Never give up!

 

At age 5 his Father died.
At age 16 he quit school.
At age 17 he had already lost four jobs.
At age 18 he got married.
He joined the army and washed out there.
At age 20 his wife left him and took their baby.
He became a cook in a small cafe and convinced his wife to return home.
At age 65 he retired.
He felt like a failure & decided to commit suicide.
He sat writing his will, but instead, he wrote what he would have accomplished with his life & thought about how good of a cook he was.
So he borrowed $87 fried up some chicken using his recipe, went door to door to sell.
At age 88 Colonel Sanders, founder of Kentucky Fried Chicken (KFC) Empire was a billionaire. 🙌

Do You Have a Growth Mindset?

By John Hagel and John Seely Brown November 23, 2010

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Posted on Harvard Business Review: November 23, 2010 10:29 AM 

 

Mindset is everything. If that statement seems too strong, consider that we bring these basic assumptions to every decision and action we make. Left unexamined, they may unnecessarily restrict us or lead us in the wrong direction altogether. Perception may not truly be reality, but when it comes to how we approach challenges and opportunities, mindset determines the world we encounter and possibilities we apprehend. Achieving the power of pull requires us to make our assumptions explicit and examine them in different contexts—testing, challenging and refining.

In her 2006 book, Mindset: The New Psychology of Success, Stanford Professor Carol Dweck distinguishes two extremes of the mindsets people tend to have about their basic qualities: 

• In a fixed mindset, "your qualities are carved in stone." Whatever skills, talents, and capabilities you have are predetermined and finite. Whatever you lack, you will continue to lack. This fixed mindset applies not just to your own qualities, but to the qualities of others.
• In a growth mindset, "your basic qualities are things you can cultivate through your efforts...everyone can change and grow through application and experience." Qualities like intelligence are a starting point, but success comes as a result of effort, learning, and persistence.

The distinction between fixed and growth mindsets has tremendous implications—as individuals and organizations—for how we address the growing pressures around us.

The Mindset Paradox: 

The greatest threat to success is avoiding failure. One of the most provocative aspects of Dweck's work is what it says about our approach to challenges. In a fixed mindset, you avoid challenging situations that might lead to failure because success depends upon protecting and promoting your set of fixed qualities and concealing your deficiencies. If you do fail, you focus on rationalizing the failure rather than learning from it and developing your capabilities. With a growth mindset, you focus on learning and development rather than failure and actively pursue the types of challenges that will likely lead to both learning and failure. This sounds a lot like the questing disposition we have discussed previously. 

Mindset profoundly shapes key business practices:
 
Business Ecosystems. If you have a fixed mindset, you believe that there are a finite set of smart people and valuable resources outside your company. The challenge is how to identify, connect with and mobilize them to deliver more value to the marketplace—static resources tied together in a static ecosystem. The ecosystem benefits from the network effects of adding more and more participants because more diverse capabilities are connected and accessible. 

If you believe that both the resources and the ecosystem itself are dynamic, then the role of the ecosystem is not just to connect and mobilize existing resources but to build relationships that help all participants get better faster. This leads to a more powerful form of increasing returns—not just network effects but new mechanisms to accelerate learning and performance improvement—as each participant learns faster as more and more participants join the ecosystem. 

Talent Management. A fixed mindset leads you to focus almost exclusively on attracting and retaining talent. The assumption: each person's skills and capabilities are set. You will tend to devote too many resources to those with a perceived stock of knowledge and overlook (and eventually lose) employees with limited stocks but great learning potential. Worse, because you underestimate the value of learning and development, you won't likely get the most out of those employees you do value.

With a growth mindset, you understand that individual and organizational capabilities can be cultivated and developed, to improve performance and to expand in new directions. You focus more on talent development, creating work environments and practices that enable employees, regardless of work classification, to develop new skills and to learn by working with others, by problem-solving and experimentation. 

