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6 Steps To True Entrepreneur Success

6 Steps To True Entrepreneur Success

I’ve been self-employed my whole working life. It suits me. I’m not afraid of hard work and I quite like money. But my career has been a game of two halves. The first half was played at a furious pace, as befits a young man with big ideas. It was fun, I made a lot of money, but it didn’t end well.

The second half has been more measured, it’s still fun and…so far, so good. The big difference is that I’m personally in a much better place now. I’m happier, more at peace with myself and more fulfilled. And much, much less stressed.

So what’s changed? Well, change was forced on me. I took a hammering on a deal and I lost everything. Home, business, confidence – the lot. And I realized that what had gone wrong wasn’t an arbitrary decision here or a bad break there, it was much more fundamental.

However you choose to define “success” the essential foundation is mindset. Mine wasn’t just wrong, I hadn’t taken the time or the trouble to get it right in the first place. Big mistake. To borrow a phrase from Benjamin Netanyahu, I was trying to build a pyramid from the top down.

Working on my mindset – my attitude and approach – has brought me renewed success. A more sustainable, empowering, holistic success. As I see it, the blueprint has 6 essential steps:

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1. Understand That Your Life Won’t Change Itself

When your life isn’t what you want it to be it’s hard to hide that fact from yourself. Put another way, if you wonder whether there’s something better out there, that’s a sign that there’s something amiss in your life as it is. A better life requires change, and that change can only be made by you. Insanity, according to Einstein, is doing the same thing over and over and expecting different results.

2. Resolve to Act

Knowing you need to change is the easy bit. Making the change is the bit that takes courage. Just remember that you’ve brought yourself to this point. You wouldn’t be here if you didn’t know that you want, or need, to change. Anger, or frustration, at the course of your life is simply evidence of your failure to resolve this conflict. Shakespeare knew this as long ago as 1604. In Measure for Measure he has Lucio tell us:

“Our doubts are traitors, and make us lose the good we oft might win, by fearing to attempt”.

So resolve it. The biggest regrets you’ll ever have are the things you didn’t do, not the things you did.

3. Believe in Yourself

When I crashed and burned I lost the material things in my life. But I didn’t lose my skills, or my work ethic. And although my confidence took a knock I remembered Kipling:

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“If you can meet with Triumph and Disaster, and treat those two impostors just the same.”

More recently, Arianna Huffington (of Huffington Post fame) understood the true nature of setbacks:

“We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes – understanding that failure is not the opposite of success, it’s part of success.”

Self belief, whether you’re starting from scratch or starting again, is an essential, indispensable element of a successful mindset. It’s a characteristic found in all successful entrepreneurs. If it doesn’t come naturally (and it often doesn’t) it can be developed just by changing the way you think.

That process can be learned – there’s a host of excellent material available online – as can the other things you need to know but currently don’t.  Self development is possible for, and available to, anyone who wants it.

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4. Understand That It’s Not Just About The Money

We all need money. Most, if not all, of us like money. It’s why we go to work, after all. It allows us to do the things we want to do, as well as the things we have to do. Whether we define happiness as simply freedom from worry or something more exotic or expressive, in our pursuit of that happiness money is pretty essential. But it isn’t everything. It really isn’t.

In my “first half” career I measured success only in terms of profit. I don’t mind telling you I made a lot of it. I was doing seven figure deals as a matter of course, I changed my car every four months, I travelled by helicopter and I reckoned, at the time, that I was doing well. Was I happy?  Er, No… Believe me, the novelty of these things wears off pretty quickly but in the meantime I had no freedom and no time for me or for those close to me.

I was the classic victim of my own success. I’d created a monster and it got to the stage where the monster was controlling me and not the other way round. And then it bit me, hard. I’m older and wiser now. I recognize that happiness – sustainable, proper happiness – is an alloy of different elements.

Time is a finite resource and it has to be allocated between those elements, of which work is only one. The others, for me, are family, education and entertainment. Yours may be different but the principle applies to all. When the balance is right, even work is a pleasure. And your life, as a whole, is happy and fulfilled.

5. Be in a Relationship With Your Business

Like any meaningful human relationship, your relationship with your business requires constant attention. Relationships don’t just happen, they have to be built and developed. Even the strongest, longest marriages take effort, every day. Dedicate the time and care your business needs and the rewards will follow.

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Particularly at the start, those needs will be substantial. Building momentum in a new-start business is labour intensive and will encroach on the other elements of your personal happiness, for a time. But remember that the effort you put in at the start is an investment not only in your business but in your future life.

And when you’ve built that momentum and all is running smoothly, don’t get complacent. Constantly assess, and re-assess, the needs of your business on an ongoing basis. At the same time, assess and recognize your own needs in the context of your work/life balance.

This is particularly important if you work from home. Fail to do this and everything, not just your business, will suffer. I speak from experience. More than this, assess your business in the context of your motivations, your goals and your ambitions. If they are no longer compatible, go back to #1…

6. Take, And Enjoy, The Rewards

Enjoy your success. Reward yourself. Take holidays and enjoy all your free time. Personal enjoyment is the fuel for motivation and sustains the essential dynamic of your relationship with your business. Fall out of love and divorce beckons.

