Category Archives: Leadership Development

Do You Have What It Takes?

Competitive Advantage, Leadership Development, Management, Personal Development, Personality Types, Self-Help • Tags: , , , , , , , , ,

entrepreneurshipAre you thinking of taking the big plunge and going into business for yourself? Do you think you have what it takes to be a successful entrepreneur? I was recently contacted by a first year business student who had to go out and interview three entrepreneurs as part of a class assignment. He had to ask them three questions. If you are looking to go into business for yourself I thought you might be interested in my answers. I have had the good fortune of being self-employed since 1998. Starting and running your own small business is not for the faint of heart. Matter of fact – in a recent Industry Canada study conducted by Eileen Fisher, Schulich School of Business, York University and Rebecca Reuber, Rothman School of Management, University of Toronto, concluded that thirty percent of all new small businesses won’t survive longer than two years, and only half make it to year five. Some of the reasons for those failures are out of your control, but most are because of the bad decisions you will make. Lack of management or financial skills are in the top five.

Here are my answers to his three questions. I hope it will give you some valuable insight into what it will take to be a successful entrepreneur.

1 – What made you decide to own your own small business? I had managed other people’s businesses for a number of years, with the idea that I wanted to own and operate my own small business some day. Being my own boss appealed to me. It proved to be a great training ground for me. I got to learn what to do, and more importantly, what not to do. The best part was I got to make those mistakes on someone else’s dime. I recommend that to anyone looking to start their own small business. Work for someone else until you’ve learned enough to start your own.

2 – What are five key characteristics that you feel are important to have to be a successful entrepreneur? I believe there are a number of key characteristics you need to be successful. Some you will do well, others you will need to learn. Here are my top five. I’ve listed them here in no particular order.

  • Time Management: Be able to manage your time well. Learn to prioritize what needs to be done so that you do the most important things first. Sometimes that will mean doing things you don’t like to do. We tend to spend our time on things that we enjoy doing or that we are good at. Be disciplined enough to complete your “A” item before you work on your “B” or “C”.
  • Open Mindedness: You only know what you know – you don’t know what you don’t know – and it’s what you don’t know that could hurt you. Don’t be afraid to ask for advice – and be smart enough to take it. That’s how we learn.
  • Empathetic: Be able to see things from another person’s point of view. People make mistakes. The important thing is how you react to them.
  • Communicate: You must be able to communicate in a way that others will understand. If you can’t communicate both by the written word and verbally, then you stand little chance of being understood.
  • Goal Setting: Being successful is a planned event. Put a plan together to accomplish your goals. Great plans start with the end in mind. Have a clear vision of what you want to achieve and then put a plan together to get there. However, you need to be flexible enough to change or adjust your plan, if it isn’t going to help you achieve your goal.

3 –  If you could start your business over again, what one thing would you do differently? That’s a tough question because struggles are part of the learning process. If you aren’t making mistakes you aren’t learning anything new. There are some valuable lessons to be learned from the mistakes you make. The one thing I would do over again is to be more disciplined in managing the money side of the business. That old saying “it takes money to make money” is true. But you have to make the money before you spend the money. I would put together a realistic budget and then stick to it. Projections are just that – projections. They are a best guess. However, projections don’t pay the bills or more importantly, they don’t pay you.

Copyright 2016 (c) Brian Smith – Reformed Control Freak. Not to be reproduced without permission. Brian is a former Professor at Algonquin College’s School of Business, Top 100 Leadership Expert, Author and Speaker. To find out more about Brian and what you can do for you and your organization visit https://briansmithpld.com

Delegation 101: Assume Nothing

Coaching, Leadership Development, Management, Mentorship, Personal Development, Self-Help, Teacher • Tags: , , , , , ,

DelegationRule number one when working with others is to assume nothing because it may make an ass out of u and me. But mostly me because I took you at your word, that you understood what needed to be done and how I wanted you to go about doing it. People aren’t born knowing what they need to know. Always keep in mind that if you haven’t taught someone the way you want it done – don’t assume they will know how.

Worth Remembering … In the digital age you need to make knowledge workers out of every employee possible. – Bill Gates 

You may not be able to delegate all the tasks that you do, but you should be able to delegate most of them. I know you can come up with a 1001 excuses why you shouldn’t delegate, but think of it this way. If you don’t delegate some of your tasks you are robbing someone of their opportunity to grow. Do you hire stupid people or do they just get stupid after working for you? Your role as a manager or business leader is to teach others what you know. Your role is not to create followers but to create other leaders. And you can’t do that if you aren’t delegating some of your tasks.

Worth Remembering ... You establish some objectives for them, provide some incentive, and try not to direct the detailed way in which they do their work. – David Packard

Here are 8 easy steps to delegating more effectively:

1 – Decide what you want to delegate: You need to be very clear on what task they are going to do and make sure you give them all the tools they’ll need to be able to perform that task.

2 – Decide who you are going to delegate to: Who is capable, and more importantly, who is willing to take on more responsibility?

