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Accounting Economics Entrepreneurship Human Resources Management Marketing Negotiations News and Politics Women In Business

Opportunity Can Reside Inside of Confusion – Negotiation Insight

“Confusion is a time for reflection. Use it to slow down your thoughts. In doing so, you’ll see what’s been speeding past you.” -Greg Williams, The Master Negotiator & Body Language Expert

Have you ever caught yourself, or caught someone else, in a state of confusion? I’m talking about being truly perplexed and in a quandary about what action to engage in next. Confusion may have shown on the face or been revealed in some non-action. If it was you, you may have felt embarrassed, a sense of anxiety, or just an emotional tug to get out of that state of mind. At such times, in such actions, an opportunity may be lurking. Here’s why I say that.

When someone is confused, they become unsure of what to do next. That will usually cause them to go into a state of reflection, one in which they assess their circumstances, in an attempt to decide what action to engage in next. That’s the time that people are most susceptible to suggestions and external influence. If you’re the person in that state, be aware of your susceptibility. That’s not to say that being susceptible is bad at such a time, it’s simply to say, be aware of your environment, what suggestions are being offered, and how you feel at that moment about making decisions. You should understand when others are in such a mindset because they too are susceptible to being influenced by you.

Here’s the point, the more aware you are about the stimuli that motivate you to address one set of actions versus another, the better you’ll be able to adopt actions that are beneficial. So, don’t shun confusion when you encounter it, embrace it for the potential value it may contain. Then, use that to your advantage … and everything will be right with the world.

What does this have to do with negotiations?

“He had an expression on his face that said, ‘he was hanging around like a dangling participle.’ You could see that he didn’t know what to do next.”

In a negotiation, a state of confusion can be good when induced in the other negotiator, such can be the case when it’s induced in you, too. Per confusion being of benefit when induced in the other negotiator, it depends on the type of person with whom you’re negotiating (i.e. Open – I’ll follow your lead because I trust you. Easy – willing to go along to get along). These types of negotiators are initially more open and willing to work with you than the ‘Hard’ or ‘Closed’ style of negotiators. Thus, you can elicit empathy from the opposing negotiator when you’re in a state of confusion, and lead him from his dilemma when he’s in that state.

In your negotiations, don’t be dismayed by confusion. View it as an opportunity and be prepared to utilize it as the gift that it might present.

What are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com

To receive Greg’s free 5-minute video on reading body language or to sign up for the “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

Remember, you’re always negotiating.

#HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions #Psychology #Truth #Perception #Confusion

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Accounting Best Practices Entrepreneurship Health and Wellness Industries Management Marketing Skills Technology Women In Business

Maximize the First 30 Minutes of Each Day

How do you set the tone and maximize productivity at the beginning of each day? Do you give yourself space to map things out or are you more of a wing-it kind of person? I believe how you START your day, sets the intention and momentum for how the rest of the day’s will transpire. When you begin with 30-minutes of focused attention to what really matters most –  that time will pay generous dividends by the end of the day.

Here are strategies maximize productivity and ensure a successful day in the first 30 minutes:

