IN A NUTSHELL...
The founding Director of a successful business start-up summarises:
"At its simplest, entrepreneurship is about taking an idea and turning it into a reality. It is taking a creative thought and going through a process of innovation to deliver a tangible outcome. To be a successful entrepreneur, you must be able to articulate an exciting and convincing Business / Strategy / Marketing Plan. You must then use this plan to engage business partners, banks and other financial backers to support you - and continue to support you - through the inevitable challenges, problems and opportunities in the future".
We will summarise these:
BUSINESS PLANNING - the essentials
1.0 The Product / Service
2.0 The Market
You can define your market any way you like e.g.:
3.0 Competition
Who else is selling similar products to your target market?
4.0 S.W.O.T Analysis
In relation to this new product / service and your target market - what are your:
5.0 Marketing Conclusions
So what does all the above mean?
Have you really got a winning idea?
Is it going to be feasible to make it happen....?
What are your risks (do a risk analysis!
Search "Risk analysis"
6.0 Segmentation & Positioning
Imagine a pie cut into slices - the market and segments - one of which is your target.
Positioning is "What you do to the mind of your prospect" - think of you favourite brand - how you see it in your mind is what you need to create for your product / service.
Create your own "positioning grid" (Google it for examples)
7.0 Objectives
When you have completed all the above hard work and are 100% confident you have an opportunity that will fly - set some key objectives...
8.0 Strategies
What strategies will you employ to achieve your objectives?
9.0 Action Plan
Make a lovely spreadsheet of actions over time and define your "critical path".
Google it.
10.0 Financial Plan
This is going to cost you money!
So you need to have a realistic "Profit and loss account" - Google it.
And finally - keep it simple!
If you do an excellent job on all the above - in say 10 pages - you will have a very good feeling about whether or not to take the risks and go for it!
And remember - you plan is a living document that you can continually refine and tweak as you go along.
It is also the vehicle you will use to attract investment and shape all your business activities.
1). Take the customer through AIDA (particularly with new products/customers):
2). Identify the M.A.N (sell to the right person!)
3). Understand the DMU (Decision Making Unit) – who is key to the buying decision?
4). Understand the basic elements of the selling process:
1. The pre-call objective – what do you want to come away with, achieve etc?
2. The opening benefit statement – what’s the exciting topic you want to talk about?
3. Questions - open/closed – what do you need to know?
4. Focus on customer needs – sell to their needs not your own!
5. Using visual aids – use skilfully - don’t lose control by handing them over!
6. Sell benefits not features – sell the sizzle not the steak! (“which means that…”)
7. Active listening – empathise, sound and look interested (nods etc and body language)
8. Pre-handling & overcoming objections – anticipate and deal with effectively
9. Reinforcing desired responses – feed back things said that reinforce your story (e.g. “So delivery is a problem with your current supplier (reinforces) - we can help!”)
10. Action close –what are you and the customer agreeing to do next, by when etc?
5). Apply FACE – a selling approach that ensures the customer realises the importance of what you have to offer…
6). Develop a positive mindset (Adapted from Covey’s “7 Habits of highly successful people”)
1. Be proactive – make things happen – not let things happen to you
2. End focussed – be clear about what you want to achieve in the long run
3. First things first – focus on the important things first (time management)
4. Win/win – adopt a “both win” approach
5. Understand others – before seeking to be understood yourself
6. Synergise – where can 1 + 1 = 3 or more?
7. Stay sharp – manage work with rest and relaxation
AND FINALLY...
As we shared in the section "It's your choice" - this is also the famous university where Steve Jobs, the founder of Apple, gave his memorable speech to graduating students (47+ million views on YouTube).
It is the most watched graduation speech of all time – and not without good reason. You will definitely be encouraged.
IN A NUTSHELL...
A Leadership Coach reflects:
"Whether we feel we are leaders or not - we will all be called to lead at some point or another. 'Leaders are not born - they are made' is the reality. Leaders make mistakes and can fail - but good leaders will use every opportunity to gain experience and do a better job next time. For them, the future is about change - the glass is always half full - not half empty. Good leaders are also extremely effective 'people-managers' with advanced inter-personal skills. They know their role is to encourage, inspire, give strategic vision and direction - and to serve - not to boss people around."
AND REMEMBER as Rick Warren has pointed out, "Criticism is the cost of influence. As long as you don’t influence anybody, nobody is going to say a peep about you. But the greater your influence... the more critics you are going to have."
