entrepreneurship

December 8, 2015 by sereynolds

3 Questions Every Entrepreneur Should Ask Themselves To Stay Positive

In our culture, we have clichs to describe the idea of staying positive, even when facing great challenges. “Everything works out for the best.” “If it’s meant to be, it will happen.” While many people believe at some level that “things happen for a reason.” Adopting this mindset can be more than a set of platitudes; it can be a significant step toward a positive future.

If it really is true that that everything works out for the best, then every situation is perfect in some way.

For an example, take Zach. Zach was an attorney who learned his business partner, Kareem, was leaving the practice. Zach and Kareem had built a business from scratch; he thought growing it big was what they both wanted. But people change. Kareem wanted to join a bigger firm, not build one. Zach tried everything to help Kareem see the possibilities, and he tried to see every possibility for himself. But Kareem’s answer was no. After the emotions subsided (anger, resentment, denial, and determination), Zach took the practice over by himself. “Well, at least one positive thing came out of this,” Zach thought as he signed the documents. “Now I get to be president.”

But Zach got to be a lot more than that. As he started to shoulder the practice, he became more confident as a businessman. He took the practice in his own direction. He made bold decisions, branched out and hired more attorneys. The business grew, as did his reputation and profits. Best of all, he maintained a friendship with Kareem. Zach didn’t know when Kareem said “no” to the business that the business was saying “yes” to Zach.

A situation that at first seems to be a disaster can actually turn out to be perfect, and looking for the perfect is especially helpful when you get an untimely surprise. Here are three questions to ask yourself to look for the perfect in every situation, and to help you stay positive during challenging times:

Recall a time in your life when you got a “no” or “yes” that you weren’t expecting.
How did the situation work out?
In hindsight, what was perfect?

Believing life might be perfect as it is doesn’t mean you play a passive role in your life. You are still leading your life; you are still becoming the leader you want to be and creating your vision. But you’re doing so with an open mind, realizing that for reasons we don’t understand, some things might be “right” for us that we wouldn’t have chosen for ourselves. Other things might be “wrong” for us even if we thought they were right. Sometimes we find the opportunities we’re looking for, but other times those opportunities find us. By asking yourself the three questions above, you’re helping those opportunities to find you.

The previous article appeared on Inc.com today as a part of my column, “Behind The Desk.” Look out for new columns every week!

November 24, 2015 by sereynolds

10 Questions Every Entrepreneur Should Ask Themselves

Have you been running a million miles an hour, trying to keep up with the busyness of the season? Many entrepreneurs, especially this time of year, feel like they are so busy they’re starting to lose control. Losing control–over your schedule, your priorities, your ability to manage all of the details–isn’t just stressful, it’s a big red flag. Recognize the symptom of overwhelm as a cue to STOP and take control. In just 15 minutes, you can move from feeling overrun by your schedule to being back in control. You can empower yourself to be in charge again with a few minutes of reflection.

Empowered reflection is an ongoing, even routine process of paying attention to your progress–especially as a leader and entrepreneur.

Basically, it means taking a time out to think about your vision and ask yourself, “How’s it going?” You step out of the busy-ness of life to ask yourself a series of reflective questions about your life and leadership. If you do this regularly, say once a month or even a few times a year, you will keep your finger on the pulse of your development as a leader and your progress toward your goals.

By practicing empowered reflection you make it a habit to assess your progress. To get the most out of your empowered reflection, try bringing the following questions to your next meeting, or schedule a 15-minute block for yourself to write them out:

What’s working?
What’s not working?
What would you like to change?
What accomplishments have you achieved?
What lessons have you learned?
Are the goals still the right goals?
What do you still need to know or learn?
How might you be sabotaging your own success?
What do you need to start doing, keep doing, and stop doing?
What’s next?

Every time you go through this process, you are putting a stake in the ground for what you want. You are declaring, “My vision is important to me, and I’m willing to continue thinking about it and reaching for it until I achieve it.” Practicing this form of reflection on a regular basis is a technique for accountability and focus.

Empowered reflection isn’t hard. It doesn’t take long, and it doesn’t cost a dime. You can practice empowered reflection while driving, jogging, walking through the park, meditating, lying down, or even sitting in the bath. You can almost think of this practice as “visiting your vision” to see how you’re doing. That way it never gets forgotten.