  1. Turn OFF your phones. It’s all right. That magical device that is glued to hands seemingly every waking minute of the day, delivering phone calls, chats, text messages and emails at an often-alarming rate does turn off. So does the desk phone! Take 30 minutes to create space for focus. It will all be there when you turn it back on. It’s just an hour. And there’s voicemail! If it’s important, they’ll leave a message or call back.  If you want to maximize productivity – turn off your phones.
  2. Close your door. If you’ve got one. This sends a signal to your team (or your family if you are a work-from-home entrepreneur) that you are unavailable unless there is an emergency. If you are new to the practice, educate your team what procedures you want to have in place when your door is closed. Once everyone is on board that this is your time to create, get strategic, work a business plan, and map out your day, they’ll recognize the importance. Especially when they see the RESULTS.  If you are forced to work in an open environment, consider headphones. I used this technique in one organization, and people eventually got the idea that when your headphones are in, it’s the equivalent of a do-not-disturb sign.
  3. Use smart time-blocking. My recommendations? Book all meetings to start after 9.00 am. If you’ve always had early morning meetings, this might be a tough change, but if needed, can you start your “clock” an hour earlier to ensure that you have a full 30 minutes to complete your planning?
  4. Start off-site if possible.  Can you complete your 30-minute mindset and strategy session BEFORE you walk through your office doors? That way when you are actually in office – you hit the ground running. Once you’ve mastered this, teach your team. Once they’ve mastered it – your Key Performance Indicators (KPIs) will go through the roof. A study done by Ctrip shared that remote workers are able to complete 13.5% more than their comparable office workers. How’s that for food for thought.
  5. Quit the clutter. Seriously. Inboxes. Coffee cups. Paperwork piles. These distractions are stealing brain bandwidth and steering your attention away from streamlining your day. Out with them!  Maximize productivity by decreasing visual distractions.
  6. Check off that early morning workout. If you can muster it, get your exercise out of the way first thing. Start small if you have (15-30-minute increments) but do start. You’ll feel like you’ve already checked one big daily goal off your to-do list! Cheers!
  7. Nix the gossip in the bud. Honestly, gossip is one of the biggest time, energy, and productivity drains an organization can have. We Aussies call a gossip a “flibbertigibbet”. Studies show that 39% of workers admit that gossip and workplace chat are their biggest productivity killers. Another study conducted by Equisys also shared that the average employee spends 65 hours a year gossiping in the workplace! Cull this invasive “thief” from your company if you truly want to maximize productivity.

Starting your day in planning mode will help you stay focused, on track, and set the right tone for not just your day – but that of those around you. Lead by example. Pay ATTENTION to the INTENTION you set for each day. Your productivity, profitability, and bottom-line results will reflect your efforts!

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Human Resources Management Marketing Personal Development Women In Business

Developing a Curious Mindset

James Taylor recently interviewed me regarding developing a curiosity mindset. James is a keynote speaker, author and entrepreneur on a mission to help people and organizations maximize, market and monetize their creativity.

To hear the interview, you can go to: https://www.jamestaylor.me/diane-hamilton/. 

The following are highlights of what we discussed in the interview:

  • Curiosity and its decline
  • Creativity and AI
  • Beginning of current fascination
  • Uniqueness of the next generation
  • Data from assessments
  • Muse and inspiration
  • Disagreeing with other’s vision
  • Daniel Goleman and Reuven Baron
  • Promising and delivering
  • Benefits of working under pressure
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Accounting Economics Entrepreneurship Management Marketing Negotiations News and Politics Operations Skills Women In Business

8 Words That Will Make You a Better Negotiator – Part 1

“Choose your words carefully in a negotiation, they’ll determine your degree of effectiveness.” -Greg Williams, The Master Negotiator & Body Language Expert

This article is part 1 of a two-part article. It contains an explanation of the first 4 of the 8 words that you can use to become a better negotiator. Part 2 will be released in the next ‘Negotiation Tip of the Week’.

Now imagine the new you, not limited, because you are instantly free.

There are 4 words contained in the sentence above that will make you a better negotiator. Do you know which words they are, how to use them, and why they’ll give you an advantage when negotiating? After reading this article, you’ll know why 4 of those words have such power, and how to use them in your negotiations.

“You misunderstood me”, said the first person to the second. “No, I didn’t. You used words that had a different meaning then what I understood,” was the response.

Communications can get dicey when negotiating.  Thus, you should always be mindful of the words you use, and which words have a greater impact on the negotiation.

The first 4 words are, new, free, because, and you.

1. New – Everyone is drawn to the word, ‘new’. It symbolizes something that’s not been seen/heard and/or revised. Some people are influenced by this word simply because they want to be/remain state-of-the-art. They want to be part of what’s trending so that they can be in-the-know.

Use the word, ‘new’, in your negotiations when you wish to instill a degree of excitement about a changed or enhanced position/offer. Be mindful of not overusing it. To do so will weaken its impact.

2. Free – Who doesn’t like to get something for free? The word, ‘free’, has been used throughout time to draw people in to examine how they might acquire something for nothing. At least that’s their initial impression when they see or hear the word, ‘free’.