Relationship-building. A fixed mindset fosters a zero-sum view of the world: if you win, I lose. With a fixed and finite set of value, the only question is how to allocate it. This perspective fosters conflict and mistrust and, not surprisingly, relationships governed by relative power, tend to be transactional and are rigidly defined to protect each party's share of the value.

A growth mindset fosters a broader view of the possibilities: by working together, we can create more value than if we work individually. While there are still issues around allocation, relationships are cultivated based on a goal of creating an even bigger pie. These relationships center on improving the performance of all participants, and the process of creating value together fosters trust. The levels of collaboration and trust deepen with time, creating a more valuable relationship. 

Mindset may be destiny but it is changeable. While mindset has a profound impact on our ability to harness the power of pull, Dweck (displaying her growth mindset) offers hope: "Mindsets are an important part of your personality, but you can change them. Just by knowing about the two mindsets, you can start thinking and reacting in new ways."

The future belongs to those who can adopt a growth mindset. Those with a fixed mindset will likely be increasingly stressed and overwhelmed by mounting performance pressures and sustained uncertainty. Worse, the more they avoid failure, the more susceptible these individuals and organizations can be, not learning from mistakes and missing opportunities.

What assumptions do you make about the world and how do they play out in your decisions? What techniques have been useful for exposing your unexamined assumptions? Have you succeeded in actually changing your mindset?

Copyright © 2012 Harvard Business School Publishing. All rights reserved. Harvard Business Publishing is an affiliate of Harvard Business School.

John Hagel and John Seely Brown are co-chairman and independent co-chairman, respectively, of Deloitte LLP's Center for Edge Innovation. John Hagel writes a blog at Edge Perspectives. Their monthly column, Innovation on the Edge, explores what executives can learn from innovation emerging on various forms of edges, including the edges of institutions, markets, geographies and generations. Sign up here for an RSS feed.

Sometimes I Succeed and Sometimes I Fail but......

Fast Failure: The Secret to Success

Surveying the business landscape over the past five years makes me especially optimistic about growth. Strangely, that’s because so many U.S. businesses are failing—but failing successfully. As unexpected as that sounds, the best organizations and business leaders are now adept at failing and then quickly applying lessons learned from those misfires to fuel future successes. 

Today’s problems are incredibly complex. Few can be solved on the first try. But we find that clients who seek to understand what does and does not work ultimately make more confident, grounded decisions.

Kelley Buchanan, PwC’s managing director for insurance advisory, and I spoke yesterday at the Insurance Industry Charitable Foundation’s Women in Insurance Forum in Chicago. Our theme was the frontiers of the future, and a big part of our discussion focused on failing fast and learning faster to take advantage of new opportunities.

The insurance industry focuses on mitigating risk, so the notion of failing in order to succeed does not come naturally, but the industry increasingly recognizes that the way forward requires a cultural shift. I see that transformation beginning as insurance industry leaders increasingly focus on tech-driven innovation.

For example, insurers are contemplating how drone technology might be integrated into claim adjustment. Sending drones to record and instantly transmit an aerial view holds great promise, particularly in situations where sending an adjuster to a remote or dangerous location would be too costly, risky, or time-consuming. Google Glass is another exciting innovation to increase adjustor efficiency. Outfitting a junior adjustor with Google Glass, while senior talent fields multiple claims at a command center, will significantly streamline the industry.

Innovative thinking is also on the rise in insurance marketing. With the help of technology, insurance companies have the opportunity to form new partnerships outside the industry and to bring in fresh perspectives in consumer packaging. Just think—we can now purchase life insurance in a box at Walmart.

To be clear, the type of trial and failure I am applauding is not about putting an entire company at risk. It’s about creating an open environment where today’s business people can learn from mistakes, experiment and innovate without the stigma often associated with failing.

Cloud technology, for example, facilitates fast failure. By speeding up the availability of applications and infrastructure and decreasing costs, the cloud allows innovators to try out more ideas more quickly. Because cloud technology enables analysis of huge quantities of data, ideas that aren’t working can be quickly identified and closed out while investment continues in areas that are performing well. In social media and web services, for example, mining vast amounts of customer data for timely and rapid feedback is essential to making decisions about next steps.