Whenever you’re feeling detached from your long term vision, whenever you could use a boost to get back into action, or whenever you want to step back to get an overall perspective on your progress, take a few minutes to run through the ten questions above. Doing so will resurface the motivation you need to make your vision a reality.

The previous article appeared on Inc.com today as a part of my column, “Behind The Desk.” Look out for new columns every week!

September 2, 2015 by sereynolds

3 Ways Entrepreneurs Can Use Their Beliefs To Succeed

The following article appeared on Inc.com today as a part of my column, “Behind The Desk.” Look out for new columns every week!

Your beliefs are a powerful driving force that can work for you or against you. Fortunately, you can become conscious of your beliefs, stop sabotaging yourself and move steadily towards what you want.

Some beliefs empower you, while others limit you. By becoming aware of your beliefs, you can keep the ones that serve you, weed out the ones that don’t, and choose the ones that will support who you want to be.

Here’s an example. A common belief of busy entrepreneurs is, “I have to work hard to get ahead.” Immediately the limitations of this belief are apparent. Working from this belief implies that you must sacrifice parts of your life (home life, health, and hobbies come to mind) to “get ahead.” Now consider this belief instead: “I have to be my best to get ahead.” This belief is more empowering, because it opens up the possibilities. It still accepts the potential for working hard if that is what’s required, but it also allows for the fact that getting ahead sometimes means taking time for the rest and renewal that keeps you at your best.

Developing empowering beliefs is a three-step process:

Become aware of your beliefs. You can go after them directly by asking yourself, “What do I believe,” or you can go after them directly by noticing your behavior and
asking yourself, “What would I have to believe to behave this way?”

Write down your beliefs. Take a look at them on paper with some objectivity. For each one, ask yourself, Is this belief limiting or empowering?

Turn limiting beliefs into empowering beliefs. Just change the words, looking for the exact opposite of your limiting belief to find one that’s more empowering.

The process of distilling your beliefs takes time. Allow yourself time to try on different beliefs and see what fits and what doesn’t. Notice when you feel limited and deflated, and when you feel expansive and energized. Keep working with the wording of your beliefs until you’ve created the ones that you can claim with conviction–the beliefs that will help you be the entrepreneur you really want to be.

Being your best instead of being the best is the opposite of the “nose to the grindstone” mentality that drives our culture…and drives many entrepreneurs to destruction. Being your best is being so yourself that you naturally excel.

Ask yourself: are your beliefs limiting or empowering? How could you develop new beliefs to help you achieve your vision? Beliefs are fundamental to the way your life plays out. The difference between a limiting and an empowering belief is quite literally the difference between a limited and a powerful life. Choose your beliefs carefully. They make you who you are.

July 22, 2015 by sereynolds

The 5 People Every Entrepreneur Needs on their Team

The following article appeared on Inc.com today as a part of my column, “Behind The Desk.” Look out for new columns every week!

Too many entrepreneurs and leaders suffer from Lone Wolf Syndrome. They do everything on their own with little support, making their attempts to excel harder than they have to be. You build a team not because you cannot succeed on your own, but because you can do more with the help of others.

Building your team means identifying the people in your life who are smart, experienced, insightful, perceptive, challenging, and inspirational–and asking them to support you in your success.

By team, I’m not talking about your assistant, your employees, or your vendors. That team helps you get your work done, they exist for the betterment of the business. But what about you, and your vision? This distinction is subtle but key.

Your team should be made up of leadership all-stars: your role models, mentors and inspirations. As members of your personal support team, they are committed to you know matter what your vision, where you work, or what goals you choose. They advise you, champion you, advance you, and elevate you.

So how do you choose which people to include on your personal team?

Pick someone who compliments your strengths. Don’t just pick people you like–pick people who challenge you, who have complementary strengths that will bring flexibility and balance to the team.

Pick someone who gives you clarity. This person is a long-term visionary, skilled in being able to look at the big picture, the picture on the box instead of all the little puzzle pieces, as I said in a previous column on scheduling your day. This way you’ll always have someone to remind you of what the ultimate goal is, especially if you’re engaging in a difficult decision process.