In your negotiations, you can use the word, ‘free’, as a tool of risk reversal (i.e. I’ll reduce or eliminate the risk of accepting what I’m stating to be true). As an example, you might offer the other negotiator the opportunity to examine or engage in your offer for a period of time before she makes a commitment to engage further. By doing so, she’ll have the time to experience for herself the value of what you state as the outcome she’ll receive.

3. Because – Studies have shown, when you use the word, ’because’ in a request, people are more likely to grant your request. This has been borne out even when there’s no following reason given after the word ‘because’ is used.

Use the word, ‘because’, when making a request during a negotiation to give the other negotiator more insight into why you’re making the request. You’ll be giving him more insight into your negotiation strategy, so be alert about how much information you give and only give what’s needed at the time.

4. You – There’s nothing more powerful to you than the sound of your name. Your name captures your immediate attention. In a negotiation, it would become tiresome to continuously use someone’s name. That’s where the word, ‘you’, comes in.

During a negotiation, you can use the other negotiator’s name when speaking to him; a subliminal trick would be to tie his name to the word, ‘you’, every time there’s a perceived positive aspect to the negotiation (e.g. John, the outcome of this negotiation is going to make you look like a superhero to your bosses!)

You now have new insights into how the above words can instantly increase your negotiation abilities. You acquired these words for free because you read this article. Imagine what this new knowledge will do for you. Use these words in your negotiations … and everything will be right with the world.

Please be sure to see the next “Negotiation tip of the Week” for the other 4 words that complete the list of ‘8 Words That Will Make You A Better Negotiator”. 

After reading this article, what are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com

To receive Greg’s free 5-minute video on reading body language or to sign up for the “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

Remember, you’re always negotiating.

#HowToNegotiateBetter #CSuite #TheMasterNegotiator #psychology

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Best Practices Leadership Marketing Skills

Dressing Well for the Camera

Video is the new black. It has forged to the forefront of marketing campaigns and is seen as the best platform to get your message out. Written content and audio are still great, but video brings in the component of both visual and audio communication. As noted in my book, I.C.U., The Comprehensive Guide to Breathing Life Back Into Your Personal Brand, humans are wired to interpret things visually first. It is the most dominant of our senses. So how you appear on camera matters. There will be a time when you will be in front of a video camera, whether it is creating video marketing content, being interviewed as the CEO of your company, or presenting to an audience. I want to make sure you are prepared to bring forth your best self visually.

I partnered with Nancy Morrisey, Vice President of Mirage Productions in New Jersey to gain insight on what her production company recommends to video clients. “No black, white, or vertical stripes” is Nancy’s first piece of advice she offers her clients. Below is a collaboration of her input and my 20+ years of expertise as a brand manager, personal brand strategist, image consultant, and professionally trained model.

Color and Pattern

  • BEST COLOR CHOICES: Gray, Navy, Light Blue, Royal Blue, Brown, Purple, Pink, Pastels
  • COLORS TO AVOID: Black, White
  • COLORS TO BE CAUTIOUS ABOUT: Green, Red

Mid- to deep tone colors work best. It is a good idea to do a pop of color. For example, if you choose a gray jacket, put a royal blue or purple shirt underneath, or a red or purple necktie.

If possible, know what the background color will be. If there will be a green screen, then you must avoid wearing green.

Red and orange can be hard on camera as they have a tendency to glow. If you choose to wear red, make sure it is a dark red.

High contrast such as black and white together is very hard on camera and can cause problems for the camera to balance exposure properly as is the case of wearing all black or all white. The same black and white contrast principal holds true with contrast between your skin coloring and clothing color. If you have very light skin, avoid wearing a dark color and vice versa.

Solids work best. Stripes, pinstripes, herringbone, corduroy, and polka dots cause a camera to jump and create a moiré effect making the garment look like it is moving.

If you will be on set, I always recommend bringing one backup outfit. You never know if you will spill something on yourself or have a wardrobe malfunction. Also, sometimes you do not know in advance what the background will be and you don’t want to clash with it. So a backup outfit comes in handy.

