Mark Cuban's 12 Rules For Startups

TED Talks: “Start With Why?”

By Jamie Hughes, an Account Manager at Speakers Corner

TED Talks have gradually become a fruitful new resource for entrepreneurs, marketeers and financiers. Many have benefited from discovering inspirational talks from various speakers. Here is a TED talk that will inspire you to make important changes for your business:

Simon Sinek’s ‘Start With Why?’
 
Simon is an entrepreneur and author and is best known for his work on ‘start with why’, a project compiled of books, courses and webinars aimed at inspiring leadership in business. Sinek’s 2014 talk argues that the world’s most successful companies approach their business plans and marketing campaigns with the same question: “Why?” By including examples such as Martin Luther King to Apple, Sinek is able to identify a formula for inspirational leadership both in business and politics and believes a company’s mission statement needs to be clearly defined by “why the business exists”. This message is cemented throughout his talk when he uses phrases such as: “people don’t buy what you do, they buy why you do it” and urges listeners to think about the core purpose of their business or project.

His speaker style is slow and considered, although emphasis is given to phrases like the above. Sinek’s discussions begins to feel like a mantra and by the end of the talk it’s difficult to forget his message.

50 Quotes on Leadership Every Entrepreneur Should Follow

John Rampton

Contributor

Entrepreneur and Connector

 

Every entrepreneur knows that the success of their business ultimately rests on their shoulders. Yes, the product you build and the team you hire are important, but your ability to lead is what carries your company.

With that kind of pressure, it’s easy to feel stressed, lonely and overwhelmed at times. Every great leader has faced a challenge that defined their greatness, which is why we often turn to their advice when needed.

Whether you’re an entrepreneur, business owner, or team leader, here are 50 inspirational quotes on leadership for when you need a little pep talk.

