Thinking like a Great Entrepreneur

How The Best Entrepreneurs Think

If you just observed the actions entrepreneurs take, you would conclude there isn’t that much to be gained from studying them. Each entrepreneur’s behavior is as idiosyncratic as they are. You would have to be Larry Page and Sergey Brin to start Google; Oprah Winfrey to found Harpo Productions.

But—and it is a huge but—if you look at how they reason, you see remarkable similarities.

The process just about all of them follows in creating their companies looks like this. They:

1. Figure out what they really want to do; what gets them excited. In other words, what is it that they really desire.
2. Take a small step toward that goal.
3.  Pause after taking that small step to see what they have learned.
4.  Build off that learning and take another small step.
5. Pause after taking that step.
6. Then they build off what they learned and take another small step…

If we were to reduce it to a formula, it would be, as we have written about before, Act. Learn. Build Repeat.

In other words, they don’t spend a lot of time planning or playing “what if” games. You never truly know how the universe is going to react until you give it something to react to.

So, in the face of an unknown future, entrepreneurs act. They deal with uncertainty not by trying to analyze it, or preparing for every contingency, or predicting what the outcomes will be. Instead, they act, learn from what they find, and act again.

Three things follow, all of them good. There are three wonderful benefits of taking this approach. 

1. You can get started right away.  
2. You don’t do a lot of planning and guessing about what the market might want. 
3. You go out into the marketplace and find out.

·         You don’t need a lot of resources. Remember, the best entrepreneurs are taking small steps toward their goals.  That means they just need sufficient resources to take the next step.

·        You can quickly respond to market needs.  Because they are moving rapidly, and don’t have a lot of resources committed, they can move to satisfy customer needs almost as quickly as those needs appear.

It is a simple, straight-forward approach. And what worked for these people should work for you.

Five Ways to Build Amazing Team Culture!

5 Ways to Build an Extraordinary Team Culture

When your employees work together to achieve common goals, everyone wins--you, your business and your customers.

Employee teams are one of the best ways to get things done in any business. When you take a group of independently talented people and create a team in which they can merge their talents, not only will a remarkable amount of energy and creativity be released, but their performance, loyalty and engagement will be greatly improved.

Here are five steps for building an extraordinary team culture:

1. Create a Team-Oriented Organization

Make teamwork one of your core company values, and put a clear emphasis on self-managing teams that are empowered to make their own decisions. Don't just talk about teamwork. Show your employees the seriousness of your commitment by giving teams the authority to get their jobs done on their own terms, while ensuring they accept responsibility for the results.

2. Assign Serious Team Goals

Give your teams really important assignments and projects, not just planning for next summer's annual company picnic. Bring teams in when you're looking at new trends in the market, or need to see things through new eyes. It's important to mix it up and not have the same people making the same decisions all the time. Ask them to challenge the status quo and the conventional wisdom. This will help to keep your company fresh and ahead of the game.

3. Encourage Informal Teams

More work in organizations is accomplished through informal teams than formal ones. It's therefore in your interest to encourage the proliferation of informal teams throughout your company, addressing any and all issues and opportunities that capture their interest. When your employees are able to tackle concerns themselves, without elevating every little decision to top management, you'll have a much more efficient organization.

4. Cross-Train Employees

When employees understand how different areas of the company work, they are more apt to make decisions that benefit the company as a whole, rather than solely their own department or group. Give your employees the opportunity to learn other people's jobs. Some organizations go as far as switching employee roles on a daily, weekly or monthly basis. And don't forget your managers. Have top executives spend a few days working on the front lines with customers or directly with your product. They'll have a new appreciation for what your regular employees go through on the job.

5. Provide Team Resources

No matter how talented a company's individuals might be, teams cannot be successful without the proper resources. Teams need a designated and available place where they can regularly meet. Nothing much can be achieved in an over-crowded lunch room. All employees need to be given adequate time to devote to their team meetings, with no grief from supervisors. And make sure to supply your teams with an appropriate budget if required, and the permission--with guidance--to spend it as they see best for the company.