Shape, Fit, and Line

Make sure your clothing fits your shape nicely and smoothly. Any wrinkling or bulging will only be emphasized on camera. The tighter the clothing, the larger you appear. Anything loose or ill-fitting will add weight to you and make you appear sloppy. Clean lines and silhouettes are always best. Avoid plunging necklines. Wear something that is comfortable to you. If you don’t, that will come across in your body language on camera. It can be hot under the lights, so wearing a lighter weight fabric will keep you from sweating.

Ladies, if you are going to be sitting during an on-camera interview, check your skirt length in a sitting position beforehand as the skirt length will rise up a bit when you are sitting.

Accessories and Grooming

Minimal jewelry is always appropriate. Shiny jewelry can be hard for a camera. However, as Nancy encourages, if you have an heirloom or special piece of jewelry, by all means, wear it.

Hair should be smooth and not fussy. Flyaway hair is easily seen on camera. In a pinch, hand lotion rubbed on your hands can quickly smooth flyaway hair.

Gone are the days where heavy makeup is required. Keep it simple and do wear a lip color, but keep it in a matte finish. No shiny lip gloss or lip balm. You will want to keep some translucent powder or blotting tissue on hand to touch up any shine.

Cameras can pick up on every piece of facial hair, so be sure you have shaved properly or plucked stray hairs.

Facial Exercises

It is good practice to warm up your mouth with facial exercises. This helps alleviate any nervous twitching of the mouth and allows your face to relax and smile. The facial exercises I was taught in modeling school are the ones I continue to use today. Say each vowel out loud and open your mouth as wide as possible as you are saying the vowel, stretching your mouth and facial muscles as much as possible. Repeat this over and over until you feel loosened up. This is also a tip to use before stepping onto a stage to speak.

Stay True to Brand

The rules above are meant to be a guide. Staying true to your personal brand is always encouraged.

I help executives create a powerful image and brand so they look and feel confident wherever they are. Contact me at sheila@imagepowerplay.com to schedule a 20-minute call to discuss how we can work together to grow your visibility through my return on image® services.

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Best Practices Entrepreneurship Human Resources Management Marketing Personal Development Women In Business

Maximize Output Using Your Best Times of Day

Need to maximize output each day? Start by identifying the times of day it might be easier for your brain to make decisions, maximize output and be more productive by leveraging your undivided attention.

In our book Folding Time™, we share people have premium productivity work times. For morning birds you are most productive between 7 am – 1 pm, for hummingbirds you are 10.30 am – 3 pm and for night owls 2 pm – 8 pm. See there’s a really a time for everyone to focus their attention and maximize output!

Strategize in your most productive time – if you have decisions to make choose your most productive time. If you have a big project to do or a presentation to prepare for, choose the time your brain is most engaged.

Do routine activities in your least productive time – do you have maintenance type activities i.e. returning email, updating status reports that don’t require as much strategic thought? Leave those for another time of day.

Make your big decisions earlier in the day – Michael Breus, author of The Power of When, suggests saving big choices for one to three hours after you wake up. By then, you have shaken off any sleep inertia you might have. A study by Shai Danziger summarizes the results of 1,112 parole decisions heard over a 10 month period resulted in 65% more successfully paroled in the morning hours. Choose your best time to make important decisions.

Convert sales calls before the weekend and holidays – if you are working with a buyer to get decisions made on important deals consider Friday afternoons and also before major holidays. I have found the week before Thanksgiving is a great time to finalize outstanding speaking engagements for the following year and people pick up the phone on Friday afternoons. Hustle when others are relaxing.

We all get 1,440 minutes in a day. There is no such thing as time-management. It’s not about time management; it’s about attention management and strategizing ways to maximize output.

If you are a leader in your organization, provide employees an agile work environment that allows them to maximize output by working during the times of day they are able to focus most. Need ideas on how to create an effective, focused workforce? Watch this video and learn:

  • How to give employees freedom to create their workday structure
  • Allow employees to work in their most productive spaces and places
  • Provide flexibility to employees to work during their most productive hours

Know your best time of day to pay attention to what really matters.

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Best Practices Entrepreneurship Human Resources Industries Management Marketing Personal Development Women In Business

Don’t Believe Distractions Cost? Think Again!