Here are some attributes of "good leadership" - all of which can be drawn upon at any time, as you live out your leadership roles:
“The 7 habits of highly successful people”
Steven Covey's bestselling book can be summarised as:
1. Be proactive (don’t just think it – do it!)
2. Be end focussed (have a clear goal / vision)
3. First things first (get your priorities sorted out)
4. Win-win (look for mutual benefits not “I win you lose”)
5. Seek to understand the other person first (be a good listener)
6. Synergise (build on each other’s strengths)
7. Stay sharp (take time out to re-charge)
Servant Leadership can be summarised as having a leadership style that embraces 5 characteristics:
Leader as Servant - focussing on the needs of your organisations stakeholders which include all beneficiaries, staff, customers, investors etc
Leaders as Shepherd – caring for the different pastoral / wellbeing needs of the people you lead
Leader as Steward – taking care to manage resources well such as money, buildings, investments
Leader as Seer – the old word for visionary – have a long-term strategic vision
Leaders as Sage – again the old word for being a source of wisdom when difficult situations arise
The 7 characteristics of a good leader*
1. Integrity - or no one will believe or respect you.
2. Authenticity - or no one will be inspired by you.
3. Humility - or no one will want to help you on a personal level.
4. Compassion - or no one will feel safe around you.
5. Vision - or no one will follow you.
6. Focus - or no one will really graft for you.
7. Generosity - or no one will love you.
* Adaptation of original analysis by Nicky Gumbel of Jesus criticism of the Pharasaic leaders in "The seven woes".
A STORY - "Gut feel versus head"
"While at college, I turned on the radio, flicked through the channels and landed on Radio 4 and had to listen to the interviewer who had just asked:
"What 's the biggest mistake you've ever made?"
The answer was...
'The decision I made with my head - which I should have made with my heart'
It was given by the Chief Executive of a huge global company. The programme was 'In the psychiatrists chair', where different people were interviewed each week.
"My reaction was that I couldn't believe it! I thought everything had to be logical and analytical in business leadership...?
Later, as my career developed, I learned that people are strange things - they have feelings - and need to feel appreciated and valued in order to work at their best - especially when being asked to do things differently - i.e. change!"
THE GOLDEN RULES OF CHANGE MANAGEMENT
1. People need to accept there is a need for change.
2. They need to see clearly what the new reality will look like after the changes are made.
3. They need to understand the steps to get from where we are now - to where we want to be.
4. And most importantly they need to know their own individual roles in the change process.
If the people you are trying to influence do not understand these four basic aspects - they will not follow you.
You may well have a great idea which is actually right to implement - BUT - if the culture you are working in cannot “see it” – or there are political motives at work – or the paradigm needs to shift (see below) – then “wall banging head against” will be experienced!
LEADERSHIP AND FACILITATION
Facilitation is leadership, and can be described as follows:
So, whether you have just been given the project manager role, or suddenly find you have to step-up and lead in a sudden situation, or you are the Director or manager in charge - you will need to contribute to in one of the above ways.
THE "PARADIGM SHIFT"
A paradigm is “the way we do things round here”. Paradigms shape the way we think at all levels – from a small team, to an organisation, an industry, a nation.
For example – when the Swiss watch industry was shown the first example of a digital watch - they turned it down (even though their own industry research body invented it!)
“That’s not the way we make watches – it will never sell”.
Heard of Casio? For over a decade the Swiss watch making industry lost 90% of its sales. People bought digital watches instead. That’s a “Paradigm shift”.
The golden rule of the “Paradigm shift” is:
“When a paradigm shifts, everyone goes back to zero – your past success guarantees you nothing when the rules change” (Noel Barker, The Business of Paradigms).
LEADERSHIP AND "STICKABILITY" - 2 STORIES
STORY 1:
"The task was to create and implement a new project management process within a multi-million-pound global charity.
Staff were under pressure to deliver multiple projects. Priorities would be changed making them feel stressed and unvalued. There were feelings that anything the directors did was against their personal interests and wellbeing. It was not a happy place to work.
It was another tough assignment. There was relentless staff resistance to overcome even at senior level. But by the end of the eleven-month contract, thankfully all was well.
On the day I left, with good wishes and friendly gestures, one of the managers summed it all up. She simply said ‘I understood perfectly what you were trying to do in my head - but in my heart - I just didn’t want to do it – but now I do!
Sometimes you must stick at it - putting one foot in front of the other and keeping your purpose and vision firm. As it is said - vision is a deep dissatisfaction with what is - and a clear picture of what can be!"
STORY 2:
"I was brought in by the Chief Executive as the interim leader of a social enterprise needing to improve its performance.
The business had four full time staff and six 'clients' who were on a six-month paid placement to gain work experience skills after being long term unemployed or ex-offenders. Monthly turnover was up to £12,000, so not insignificant by any means.
To improve the print business we needed to address the many customer complaints for mistakes and delays.
I had created a new management process to ensure work was carried out in a logical and pragmatic way. This was a huge change and one that did not sit well with my colleague, the sales manager. He would often ask that I 'slip in' new work ahead of the others we had planned to do that day.
My steadfast refusal to deviate from the daily work programme caused a massive reaction and many weeks of having to deal with a whispering campaign that he created, and which painted me in a very bad light.
Fortunately, the Chief Executive understood what I was trying to do and in the end my persistence was producing results and no more customer complaints.
It was a tough battle, but the blessings were that the team did a very good job and customer complaints dropped to zero".
IN CONCLUSION
If you are confident in your plan, you need to persist and persevere through thick and thin - and maintain a very tough skin in the process!".
"Any enterprise is built by wise planning, becomes strong through common sense, and profits wonderfully by keeping abreast of the facts" (Proverbs 24:3 TLB)
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