1. "A leader takes people where they want to go. A great leader takes people where they don't necessarily want to go, but ought to be." – Rosalynn Carter
2. “A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves.” - Lao Tzu
3. "It's hard to lead a cavalry charge if you think you look funny on a horse." -  Adlai E. Stevenson II
4. "Great leaders are almost always great simplifiers, who can cut through argument, debate, and doubt to offer a solution everybody can understand." – Colin Powell
5. “The first responsibility of a leader is to define reality. The last is to say thank you. In between, the leader is a servant.” - Max DePree
6. "If your actions inspire others to dream more, learn more, do more and become more, you are a leader." – John Quincy Adams
7. “A leader is a dealer in hope.” - Napoleon Bonaparte
8. "A leader...is like a shepherd. He stays behind the flock, letting the most nimble go out ahead, whereupon the others follow, not realizing that all along they are being directed from behind." - Nelson Mandela
9. “He who has never learned to obey cannot be a good commander.” - Aristotle
10. "Leadership is the art of getting someone else to do something you want done because he wants to do it." - Dwight D. Eisenhower
11. "As we look ahead into the next century, leaders will be those who empower others." – Bill Gates
12. “A good leader is a person who takes a little more than his share of the blame and a little less than his share of the credit." - John Maxwell
13. “Become the kind of leader that people would follow voluntarily; even if you had no title or position.” - Brian Tracy
14. "The leaders who offer blood, toil, tears and sweat always get more out of their followers than those who offer safety and a good time. When it comes to the pinch, human beings are heroic." – George Orwell
15. “I start each day by telling myself what a positive influence I am on this world.” - Peter Daisyme
16. “Earn your leadership every day." - Michael Jordan
17. "Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others." – Jack Welch
18. “Leadership is lifting a person’s vision to high sights, the raising of a person’s performance to a higher standard, the building of a personality beyond its normal limitations.” - Peter Drucker
19. "My job is not to be easy on people. My job is to take these great people we have and to push them and make them even better." - Steve Jobs
20. "The led must not be compelled. They must be able to choose their own leader." – Albert Einstein
21. “Great leaders find ways to connect with their people and help them fulfill their potential.” - Steven J. Stowell
22. "To have long-term success as a coach or in any position of leadership, you have to be obsessed in some way." - Pat Riley
23. "If you think you are leading and turn around to see no one following, then you are just taking a walk." – Benjamin Hooks
24. “The challenge of leadership is to be strong, but not rude; be kind, but not weak; be bold, but not bully; be thoughtful, but not lazy; be humble, but not timid; be proud, but not arrogant; have humor, but without folly.” - Jim Rohn
25. "A man who wants to lead the orchestra must turn his back on the crowd." - Max Lucado
26. “To do great things is difficult; but to command great things is more difficult.” - Friedrich Nietzsche
27. "It is absolutely necessary...for me to have persons that can think for me, as well as execute orders." - George Washington
28. "Leaders aren’t born, they are made. And they are made just like anything else, through hard work." - Vince Lombardi
29. “A cowardly leader is the most dangerous of men.”  - Stephen King
30. "A man always has two reasons for doing anything: a good reason and the real reason."- J.P. Morgan
31. “Not the cry, but the flight of a wild duck, leads the flock to fly and follow.” - Chinese Proverb
32. "The ultimate measure of a man is not where he stands in moments of comfort, but where he stands at times of challenge and controversy." - Martin Luther King, Jr.
33. “No man will make a great leader who wants to do it all himself, or to get all the credit for doing it.”  - Andrew Carnegie
34. "Average leaders raise the bar on themselves; good leaders raise the bar for others; great leaders inspire others to raise their own bar." - Orrin Woodward
35. "Those who try to lead the people can only do so by following the mob." – Oscar Wilde
36. “Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.” - Sam Walton
37. “Example is not the main thing in influencing others. It is the only thing.” -  Albert Schweitzer
38. “If your actions create a legacy that inspires others to dream more, learn more, do more and become more, then, you are an excellent leader.” - Dolly Parton
39. “I am reminded how hollow the label of leadership sometimes is and how heroic followership can be.” - Warren Bennis
40. “In this world a man must either be an anvil or hammer.” -  Henry W. Longfellow
41. “It is absurd that a man should rule others, who cannot rule himself. (Absurdum est ut alios regat, qui seipsum regere nescit.)” - Latin Proverb
42. “The history of the world is but the biography of great men.” -  Thomas Carlyle
43. “A ruler should be slow to punish and swift to reward.” - Ovid
44. “You don’t have to hold a position in order to be a leader” - Henry Ford
45. “Rely on your own strength of body and soul. Take for your star self-reliance, faith, honesty, and industry. Don't take too much advice — keep at the helm and steer your own ship, and remember that the great art of commanding is to take a fair share of the work. Fire above the mark you intend to hit. Energy, invincible determination with the right motive, are the levers that move the world.” - Noah Porter
46. "Don't blow off another's candle for it won't make yours shine brighter." Jaachynma N.E. Agu
47. “I cannot give you the formula for success, but I can give you the formula for failure, which is: Try to please everybody.”  - Herbert Swope
48. “He who has learned how to obey will know how to command.”  - Solon
49. “If one is lucky, a solitary fantasy can totally transform one million realities.” - Maya Angelou
50. “The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it.” - Theodore Roosevelt
Bonus:
“Screw it, let’s just do it.” - Richard Branson

 

What is the Secret of Super-Successful Leaders?

What transforms an executive, an entrepreneur or an advocate into an extraordinary leader who achieves outstanding results? Some say it is their vision. Others say that they are great speakers and communicators. And many insiders say they are delegators. All of the above are attributes of great leaders, but what ability truly differentiates the good leaders from the great ones?

The great leaders are consistent QUESTIONERS. Surprisingly, it is not one’s ability to have all the ANSWERS that determines a leader’s success. In fact, it is their ability to ASK QUESTIONS – both questioning themselves and those around them. It was Albert Einstein who said it best when he said, “The important thing is not to stop questioning.”

Why are answers valued more than questions? Once children learn to talk, they start asking questions constantly. Beginning at the age of two children’s curiosity has them asking as many as 100 questions/day. Parents often show annoyance and tell their children to stop asking questions. This negative feedback continues when they attend school where the education system rewards children for getting the right answers and rarely reinforces the inquiry process. By the time we are adults, we believe we need to have all the ‘correct’ answers to be successful. Creativity and innovation experts tell us that it is the questions not the answers that produce the most profound and innovative products and solutions.

Most of us need to reprogram our conversations, as well as our leadership and management styles to make questioning an important tool for the success of companies, institutions and individuals. This is validated in many books by experts such as Stephen Covey in The 7 Habits of Highly Successful People, Susan Scott inFierce Conversations, and Power Questions by Andrew Sobel. Stephen Covey tells us in his best selling book, that Habit #5 is ‘Seek First to Understand, Then to be Understood, ’ perhaps one of the greatest management tools. In Vistage CEO peer advisory groups, for which I chair a group in New York City, the primary focus of solving business challenges is based on asking questions in order to reach solutions. In my own book, Link Out, I explain that focusing on asking others questions, rather than talking about ourselves is the key to building strong trusted relationships.