Did you know it takes, on average, 23 minutes to refocus your mental effort and energy on a task after being interrupted?

Have you ever considered how many times you’re interrupted in a day?

We all know interruptions hamper productivity and make trying to accomplish even the smallest of tasks frustrating, and seemingly endless.  Consider this – If you spend a total of 5 minutes, five times per day responding to text messages and reading social media, you’ve spent (maybe wasted!) 25 minutes of work time. Even still, when you consider it takes our brains 23 minutes to refocus on our tasks at hand for each interruption, you start to see those 5 simple tasks actually cost you almost 2.5 hours in lost concentrated focus and productivity.  How do I know this? Because I have been guilty of this too.

You see, a distraction costs more time than just the activity. It costs us mental space and time to refocus afterward.  This realization helps me to focus when I get off track.

A study was performed by info-tech researcher Basex and found distractions cost U.S. companies $588 billion per year in lost productivity. Imagine how much of that money could have been saved if employees were able to avoid distractions and stop interruptions.

Crazier still, a researcher of digital distraction at the University of California, Irvine found approximately 50% of the distractions were self-induced! Our curiosity to know what was going on in the world on the news, social media, emails, or other people’s lives are creating our productivity demise.

Attention is Key! Attention is vital. A few steps toward mindfulness can help you save time and boost productivity:

1. Count your interruptions. For two days, keep a running list of the distraction types and the number of times is occurs (you will be shocked!). Start proactively finding solutions to stop the self-induced time killers.

2. Master your schedule. Choose brief, 15 minute increments, within your calendar that permit you to take a break, respond to others and allow your mind the downtime it deserves (and craves).

3. Utilize technology to save you from technology. Use apps on smartphones to silence distractions. Better yet, turn them off or use the Do Not Disturb feature until a time you’ve chosen to take a scheduled recovery break. I love the Freedom App.

4. Prohibit devices. Create a no-phone policy for some meetings and important conversations.

5. Schedule. Schedule. Implement tools that manage your time spent online, such as the Freedom App.

6. Do Not Disturb. Allow employees to create Do Not Disturb work times on their calendar where they can truly unplug from email, visitors and disruptions.

7. Go public. Get accountability. We have conditioned ourselves to be available to others all day and every day. Stop. Send messages to your friends, family and colleagues sharing your commitment to productivity. Explain your new schedule has time allocated to respond to their needs. Reset their expectations for your return phone calls, text messages and mid-day visits.

8. Unplug from social media. Consider taking a social media detox to help clear your head of the need to be plugged in. If that seems too radical, consider establishing one or two 15 minute periods of time in the early morning or evening that allow you to log on and play.

9. Choose one day per week. We all want to personally check in with coworkers and establish relationships with our peers. So do it! Only, limit it to one day per week. For instance, Wednesdays allow you find out how their weekend was and hear about their upcoming plans.

10. Weekends are for fun. When you make focus and attention a priority during the workday, make fun and relaxation a priority on the weekend. This will give you the time needed to recalibrate and rest, which will improve your attention and focus throughout the week.

With a few changes and a commitment to focus, your productivity will soar as will the results of those efforts. When you choose to become the Attention Ambassador in your workplace, others will begin to see Attention Pays.

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Best Practices Body Language Economics Entrepreneurship Human Resources Investing Management Marketing Negotiations News and Politics Women In Business

What Causes Fear in You?

“If you don’t know what to be fearful of, you’ll be susceptible to fearing anything.”  -Greg Williams, The Master Negotiator & Body Language Expert

Are you truly aware of why you deal with fear the way you do, the source of your fear(s), and the impact it has on your psyche? Fear can paralyze you if it’s not controlled. Do you control your fears?

… ‘This is really messed up. I’m really afraid!’ Those were the words that a friend stated to me. He was speaking of a situation that had instilled fear in him. When I probed to understand why he was fearful, he said he wasn’t sure, but, he had a gut feeling to be cautious.