Change is occurring at unprecedented speeds, and failure also needs to be rapid. Whether learning simply to use a new app or implementing new technological systems, most of us don’t get it right the first time. Ultimately, a willingness to try, fail, and learn creates opportunities for organizations and individuals ready to innovate. An organization that focuses on quickly and efficiently extracting lessons learned from failures, instead of pointing fingers, is well-equipped to lead in real time.

Posted by:Timothy F. Ryan

Tips For Women's Business Growth In 2014

By Nell Merlino

Economists are predicting a year of economic growth for the U.S. economy and competition will be tough for American businesses.  It’s important to note that many of today’s small businesses are owned and operated by women. They represent 50% or more of privately held companies but only 4.2% of their businesses generate more than $1 million in revenue.*   So how can female entrepreneurs take advantage of the upswing in the economy and take their businesses to the next level?

As the founder of Count Me In for Women’s Economic Independence, the leading not-for-profit provider of resources, business education and community support for women entrepreneurs,  it’s my mission to help the over eight million women business owners in the U.S. to substantially grow their businesses.  The benefit of helping this group of entrepreneurs will result in increased revenues and job growth in communities across the country.

Photo: Dell’s Official Flickr Page

A new year means new opportunities to reassess and explore new avenues that put women entrepreneurs on the path to growth.  Here are five tips I recommend that small business owners consider for success:

1.  Retail Giants – Turn this competition into a partnership
Working hard to drive business to your own store or website is important but small business owners have to pay attention to opportunities and understand what it takes to become a player in the global supply chain.  Bottom line, to compete in the marketplace you need to produce something that is new, better and different.

There are a growing number of opportunities for small American businesses to work with retail giants such as Walmart and Sam’s Club. Rather than just waiting for business to come to you why not seek it out in places where a large portion of consumers shop?  Two years ago, Walmart, a generous supporter of Count Me In, invited me to help create its Global Women’s Economic Empowerment Initiative. One of their goals is to purchase $20 billion worth of goods and services from women-owned companies by the end of 2016.  Another door into big box opportunity is through the Sam Club’s Showcase event.  Local vendors can approach the manager of their nearby Sam’s Club for the chance to sample and sell their goods for a limited time with the prospect of establishing a more permanent relationship. Beyond brick and mortar opportunities, Amazon and other ecommerce sites can also deliver big results. 

2.  Know your financials and have solid financial goals
This is something many women tend to avoid. If you’re going to grow your business sustainably, you need to understand how your business is spending money. Know where every dollar goes, right down to the last dollar. You need to fully know where you’re going and what you need to achieve in each quarter. It’s important to understand profit. 

3.  Learn how to be a CEO
This is one of the biggest transitions women we work with need to overcome. Just because it’s your company does not mean you have to do everything yourself. In order to grow your company you need to be out there selling it. It’s called working on your business, instead of in your business.

Your role as CEO is knowing how to hire the right people to help you make money. To start, write down the things you don’t like to do, don’t know how to do, and where you just aren’t skilled. Be honest! For these things it’s perfectly OK—and more efficient—to have someone else handle them.

Then, think about what other areas of your business need to be addressed? What are the skill sets they require? Is it an assistant to deal with the manufacturer when you have a big order? Or a salesperson or a sales force if that’s the least favorite part of your work? What about a bookkeeper to take charge of getting your invoices out on time?

4.  Get Involved
There are lots of great resources and communities out there that provide opportunities to connect with other women small business owners in person. These groups provide important places to be heard, to share ideas, and find encouragement and support. Count Me In offers lots of resources like the upcoming competition for women from military families taking place in April 2014.