So where do you start? Fire up your innate curiosity about your team, your friends, your clients, your potential customers. Think of yourself as a “learner” instead of a “judger” as Marilee Adams says in her enlightening book, Change Your Questions Change Your Life: 10 Powerful Tools for Life and Work. Adams’ book is my current favorite reading and I highly recommend it. When we make non-judgmental, open-ended questions from a curiosity point-of-view, we can lead like the greatest leaders, manage the most successful teams and thrive in our personal and business relationships. It’s amazing the answers we get, when we ask the ‘right’ questions. 

—Leslie Grossman, Vistage Chair, author,Link Out: How to Turn Your Network into a Chain of Lasting Connections, www.lesliegrossmanleadership.com

7 business lessons from a post WWII immigrant entrepreneur

The migration post-World War II from Europe brought to the Americas millions of tradesmen, an important component of economic growth and expansion for countries like Canada, the US, Venezuela, Argentina, Brazil and Uruguay, to name a few. Today we all recognize the role that “selected” migration plays as a stimulus for growth [i.e. today the Canadian Oil and Gas industry employs over 3,000 Venezuelans in Alberta, most of them were fired from the state-run oil corporation, Petróleos de Venezuela]

Back in 1953, my dad [Francesco Russo, who was a shoemaker by trade and also learned about the jewelry family business in Italy] and my grandfather started their tour through the Americas, trying to find that special place to call home. After exploring NYC and Buenos Aires, someone suggested to visit Venezuela: the country of eternal spring. That’s where the entrepreneurial venture started for both of them, in the capital city of Caracas, my home town.

I could continue the story by narrating how they survived without speaking Spanish and not finding “real nonna’s food”, or why my dad couldn’t see my grandma again backhome, but the purpose of this article is to share what I have learned from a man that has been an entrepreneur for 60 Years!

1. Get commercial real estate early in your life: My father has been always against leasing, unless you don’t have any other option to start your business. He always recommends to save enough to have a decent down payment and to convert personal expenses into valid business deductions.
2. You won’t get rich overnight…. but you need to start a business with regular cash inflow! The secret to have a comfortable life: self- discipline, get up early every day and stay focused.
3. Make your customers fall in love with your business, treat them right and reward them often. My dad is well known for his business gift baskets at Christmas, jam-packed full of Italian gourmet products and wine. At his stores, early bird customers get complimentary coffee and, of course, they always get to chat with him.
4. It’s all about who you know and who knows you: According to Francesco, you should know key people at all levels: C Level executives, decision makers, someone’s driver, the priest, your city councilor …. and the valet parking guy!
5. Always look your best even through rough times: this one I have applied it several times as an immigrant, and it is true, you can attract what you want by projecting it. In North America is very easy to recreate a wealthy image thanks to access to credit!
6. Diversify your portfolio: you should always have a second or a third business and save/invest those earnings - even if small- and carefully consider who you partner with.
7. Give back to your community: my father never had the opportunity to go to college, but he truly believes in education as a way to succeed in the new economy. I cannot thank enough to my parents for all the moral and financial resources that they made available for us to become accomplished professionals. They have also helped over 50 people with tuition fees, books and campus accommodation expenses. I can proudly say that my parents have helped many times and many people to accomplish milestones in their careers paths.

Francesco is now on his 80’s, he has more patience to tell his stories and give you real advise; he never got rich but as a family we always have it all: support and love from an exemplar immigrant couple that we are proud of!
Thanks dad!

Written by

Giuseppina (Pina) Russo

5 ESSENTIAL INGREDIENTS TO DOING WHAT YOU LOVE FOR A LIVING

Entrepreneurship is Ownership

I was standing on the curb side looking at a commercial location with a client. Well, this was the kind of store front location that will be needed, I speculated to both of us. Without question.

The client turned to me and said, "You make the location decision. And whatever happens if it is successful or if it fails, it's on you."

I started my consultancy career enthusiastically with the world at my fingertips. Well, maybe not the world, but at least my laptop and access to a business library and a network of resources.

Within two years each plan I was writing for clients, my enthusiasm was wearing very thin - resentment simmered underneath my assurances whenever I handed a well researched plan to the client.

