Author Archive
Venture Capitalists Are Looking for Failures
Posted by: | CommentsDid you know failure is one of the biggest indicators of future success in an entrepreneur? According to an article in the April issue of Harvard Business Review, “Failing By Design,” many venture capitalists won’t invest in a new enterprise if the founder has never undergone failure. In other words, they are looking for… failures! Why??
Let me first state that there are two types of failures, the first are those that do nothing and fail, the second are those that take a risk and end up failing. We are focusing on the second type in this case. If you’ve ever had a failed effort, I hope you feel the same about the reams of research on this. I know I do. From failed efforts it is proven that we have our best learning experiences, we grow, and we gain the experiences necessary for future significant successes. The fact is that businesses will not assume the risks necessary for innovation and development if they’re not ok with the idea of failing on some level.
I know those that are so afraid of failing that they will do anything to avoid it. The problem with fearing failure is that you ultimately avoid risk, don’t bet on yourself or your business, and stunt your richest experiences. Apparently those who have never faced a failure in a product, division or business don’t have the experience that is valued in business. But, no one WANTS to fail!
If Failure is NOT an Option, Then Why Do I Want It?
Posted by: | CommentsI don’t actually want to fail, but the fact is that we learn near to nothing when everything is going along perfectly. Last Friday I was speaking to the National Speakers Association, Illinois Chapter, and was relaying that over the years the best lessons I’ve learned as a speaker do not come from the positive feedback I receive, but the insightful comments on how I can improve. No one wants to hear that they were terrible, and I certainly never hope for that – but I do crave feedback. Ten years ago, a gentleman approached me after a presentation and told me that if I told the story about my grandma in the beginning of my speech instead of at the end, the whole thing would have made a lot more sense, and the audience would probably have liked me more…Liked me more? Oh sheesh! After I stopped crying, I went back and reworked my entire presentation, hired a speaking coach that I continue to see 2-3 times a year (every year) and I continue to improve. Today, because of the hours and years of work, my presentations usually get the highest ratings from the audience and great feedback from the hiring firms. But that doesn’t mean that I think I’m any good. I still work like I did the day after I received the feedback 10 years ago. Every presentation can be better, and I strive for it.
Promises to Clients You Can’t Keep
Posted by: | CommentsDid you ever make a big promise you can’t keep? Oftentimes there is a disconnect separating what we commit to do and what we actually can deliver. And not delivering on a promise is far worse than never committing to do something in the first place.
At a hotel this week I was offered 3 things at check in. It was midnight and I was tired, but I did answer the questions of the employee at registration. First he asked me if I wanted a USA Today newspaper in the morning. I said that I would. Then he asked if I’d like any other newspapers. I said that one is fine. Next he told me that with my reservation, wireless internet would be free. He explained how I would be able to log on and asked me if I understood. I said that I did. Finally, he asked me if I wanted to be a part of the hotel’s “Green Program” where you can decline housekeeping service in return for points in the hotel rewards program. There were a few other options in the program, but I told him that I would just take the points. Frankly, I knew I’d be on the phone for most of the morning with clients so I didn’t want housekeeping.
It’s Not So Bad Until TSA Happens To You!
Posted by: | CommentsA Classic Lesson in What NOT to Do
I’ve read about all the people in the news complaining about our nation’s protectors of the air – the TSA. I’ve listened to the fears people have of the dreaded full body scanner, some resorting to alternate means of travel just to avoid enduring a full body pat down. Really I didn’t pay much attention…until yesterday.
Going through security at the Milwaukee airport, I was directed to go through the body scanner. I’ve been through them many times in many airports, and I don’t even think about it. But yesterday, with a pair of simple black pants with no pockets and a fitted, long sleeve shirt on, I stepped forward, put my hands on top of my head and watched the scanner run around the outside of the glass structure. I was scanned. I took my normal position waiting for the TSA (an official looking guy with a wire in his ear) to get the message from the person watching the screening in some undisclosed location.