BY PETER ECONOMY

Four Effective Ways to Solve Problems

The 4 Most Effective Ways Leaders Solve Problems

With as many problems as we are all faced with in our work and life, it seems as if there is never enough time to solve each one without dealing with some adversity along the way.  Problems keep mounting so fast that we find ourselves taking short-cuts to temporarily alleviate the tension points – so we can move onto the next problem. In the process, we fail to solve the core of each problem we are dealt; thus we continuously get caught in the trap of a never-ending cycle that makes it difficult to find any real resolutions.  Sound familiar?

Problem solving is the essence of what leaders exist to do.  As leaders, the goal is to minimize the occurrence of problems – which means we must be courageous enough to tackle them head-on before circumstances force our hand.  We must be resilient in our quest to create and sustain momentum for the organization and people we serve. But the reality of the workplace   finds us dealing with people that complicate matters with their corporate politicking, self-promotion, power-plays and ploys, and envy. Silos, lack of budgets and resources, and many other random acts or circumstances also make it harder for people to be productive. 

Competitors equally create problems for us when they unexpectedly convert a long-standing client, establish a new industry relationship, or launch a new product, brand or corporate strategy.   Mergers & acquisitions keep us on our toes and further distract us from solving existing problems by creating new ones.

As Karl Popper, one of the most influential 20^thcentury philosophers of science, once eloquently stated, “All life is problem solving.” I’ve often contended that the best leaders are the best problem solvers. They have the patience to step back and see the problem at-hand through broadened observation; circular vision. They see around, beneath and beyond the problem itself. They see well-beyond the obvious. The most effective leaders approach problems through a lens of opportunity.

Leaders who lack this wisdom approach problems with linear vision – thus only seeing the problem that lies directly in front of them and blocking the possibilities that lie within the problem. As such, they never see the totality of what the problem represents; that it can actually serve as an enabler to improve existing best practices, protocols and standard operating procedures for growing and competing in the marketplace. They never realize that, in the end, all problems are the same – just packaged differently.

A leader must never view a problem as a distraction, but rather as a strategic enabler for continuous improvement and opportunities previously unseen.

When I launched my first venture in the food industry, we had a problem with the adhesion of the labels to the glass jar packaging of our products that affected nearly 20% of an initial shipment.  As circumstances would have it, this was the first shipment to a new client that was “testing” our new products in 200 stores with an opportunity to expand our distribution to over 2500 stores nationally.  Instead of panicking, we took a problem solving approach that involved multiple steps and resulted in a full-blown change management effort with our label supplier, manufacturer, trucking company and client.  Rather than viewing this problem simply as a hurdle that could potentially lose us the client, we took proactive measures (and a financial investment) to show our new client that we were capable of not only solving the problem – but earning their trust by responding promptly and efficiently  with a comprehensive step-by-step incident report that included our change management efforts.

This experience taught us many lessons about our company and helped us to avoid many unforeseen problems.  The ROI from how we handled this problem helped open our eyes to many elements that were previously being overlooked – and in the long run it helped enable us to grow the business.

Whether you are a leader for a large corporation or a small business owner, here are the four most effective ways to solve problems.

1.  Transparent Communication

Problem solving requires transparent communication where everyone’s concerns and points of view are freely expressed. I’ve seen one too many times how difficult it is to get to the root of the matter in a timely manner when people do not speak-up.

Yes, communication is a fundamental necessity. That is why when those involved in the problem would rather not express themselves – fearing they may threaten their job and/or expose their own or someone else’s wrong-doing – the problem solving process becomes a treasure hunt. Effective communication towards problem solving happens because of a leader’s ability to facilitate an open dialogue between people who trust her intentions and feel that they are in a safe environment to share why they believe the problem happened as well as specific solutions.

Once all voices have been heard and all points of view accounted for, the leader (with her team) can collectively map-out a path toward a viable and sustainable solution.  As fundamental as communication may sound, don’t ever assume that people are comfortable sharing what they really think. This is where a leader must trust herself and her intuition enough to challenge the team until accountability can be fairly enforced and a solution can been reached.

2.  Break Down Silos

Transparent communication requires you to break down silos and enable a boundary-less organization whose culture is focused on the betterment of a healthier whole.   Unnecessary silos invite hidden agendas rather than welcome efficient cross-functional collaboration and problem solving.