Networking opportunities can make a world of difference for entrepreneurs.  One of Count Me In’s supporters has been Ariela Balk, whose Smart & Sexy lingerie line is in Walmarts nationwide.  She has been instrumental in helping Count Me In members find opportunities they wouldn’t have held otherwise, to do business with Walmart and other big box outlets.

Also consider attending at least one conference per quarter. And no—they don’t have to break your bank. Think of it as an investment. If carefully chosen and carefully planned, you can earn the money back in terms of vital new contacts, new ideas and keeping up with your industry.

5.  Don’t Fear Failure
In facing challenges, I find it helpful to ask myself, “What’s the worst that can happen?” Once I face that possibility and the consequences that go with it, some of that fear subsides because I know I can handle it. Being in business isn’t all about wins, it’s about learning from your failures in order to move forward.

Change in the business is happening at a faster pace than ever.  Consistently striving to improve yourself and company will help you keep move toward revenue growth.  Here’s to a successful 2014!

*American Express Open Forum’s 2013 State of Women Owned Businesses Report
Nell Merlino is Founder, President and CEO of  Count Me In for Women’s Economic Independence, the leading national not-for-profit provider of resources for women to grow their micro businesses into million dollar enterprises.

10 Pieces of Advice from Successful Entrepreneurs

Posted by Rob Lewis

 

Profit Magazine’s 25th annual ranking of Canada’s Fastest-growing Companies, renamed this year as the PROFIT 500, have "raised the bar on what it means to thrive in a challenging economy," according to the publication.

 

"The trailblazing entrepreneurs on the PROFIT 500 are a diverse group of super-achievers who prove that there are many paths to success," Profit Magazine says.


As part of the list, Profit broke down the "anatomy of a CEO," profiling their ages, compensation, and more. According to the PROFIT 500, the average age of a CEO of one of Canada's 500 fastest-growing businesses is 46. Interestingly, only 15% have an MBA. Not surprisingly, 86% are males. 61% of the CEOs are serial entrepreneurs.

Here's some of the best advice that these entrepreneurs dished when Profit asked for business-building tips relevant to both up-and-comers and seasoned entrepreneurs:

1. "Just because you own a business doesn't make you an entrepreneur. A lot of people find themselves running businesses out of circumstance, and they're miserable. You're not an entrepreneur because you started a business, but because it's what you were born to do." — Kevin Gauci, Optimus SBR.

2. "Success is based on three factors: You have to do something you're good at, that you love, and that you can make money at. I doesn't matter which business you decide to go into; lack of any one of these factors will typically be sufficient grounds for failure." — Dan O'Toole, Phoenix System.

3. "Make sure you're truly passionate about your business. As in marriage, you need to make sure you're truly in love; otherwise, you won't succeed." — Albert Iannantuono, Tri-Media Integrated Marketing Technologies.

4. "It is extremely important to partner with people who help complete your skill sets. It is a big mistake for entrepreneurs to launch with a few friends who all have the same capacities, such as three engineers or three salespeople." — Didier Gombert, Objectif Lune.

5. "Figure out your competitive advantage. I had a professor who said, 'Be first, be better, be cheaper—or don't bother.'"  —Neil McDonnell, Wurldtech Security Technologies.

6. "Know what your exit strategy is before you even start." — Andrew Au, CWC Well Services.

7. "Don't be afraid to fail. Failure makes us grow up." — Yves Perron, Sourcevolution.

8. "Whatever you're thinking, think bigger. Don't limit yourself." — Keith McIntosh, PQA Testing.

9. "Don't dilute your vision. A lot of people start a business and then say, 'Oh, what about this opportunity or that opportunity?' And they start to lose the focus on what got them into that business. If you're selling handles, then get really, really, really good at selling handles. Don't think that just because you sell handles, you can also sell doors." — Feras Elkhalil, WPCG.

10. "I think that advice is highly overrated." — Sally Daub, ViXS Systems.

6 Ways To Be A More Courageous Leader

Progress requires courage--but unfortunately, many leaders lack it. Here are simple tips that will help you make tough decisions with confidence.