As the final payment was handed over, I was typically asked, "Is the plan any good?"
The last business plan I ever wrote in full for a client, I was again asked that dreaded question for the umpteenth time. I resisted the urge to yank the business plan off the other side of the table where it was being flipped through with dubious looks and careless fingertips.

"Take it to the lender. You'll see it will be approved," I assured that client. The bank did say it was well written plan and they did approve the funding.

To me, it was the final fail on my part as a consultant. 

I realized I was failing my clients and owned that. Yes, each business plan was thorough, well researched, laboriously worked through. Stamped with approval by lenders after a few quick questions or clarifications however, but clients still could not tell the difference between a sound plan and a quick template rip-off.

Every time I handed one of those business plans over, it was like giving up a surrogate brain child of mine into the hands of someone else who may or may not be able to nurture and grow that plan into the opportunity it was mean to be.

My father always told me that "If you want a job done properly, do it yourself." I grew up and mistranslated that as "If you want a job done properly, have someone like me do it for you."

I was rendering clients helpless by researching and writing their plans for them. The first helpless question, is this plan any good? The next question followed about a week or so after the lender's approval, are you sure this plan is going to work? And that question was always asked with concerned eyes, a quivering lack of confidence and a second guess as to whether to start or not.

I would sympathetically nod, "It is a good plan but I am not sure if you are ready to be a business owner."

And inside, I would feel like I cheated us both. I realized that writing business plans for clients, I had taken the most important and critical aspect of entrepreneurship for myself.

Ownership.

I really didn't want to own anyone's dreams. I didn't want to own their businesses either. Somewhere between the exchange of money and a business plan - the most critical aspect of ownership had been lost.

Ownership is being willing to take on the decision making process, analyze the risks and understanding if those risks are worth the costs. Ownership is about finding solutions to problems, humbly seeking out expertise, and listening to honest advisement. Learning from the wisdom of other's experience.

Ownership is about the balance between having the confidence and determination to ask the right questions while having the humbleness to listen to the answers.

Most importantly, ownership for an entrepreneur is understanding that there are both successes and mistakes that will be made in business - but your vision for that business will make you fulfilled from owning and learning from both.

Written by

Tabatha Cunningham

But I am a Baby Boomer Entrepreneur!

It’s been on the news, so it must be true. Baby Boomers and those over 50 are boosting the number of SME’s in Europe. One group of “Silver Foxes” have gone further and have established a fast growing international collaborative consultancy, learning and development, wellbeing, institute and business services cooperative. With his 70th birthday in 2015, Retirement has brought fresh interest and motivation. So why have Ricky Kujawa and his team involved themselves in a new business venture at this time in their lives (only a few of the 24 current members are under 50)?

“Why not”
Ricky Kujawa, President.

After a busy lifetime which has included extensive travel and opportunities to observe other cultures and organisations in many sectors, Ricky still gets excited about the idea of being able to facilitate change to the benefit of organisations, their shareholders, their people, their customers and their communities. “Who would want to stop doing that? Not me for sure. Says Ricky

“It’s like Mount Everest.”
Archie Waters, Secretary.

Archie’s view is that like the mountain in question it is there. There is an opportunity to make a difference and in doing so to gain new insights into the world and other cultures. Archie has a long history of involvement in social enterprises, outdoor learning, and mediation and is a qualified Psychologist. He also skippers a popular boat trip on Loch Lomond. Clearly he is not someone who wants to sit and watch the clock tick on when there are mountains to climb, real or physcological. “I want to make a difference. I have already travelled to countries that I never imagined I would ever visit and have learned so much from those I met.”

“I’m not old, just older than more people than I was last year.”
Lesley Campbell. Executive Vice President, Learning and Development.

Lesley awakens each morning to a view of the firth of Clyde that would feature in tourist brochures for holidays in Scotland so why is she involved in starting a new business? Well, as this is being written she is en route to Dar es Salaam followed by Johannesburg and then Cape Town so maybe she just likes a change of view. Not so according to Lesley who feels that she has something to give to share with others called experience.

“I am too young to stop working.”
Steven Whalley. Executive Vice President Marketing and Business Services

Steven recently “retired” after a very successful career in Marketing from a very high level post in a world renowned Financial Services company. Faced with the prospect of life without pressures and deadlines, Stephen chose: “A life with stress and deadlines, but they are my deadlines.” Stephen wants to help others with marketing and communication issues but he has not stopped learning. "I have enrolled in a course which will bring me up to date with Social Media and it is accredited. Even better, the Scottish Government are funding 50% of the cost and PTPI Ltd the rest."

