team doesn’t have a different message than your marketing and PR teams have.
Do: Keep in mind that the cryptocurrency world is global, not just a North American (or strictly a U.S.) thing. Therefore, translate your materials into other languages -- along with your website, white papers, collateral materials, etc. The most common languages crypto startups are using are: Russian, Korean, Japanese and Chinese, due to the high volume of users in those countries.
Do: Consider hiring a professional translator to capture the technical nuances of the language before you break out your own multi-lingual skills.
There are many factors that will determine the success of your ICO, but having a good group of advisors is as good a start as any. While there may be less regulation in the ICO world, that doesn’t mean you get to slack off in putting together all of the skills needed to make you stand out from the crowd. Put in the work, reap the benefits.
Opinions expressed by Entrepreneur contributors are their own.
In today's tight labor market, it's important companies not only invest in training new hires and management to retain key players, but those in-between, the mid-level employees.
They're your succession plan. They need management. Just like any group in your company, they need training and development, and this group is especially important because they are the producers of the organization and the talent pipeline of potential company leaders.
I started in an entry-level role at LaSalle Network 19 years ago, and as I grew up in the organization I didn't know what I wanted, but I had a manager who did. My manager paid attention to me, sat down with me and painted that bigger picture to help me understand what I could become within the company.
Typically once people reach a certain level and tenure, they stay. They've overcome hurdles, had successes and reached a level of autonomy they enjoy. The key is getting them to that point. Here's how:
Help them see the big picture.
While it's not necessarily a challenge, something to be aware of is that employees oftentimes don't know what they want their next career move to be. For instance, many think in order to grow their career, they need to go into management, which isn't always the ideal role for every person. Companies can outline the different promotion tracks that employees can grow into, whether it's a manager of people or process, and depending on which the employee is interested in, create a plan to help them get there.
Companies can have a formal training program led by a training department that incorporates and utilizes the company's subject matter experts and leadership. Managers also can schedule time to meet with employees at least twice a month to discuss performance and for career coaching. Informally, managers should be providing on-the-spot training and feedback to employees. Externally, companies can pay for employees to attend conferences, workshops, seminars and meetups.
My firm, LaSalle Network, has published studies surveying people on what they value in a role, and time and again training and development are among the top things they look for when evaluating companies. Providing different opportunities for continued learning is crucial in keeping any employee, including mid-level employees, engaged. It could also help reengage those who are disengaged.
Keep a pulse on them.
When building your talent pipeline, it's important to keep a pulse on your mid-level employees. If you suddenly notice they are disengaged, consider if they've been contributing less in team meetings, or if they were social with the team, have they pulled back spending time with colleagues outside of the office? Are they volunteering less for new projects, or helping colleagues? Have you noticed a dip in performance and work product? Has their attitude changed? The biggest question you need to ask yourself as a manager is if this employees is taking away from the team in any way.
Having someone to confide in about how they're feeling, challenges they are facing, etc. is always helpful regardless of your level. It's even better when this person doesn't sit on the same team and isn't your manager. Great mentors can be the key to pushing someone from good to great, from mid-level to senior.
Hold them accountable.
Proving themselves means meeting specific KPIs and metrics. It removes the intangible and emotional aspect. Is someone doing her job? Has she done it consistently? It also allows for the employees to know exactly what they have to do to get promoted. If your organization does promote from within, talk about that ... a lot!
At LaSalle, we talk a lot about the fact that we promote from within, and we want our managers to be homegrown. Eighty percent of our management team currently has been promoted from within. We're proud of that. We want employees to know there is opportunity to grow and develop here, that there is a path for them.
In a recent study, more than one-third of employed millennials surveyed said they believed that within 20 years, machines would be able to do the job they -- the humans -- do today. Only one in 10 feared that future.
5 min read
Opinions expressed by Entrepreneur contributors are their own.
The incident was tragic and certainly deserves a thorough investigation. At the same time, however, it rekindled the debate about a future with less human involvement. And that debate extends to a broader conversation about automation’s impact, in general, on all facets of life, not the least of which is its role in the workplace.
That's where entrepreneurs come in. Some fear a future in which artificial intelligence (AI) and robots might take over jobs previously performed by humans. They see AI as another step toward automation-led obsolescence.
In other quarters, business leaders, including entrepreneurs, are exuberant over AI's potential. Removing the human factor will dramatically reduce costs and improve efficiency (imagine a global fleet of robot-driven freight liners). Much of this divergence in outlook is based on the high degree of uncertainty. Drawbacks from automation will be offset by many improvements (improved quality of life, convenience and shorter workweeks).
Dramatic change will be punctuated by trial and error, and most of it certainly will not happen overnight. Much has been reported in the media about the impact on younger workers -- future entrepreneurs -- who arguably have the most at stake in future automation.
I believe that members of the millennial generation, which has experienced a significant economic downturn amid remarkable technological change, are well prepared for an automated future. Here at Pepperdine Graziadio Business School, we set out to learn how people in that cohort feel about that future by surveying more than 1,000 for their opinions and attitudes about future opportunities and barriers in reference to the new technology.
For millennials, automation is no abstract concept or far-off possibility. Many younger workers are already seeing it here and now: About four in 10 (all numbers come from the study listed above) currently employed millennials in the survey group said they either worked in or had considered a job that manages automation.
Those who already worked with automation (62 percent) were significantly more likely than others (29 percent) to believe that their roles would be automated in 20 years. Presumably, the former group’s experience gave them a deeper understanding of the growing sophistication and the potential impact of robotics and other forms of automation.
Automation is not to be feared.
More than one-third of employed millennials surveyed said they believed that within 20 years, machines would be able to do the job they -- the humans -- do today. However, just one in 10 millennials surveyed saw automation as a primary risk to their careers.
That doesn't mean that they are blind to the disruption the technology is likely to bring. However, they do seem battle hardened by the economic turmoil of the past 10 years, and quick to reinvent their careers in line with new inventions.
Automation isn't loathed.
While those familiar with the technology were more likely to think that automation would have a widespread impact, they also appeared to be more comfortable with that prospect. For example, 64 percent of millennials surveyed who had jobs managing automation felt “very confident” that they could achieve their career goals, compared to 37 percent of those who did not oversee automation.
Presumably, the former group had developed an understanding of the role they could play in an automated workplace. Incidentally, this automation-experienced group was also more likely to feel good about their current situation and to express more financial security.
Final thoughts
Many critics believe a robotic future will make career prosperity impossible for humans. Elon Musk, to name one prominent leader, has warned against a future with artificial intelligence. However, I, myself, see a future in which entrepreneurs will rely on software to take in new orders, manage workflow and settle account balances.
I see automation freeing up entrepreneurs, enabling them to pursue new market growth. I also see higher education (in business among other fields), playing a significant role by training professionals to work with and alongside robots to do work people can’t.
For skeptics worried about the near-term job losses, it is important to consider the broader labor economy. Boomers are retiring in droves – as many as 800,000 per quarter. Discouraged workers and those who work part-time for economic reasons have fallen sharply in number, leaving little slack in the labor market; in February 2017, the Bureau of Labor Statistics reported 522,000 discouraged workers; by February 2018, that number had declined to 373,000 (a striking 28.5 percent year-over-year drop).
Suffice it to say that for as many reasons as there are to be concerned about automation, there are many more to be optimistic, even enthusiastic, about what technology will bring to millennials, as well as the rest of us.
