Entrepreneur money

goes round and round.

    Yup! You “coont effin spelt enterprenewer, and now y’all is one.” Well, just maybe there’s some chance that you could have also had a few other misconceptions about the title. But you’re probably still smarter than the rest of the business world. 

     Or perhaps you’re one of those amazed and astonished corporate types who’s literally rolling in misconceptions about entrepreneurs, and likes to cluck your tongue at even the thought of such low-life business people who haven’t one iota of strategic planning in their blood.

     Well, hey, YOU might be wondering about how the entrepreneurial thing is going right about now in this government-fantasized period of financial boom that even the neighborhood corporate mogul knows is nowhere near reality.  

     Well, here’s something to keep in mind that very few people except entrepreneurs know about entrepreneurs: Entrepreneurs only take reasonable risks! Whaaaa? How could that be? You trying to say those reckless spender-types have a sense of reason? Vision? Purpose?

     Actually, I am convinced that government institutions and agencies along with corporate giants are the only entities in existence (well, maybe academia too) that throw around money they don’t have, and insist on taking risks that would be unreasonable to a three year-old.

     But what do I know? I’ve only notched a few hundred business startups and taught entrepreneurship in college, and managed to squeeze in some significant years of service to both corporate giant and government (and academic) incompetents

     I observed enough to appreciate that no entrepreneur worth her or his salt would be caught dead in those suffocating environments for any longer than it takes to escape to lives of business independence and self-sufficiency. 

     Those experiences also underscored for me the absolute sanity of individuals that most of the rest of the world considers to be insane business venture leaders. Entrepreneurs are postured as being filled with cockamamie ideas and always juggling money deals while straddling shifting sands. Not a pretty picture.

     Truth: Entrepreneurs are the world’s most genuine and productive catalysts of change.

     Historically, Entrepreneurs have always been the movers and shakers of society. They still are today, and will continue to be far into the future. They alone know how to turn on a dime, how to respond to market fluctuations, to competitors, to innovation, to the whole mindset of making ideas work.

     Entrepreneurs, again contrary to popular opinion, are not driven by profit motives. They are driven by a burning desire to marshal whatever forces necessary to make their ideas work.

     That pursuit alone is so staggering in so many quarters that money simply appears and flies at them — heads down, charging forward — while they are in the make-it-work process. Yet we are actually seeing more entrepreneurs distance themselves from investors who today seek immediate ROI and hold out no regard for authenticity of pursuits.

     When we finally ever DO see this economy turn, remember the impetus didn’t come from government or corporate giants. They haven’t a clue. If you want to appreciate financial upswings, thank an entrepreneur!                                                                                                                        

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Innovation Starts With

A Creative Idea.

     Innovation may end with the implementation of a strategic plan that carries a creative idea all the way through to completion — whether it’s a new product launch, and expanded service offering, a new approach to management or something else — but it begins with a creative idea!

     Hey, that’s great, you might say, but how do I stimulate my people to dream up creative ideas that we can innovate with? I have 6 engineers, 3 chemists, and 4 accountants reporting to me and the most creative thing any of them do is wear a plaid shirt on vacation.

     Aha! Then — assuming it’s worth 45 minutes a week to maybe light some fires under them and facilitate some positive changes — tell your team that it’s time to divest your business of its status quo investments.

     Tell them you want to begin making some big waves in the market and/or the industry and or the organization. Challenge them to rise to the occasion and take responsibility for introducing 3 new workable ideas each, every week.

     Give each person 1 minute to present each idea in each weekly status meeting. So 3 ideas each, 3 minutes = 3 x 13 team members = 39 minutes.

     Devote 1 minute of each meeting to creative stimulation activities: Make something out of a single page of newspaper! (Anything!) or draw a t-shirt and put the word or words or picture on it that best describes how you feel right now (Anything!) or pass a rock around and have each person pretend to put into it the one thing besides money that she/he thinks is missing from the company that could make it better, and say what that thing is (Anything!).

     Use 1 minute to vote on the 3 most feasible ideas and rank them. Address the #1 idea with 4 minutes of quick discussion about how the team could make the idea work. VOILA! 45 minutes a week of creative stimulation will most certainly produce some innovative pursuits. 

     Don’t be afraid of trying, or too quick to abandon the approach. It WILL work and it WILL bring some meaningful new directions from once stagnant corners of your business environment. Adapt the timing and challenges as you see fit. Email me if you have questions.

     As the owner or manager you have the implied power to make it work. It’s your choice to bring active, encouraging, fun-filled, and noncritical leadership to the table, to challenge others to take the risk of offering suggestions. And remember that bad and stupid suggestions will almost always trigger good productive ones that would otherwise NEVER have surfaced.

     So encourage ALL input and reward failures when there’s real effort involved. You’ll be amazed at the differences you can usher in within just a few short weeks of consistent and enthusiastic support. Similar approaches have brought astronomical success to all types and sizes of businesses. The keys: Encourage every effort and be persistent.  

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It Doesn’t Fall From The Sky

…Innovation Needs Ignition

We’ve all heard  how the lousy economy is getting better now, and will soon (fingers crossed behind backs) be booming again. And even those of us who are eternal optimists know better than to believe a word of it.

Small business owners and operators and managers  know that only job creation will turn the tide, and that job creation will only come from increased sales, and that increased sales will only come from great customer service and … INNOVATION.

Here are ways/attitudes/ideas  that can help jump-start innovation (the development of new products, services, markets, ways of doing things, from ignition to blast-off to orbit and back) beginning right now:

1. Do not tolerate paralysis. Some action is always better than no action. Inspire a “Do it” mindset and reward failures when genuine efforts are made.

2. Try stuff!  Test it out. Ask customers and suppliers what they think. Convene quick focus groups. Scramble together as much quick feedback as possible and LISTEN to it!

3. Instill a sense of urgency  about taking initial ideas all the way through the thought and strategic launch process. Insist on thorough thinking done quickly. Don’t wait for lengthy studies, follow-up meetings, and long assessments.

4. Be open and receptive  to and encourage bizarre and eccentric and cyberspace thinking, but cultivate ongoing teamwork to shake ideas loose and get them organized and moving.

5. Get EVERY one engaged. The best results can sometimes come from the least expected sources. Make EVERY one who contributes part of the launch crew, with small frequent reinforcement rewards (fresh fruit in the lunch area, personal handwritten thank you and acknowledgment notes mailed to “The Family of” at home addresses, local news releases, website mentions)

     Remember that it doesn’t take much to shake things up  and spur some new innovative activity, but it can take a lot of work and a long time to restore order if you try to take things to fast in too many directions at the same time. Keep the ideas flowing. Keep each step of the way a product of organized teamwork. And keep control.

You need to ignite fires and encourage brainstorming with one hand, then bring things into realistic focus with the other. Yes indeed, you are once again in that old entrepreneurship attitude that you thrived on when you started.

Maybe you’ve lost touch  in recent times with some of those “egotistical, competitive, passionate, persistent-beyond-belief entrepreneurial traits” (Thank you Tom Peters and Nancy Austin in “A PASSION FOR EXCELLENCE…The Leadership Difference”)?

Perhaps someone convinced you not to worry about it because the economy is turning around? Perhaps it’s time for you to turn your business around with more innovative pursuits and action. Perhaps?

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