Fear ignites a sense to protect yourself. It may do so to prevent what’s perceived as being harmful. It may also do so to keep you within the boundaries that you deem to be mentally safe; just an FYI, preventing what’s perceived as being harmful and keeping you within the boundaries that you deem to be mentally safe are two separate thoughts. They stem from two different sources of motivation. I point that out as something to be cognizant of (i.e. what really causes fear to become born within you and then what causes the flame of angst to burn brighter).

We come into the world with only two fears. They are the fear of falling and the fear of loud noises. The rest of what we learn of fear becomes a part of us that we obtain as we go through life.

It’s important to know what you fear because without knowing, you don’t know what to combat. Without knowing, you don’t know why you’re fearful. Without knowing, you don’t know if what you fear is real.

As you go throughout your daily activities, pay more attention to what at first appears to be angst, anxiety, an uncomfortable feeling, or whatever label you assign to the beginning of uneasiness. That will be the conscious point that fear begins to grip you. If you note when fear begins to grip you, you’ll have a greater chance of defeating it, before it has a greater chance of defeating you.

Here’s the point. Once you consciously recognize that fear has a hold on you, it’s already elevated from your subconsciousness to your consciousness. That means it was already living in your psyche like a virus waiting to potentially harm you. The sooner you recognize it, the sooner you can deal with it. The sooner you deal with it, the less severe it will be. The less severe it is, the better you’ll be able to control what occurs in your life … and everything will be right with the world.

What does this have to do with negotiations?

In a negotiation, fear is always at the heart of broken deals, impasses, and the impediment to a successful negotiation outcome. Sometimes, you’re right to be fearful. If that’s the case, you need to identify the source of those feelings. Even if it’s imaginary, there’s a problem because of the way you’re thinking.

In a negotiation, once you become fearful, take note and assess to what degree it will impede the negotiation. Based on its severity address it then, or put it to the side to possibly be addressed later. Don’t ignore it until and unless your sense the fear has abated.

What are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com

To receive Greg’s free 5-minute video on reading body language or to sign up for the “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

Remember, you’re always negotiating.

#HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions #Psychology #Truth #Perception #fear

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Entrepreneurship Management Marketing Personal Development

5 Things to Avoid Startup Failure

We’ve all seen the depressing stats – over 50% of startups fail within the first 4 years.  This need not happen!  Businesses are launched for a variety of reasons – some are well thought out strategic launches while others are out of necessity when job prospects dry up.  There are many reasons for startup failures; but if you can avoid these 5 key ones, your chances of success go way up.

Product – Market Mismatch

As the chart below demonstrates, the #1 reason why companies dissolve is that they are producing and marketing a product no one wants.  Although this seems somewhat obvious in retrospect, many founders get an idea and accumulate enough funds to launch and work on perfecting their product for extended periods (burning through capital along the way) only to discover that there is no market for their product.  In essence, they have a solution in search of a problem.

The way to avoid this problem is to test the market as soon as possible. Many startups are scrapping the lengthy business plan in favor of a more dynamic approach. One of the key tenants of the Lean Startup Approach centers on creating a minimally acceptable prototype that is then market tested with real potential clients.  Based on customer feedback, the product is adjusted and then retested.

Lack of Funding

Even for those founders who are fortunate enough to obtain some funding, there can be a short runway until the money runs out.  Startups need to develop a summary of all expected startup expenses as well as ongoing monthly expenses….leave nothing out.  A cash flow budget will quickly reveal the burn rate of the business and (in the absence of revenue) how long their funds will last.  This will help founders plan how to allocate their limited resources.  In many ways startups are a race against time – not only to avoid running out of money, but also to stay ahead of potential new competitive entrants who may also be working on the same problem.

Founder Team

Founders may start out as solopreneurs, but soon will outgrow that and need additional expertise and support.  The key potential disruptors here are personalities that don’t mesh and lack of a common vision.  The best founder teams are those that knew each other before joining the company – the longer the better.  As founders add additional personnel, there is a dangerous tendency of hiring quickly to “just get it done” and get some help.  Hiring the wrong people can destroy a startup.  If the new addition is a poor fit with the rest of the team or if they don’t share the same sense of mission this can spell significant trouble. The result will be stress within the team and some loss of momentum.  Startups cannot afford to lose time or momentum.