“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful. – Albert Schweitzer

Featured photo credit: http://getrefe.tumblr.com/ via 67.media.tumblr.com

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Last Updated on December 5, 2018

How to Lead a Team More Effectively and Be a True Leader at Work

How to Lead a Team More Effectively and Be a True Leader at Work

Being an efficient manager and a charismatic boss at the same time can seem like an impossible task. Is there a way to deliver the desired results for your business while remaining liked and respected by your staff?

We all know bad examples of team leaders who seem to fail at one aspect or the other, or even at both. But we’ve also heard of awesome managers who seem to juggle both things well enough.

How do they do it?

By sticking to few proven ways that let them maintain a positive karma score while remaining efficient. In this article, we’ll guide you through 11 smart management tips on how to lead a team and become something more than a boss – a leader.

1. Find a Management Strategy and Stick to It

There’s nothing worse than a boss that keeps changing his or her opinions and assignments depending on their mood or a book they read this week. Chaotic decisions increase the insecurity and frustration of your team, so you better find your strategy and stick to it.

If you do find some new methods you want your staff to follow, make sure they don’t contradict the general direction you are taking. Otherwise, you risk making your team take one step forward and two steps back.

2. Set Goals​ and Track Progress in Reaching Them

Set individual and collective goals​ for your team and track the progress in reaching them. This might sound obvious at first, but too often we find ourselves stuck between daily customer requests and monthly reports, and the bigger goal or vision seems to fade away.

According to Elon Musk (and many other successful CEOs around the Globe), it’s crucial to have a clear and motivating aim to where the company is heading. His aim for the space transportation company SpaceX is “to make humankind a multi-planetary species”.[1] That’s a huge goal but the company is slowly moving closer to it by reaching smaller steps and milestones, like launching self-landing rockets. This is also a very inspiring and meaningful goal that helps employees endure the company’s extremely high expectations and 60 to 70-hour work weeks.[2]

Even if your goals are not as grand, setting and reaching milestones will give you a clear insight into the team’s overall efficiency and daily progress. With time, you will be able to see the weak spots and improve your results.​

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3. Demand Learning from Your Team

CEO of print on demand startup Printful, Davis Siksnans, believes that:[3]

“The key for a company going through rapid growth is to empower your employees’ self-development.”

His company with 500 employees spanning two continents demands a culture of learning and provides all the tools necessary to do it.

Their idea is –  as the company scales, people have to grow in their positions too, which means that they have to be constantly learning. Siksnans says:

“We try to hire people for what they might become, but they need to have that drive.“

Alternatively, you can provide educational courses for your employees or invite informal lecturers to educate and inspire your team. You can also encourage peer-to-peer learning by asking employees to teach their particular experience or skill to co-workers.

4. Invest in a Pleasant Work Environment

Studies show that a well-designed office environment can increase your team’s overall performance by as much as 20%. You’ll be surprised to see that even very small interior tweaks that don’t require major investments can improve your workers’ performance.

Some ideas for a more productive and pleasing work environment:

  • Invest in modern furniture – offer ergonomic chairs, standing desks, and individually arranged workplaces​.
  • Start an in-house library – reading for pleasure just 30 minutes a day is proven to be enough to become more effective at work,[4] improve focus, and deal with problems like depression and anxiety.​
  • Play jazzy office music – rhythmic background music will help workers feel more energetic and enthusiastic while doing everyday tasks.​
  • Set up entertainment or break rooms – being able to relax and have fun at work creates a strong commitment, helps employees relax and clear their minds, and boosts productivity.​
  • Bring in uplifting office decor – it’s been found that art in the workplace can boost productivity,[5] lower stress, and even encourage employees to innovate.​
  • Decorate the office with live plants for freshness and a welcoming feel. Furthermore, plants are found to ensure better air quality and increase workers’ productivity by 15%.[6]

5. Be Kind and Sincere to Your Team

Did you know that 50% of employees quit because they dislike working with their manager?[7] In fact, most times when people leave their jobs they actually leave their managers. Being friendly and sincere may not be enough to be a successful manager, but it’s a big part of it.

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Some ways to show you appreciate and care for your staff:

  • Celebrate the progress and achievements of your employees. And don’t be shy to simply say thanks.​
  • Talk to your employees regularly and really listen to what they have to say. Address their concerns, help them reach their goals and do your best to improve their work and daily life.
  • If you’re having a bad day, don’t pour out your stress and anger on the staff. Instead, try to recharge yourself by appreciating the achievements of your team and setting the next goals.
  • Try not to overload your team with work. Every company has rush periods when it’s okay to have more work than usual. But remember that people cannot work under prolonged pressure and stress.
  • Don’t be selfish – it can be very demotivating to see that the manager only focuses on what you can do for him and doesn’t care about your goals and well-being.​ As the CEO of Xerox Anne M. Mulcahy put it,[8]

    “Employees who believe that management is concerned about them as a whole person — not just an employee — are more productive, more satisfied, more fulfilled.”