Organizational silos are the root cause of most workplace problems and are why many of them never get resolved. This is why today’s new workplace must embrace an entrepreneurial spirit where employees can freely navigate and cross-collaborate to connect the problem solving dots; where everyone can be a passionate explorer who knows their own workplace dot and its intersections.  When you know your workplace dot, you have a much greater sense of your sphere of influence. This is almost impossible to gauge when you operate in silos that potentially keep you from having any influence at all.

In a workplace where silos exist,  problem solving is  more difficult  because you are more likely dealing with self-promoters – rather than  team players fostered by a cross functional environment..  When you operate in a siloed environment where everyone wants to be a star, it becomes increasingly difficult to help make anything or anyone better. This is when problem solving becomes a discouraging task.

Breaking down silos allows a leader to more easily engage their employees to get their hands dirty and solve problems together. It becomes less about corporate politicking and more about finding resolutions and making the organization stronger.

3.  Open-minded People

Breaking down silos and communication barriers requires people to be open-minded.  In the end, problem solving is about people working together to make the organization and the people it serves better. Therefore, if you are stuck working with people that are closed-minded, effective problem solving becomes a long and winding road of misery.

There are many people in the workplace that enjoy creating unnecessary chaos so that their inefficiencies are never exposed. These are the types of people (loafers and leeches) that make it difficult for problems to get solved because they slow the process down while trying to make themselves look more important.  Discover the lifters and high-potential leaders within the organization and you will see examples of the benefits of being open-minded and how this eventually leads to more innovation and initiative.

Open-minded people see beyond the obvious details before them and view risk as their best friend. They tackle problems head-on and get on with the business of driving growth and innovation.  Close-minded employees turn things around to make it more about themselves and less about what is required to convert a problem into a new opportunity.

With this explanation in mind, carefully observe the actions of others the next time you are dealt a real problem.

4.  A Solid Foundational Strategy

Without strategy, change is merely substitution, not evolution.  A solid strategy must be implemented in order to solve any problem.  Many leaders attempt to dissect a problem rather than identify the strategy for change that lies within the problem itself.

Effective leaders that are comfortable with problem solving always know how to gather the right people, resources, budget and knowledge from past experiences. They inspire people to lift their game by making the problem solving process highly collaborative; for them, it’s an opportunity to bring people closer together. I’ve always believed that you don’t know the true potential and character of a person until you see the way they solve problems.

Effective leaders connect the dots and map-out a realistic plan of action in advance. They have a strategy that serves as the foundation for how the problem will be approached and managed. They anticipate the unexpected and utilize the strengths of their people to assure the strategy leads to a sustainable solution.

Never shoot from the hip when problem solving. Avoid guessing. Take enough time to step back and assess the situation and the opportunities that each problem represents. Make the problem solving process more efficient by recognizing that each problem has its own nuances that may require a distinct strategy towards a viable resolution.

You know that you have great leadership in your organization when problem solving becomes a seamless process that enables the people and the organization to grow and get better.  If problem solving creates chaos, you may have a serious leadership deficiency.

Problem solving is the greatest enabler for growth and opportunity. This is why they say failure serves as the greatest lesson in business and in life.  Be the leader that shows maturity, acts courageously, and requires accountability.  Applying each of these lessons can help you become a master problem solver. Each experience teaches us all new things. Embrace problem solving and the many unseen treasures it represents.

http://www.forbes.com/sites/glennllopis/2013/11/04/the-4-most-effective-ways-leaders-solve-problems/

Operation Smile Fundraiser!

Today is our Operation Smile fundraiser! Everyone in the office is participating to raise money and awareness for Operation Smile.

If you would like to donate: http://support.operationsmile.org/goto/WisdomExecutivesInc

About Operation Smile:

As an international charity for children, we measure ourselves by the joy we see on all of the faces we help. At Operation Smile, we're more than a charity. More than an NGO. We're a mobilized force of medical professionals and caring hearts who provide safe, effective reconstructive surgery and related medical care for children born with facial deformities such as cleft lip and cleft palate.
Every three minutes a child is born with a cleft. One in 10 of those children will die before their first birthday. The children who survive are often unable to eat, speak, socialize or smile. In some places, they are shunned and rejected. And in too many cases, their parents can't afford to give them the surgeries they need to live a productive life.
Every child deserves access to safe, quality surgical care. Every child deserves a future filled with hope.
That's where we come in as the largest volunteer-based medical charity providing free cleft surgeries. Since 1982, Operation Smile — through the help of dedicated medical volunteers — has provided more than 3.5 million comprehensive patient evaluations and over 200,000 free surgeries for children and young adults born with facial deformities. Our work creates a lasting global impact. We train local doctors in developing countries and strengthen healthcare systems so more children in some of the poorest areas in the world can be treated.
As one of the most prominent charities for children in the world, we work in over 60 countries to heal children’s smiles and bring hope for a better future. Together, we are saving children’s lives.
Thanks to the generosity and spirit of volunteerism shown by our supporters, we heal thousands of children per year. With your help, how many lives can we change tomorrow? 

Would You Like to Increase Your Influence at Work?

Alignment

This is one of the great buzzwords of our time. When used consciously, it's also the key to building solid relationships as well as the foundation for being influential. When you are able to show how someone else's needs can be met through your idea or process, you both stand a chance of walking away satisfied. 

The question: How do you do it?

Five Styles to Help You Influence

1. Demonstrate. Give a successful example of your idea. 

How? Highlight related examples of the same idea already taking place in your organization or in another business. 

2. Cost-Focus. Show how problems and costs can be minimized. 

How?  Run through the numbers to reveal, factually, the cost benefits of your approach. Do this on paper and hand the other person(s) a copy to hold in their grubby little paws. This makes it real. Don't just say it; print out the math.

3. Values-based consistency. Show that your solution is consistent with, and strongly supports, the other person's values. 

How? Do your homework and find out the non negotiables in the business lives of those listening. Then, clearly point out the values-alignment that your solution brings.

4. Time Awareness. Demonstrate how the plan will unfold over a specific period of time.

How? My favorite--because it is low risk and high payoff--is to do a trial project implemented in stages with "client" review at designated points. It is very powerful because the other person is actively involved, shares likes and dislikes at each step, and is part of the successes and problem-solving. Ownership emerges rather quickly.

5. Testimonials. Show that your idea already has the support of other respected people. 

How? Ask others who have used the idea to give you a blurb or, internally, to come to the meeting. Nothing succeeds like someone else showing how successful you have been with them. You hardly have to say a word except "thank you" to those who have helped.

Some Other Thoughts

• Listen to what sound like objections and acknowledge them. You'll gain respect. You'll lose respect if you don't treat feedback to your ideas as being legitimate. 

• Stay focused on your theme and not everything you know about the idea or proposal. Too many details will distract your listeners. However, if they ask for details, be prepared to respond. It means they are interested. 

• Consistent with #4 above: People are more likely to accept a smaller proposal if they've just rejected a larger one. Keep the pilot program in your back pocket as a reasonable alternative to implementing the entire idea. It will seem sensible to the individual or group.

I found this great Blog posted by Steve Roesler! Thanks for the info!

Networking Mistakes You May Be Making!

Whether you’re looking for a job or not, you’ve probably been encouraged to “network, network, network!” more times than you can count. Are all those conferences and events you’re attending leading to new connections or opportunities?

No? You’re not the only one. Many networking newbies have tendencies that actually inhibit building real relationships with their new contacts.

The good news: it’s not that hard to fix. Here’s what you might not even realize you’re doing wrong—and what to do about it.

Mistake #1: Talking about Yourself—All the Time

You’re talented! Eager! Ambitious! You have lots of ideas to share! And you want to make sure that every person you meet at the event knows who you are and what you do!

We get it. And yes, sharing your story with new contacts is important. But sharing your life story is overkill: Nothing can set a person off more than an aspiring professional who takes no interest in anything beside her own ambitions.

The Fix: Take Some Interest. Stop highlighting your latest accomplishment and start listening instead. Find people with industries or careers of interest to you, and ask them questions: How did they get their start? What do they love about their jobs, and what do they wish they could change? By taking an interest in your contact, you will make her feel valued—and hopefully interested in continuing the relationship. And you’ll likely gain some new insights, too.

Mistake #2: Expecting a Job

You’re looking for a new job, so you hit the circuit of industry events every week, asking every person you meet to help you find your new gig—after all, it’s not what you know, it’s who.