Founders tend to have a view that they must do everything themselves to be sure it’s done right.  As the business grows, this must stop.  Founders are now leading the company – they need to learn to delegate whether to freelancers or fulltime employees.  Leadership involves focusing on what you do best and letting others do the rest.  Trust but verify is a workable approach.

“It doesn’t make sense to hire smart people and then tell them what to do; We hire smart people so they can tell us what to do.”

~Steve Jobs

Lack of a Business Plan

Business Plans are not just for Angel Investors or Venture Capitalist.  They keep the management team focused and moving in the agreed upon direction.  The key elements include a mission statement along with the Unique Selling Proposition (USP).  A detailed summary of the competition along with marketing and business development activities is also essential.  Every member of the founder’s team must be part of the process to assure buy-in on all goals.  In addition, the cash flow budgets fits into this process to assure the founder that the burn rate is not too high.  The danger is that funds will run out before the product is fully developed and sales have begun.

Lack of Brand Development

Successful startups need a defined repeatable sales process.  But first they must get their brand noticed in the marketplace.  Once the founder team has developed their Unique Selling Proposition; it needs to be conveyed to potential customers.  Social media can be a big help.  A solid website which includes a call to action and a way for prospective customers to ask questions has become table stakes for all businesses.  Well-crafted informational articles distributed on Twitter and LinkedIn can also reinforce the brand.  This is a slow burn approach, as social media cannot produce results over night. The drumbeat message should always include what specific problem the product is solving.

Final Thoughts

Starting and running a business is hard work and it may seem that success is a low probability outcome.  But with planning and focused execution, a positive outcome is much more likely.  It is also best not to go it alone.  Seek the advice of professionals – CPAs, and attorneys along with a business mentor or coach will help the founder keep out of trouble and protect their franchise.

Kevin FitzGerald is the founder of KevinBizGobal and a C-Suite Network Advisor working with entrepreneurs and business leaders from startup to international expansion.

Kevin has over 20 years of managerial/consulting experience across a wide range of industries including Financial Services, Pharmaceuticals, Tech and MedTech. Key services include: Lean Startup Advice, Business Plan and Pitch Deck Preparation.  For larger SMEs who are ready to scale internationally – go to market strategies with strategic alliances primarily in the US, Ireland, and the UK.

Kevin’s education includes an MBA from the Stern Business School at New York University and a BA with honors in Economics from Drew University.

Contact Kevin:  kevin@kevinbizglobal.com

Specialties: #startup #startups #entrepreneur #entrepreneurs #businessplans #pitchdeck #pitchdecks #scaleup #InternationalExpansion #CSuite

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Marketing Personal Development Technology

Give Me Another Dollop of That AI

You can be forgiven if the way we talk about Artificial Intelligence makes you think you can order it up like a scoop of ice cream. It seems that way because we constantly read that:

  • AI solves all our problems
  • AI experts cost an arm and a leg
  • AI analyzes data than any person can
  • AI will make us all unemployed

While each of these statements might turn out to be true (well, we hope the last one is wrong), they all suffer from the same problem. They act as though all AI is the same. That all AI is one monolithic thing that can be added to any system if you just have enough money.

It’s not true.

First off, there are many different kinds of AI applications and they require different techniques. Voice recognition is not the same as text analytics is not the same as optimizing search results. These applications are different from each other and they use different techniques to perform their “magic.” Most of them use multiple AI techniques. And they usually depend on the existence of data.

I have been phoned up by more than one expectant client who wants to solve this problem or that problem with AI. Often, that is perfectly reasonable, but just as often I have to tell them they need to take several steps first. Often, they need to set up a standard process that collects data in a standard way so that the AI techniques have something to work with. Luckily, even taking these initial steps has business value, if you do it right, so the clients are usually easily persuaded to move forward.

Wanting to use AI is not a problem. Forward-looking organizations are always pushing the envelope and AI is just the latest way to do it. But let’s make sure that we are getting the business value we expect and that we are ready to take the preliminary steps to get there. We shouldn’t make AI a problem looking for a solution.