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Archive for 2011

Study Richard Branson

Monday, March 28th, 2011

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Study Richard Branson as an entrepreneur.

Study him as a leader.

Study him as a manager.

Study him as an example of how to live your life.

Don’t just study Branson; study those around him, such as Stephen Murphy, Virgin CEO since 2006.

Studying both allows you to see how Branson differs from so many of his counterparts.

According to Murphy, “He [Branson] is a listener. He will say ‘I hired you to listen to you. I am not hiring you to tell you what to do’.”

Branson is known as Doctor Yes while Murphy is nicknamed Mr. No; together they make Virgin far stronger than either could separately.

Murphy balances Branson’s “screw it, let’s do it” attitude, but recognizes Branson’s positive mindset, “When there are nine good reasons not to do something, Richard is always the person who focuses on the one reason to do it.”

Branson is a master delegator, not just the responsibility, but the authority and once he delegates he lets go.

Study Branson to learn the value of controlling your ego or, better yet, being confident enough to let your people shine, knowing that giving them the spotlight doesn’t reduce your own place in the sun.

Last year I wrote a very short post on following and Branson seems to fit.

So when you are deciding whom to follow, who’s vision to trust, skip the shiny baubles and silken words and look to see who keeps turning the spotlight on others.

Image credit: http://www.flickr.com/photos/gulltaggen/4564600916/

Entrepreneurs: Screw Business As Usual (book review)

Thursday, December 22nd, 2011

As promised last Friday.

It’s not often that I unequivocally recommend a book, but Richard Branson’s Screw Business As Usual meets all my criteria.

It’s not a do-gooder book, per se, although Branson is passionate about “doing good by doing right.”

I realize that his take on entrepreneurism will fall on deaf ears for anybody who starts a company with the prime motivation of getting rich, but even they might reconsider after reading it—Branson started Virgin so he could afford to make a difference.

And there is prime proof that doing right pays.

“Companies that consistently manage and measure their responsible business activities outperformed their FTSE 350* peers on total shareholder return in seven out of the last eight years.”

Branson believes that the right focus is your employees and your customers; take care of them and the rest will follow.

The people, stories and advice in Screw Business As Usual are about, and dedicated to, entrepreneurs, business people and anybody else who believe that there is more to work and business in the 21st century than making money.

What worked in the past isn’t going to work in the future, from top-down, command and control management to companies whose policies destroy people, resources, etc., in the name of profit.

The doing-good-by-doing-right bandwagon is picking up steam, fueled by a vocal new generation that is disgusted with business as usual and older generations (maybe not as noisy) with the same feelings who are learning to vote with their feet—as US banks so recently found out.

Business needs to recognize that if they want to keep making money they need to do it responsibly—assuming, of course, they need both workers and customers to succeed.

In other words, screw business as usual.

*FTSE 350 is the British version of the Fortune 500.

YouTube credit: Virgin Unite

 

 

Entrepreneurs: Screw Business As Usual (book review)

I rarely read book that I unequivocally recommend, but Screw Business As Usual meets my criteria.

It’s not a do-gooder book, per se, although Branson is passionate about “doing good by doing right.”

I realize that his take on entrepreneurism will fall on deaf ears for anybody who starts a company with the prime motivation of getting rich, but even they might reconsider after reading it.

And there is prime proof that doing right pays.

“Companies that consistently manage and measure their responsible business activities outperformed their FTSE 350* peers on total shareholder return in seven out of the last eight years.”

Branson believes that the right focus is your employees and your customers; take care of them and the rest will follow.

The people, stories and advice in Screw Business As Usual are about, and dedicated to, entrepreneurs, business people and anybody else who believe that there is more to work and business in the 21st century than making money.

What worked in the past isn’t going to work in the future, from top-down, command and control management to companies whose policies destroy people, resources, etc., in the name of profit.

The doing-good-by-doing-right bandwagon is picking up steam, fueled by a vocal new generation that is disgusted with business as usual and older generations (maybe not as noisy) with the same feelings who vote with their feet as US banks so recently found out.

Business needs to recognize that if they want to keep making money they need to do it responsibly—assuming, of course, they need both workers and customers to succeed.

*FTSE 350 is the British version of the Fortune 500.

YouTube credit: Virgin Unite

If the Shoe Fits: Doing Well by Doing Good

Friday, December 16th, 2011

A Friday series exploring Startups and the people who make them go. Read all If the Shoe Fits posts here

5726760809_bf0bf0f558_mHave you ever had something you were aware jump up and hit you in the face? It’s not new information and your reaction is the same, but the impact is enormous?