Well, yes. But give people some credit: If you pursue networking opportunities purely for the job prospects, your contacts will figure you out. You will leave them feeling used, and they will be less likely to recommend you for an opportunity.

The Fix: Provide Some Value. If you’re looking for a job, don’t ask for it—work for it. Do some research into what your contact does both in and out of work and find ways that you can contribute your time or support. Perhaps you could volunteer your expertise in social media for the big convention she’s heading up, or offer your accounting knowledge for her non-profit. Provide some opportunity for contacts to see you in a working light, and you’ll be that much closer to a good referral.

Mistake #3: Not Saying Thanks

You attended a large event last week and grabbed coffee with one of your new professional contacts afterward. And then—the week got busy, and you didn’t get around to saying thank you. She’ll understand, right?

Maybe. But if you don’t show gratitude, even in the smallest (or largest) event, you risk leaving a negative impression—probably not the desired outcome of your meeting.

The Fix: Just Do It. Whether you pack notecards in your purse for post-meeting scribbles, set yourself a reminder on Gmail to send off a quick note, or just insert a quick “thanks for taking time to meet with me!” at the final handshake, you must say thank you. Not only will you solidify your reputation as a courteous individual, but you won’t be leaving your contacts with a bad taste in their mouths. Always say thank you, and your good impression will last until your next meeting.

Mistake #4: Forgetting to Follow Up

You meet someone over a networking happy hour and tell her you’ll send her your portfolio. But as the night goes on, she has a few drinks and meets a few dozen more people. You’re sure she’s forgotten all about you, so you decide it’s not even worth emailing her the next day.

Bad idea. Meeting someone is just the first step in networking. In order to forge a lasting relationship (and make sure people don’t forget you), you need to follow up, every single time.

The Fix: Stay Accountable. If you told a networking contact that you would do something, do it. Even if you’re not sure she remembers you, you can bet that she will be grateful that you took the time out of your day to send her what you had discussed. If you’re worried about forgetting, keep a pen near your business card holder to quickly scribble out what follow-up actions you have for that contact, and review your cards after the event.

Above all, keep in mind that networking isn’t about short-term gain, but about learning, growing, and forming connections. Adopt good social habits, and you’ll see your skills and comfort improve, your opportunities increase, and your relationships grow—for the long haul.

11 Simple Leadership Concepts

Hey guys,

Found this article from LinkedIn Today and thought it would be a good read for those of us working on our leadership skills! Let me know what you think!

Being likeable will help you in your job, business, relationships, and life. I interviewed dozens of successful business leaders for my last book, to determine what made them so likeable and their companies so successful. All of the concepts are simple, and yet, perhaps in the name of revenues or the bottom line, we often lose sight of the simple things - things that not only make us human, but can actually help us become more successful. Below are the eleven most important principles to integrate to become a better leader:

1. Listening

"When people talk, listen completely. Most people never listen." - Ernest Hemingway

Listening is the foundation of any good relationship. Great leaders listen to what their customers and prospects want and need, and they listen to the challenges those customers face. They listen to colleagues and are open to new ideas. They listen to shareholders, investors, and competitors. 

2. Storytelling

"Storytelling is the most powerful way to put ideas into the world today." -Robert McAfee Brown

After listening, leaders need to tell great stories in order to sell their products, but more important, in order to sell their ideas. Storytelling is what captivates people and drives them to take action. Whether you're telling a story to one prospect over lunch, a boardroom full of people, or thousands of people through an online video - storytelling wins customers.

3. Authenticity

"I had no idea that being your authentic self could make me as rich as I've become. If I had, I'd have done it a lot earlier." -Oprah WinfreyGreat leaders are who they say they are, and they have integrity beyond compare. Vulnerability and humility are hallmarks of the authentic leader and create a positive, attractive energy. Customers, employees, and media all want to help an authentic person to succeed. There used to be a divide between one’s public self and private self, but the social internet has blurred that line. Tomorrow's leaders are transparent about who they are online, merging their personal and professional lives together.

4. Transparency

"As a small businessperson, you have no greater leverage than the truth." -John WhittierThere is nowhere to hide anymore, and businesspeople who attempt to keep secrets will eventually be exposed. Openness and honesty lead to happier staff and customers and colleagues. More important, transparency makes it a lot easier to sleep at night - unworried about what you said to whom, a happier leader is a more productive one.