Pick someone with laser focus. To compliment the person mentioned above, choose a teammate with laser focus who can help you make sense of the puzzle pieces that generate the larger picture. This person can help to remind you of your short-term priorities, and keep your productivity levels high.

Pick someone who thinks outside of the box. This person is a true creative, someone who doesn’t stay within the lines. This person will keep you on your toes in terms of innovation, and help you to see past any obstacles in your path. If you ever feel stuck, this is the teammate who will help you figure out how to get over that fence in front of you.

Pick someone who provides emotional balance. Balance, and support as well–the need for emotional support isn’t given nearly enough credence in discussions on leadership development. Your personal team will need a presence to keep you balanced and content emotionally.

When I’m coaching professionals on the topic of building a personal support team, I always tell them that when it comes to picking the players, choose advocates, experts and inspirations. Advocates will champion and encourage you, experts will give you the knowledge you need to move ahead, and inspirations are contemporaries that make you want to better yourself. Every one of the five skills mentioned above falls into one of those roles–now it’s up to you to find them!

March 20, 2015 by sereynolds

The Formula for Success, and How to Actually Use It

The following article appeared on Inc.com today as a part of my column, “Behind The Desk.” Look out for new columns every week!

We’ve all been there: you’re sitting at your desk reflecting, finding yourself frustrated with the lack of results you’re getting in your business. You reach the conclusion that you’re either working too hard and not getting enough results (sales, clients, income), or you’re just not sure if you’re doing the right thing.

Whether you’re doing the right thing with no result, or you’re doing the wrong thing with no result, the end result is the same: nothing.

So often success in business depends on the right formula. The right clients and customers; the right team; the right business model; the right branding and marketing; the right timing; the right action; and so on. It can be scary if you’re not getting results, because you don’t know which part of the formula is off.

Here’s a solution that can clear the confusion and get you back on the path to success. The formula is this:

Strategy + Execution (with Consistency) = Results.

I learned this model from a fellow consultant, but I never really understood it until I used it in my personal life.

Like most people, I was trying to lose those last insufferable “stubborn five pounds.” Despite being healthy and fit (enough) most of my life, somehow I had lost track of what I should be doing. I didn’t have a great workout plan to follow. I had forgotten what I should be eating to stay trim. As a result, I was much less consistent about my health routine, and that made it hard for me to get motivated. Finally it became clear to me I needed a strategy. I found a trainerto build that strategy for me, and once I got on the program, it was much easier for me to follow direction and get back on track. I knew what to do in my workout. I knew what to eat. I just had to do it–to execute the plan. Once I started doing that consistently, lo and behold those five pounds came off.

Business owners often fall into a similar pattern. They somehow, over the course of time, fall out of their marketing routine or forget what they should be doing about business development. As a result, they too become less consistent and less motivated. They too are missing the strategy. Whereas my trainer could create a diet and fitness plan for her clients, I often find myself helping entrepreneurs write Personal Strategic Plans they can execute–and when they do so, consistently, they also get the results they want in the form of clients, customers, and profit.

The formula for results is as follows:

Strategy. Ask yourself: On a scale from 1-10, do you believe you have the right strategy for your business?

What’s your ideal business model?

What should you be doing in the areas of marketing, business development and customer satisfaction?

What systems do you want for your team, your time, and your service delivery?

Making decisions in areas like these is key. Taking yourself on a good strategic planning offsite–even if you’re a solopreneur–is necessary to set the vision, mission, strategy, goals and activities that make up the business you want. Once those decisions are made, you can stop worrying and get back to work making it happen.

Execution. Ask yourself: On a scale from 1-10, are you executing the strategy well enough for it to pay off?

If your strategy dictates that you need to attend three networking events a month,, have you scheduled them in your calendar? Have you arranged childcare so that you can attend? Have you cleared your business schedule to attend the events? Have you made travel arrangements?

If your strategy tells you you need to take every Friday off to follow up on sales calls and tidy up your contact management system, are you actually focusing on those activities at that time?

Is there anything you’re supposed to be doing but really aren’t doing at all?

Even though a strategy is essential in building a profitable business, it isn’t enough. You have to commit to following the strategy with perfect execution.