That is what’s happening to me as I read Richard Branson’s Screw Business As Usual (I’ll be reviewing it next Thursday, December 22)

Maybe it’s just the entrepreneurs Branson talks about, but their goals seem so different from the entrepreneurs in the US.

The “already done it”entrepreneurs in Branson’s book grew up, as did Branson, with an eye to improving the world and knowing that they needed to a financial base from which to do it, but they never lost track of their main goal.

The current entrepreneurs he describes, many of them young, have a keen focus on creating jobs and improving their communities and see their company as a way to accomplish that.

They buy whole-heartedly into Branson’s basic idea for running Virgin, i.e., doing good is good for business.

Whereas a large segment of US entrepreneurs, especially the younger ones, seem to see their startups as the fastest way to get rich since the  financial, consulting and legal sector jobs dried up.

Obviously, not all of them, but a significant number.

“Doing well by doing good” just isn’t mainstream in the US.

Or is it?

Where do you fit?

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Warning.

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Flickr image credit: HikingArtist

Quotable Quotes: About Entrepreneurs

Sunday, October 23rd, 2011

3869782328_9392af97ce_mEverywhere you turn these days you see ‘entrepreneurs’, whether it’s the kid on the corner with a lemonade stand, the owner of the new cupcake shop or Mark Zuckerberg—they are all entrepreneurs.

Entrepreneurs aren’t a new phenomenon, some five centuries ago Niccolo Machiavelli offered a definition that still holds true, “Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage.”

Victoria Claflin Woodhull put it a bit differently, “Entrepreneurs are risk takers, willing to roll the dice with their money or reputations on the line in support of an idea or enterprise.”

Roy Ash offers a shorter, pithier description, “An entrepreneur tends to bite off a little more than he can chew hoping he’ll quickly learn how to chew it.”

Ted Turner, a successful entrepreneur himself, offers a slightly cynical take on the current love affair with entrepreneurs, “My son is now an “entrepreneur.” That’s what you’re called when you don’t have a job.”

Pete du Pont points out something of which many people aren’t aware, i.e., the entrepreneurial path is rarely straight line, “That’s the way it is with entrepreneurial people. You try one thing, it doesn’t work, you try another.”

Nolan Bushnell doesn’t mince words in stating the most important entrepreneurial trait, “The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.”

Most people enjoy stories about accidental entrepreneurs, but few realize that Richard Branson is one of them, “I wanted to be an editor or a journalist, I wasn’t really interested in being an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.”

That’s all for today; be sure to join me tomorrow to hear about a universal truth that might surprise you.

Image credit:Amber Strocel

Entrepreneurs: Role Models

Thursday, September 29th, 2011

A comment in response to an article entitled Steve Jobs Is a Lousy Role Model caught my eye.

I agree that good managers have to ‘manage’ their employees emotional well-being but I believe visionary leaders have to execute on their vision… Don’t get confused that good managers can build an innovation company without effective leaders to lead the charge.

Jobs ability to see around corners product-wise is unique, but that skill doesn’t make him a leader; it makes him a product visionary.

Yes, he is brilliant; yes he has charisma; yes, he screws up and the combination proves he’s human.

What needs to be understood is that Jobs successes don’t excuse his bad actions.

Do yourself a favor and recognize that your vision can also be your own personal Kool-Aid.

Richard Branson is also a visionary and successful entrepreneur, but his approach is a world away from Jobs.

The trick to finding a role model is to eliminate the singular, find multiple models and emulate their best traits after tweaking them to fit your own MAP and situation.

Last year I wrote, People love to quote the adage “there is no “I” in team” when somebody’s ego gets out of hand; perhaps a new adage is needed that states “there is no “I” in leader.” Of course, someone will argue that there is an ‘i’ in leadership, which is true, but when ‘i’ becomes ‘I’ it changes leadership to leadershit.

Even Steve Jobs phenomenal success provides no reason to change my mind.

Image credit: Wikimedia Commons

Expand Your Mind: Surveys

Saturday, September 24th, 2011

I owe my Saturday readers an apology. Expand Your Mind was absent last week and I have no excuse; worse, I have to admit I just plain forgot. That is embarrassing. I hope today makes up for it.

A rude awakening for all the companies and managers who believe they can treat their people any way they choose comes from an Aflac survey-based report saying otherwise.

77 percent of adults employed full/part time, and not currently self-employed, stated they would leave their current position to become an independent entrepreneur.