5. Team Playing

"Individuals play the game, but teams beat the odds." -SEAL Team Saying

No matter how small your organization, you interact with others every day. Letting others shine, encouraging innovative ideas, practicing humility, and following other rules for working in teams will help you become a more likeable leader. You’ll need a culture of success within your organization, one that includes out-of-the-box thinking.

6. Responsiveness

"Life is 10% what happens to you and 90% how you react to it." -Charles SwindollThe best leaders are responsive to their customers, staff, investors, and prospects. Every stakeholder today is a potential viral sparkplug, for better or for worse, and the winning leader is one who recognizes this and insists upon a culture of responsiveness. Whether the communication is email, voice mail, a note or a tweet, responding shows you care and gives your customers and colleagues a say, allowing them to make a positive impact on the organization.

7. Adaptability

"When you're finished changing, you're finished." -Ben FranklinThere has never been a faster-changing marketplace than the one we live in today. Leaders must be flexible in managing changing opportunities and challenges and nimble enough to pivot at the right moment. Stubbornness is no longer desirable to most organizations. Instead, humility and the willingness to adapt mark a great leader.

8. Passion

"The only way to do great work is to love the work you do." -Steve Jobs
Those who love what they do don’t have to work a day in their lives. People who are able to bring passion to their business have a remarkable advantage, as that passion is contagious to customers and colleagues alike. Finding and increasing your passion will absolutely affect your bottom line.

9. Surprise and Delight

"A true leader always keeps an element of surprise up his sleeve, which others cannot grasp but which keeps his public excited and breathless." -Charles de Gaulle

Most people like surprises in their day-to-day lives. Likeable leaders under-promise and overdeliver, assuring that customers and staff are surprised in a positive way. There are a plethora of ways to surprise without spending extra money - a smile, We all like to be delighted — surprise and delight create incredible word-of-mouth marketing opportunities.

10. Simplicity

"Less isn't more; just enough is more." -Milton GlaserThe world is more complex than ever before, and yet what customers often respond to best is simplicity — in design, form, and function. Taking complex projects, challenges, and ideas and distilling them to their simplest components allows customers, staff, and other stakeholders to better understand and buy into your vision. We humans all crave simplicity, and so today's leader must be focused and deliver simplicity.

11. Gratefulness

"I would maintain that thanks are the highest form of thought, and that gratitude is happiness doubled by wonder." -Gilbert Chesterton

Likeable leaders are ever grateful for the people who contribute to their opportunities and success. Being appreciative and saying thank you to mentors, customers, colleagues, and other stakeholders keeps leaders humble, appreciated, and well received. It also makes you feel great! Donor's Choose studied the value of a hand-written thank-you note, and actually found donors were 38% more likely to give a 2nd time if they got a hand-written note!

The Golden Rule: Above all else, treat others as you’d like to be treated

By showing others the same courtesy you expect from them, you will gain more respect from coworkers, customers, and business partners. Holding others in high regard demonstrates your company’s likeability and motivates others to work with you. This seems so simple, as do so many of these principles — and yet many people, too concerned with making money or getting by, fail to truly adopt these key concepts.

What is Business Development??

Hey Guys,

I found an interesting article about business development and what it means. Adding value to any company is a great way to think of business development! 

“I do biz dev.”

Few times in history have more ambiguous words been spoken.  Ask ten “VPs of Business Development” or similarly business card-ed folks what is business development, and you’re like to get just as many answers.

“Business development is sales,” some will say, concisely.

“Business development is partnerships,” others will say, vaguely.

“Business development is hustling,” the startup folks will say, evasively.

The assortment of varied and often contradictory responses to the basic question of “what, exactly, is business development” reminds me of the way physicists seek to explain what, exactly, is the universe.  With conflicting theories on the nature of black holes and bosons, the ultimate goal for those scientists is a Grand Unified Theory, a single definition that can elegantly explain how the universe itself operates at every level.

Lacking any concise explanation of what business development is all about, I sought to unite the varied forces of business development into one comprehensive framework. And eureka, for I have found it - the Grand Unified Theory of business development:

Business development is the creation of long-term value for an organization from customers, markets, and relationships.