Whenever you are having doubts about your kind attitude, remember – satisfied employees are productive employees which lead to satisfied customers and eventually – success for your company.

6. Offer Flexible Work Hours

The traditional Monday to Friday, 9 to 5 job is beginning to slip away. Increasingly more people are working remotely or having flexible work hours, and we can expect this trend to continue. To adapt to these changing habits and remain competitive in the labor market, more employers are offering the chance to choose your own work hours, work from home or even from another city or country.

Offering flexible hours is a powerful way to inspire your existing staff and give them intrinsic motivation. Why not let your employees choose their preferred working hours while keeping the 8-hour day? For example, night owls are unhappy and unproductive if they have to come to work before 10 AM, while others might prefer to start at 7 and finish earlier.

You can go even farther and hire remote workers – this way you’ll be able to recruit from a global talent pool and even save money on office expenses like desks, stationery, electricity, etc.[9]

7. Track Your Team’s Productive Time

Not monitoring your employees’ progress and efficiency can result in poor performance and slacking. Instead of letting things go with the flow, you should consider installing time-tracking software on your employees’ computers and see who’s doing great and who might need a productivity boost.

But don’t get it wrong – there’s no need to become big brother and watch every step your employees take. If you use the time-tracker as a spying tool, you will only see increasing suspicion and insecurity around you, and your employees’ happiness levels will drop.

On the contrary, choose software that allows employees to mark private time that won’t be tracked. In addition, consider these time-management tactics:

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  • Allow flexible work hours. (see Tip No 6)
  • Encourage breaks – studies show that employees who take regular breaks are more productive than those who don’t.[10]
  • Enable remote work to show your employees that you trust them and that they can work from home or even from another country (if they can maintain sufficient productivity).
  • Consider offering bonuses to your most productive employees (those who show productivity levels above 90 or 95%).

8. Use Only Constructive Criticism

Constructive criticism means offering valid and rational opinions about the work of others, involving both positive comments and remarks about what should be improved. Constructive criticism is usually expressed in a friendly manner rather than an oppositional one.

When you evaluate your team’s work, give them feedback that’s helpful, specific, and sincere. Don’t be shy to praise, but also be direct and even strict when necessary.

9. Don’t Give Special Treatment to Yourself

The boss’s actions are – directly or indirectly – observed by your team. This means that your employees look up to you and often mimic your attitude towards your work and the company – especially if your actions don’t show commitment. Nobody wants to work for a leader who doesn’t go all in or inspire motivation.

What you should do is lead by example. If you expect your employees to arrive at work on time and work 8 hours, do the same yourself. If you want them to show initiative, show it yourself and encourage others to do the same.

Jeff Weiner is the CEO of LinkedIn – a company of 3,000 employees that consistently ranks as one of the best workplaces with a 92 percent employee-approval rating.[11] Weiner’s workdays are reported to be equally long or even longer than those of his employees, allowing him to stay “extremely credible as a leader.”

10. Empower Your Employees

Here’s a common mistake many managers make:

They don’t motivate their staff and assume they simply love to work for their company.​ Such belief can result in painful losses for the company – especially these days when many companies are in desperate need of a reliable workforce.

Instead of directly thinking about bonuses and perks, consider intrinsic motivation. For example, enable flat organization in your team and listen to your employees’ ideas when they come up with opinions and suggestions. Your company might actually benefit a great deal from the feedback, and the unique ideas employees come up with.

You can also start an initiative where employees can freely share or pitch their business ideas to you or the founders of the company. If the idea is accepted by the management, the project can be developed, and the employee can have equity options.

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If people feel they have an impact in the company, they become more motivated, engaged and interested in the company’s growth.

11. Nurture Your Company Culture

Company culture is the personality of a company that defines the overall work environment and relationships between teammates. It also includes company mission, values, ethics, and goals.

Some examples of company cultures are the Horizontal corporate culture (collaborative and equal; popular among startups and free-spirited businesses) and Conventional corporate culture (a more risk-averse and hierarchy-based approach common in traditional companies).

However, you don’t have to stick to pre-existing boxes when creating your corporate culture. You might think of your team as a family, a sports team, or even a hippie camp if it fits your business and purpose. But keep in mind that by the time a company’s size reaches 20 employees, the company culture is set,[12] and any changes will need to be implemented in smaller teams.

Whichever personality you choose for your company, make sure to live by it and nurture it. Some things that might help:

Team building events, relevant books in your office library and proper on-boarding for the new employees to get everyone on the same page from the very beginning.

Be a Leader, Not a Boss

Using the words of Printful’s CEO Davis Siksnans, the ultimate goal is to “Hire great people who don’t have to be managed.”

However, when you do need to demonstrate some initiative and control, act as a leader rather than as a boss.

In other words, don’t be afraid to show the personality behind your role. And keep these 11 tips close to your heart.

Featured photo credit: rawpixel via unsplash.com

Reference

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