Why Nobody Reads Your Brochure (or any other marketing materials)
Posted by: | CommentsI’ve been trying for years to determine why some marketing, in general, is simply not effective. In fact, sometimes marketing has the exact opposite effect than what is desired. Case in point – the company brochure. Some firms work for hours, days, and months to create the perfect brochure with the best writing and layout. Yet later they discover that they could have inserted a swear word inside without a single person noticing (I don’t actually recommend trying such a thing though). Why don’t they bother reading this piece that you poured your creative blood sweat and tears into?
The objective of most marketing collateral is to present a distinctive company filled with unique benefits that a customer needs and wants. Ultimately, the goal is to have a brochure so compelling in nature that people read through it and then decide they HAVE to do business with the firm! But the reality is, people aren’t reading most brochures (or other marketing materials, for that matter) because they know exactly why it is being presented to them. To “sell” them.
Winning Isn’t Everything: Business Insights from the Super Bowl
Posted by: | CommentsAs many of the readers of my blog and Marketing Audibles know, I am a lifelong Packer fan (thanks to my dear Grandmother). And yes, of course I am beside-myself-thrilled that my team made it to, and won the Super Bowl! Here are a few insights I gained during this year’s Super Bowl (even If you’re not a Packer fan):
- Singing: Apparently knowing all the words to The Star Spangled Banner is not a prerequisite to singing it. You can’t “remix” this song. I hope we never forget what is important about what we’re doing.
- Forgiving: Everyone makes mistakes. Jordy Nelson dropped 3 near perfect passes. But his QB kept passing to him! Many of us may have stopped after the first mistake and surely after the second. But Aaron Rodgers seemed to forgive, forget, and then continued throwing completing 9 passes to Nelson for 140 yards including a touchdown pass. Forgiving pays.
- Passion: Packers Charles Woodson, after he found out he had a broken collar bone and could not play in the 2nd half, was quoted saying to a sideline reporter, “I don’t think I’ve cried that much since I was a kid.” What if we felt that same passion for the work we do? What if more employees did?
Are you a good boss?
Posted by: | CommentsAre you a good boss? Really? I know when I ask myself that question, I come to the conclusion that I could be better.
So what makes a good boss, and how can we get better? In the January/February issue of Harvard Business Review an article on becoming a great boss offers research and some key tips for improving as a boss.
A good boss is typically influential. But where does the influence come from? Fear? Likability? Actually, true sustainable influence seems to be rooted in trust. Your employees may be listening to every word you say and how you say it. They are looking to confirm or deny their trust and belief in you.
Trust is developed through evidence of your competence and their belief in your character.
In order to keep “training” your leadership skills, here are a few tips…
1. Prepare for opportunities to learn and develop as a manager. For instance, delegate more and test the response, results and detail what you learned.
2. Communicate openly and often. The goal isn’t to become best friends with your staff. On the other hand, focusing on business only and not the person will probably not produce the desired result – influence based on trust. Quantify the individual and personal interactions you are having.
Unconditional Fans
Posted by: | CommentsWin or lose, true fans don’t stop cheering for their team. Unconditional fans cheer for their favorite team to win again and again, to move closer and closer to their goals (beating a rival, clinching a series, winning a championship, etc). When our team is losing, we figure out ways to cheer for them some more (rally caps on!). And when they pull through, we share in their success, feeling like winners ourselves because we had our allegiance in the right spot.
It is the same for true fans of your business. A fan of yours WANTS you to win. They cheer you on, want to help you, and are proactive in their support. We all have fans that we are grateful for, but the question is — how can we get more fans? I’d venture to say that all of us could use a few more no matter how many unconditional fans we have.
Why does someone become a fan? Being a true fan is more about a feeling than about the tangible products we sell. Observation of successful firms has shown that perhaps the best way to get this loyalty may be through the little things, not the extravagant ones. Listening more than talking, more face-to-face with our best clients, and truly making them feel important. Intangibles.