“Collaboration suits how I like to work.”
Booker Odenio. Ambassador for East Africa.

Booker has enjoyed a busy, productive and rewarding career. He sees no need to stop. Instead he wants to collaborate internationally to create win-win positions for East Africa, its institutions, organisations and people. I enjoy collaboration so being involved with an international cooperative is ideal.

Written by

Ricky Kujawa

Managing cashflow: get more bang for your startup buck

A common error for fledgling businesses is to get bogged down by branding and marketing costs, says James Caan

 

It may be difficult to see where your money would be best placed at the startup phase. 

 

Getting the finance to start your business is often seen as the biggest obstacle to starting up. But what is even more significant than accessing those initial funds is how to make your money go a long way. Sometimes it is difficult to see where your money will be best utilised, particularly at the start-up phase of any business. This is all the more important when you are invariably bootstrapping, putting some of your personal savings towards your venture to keep your business developing. So how can you get your money to make you money?

In the first six months of 2013, the UK's startup activity was up by 3.4% on 2012, with more than 90,000 new ventures. With this rate of business creation in the UK, it is inevitable that many will fail. To avoid this, you need to steer clear of making big financial mistakes, because there is nothing worse than your business losing more money than is necessary. As I have always said, if you're going to fail, you should do it quickly. Failure can be a great lesson, but it should not destabilise any future ideas from coming into fruition because the financial cut is so deep.

Today 49% of small business owners say they started up with less than £2,000, a seemingly astonishing feat. But there are clear ways you can avoid extra costs. A big one is not hiring until you are ready, employees are one of the biggest costs in any new business. That being said, there is no doubt that they will be the ones who in the future can drive your business forward, but you must be able to justify new hires, especially at the early stages of a business. Bringing on board people you do not greatly require is an expensive problem, so you may want to consider hiring part-time support or sub-contractors, depending on the demands of your startup. And although admin work can be exhausting, juggling it along with other aspects of the business can help to make you a more dynamic entrepreneur and help round your skillset.

Do not underestimate the time it takes to set up. Starting a business will always take up more time than you will have imagined, and cost more than you would like it to. For these reasons you have to be flexible, and should not drain your resources too soon. With human error, slow vendors, changes to technology and extenuating circumstances – both personal and professional – not everything will go perfectly to plan. This is why you must be more tactful and cautious with spending, so that when you have to compromise on timing, you have a cushion of support.

A common error for startups is to get bogged down in branding and marketing costs. It is unbelievable just how much you can promote your business at little cost. Social media platforms such as Twitter, Instagram and Facebook are brilliant ways to engage potential customers, and SEO is a valuable and free content-based tool to get your business noticed. Of course, the cost of your time is valuable, but spending money on expensive branding companies can harm your resources, particularly as a new venture when your direction is evolving and most susceptible to change. Wait until you have been trading for at least six months before heavily investing in the branding side of your business. You will be in a much better position if you do.

Start-Up Loan recipient Karine Bono, a young fashion designer from London, understands the difficulty of starting up on a budget. With her £5,000 loan, Karine minimised expenses by producing all her garments and designs at her home studio in Hackney. By trading her clothes on Etsy, a popular clothing site, Karine is gaining exposure without breaking the bank, not spending too much on marketing but still benefitting from an online presence.

It is undeniable that new businesses have to find a way to manage their costs if they have any chance of survival. This is why the first sale is so important, and creating a profitable business is key. At the start be frugal and push yourself so you don't have to push others. After all, taking on challenges is what being an entrepreneur is all about.

James Caan is chairman of the Start-Up Loans Company. Each fortnight he tackles a different business issue for the Guardian Small Business Network. 

Making Money While Making The World A Better Place

Making money while making the world a better place – what could possibly be better than that? That is exactly the goal of impact investors. James Lee Sorenson, successful entrepreneur and philanthropist, calls it the “double bottom line,” and achieving that double bottom line is something he is incredibly passionate about. Impact investing is “doing good while doing well,” states Sorenson in a recent presentation.

It was Jim’s interest in “doing good while doing well” that has driven him to dedicate the majority of his time toward impact investing these days. 