 

By: Brad Lomenick 

 

I have great respect for professional baseball players; they are anything but wimpy. To stand in front of home plate with a ball heading toward your head at 95 miles per hour with nothing but a piece of wood to bat it away takes guts.

Life and leadership are a lot like baseball. Even the best batters strike out sometimes. But a true athlete, and courageous leaders, can never run away from the pitch.

I may not play baseball, but I do snow ski, and the analogy is much the same. The first time I faced the challenge of a mogul run on a black diamond slope that was steep and overwhelming, it was tough for me to muster the energy to get down the mountain. While gazing over the steep side from the top of the run, my friend’s advice was, “Point your skis down the hill and keep your nose over your tips. You have to lean forward and over your ski tips. Even when you are overcome with fright, maintain a posture of nose over tips, rather than leaning back.” In other words: Lean back and you fall.

This is not only great advice for skiing steep slopes but also good advice for leadership. As a leader, you sit atop the mountain. You have no choice but to face the slopes. You can lean back, coast, and play it safe, snowplowing your way painfully back and forth across the mountain, or you can point your skis down the hill, nose over the tips, and dominate the run. Being a courageous leader requires you to push beyond the norm, be willing to take risks and quit being a wimp.

Courage is not an individual trait but an organizational one. It’s a natural instinct that all leaders confront fear of failure and fear of the unknown. But living in that fear is destructive for a team and will kill momentum.

Courage is not waiting for your fear to go away; it is confronting your fear head-on.
Through working with young leaders around the nation, I have found six essentials that can help build a culture of courage in an organization:

1. Set scary standards. Your level of excellence and expectation for your product, service, or experience should be something that is nearly unattainable. Safe goals are set by safe leaders with safe visions. Give your people a goal that scares them, and you’ll produce leaders who know what it means to overcome fear.

2. Allow for failure. The road to success is many times paved through multiple failures. Allow for and even encourage your team to fail as they attempt to succeed.

3. Make decisions. Don’t let ideas, strategy, communication, and important organizational markers sit idly by on the side without saying yes or no. Leaders are decision makers, and must do it constantly.

4. Reward innovation. Innovation requires taking risks. And bold risks create bold team members. Rewarding innovation will challenge your team to grow in their roles.

5. Pursue the right opportunities. Not every risk is a good one. Be disciplined. Aggressively pursue a few things that make sense. Say no to things that don't--even if it means saying no more often than you're comfortable.

6. Learn to delegate. This is one of the most courageous things a leader can do. Entrusting others with important tasks requires letting go and relinquishing control. Liberally pass responsibility and authority to your team. If you want your team to be courageous, give them the chance to lead. Early and often.

These elements aren’t easy to nurture in a corporate setting. You and your colleagues will likely resist it at every turn. As G.K. Chesterton said, “Courage is almost a contradiction in terms. It means a strong desire to live, taking the form of readiness to die.” Courage mingles our desire to rush forward with a willingness to accept the possibility of being stopped in our tracks.

Yet if you desire to be a leader who changes the world, you have no choice but to exhibit courage on a constant basis.

The good news is that unlike some leadership traits, courage is not inborn; it’s learned. The natural response is to run from what frightens us, but life’s greatest leaps occur when we resist this impulse.

Remember when you were completely fearless as a kid? Children often demonstrate courage naturally. Most of us can think back to times as a child when we stepped out in courage. Whether riding a bike without training wheels, jumping into the deep end of the pool, or letting go of the rails to ice-skate without assistance, life teaches us that progress requires courage. We have to be willing to get out to the edge, look at what is in the front of us, summon up the fortitude, and jump.

The jump may be risky, but the decision to stay where you are is even more so.

--Brad Lomenick is president of Catalyst, one of America’s most influential leadership movements, and author of The Catalyst Leader: 8 Essentials to Becoming a Change Maker. Follow him at @BradLomenick or www.bradlomenick.com.