So be honest: How well are you executing on your strategy? Are you really doing the things you’re supposed to do?

Consistency. Ask yourself: On a scale 1-10, how consistent are you in following through with executing the strategies for your business that get results?

The first time I heard the success formula it was explained to me as “Strategy plus Execution Equals Results.” I followed that equation and got nowhere, and that’s because I was missing consistency. So I added it to the formula: “Strategy plus Execution with Consistency Equals Results.”

Once my trainer had given me the diet and exercise plan she knew was right for me, and even after I had the system underway, she pointed out to me that I wasn’t being consistent. If I put in a great workout–but only once or twice a week–it simply wasn’t enough to get results. Business people often fail in a similar way. They have systems in place for working with clients, like networking and engaging in social media, but they’re inconsistent and not doing it enough. At best, they’re leaving money on the table. At worst, they’re giving up on the whole enterprise because they think the strategy “wasn’t working.”

One final tip: One of the things I learned from my trainer was the necessity of tracking. In fitness: Track your diet, track your calories, and track your mileage. In business, track your activities, track your successes, and track your results. That way you’ll be much more certain as to whether you have the strategy that’s working; you’ll be able to execute it more effectively; you’ll be motivated to stay consistent, and you’ll get the outcomes you want. That creates momentum and can help you build a business that lasts a lifetime.

December 2, 2014 by sereynolds

The 2 Types of Entrepreneurs, Which One Are You?

The following article appeared on Inc.com today as a part of my weekly column, “Behind The Desk.” Look out for new columns every Monday!

The task of the entrepreneur is to envision the future of a business and turn it into reality, in some profitable way, day after day.

The problem is that some people excel at the envisioning part but struggle mightily to turn it into reality, whereas others have no problem running the day to day operations of a business but never seem to roll it up into an inspiring vision and a bigger future.

The difference lies in the way we think. Some of us are “top down” thinkers, and some think “bottom up.” You can learn to balance both ways of thinking for better results in your business.

And you must, because this same dichotomy can be seen throughout a business. It shows up in the contrast between:

Ideas versus details
Trends versus data
Intuition versus analytics.

Of course none of these should be dichotomies at all; the wise entrepreneur learns to bring them together for a more holistic view.

Let’s define these two types of thinking and look at a few examples.

Top Down Entrepreneurs

A top-down entrepreneur starts with the big picture, then eventually turns that picture into a framework and eventually the details to make it a reality.

If an artist was a top-down thinker, she would visualize a sculpture in her mind, then consider several ways to start, and eventually begin the detailed work of sculpting.

If a web-developer was a top-down thinker, he would consider the big idea of the website and its purpose, then chunk it out into sections, and eventually fill those sections in as pages with content.

The challenge for top-down thinkers is that they can get very excited about their big ideas, but the more and more they have to chop their aspirations into practical decisions and day-to-day reality, they find themselves losing steam. In the worst cases, these entrepreneurs can be seen spinning brilliant ideas all day long but never actually getting anything done.

Bottom Up Entrepreneurs

A bottom-up entrepreneur starts with the details, then eventually see the themes in those details emerge into a framework, from which they can then expand into a big picture vision.

If an artist was a bottom-up thinker, she would enjoy the daily creation of new pieces, putting paintbrush to canvas, or creating multiple versions of a sculpture, or tinkering with different kinds of mosaics, all the time focused on the doing of the work. Over time, themes would emerge, and she would develop a framework–perhaps a series of sculptures, and eventually that series would emerge with an inspiring theme and be presented to the world as one masterpiece.

If a web-developer was a bottom-up thinker, he would draft wireframes and site maps, then bring those together into broader pages, and eventually synthesis the pieces into one cohesive whole.

The challenge for bottom-up thinkers is that they can get buried in the details of their work and forget to organize those details into frameworks and connect them to a bigger picture. Without that bigger picture, they can get lost. The danger for these entrepreneurs is that their business can become overwhelming and too much to manage, and may eventually come grinding to a halt.

How does this apply to you? Whether you are a top down or a bottom-up thinker, you need to develop at least three layers of your business:

The vision
The framework or structure
The details.