“Give a man a fish and he’s fed for a day,
Teach a man to fish and he’s fed for a lifetime,
Teach a man how to teach others how to fish,
and future generations are fed for their lifetime”
- James Lee Sorenson

For those who may not be as familiar with the term, impact investments “are investments made into companies, organizations, and funds with the intention to generate a measurable, beneficial social and environmental impact alongside a financial return.” (GIIN)

“Historically many have assumed that the returns of these impact investments are always going to produce below market returns, but that is proving to be untrue,” Sorenson said. “The majority of today’s impact investors are seeking returns in excess of 20 percent, with over 80 percent of investors making investments in private equity, private debt or equity like debt instruments.”

I have always been a huge believer that the way to create scalable, sustainable, global, societal change is through free enterprise. It is rarely the application of government programs that create true, lasting change in the world. It is the entrepreneurs working out of garages in Silicon Valley and shacks with dirt floors in India that end up changing the world for the better. The more we can drive investment capital to these entrepreneurs with the passion for improving the world around them, while generating profits at the same, the faster we will improve this world we live in. That’s what makes impact investing so exciting to be a part of.

Impact investing is emerging as a growing sector and a dynamic multifaceted new economy. It is considered by many to be the most promising social innovation gaining significant momentum.  In Sorenson’s presentation he shared several megatrends that are driving impact investing:

1. There is massive pent up demand for goods and services from the 4 billion people with annual incomes below $3,000, estimated at $5 trillion. (source: CNN money)
2. There has been tremendous investor movement in sustainably responsible investments, which are projected to grow to $3 trillion to $10 trillion annually by 2050. (source: WBCSD)
3. The welfare state will be forced to be reconfigured as some government expenditures dramatically increase current sources of revenue. For example, life expectancy increases coupled with increased health care costs are projected to nearly double as a percent of GDP by 2040 in most developed countries.
4. Over the next 40 years Generation X and the Millennial Generation will potentially inherit an estimated $41 trillion from the Baby Boomer Generation. Surveys show that a key objective of this generation is for business to play a major role in improving society. Watching my own two children, now 18 and 20 years old, I have seen this passion of our young people for making the world a better place. There is a social conscious that our youth have today that puts many of us adults to shame. so it is not surprising to see the results of the survey evidencing this:

The potential for impact investing is enormous. A 2009 report by Monitor Institute placed the potential for impact investing to grow from $50 billion to $500 billion by 2020. More recently in 2012, the Calvert Foundation estimated an impact investing market potential of $650 billion dollars.

With such a large market potential, one could question why large institutional investors and pension funds don’t jump into the world of impact investing more readily. For that to happen, the ecosystem will need to be more fully developed and there exists a critical gap in need of risk capital and capable human resources in helping early stage ventures get off the ground. The answer to that problem is what drove Sorenson to launch the James Lee Sorenson Center for Global Impact Investing at the University of Utah’s David Eccles School of Business.

“Impact investments are typically small deals with high due diligence costs that are often too costly for traditional investors to engage in,” he said.

So being a brilliant man with an eye for finding out-of-the-box solutions, Sorenson decided to create a program that allowed for college students to assist in the process of deal sourcing; performing due diligence; preparing investment memorandums; and providing sector support for development in fields such as healthcare, housing, education, agriculture, sustainable energy, entrepreneurial livelihood and training. The outcome of this program is a more affordable impact investing process for the investors, while providing students with real world experience that will be invaluable to them as they finish their University education and head out into the world to begin their careers. No doubt Jim has fulfilled his mission of doing good while doing well as his Center continues helping to remove those hurdles that have held impact investing back from reaching its full potential.

As more of us are willing to get involved in impact investing, whether that be through investing of money or time and talents, together we have the capacity to improve the quality of life of countless people worldwide, and there is just no downside to that.

Amy Rees Anderson 

35 Habits of the Most Productive People (Infographic)

4 Books Every Entrepreneur Must Read

BY Lewis Howes 

The greatest lessons you'll ever learn will most likely be from your own experience. But entrepreneurs can also learn a lot from the advice and experiences of others, as long as we allow ourselves to be teachable.

Perhaps you were in grade school the last time you heard this but it's as true today as it was back then: one of the best ways to gain information, inspiration and education is by reading books. As an entrepreneur, I've read a number that I've found invaluable to my professional success.

Consider the following four books your mentors and teachers as they reveal skills and lessons that can possibly shave years off your learning curve, and thousands of dollars from avoidable mistakes:

 

1. First Things First

by Stephen R. Covey (Free Press, reprinted edition January 1996)

As entrepreneurs, we already know our most valuable asset is time, but not every entrepreneur knows how to properly use that time.