However, PeopleMetric’s 2011 survey on employee engagement says the opposite when compared to 2007.

…more employees intend to stay with their employer, feel motivated to put forth extra effort, recommend their companies as a great place to work, and say they love their current organization.

What’s the difference; why such disparate results?

More research from Harvard shows that what excites and engages people has nothing to do with money and everything to do with managers (you knew that).

According to recent research, the single most important factor is simply a sense of making progress on meaningful work.

Next, two excellent survey-based articles about women and work.
First, research from Harvard Business Review, looks at the factors that impact both women and men when competing.

…how women and men perform at work may be strongly linked to the gender of the person they are competing against.

And from McKinsey comes advice based on feedback that focuses on changing deeply embedded attitudes.

…a survey we conducted earlier this year indicated that although a majority of women who make it to senior roles have a real desire to lead, few think they have meaningful support to do so, and even fewer think they’re in line to move up.

Finally, a word about the poster boy of engagement, Richard Branson.

He simply pursues his vision of excellence in whatever he does, leaving others to decide whether he is working or playing. To him, he is always doing both.

Not a bad way to live!

Flickr image credit: pedroelcarvalho

Expand Your Mind: Culture Effects

Saturday, September 3rd, 2011

Is culture sustainable? Ask Jim Sinegal who, over 28 years, took Costco from $0 to $78 billion and built it into a global powerhouse without catering to Wall Street—workers have health benefits, margins are 14% (15% for house brands) and the price of a hot dog and drink hasn’t change since 1985. Does it work?

Shares of Costco have risen nearly 40 percent in the past year, whereas Wal-Mart shares are up just 6 percent even though the world’s largest retailer enjoys a gross profit margin of close to 25 percent compared with Costco’s 10.8 percent. Shares of another competitor, BJ’s Wholesale Club Inc (BJ.N), have risen about 21 percent over the last year.

Any day you look you’ll find an account describing problems in the money-losing airline industry. But if you keep looking you’ll also find bright spots, such as Southwest and Jet Blue, whose cultures engage their people’s passion and that translates directly into dollars.

A 2009 study by Gallup found that companies in the top decile for employee engagement boosted earnings per share at nearly four times the rate of companies with lower scores.

What do 3M and Virgin have in common? Cultures that invite, enable and revel in creative employees—intrepreneurs—that drive innovation, profits and keep their new product pipelines packed.

3M is 109 years old, the company continues to churn out new products like a young startup which explains why 31% of 3M’s 2010 revenues came from products that were developed during the past five years.

“Virgin could never have grown into the group of more than 200 companies it is now, were it not for a steady stream of intrapreneurs who looked for and developed opportunities, often leading efforts that went against the grain.” –Sir Richard Branson

Finally, and mostly to give you a laugh, here are the totally obnoxious actions from some of today’s truly monster egos.

Flickr image credit: http://www.flickr.com/photos/pedroelcarvalho/2812091311/

Quotable Quotes: Hodgepodge

Sunday, June 26th, 2011

Today is a bit of a hodgepodge.

Richard Branson is one of my favorite people; I like reading about him and he’s played a part in several posts I’ve written. Branson was focused on business opportunities, but this comment applies just as well to other areas, such as hiring.

“A good idea for a new business tends not to occur in isolation, and often the window of opportunity is very small. So speed is of the essence.”

Back in the day word that Microsoft had turned its attention to a product or service sent waves of trepidation through founders and investors alike, much as Google does today. I was reminded of that when I read an old comment by Ralph Nader. Funny thing is that Microsoft is still making the same noises.

“John D. Rockefeller wanted to dominate oil, but Microsoft wants it all, you name it: cable, media, banking, car dealerships.”

Nader was referring to Rockefeller senior; I prefer John junior, probably because his thinking so perfectly sums up what I keep saying, ‘people perform up (or down) based on the quality and skill of their management.’

“Good management consists in showing average people how to do the work of superior people.”

Several centuries ago John Mason pointed out the difference between a fool and a wise man.

“The wise man has his foibles, as well as the fool. But the difference between them is, that the foibles of the one are known to himself and concealed from the world; and the foibles of the other are known to the world and concealed from himself.”

Add social media to that mix and the number of fools increases exponentially.

Warren Buffet understands the fragility of reputation.

“It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently.”

The problem is that for too many people social precludes thinking.

I hope you enjoyed my hodgepodge. Have a wonderful rest of the weekend.

Flickr image credit: http://www.flickr.com/photos/grigoriprime/4902494653/

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