It doesn’t matter if you start at the top or the bottom; eventually you need to challenge yourself to move out of your comfort zone and make sure the whole business is complete.

Knowing which type of thinker you are can help you decide where your strengths are, what you might be missing, and how to fill in the gaps to move your business forward.

Bottom-down best practice tip: Give yourself time to experiment, but don’t forget to stop and extrapolate. Take a step back and see what you’re creating. Do you see the patterns? Can you see the long term vision that wants to emerge?

Top-down best practice tip: Discipline yourself to take your ideas all the way to completion. Choose one and think it through. Can you see how the idea can be divided into a framework or structure that makes it more concrete? Can you see in detail what it would take to make it happen?.

Remember, you can always supplement your own thinking with other people on your team. Bottom-up thinkers will need to look for a strategist. Top-down thinker will need to engage a detail-oriented team to do the work. Either way, by making sure your thinking is complete, you’re making sure your business is a success.

November 18, 2014 by sereynolds

Latest Inc Column: 3 Powerful Ways to End 2014 on a High Note

The following article appeared on Inc.com yesterday as a part of my weekly column, “Behind The Desk.” Look out for new columns every Monday!

Lately I’ve been noticing the tremendous churn happening within businesses today. New business models, big transformations, high expectations and turnover are all keeping businesspeople hopping. Keeping up with fast-paced change makes it hard to find or make time to reflect, and it’s hard to get anything done. How do you find focus, and, more importantly, be able to maintain it, in an environment of constant change?

Define your goal. It sounds simple enough, but many entrepreneurs skip this step. Decide whether it’s a big goal for the year of 2015, like doubling your revenue, or whether it’s more specific goal, like winning a proposal you’re writing today. It may be a professional goal for a work project, or even a personal goal regarding the upcoming holidays. Defining your goal will help to clear the excess noise and make it go away. Take a brief statement of what your goal or vision is, then choose a set of 3-5 priorities that can get you there. This short list will become your area of focus.

Clear space. People feel scattered and have trouble focusing because there’s a lot going on all at once. On top of ongoing changes that your business is undergoing naturally, those day-to-day interruptions just won’t go away. Your phone and your computer are next to you, biding for your attention, not to mention your clients, customers, coworkers, and family. Take control and make space. How much time do you need to finish a project? When can you make that time? What will that look like? How will you put that in the calendar? Asking yourself these questions allows you to clear out space to tackle your goal, and is crucial to clearing out the noise.

Make your calendar a part of your daily plan. In terms of maintaining your focus, you can gain traction by following those same two steps–defining your goal and clearing space–more consciously and in bigger ways, more and more often.

For example, consider the reality of a busy entrepreneur struggling to make it successfully through the end of the year. One such business owner I recently coached on this topic is a woman we’ll call Kim. Kim’s business has been thriving; she’s listed in the Inc 500 and wants this year to be her best year yet. But Kim is also a woman who travels for work, has two small children and is hosting her family holiday reunion this year. Pile on top of that her commitment to make sure Santa Claus comes for her kids and to book a family getaway for New Years. You may be wondering, is it even possible to get all that done? It is, and if anyone can do it, it’s Kim. But, in order to pull it off (and to also enjoy the ride–it is, after all, the holiday season), she will need to get focused. On a daily basis she will need to get out her calendar and organize tasks, not just at work, but for all the family events and the holiday chaos. She’ll have to ask herself: Where does shopping and Thanksgiving dinner come in? When do I book the vacation? How will I be sure my business gets the big finish I have in mind? She will need to get those tasks out of her mind into her planner. That is, she will have to clearly define her goal and make space to focus on achieving what she wants to achieve, and leading the live she wants to live.

You can do the same. Have no fear: you’ll have a pleasant Thanksgiving dinner. You’ll enjoy the holidays. You’ll make your year-end goal. But you don’t need to think about it all at once.

Take a moment now to define your present goal. What’s the goal you want to focus on right now? How can you clear space to devote your attention to that goal right now? Where else can you clear some space to work toward it and meet your goal? Repeat the questions at different times and for different goals, and you will find that scattered, unfocused feeling goes away. You’ll be left feeling clear and confident about your ability to enjoy–and meet your goals–throughout the end of the year.