At first glance, First Things First may seem like just another productivity book but, as you'll learn, true productivity is not about getting more things done in less time but rather doing things that matter with the time you have.

While many people will recognize Covey for his book The 7 Habits of Highly Effective People, this writing focuses on what I consider to be the most important habit: putting "first things first." Anyone who implements even a fraction of what is outlined in this book should begin to see a dramatic shift in his or her life.

 

2. Built To Sell

by John Warrillow (Portfolio Trade, reprint edition December 2012)

You may have heard the advice "Have an exit strategy" when starting a business. But not many entrepreneurs have considered what it takes to actually sell a business. In Built To Sell, John Warrillow presents a compelling case for entrepreneurs to approach their business from the perspective of selling it one day.

While this may seem counterintuitive for the passionate entrepreneur who loves his or her work and wouldn't want to stop doing it, the real genius of this approach is that it can help readers create more value in their business. Namely, developing a business that is built on systems rather than a legacy business for which the founder has his or her hand in every day-to-day affair. That's just not scalable.

Not only is this book a must-read, but it's also written like a story, which means you should have no problem following along -- unlike other business books which can read more like text books.

 

3. Choose Yourself!

by James Altucher (CreateSpace Independent Publishing Platform, June 2013)

Author James Altucher will most likely have you shaking your head in disbelief when you hear his story. I loved it so much that I had to get him on my podcast, The School of Greatness.

I believe there are two pivotal moments for every entrepreneur. The first is when they choose to become an entrepreneur, and the second is when they take 100 percent responsibility for their success or failure. Choose Yourself! is about that second part -- taking responsibility.

It's not enough to simply want success or to believe in the possibility of success. Instead, every entrepreneur must face the reality that nobody else is responsible for you. Altucher speaks from experience as someone whose story takes so many twists and turns that you may find yourself loving him and becoming frustrated with him at the same time. But ultimately you'll probably arrive at the same conclusion he did -- that we must choose ourselves if we wish to succeed. This book can be is a wake-up call for entrepreneurs who have not taken the reigns of their life and business.

 

4. Mastery

by Robert Greene (Viking Adult, November 2012)

You may recognize Robert Greene from his other books:
The Art of Seduction
The 33 Strategies of War
The 48 Laws of Power
The 50th Law

Greene is no stranger to influencing lives, and exactly why I interviewed him on my podcast. What I enjoyed the most about Greene's book Mastery are the following principals:

The value of apprenticeship: Too many entrepreneurs want to "fake it till they make it" instead of taking the time to develop the necessary skills it takes to succeed with their craft. It also acknowledges the fact that mastery is a process, which should alleviate entrepreneurs from the idea that greatness is either achieved quickly, or not at all.

The myth of mastery being reserved for 'special' people: It's easy to look at a successful entrepreneur on the cover of a magazine, or a TED speaker on YouTube and think that the person has been blessed with luck, financing or superior genes. But everyone walks the same path to "mastery." And that path contains failure, setback and sometimes years of wandering.

The only thing "special" about people who achieve mastery is their decision to stay committed.

The opinions expressed are those of the writer.

Lewis Howes

A former professional athlete, New York City-based Lewis Howes is co-author of LinkedWorking (418 Press, 2009) and creator of the LinkedInfluence training program.

Is It Ever OK for Founders to Sell Off Their Company Shares?

Image credit: Illustration © Jakob Hinrichs

One of the strangest things about being a startup founder is that I'm running a multimillion-dollar company but earning a salary far below my market value. My company may be worth a lot, but the vast majority of my personal net worth is tied up in an illiquid asset (company stock), which is no help to me as a mom with two small kids, a mortgage, medical bills and day-to-day expenses.

Five years in and easily $500,000 below what should have been my accumulated earnings since 2009, I'm left scratching my head. I hear murmurings that some founders sell personal shares long before an exit. Should I do the same? Should you if you're in this boat?

A quick survey of other startup founders revealed that they believe it's OK to sell a tiny percentage of stock (in the single digits) once a company's valuation reaches $10 million.

The Valuation Game

Figuring out how much your company is worth is an art and a science.

The art: The story you pitch to investors matters. Spend time researching and crafting a pitch that represents the company's long-term greatest revenue or exit potential, not its current situation.

