Posts Tagged ‘business success’

How To Achieve Entrepreneurial Forgiveness

Wednesday, January 4th, 2012

Today, I want to share an energy-boosting strategy that’s been helpful to me and a number of my clients over the past several months.

Some of you may be familiar with my saying that “forgiveness is when you give up the hope of having a better past.” I believe that every entrepreneur, by the time they reach a certain level of success, accumulates a litany of “sins” they have trouble forgetting even if they’re not top of mind—bad decisions, bad hires, moments of incompetence or failure, even letting other people down. These are irksome and often lie at the root of why entrepreneurs feel perpetually dissatisfied.

As long as you’re still bothered by the perceived failures and defeats in your past, you may hear other people’s praise and accolades, but you won’t be able to accept them.

Here’s a way I’ve found to shake off this unnecessary burden:

  1. Start by writing down 10 things from your entrepreneurial past that give you a negative feeling when you think about them. I realize this may not be easy because many entrepreneurs are naturally averse to analyzing their history. They prefer to look forward. But stay with me; I won’t make you look at this for more than about three minutes.
  2. Once you’ve done that, take your best profit year ever and multiply that by 10.
  3. From the position of 10x greater profit, look at those 10 negative things from your past. How much would they matter if you achieved that bigger context?

This is the entrepreneurial equivalent of general absolution. Whatever “sins” are in your past, 10x has the power to wipe away their seeming importance and their emotional sting. The Multiplier Mindset is focused on results, but it can also have a significant psychological and emotional impact when you consider how a big success that has a huge positive impact on you, your team, and the people you want to be a hero to outweighs the relatively small “lessons” it took to get there.

One more thought to leave with: There’s no such thing as failure—only success and market research.

Three Fundamental Decisions That Successful Entrepreneurs Make

Thursday, March 3rd, 2011

During this recession we’re still partially in, I got to see how far I’ve come since the 1970s. In the past three years, I’ve never felt worried or insecure for a moment. I knew that my main responsibility was just to keep everybody’s morale up. All I wanted to do was say, “Look, I’ve been through this before. We just have to get up every day and be better this week than we were last week, and everything will be okay.” Although there were stresses and strains on our organization, I just had this sense that this is how it works.

Three years later, we have an incomparably stronger, more powerful organization. We kept everybody moving forward, we learned a lot, we tried out new things, we came away with a better value creation proposition than we had three years ago, and we identified new people in the marketplace to talk to.

In the last post, I spoke about the three multiplier decisions it takes to become a successful entrepreneur:

  1. You decide that there’s no alternative for you but to be an entrepreneur.
  2. You commit yourself to going through whatever it takes until you learn how to succeed.
  3. You realize that your business is not about you but about making life better for your clientele.

Once you’ve made these decisions for yourself, it’s as if magic doorways open up:

  • • Other individuals’ talents become available to you.
  • • Other people’s money becomes available to you.
  • • Other people’s opportunities become available to you.

There are four concentric circles of your business: you, tools, teamwork, and technology. The three multiplier decisions happen at the “you” level, and then results radiate out through all the other levels. There’s a certain testing period you have to go through, and when you come out the other side, all these resources become available and the doorways open up.

The vast majority of people who work in large organizations never get anywhere near those doorways. For entrepreneurs, though, this is the progression that leads to success. Strategic Coach is designed entirely to facilitate entrepreneurs’ evolution through these personal and organizational stages — which is why it works.

At any point in your career, you can return to these three multipliers and work with them at higher and higher levels, asking:

What is the path I’m committed to?

What is my experience teaching me?

What can I do to help my clientele reach their goals?

When you think about these multipliers in terms of your own situation, what insights come up for you? Feel free to share them in the comments.