There is elegance in simplicity, but perhaps this definition leaves you wanting more.  At its heart, business development is all about figuring out how the interactions of those forces combine together to create opportunities for growth.  But a theorem requires a proper proof, so let’s break that statement down:

Long-Term Value

First, what do I mean by “long-term value?”  In its simplest form, “value” is cash, money, the lifeblood of any business (but it can also be access, prestige, or anything else a company seeks in order to grow).  And there are plenty of ways to make a quick buck for you or your company.  But business development is not about get-rich-quick schemes and I-win-you-lose tactics that create value that’s gone tomorrow as easily as it came today.  It’s about creating opportunities for that value to persist over the long-term, to keep the floodgates open so that value can flow indefinitely.  Thinking about business development as a means to creating long-term value is the only true way to succeed in consistently growing an organization.

Customers

The “customers” portion of the definition may be slightly more obvious – customers pay the bills.  They are the people who pay you for your products and services, and without them you won’t have any business to develop.  But not everyone is a natural customer for your business. Maybe your product doesn’t have the features I’m looking for.  Maybe your product is perfect, but I don’t even know your company sells it.  Or maybe you’re not reaching me because you’re not knocking on my door.

Markets

That’s because customers “live” in specific markets.  One way to understand markets is by geography – if I only focus on selling in the U.S. but you reside in London,  then you are currently unavailable to me as a customer as I do not currently reach the European market.  But customers also “live” in markets that are defined by their demographics, lifestyles, and buying mindset.  Identifying opportunities to reach new customers by entering into new markets is one important gateway to unlocking long-term value.

Take for example the Pet Owners market.  The customers who live there, of course, are people who own cats, dogs, fish, etc.  Petco is a company that clearly sells to customers who live in the Pet Owners market.  I, on the other hand, do not have a pet.  I don’t live in the Pet Owner market. So what if Petco wanted to sell something to me? Then they’d need to find a way to enter into a market where I do live.  For example, I have red-hair and pale skin and as such, I am prone to spontaneously combusting when exposed to the sun.  Therefore, one market that I “live” in is the Sunscreen Buyers market.  If Petco wanted to sell something to me, perhaps they can find a way to enter into that market by offering sunscreen, hats, or sun-reflecting aluminum foil suits.  Now, determining whether that’s a good idea or not for Petco to do so is a job for the business development team – and another story for another blog post.

Relationships

And then there were “relationships.”  Just as the planets and stars rely on gravity to keep them in orbit, any successful business development effort relies on an underlying foundation of strong relationships.  Building, managing, and leveraging relationships that are based on trust, respect, and a mutual appreciation of each other’s value is fundamental to enabling the flow of value for the long-term.  Relationships with partners, customers, employees, the press, etc. are all critical to the success of any business development effort and as such they demand a bold-faced spot in any comprehensive definition of the term.

So, is business development actually sales?  Is it partnerships?  Is it all about hustling? Well, frankly, yes.  It’s all of the above and as we’ll see in future posts, it’s much more.  It’s a complicated and fascinating discipline that deserves a clear understanding, so that we can marvel at the beauty of a well-done deal as much as the stars.

Check out the full article here!

Best Business Moves from Breaking Bad

Walter White's 5 Most Badass Business Moves in 'Breaking Bad'

August 8, 2013

URL: http://www.entrepreneur.com/article/227744

Slide 1 of 5

Walt intimidates Tuco

In the first season, Walt's partner in the meth business, Jesse Pinkman, has a line on a major buyer for their product who could take their business to the next level. Unfortunately, the buyer, Tuco Salamanca, is a psychopath who refuses to pay upfront for the product and beats Jesse so badly that he winds up in the hospital. Walt, who previously wanted nothing to do with the distribution side of the business, is forced to confront Tuco himself, adopting the pseudonym "Heisenberg."

When Tuco laughs off his demand, Walt detonates a chunk of fulminated mercury, which Tuco mistook for meth, blowing out the top floor of the drug dealer's headquarters. Impressed as much by Walt's "balls" as by his high-quality product, Tuco agrees to buy two pounds of meth a week from Walt and Jesse.