The science: While not an exact calculation, look at the valuations of comparable companies based on income and market presence. If you're an early-stage startup with no profits, base your valuation on traction metrics such as how many new customers you have, how many come back and conversion ratios, then apply them to a total future market opportunity.

What you want to avoid is the obvious cash grab. People grimaced when Foursquare founders Dennis Crowley and Naveen Selvadurai took home $4.6 million--23 percent--of their $20 million Series B funding in 2010.

Most of the founders I spoke with agree that you should try to sell to inside investors first. "It gives you a cleaner cap table, and you can tell a better story around it; i.e., the insiders wanted to help you stay focused on the long term," says Jon Crawford of e-commerce platform Storenvy. He points out that if the people closest to you are pushing for a bigger slice of your stock holdings, it's a testament to just how valuable they think your company is.

Karl Jacob, startup founder and angel investor since the 1990s, has witnessed CEOs sleeping in their cars because they can't make their rent. "That's not good for anyone, including the investors, who need a CEO working long hours in top mental and physical form," he says. To ensure that you don't end up in this scenario, Jacob advises startup founders to pay close attention to their stockholder agreements upfront to make sure they can sell a small percentage without restriction.

I'm not sure if I'll take the plunge and sell some of my stock to ease my cash crunch, but it's nice to know that it's not necessarily viewed as a bad move.

Amanda Steinberg

Amanda Steinberg is CEO of DailyWorth, the professional woman's guide to business and money.

How an Entrepreneur Looks at the World

 People often ask me who are some of the most fascinating people I've interviewed.
I would put Sam Zell on that list.

Sam is the billionaire Chairman of Equity Group Investments well known for calling the top in real estate when he sold $39 billion worth of office properties to Blackstone in 2007. He is also equally well known for taking over the Chicago Tribune that same year and overseeing its demise into bankruptcy only a short time later.

Needless to say, he's a polarizing figure - and he likes it.

Sitting in his penthouse apartment one spring afternoon in Manhattan, Sam gave me a true glimpse into how he - a serial entrepreneur - sees the world.

"The ultimate definition of an entrepreneur is someone who is always thinking he can do things a different, better way. If he walks down the street and sees a painter on a ladder, he thinks, ‘Gee, if he’d moved the ladder to the middle of the wall, then he could paint both sides without having to go up and down the ladder as many times,'" he said. "I can’t tell you why I think that way, but that’s literally the way I think all the time. It’s always been that way. I look at things and see them differently than other people do."


He recounted all the different business ventures he started from the time he was in grade school, which eventually led to his investments in everything from rail car leasing to bicycles to food additive manufacturing. Last year, Forbes ranked him as the 103rd richest man in America.

"I'm very much like a private equity guy is today except that I've always been a private equity guy - with my own private equity!" he said.

But what really struck me was what Sam observed about big companies. There was one major difference, he said, between the way workers behaved in a major corporation versus an entrepreneurial one. He called it using "information as currency."

"I hired this woman from a major corporation, and she was very, very smart. But I fired her within nine months. I promise you this woman had never been fired in her life; she was a major overachiever. But she brought an element from her past job in the corporate world that didn’t fit with our culture. She used information as currency. The most important thing about an entrepreneurial world is that the enemy is without, not within. I can’t have an employee who holds back information for political reasons or unless they are going to get something in return. We operate in a much too fast-paced environment for that kind of internal trading. In a big corporation, almost everything moves slowly so you have more time and opportunity to catch mistakes. That culture often breeds using information as currency. In an entrepreneurial culture, if somebody has information that they’re not sharing with others in my shop, that means that I’m taking risks that I don’t know about.”

If you're an entrepreneur, you know what he's talking about. If you work for a major corporation, you likely also know what he's talking about. Those behaviors, if they're not rooted out quickly, breed organizations where silos develop, political infighting balloons and inefficiencies overcome productivity.

Sam, of course, looking relaxed in his black shirt and jeans, was beyond many of those problems already. One of the biggest issues for him now, he said, was how to give his money away in the most meaningful way.

One program he funded was helping create entrepreneurs in Israel - people just like him.
"They call themselves the Zell-lots!" he said.
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Betty Liu is Editor-at-Large and host of "In the Loop" on Bloomberg Television. Her latest book, Work Smarts: What CEOs Say You Need to Know to Get Ahead, is available on Amazon.com, Barnes & Noble and other major booksellers.Posted by:
 Betty Liu