3 – Create a “Teachable Moment”: Demonstrate the task – then have them perform the task while you observe – and once you think they can do the task satisfactorily – have them do it one more time for good measure.

4 – Ask questions to ensure that learning has taken place: You need to ask some good open-ended and closed questions to make sure they know what needs to be done. Be sure to give them the opportunity to ask questions too.

5 – Monitor their performance: Follow-up, follow-up, follow-up. Make it a point to check-in on the person shortly after leaving them on their own, just to make sure they are performing the task satisfactorily.

6 – Keep the lines of communication open: Let them know you are there to help – if and when – they want it. Resist the urge to micro-manage.

7 – Hold the person accountable for the results: Standards, like quality, are not open for debate. You must hold people accountable for the results and not accept anything that doesn’t meet your standard. If they think they can get away with less than satisfactory work – then they will.

8 – Praise performance: Recognize what has been accomplished and be quick to offer praise for a job done well.

It’s important that you show trust and confidence in your people. The best way to do that is to get out of their way and let them do it. Results are what’s important, not how they go about doing it. Allow them to put their own personal stamp on it.

Copyright 2016 (c) Brian Smith – Reformed Control Freak. Not to be reproduced without permission. To find out more about Brian and what he can do for you and your organization visit https://briansmithpld.com

Nobody’s Perfect – So Get Over Yourself 1

Leadership Development, Personal Development, Self-Help • Tags: , , , , ,

Sorry if I’m the one to burst your bubble but, nobody is perfect. Not even you. You don’t need to handicap yourself by carrying around that kind of burden. Aim for the bull’s-eye? Absolutely. Strive for perfection? Yes – always – but understand that some times you can’t attain the unattainable. Sometimes you are going to fall short and miss the target. Don’t beat yourself up over it. Learn to accept that. You can take pride in the fact that you did your very best – that you gave it your all. And if you truly gave it your all, than you have no more to give. Learn to accept what is – is – short comings and all. Chances are you’ll live longer and enjoy the simpler things that life has to offer.

Worth Remembering … An environment that calls for perfection is not likely to be easy. But aiming for it is always good progress – Thomas J. Watson Jr.

According to Psychologists people move in the direction that is opposite to the direction they want to avoid. In other words, perfectionists strive for perfection because they don’t feel perfect. Because they somehow feel inferior to other people in certain situations so they try to overcome their perceived short comings. In the long run constantly striving for perfection  can destroy your self-confidence.

Worth Remembering … Perfection is not attainable, but if we chase perfection we can catch excellence – Vince Lombardi

You are good enough. You don’t have to prove it to others. Perfection is highly overrated.  Good enough is good enough. If you did everything you could have to reach your goal, then that has to be good enough. Perfectionists are setting themselves up for failure. It is a self-fulling prophecy. They will always end up feeling disappointed in themselves when they fail to become perfect. Remember – Nobody’s perfect, so get over yourself.

Copyright (c) 2016. Brian Smith – Reformed Control Freak. Not be reproduced without permission. Are you looking for a keynote speaker, organizing a seminar or training session? Give Brian a call. http://briansmithpld.com

On Your Mark – Get Ready – Set – Now Go

Leadership Development, New Year's Resolutions, Personal Development, Planning, Self-Help • Tags: , , , , ,

2016 - 3It’s that time of year again when we look back on the year that was and direct our attention to the year ahead. Instead of making resolutions the way you’ve always done – try something different this year. Write down 3 action words that will help you focus on your goals. Every action you take this year should be a reflection of what you want to accomplish. If they aren’t – then don’t do it. Resolutions won’t work unless you do. Your life is a planned event. Put a plan together and then work your plan.

Once you decide what you want to accomplish, you need to develop the how. Last year I wanted to improve my golf swing so I took some golf lessons and managed to take 15 strokes off my average score. I wanted to spend more time with my family and friends so I took some vacation time – rare for me because I’m a workaholic. The last thing I wanted to accomplish in 2015 was to expand my circle of influence so I spent one hour a day developing and executing a social media strategy on Twitter, Facebook, Linkedin and Google +. I accomplished all 3 in 2015 because I had a game plan and stuck to my plan.

My action words for 2016 are Health, Speaking and Finance. What 3 things would you like to accomplish in 2016? What 3 action words will help you stay focused and accomplish those 3 things that are most important to you? What 3 action words will give you the best return on your time investment? You only have 168 hours in the course of a week. No more or no less. Those who accomplish the things in life that are most important to them have learned to invest their time wisely. Spending your precious time on things that won’t get you closer to accomplishing your goals in 2016 is a total waste of your time. Any time is the right time to start a new beginning. On your mark – get ready – set – now go!!! – Make 2016 your best year yet.

Copyright (c) 2016. Brian Smith – Reformed Control Freak. Are you or someone you know looking for a keynote speaker who can entertain and inform on a variety of soft-skills topics? Visit http://briansmithpld.com