Lesson: Sometimes you have to do things yourself instead of delegating. And when pitching an important client, don't take no for an answer.
 

Slide 2 of 5

Walt delivers the goods

In the second season, Walt and Jesse's crooked lawyer, Saul Goodman, puts them in touch with a major distributor named Gustavo Fring. Fring has doubts about Jesse, who is in a downward spiral from drug use due to a friend's death at the hands of rival drug dealers. Nevertheless he offers to buy a few dozen pounds of Walt and Jesse's meth for $1.2 million, but gives them only one hour to deliver the goods.

Walt rushes to Jesse's house, where the drugs are stashed, only to receive no answer when he rings the doorbell and calls Jesse's phone. He breaks in and finds Jesse and his girlfriend catatonic from injecting heroin. He manages to rouse Jesse long enough to find out where the meth is hidden. While scrambling to meet Fring's deadline, Walt learns via text message that his wife, Skyler, is about to give birth. With no time to spare, he makes the hard choice, earning the $1.2 million and missing the birth of his daughter.

Lesson: Make sacrifices when necessary to meet your stretch goals -- although you should probably be present at the birth of your child.
 

Slide 3 of 5

Walt protects Jesse

In the third season, Jesse discovers that Tomás, the kid brother of his new girlfriend, is the one who killed his friend. The boy is being used by drug dealers who work for Gus Fring. Jesse announces a rash plan to murder the dealers in revenge. Walt advises against it, but is rebuffed.

He goes to Gus, and together they organize a reconciliation between Jesse and the dealers. Gus says he will stop using children in his criminal enterprise. But then Tomás is found dead, apparently murdered by the dealers. Jesse goes to confront them, gun in hand. Just as a shootout is about to begin in the middle of the street, Walt appears out of nowhere, smashing into the dealers with his car. He kills them both, one in the collision and the other with the dealer's own gun, while Jesse looks on, not believing his eyes.

Lesson: Have your partner's back. Be there when the strain of work gets to be too much for him or her.
 

Slide 4 of 5

Walt blows up Gus

Walt's relationship with Gus deteriorates in the fourth season following his murder of the dealers. Gus, however, is forced to keep him around as a chemist while he grooms Jesse, now clean and sober, to replace him.

Matters with Gus grow desperate when the drug lord informs Walt that he is going to eliminate Hank Schrader, Walt's brother-in-law who is an agent with the Drug Enforcement Administration [DEA], and that he will kill the rest of Walt's family if Walt intervenes. Scared for their lives, Walt forges an unlikely alliance with the wheelchair-bound Hector Salamanca, Tuco's uncle and a once-powerful member of the Mexican cartel who is a blood enemy of Gus.

Together they trick Gus into believing that Hector is informing on him to the DEA. When Gus shows up at Hector's nursing home to kill him personally, he encounters Walt's surprise: a pipe bomb rigged to Hector's wheelchair. The resulting explosion kills both men, after which Walt storms into the meth lab where Gus's henchman are holding Jesse and frees his partner. They burn down the lab to destroy any evidence. When the dust settles, Walt stands alone as heir apparent to Gus's criminal empire.

Lesson: Think creatively and form alliances to stay ahead of the competition. Eliminate rivals before they eliminate you.
 

Slide 5 of 5

Walt gets away

In the fifth season, Mike Ehrmantraut, formerly Gus's right-hand man, becomes an equal partner in Walt and Jesse's meth business following Gus's death and the freezing of Mike's assets. But he and Jesse, alarmed by Walt's growing volatility and callousness, soon decide they want out. Mike sets up a meeting with a distributor who is willing to buy them out of the meth trade for $5 million apiece. But Walt refuses the deal, preferring to continue cooking.

Mike takes matters into his own hands; he zipties Walt to a radiator so that he can sell their entire supply of raw materials for $15 million without the other man's permission. But Walt frees himself, stripping electrical cord with his teeth and sparking the wires to burn through the ziptie, badly scorching his flesh in the process. Earlier in the episode, after Jesse asks, "Are we in the meth business or the money business?" Walt answers: "Neither. I'm in the empire business." Only now do his partners see just how far he is willing to go to keep his throne.

Lesson: Decide what business you want to be in. And don't let anyone stand in your way as you move forward.