5-4-3-2-1 Countdown for Entrepreneurs (8/23/23)
5
Keys to effective networking
CREDIBILITY.
While you may be generally satisfied with your reputation, you should try to better understand how referrers and allies view you because their opinions determine how strongly they recommend you to others. In eliciting candid critiques, you may hear things that are unsettling, unfair, even painful, but you’ll gain insights that will help you evaluate and improve your business reputation.
CREATIVITY.
To stand out from your competitors, it’s not just your Unique Value Proposition that brands you -- it’s the creative way you present and explain that UVP. Creativity is key to entrepreneurial success.
CONNECTIVITY.
Your connections are crucial, of course, and quality networks are like compound interest: their value grows at an increasing rate. Be sure to invest your time in ways that build “network wealth.”
CLARITY.
You should write as clearly for networking (emails or Zoom introductions) as you do when writing a pitch for a formal presentation. While you don’t want to sound stiff or scripted, you do want to have the clarity and confidence of a persuasive speech.
CARING.
In networking you should be more than just courteous and considerate; you should be thoughtful about how to help those who deserve encouragement and advice. As I noted in a video, “Views of our startup ecosystem: good, bad and ugly”, the startup community genuinely pays it forward. “Whether it’s mentoring, networking, advising or other assistance, there’s more mutual support here than I’ve seen in any other business sector.” We should always strive to be worthy of that mutual support.
4
Definitions of leadership
Which of these definitions best reflects what you practice and preach as a leader?
“A leader is one who knows the way, goes the way, and shows the way.”
- John Maxwell, author of “the 21 Irrefutable Laws of Leadership”
“My own definition of leadership is this: The capacity and the will to rally men and women to a common purpose and the character which inspires confidence.”
- General Bernard Montgomery, WWII British Field Marshal
“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, author known as “the founder of modern management”
“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 De Pree, author of “Leadership is an Art”
3
Rules for “failing successfully”
In this 3-minute video I offer advice to improve business planning. Instead of following the motto, “fail fast” (trying to make losses happen quickly), I urge startups to “fail successfully” by following three rules and executing four steps.
2
Articles to inspire artistic entrepreneurship
“The Hidden Business Lessons in These Hit Songs”
“Tricks of the trade from professional artists, gallery owners, and coaches”
1
Flashback on how startups should address uncertainty
Fifteen months ago, I wrote about 4 forms of uncertainty – and 4 ways startups address it. Here is a passage from that commentary:
Uncertainty can be unsettling. How should founders view and address uncertainty?
RESEARCH. Face the uncertainties and use your doubts as prods to do more and better research. Through experiments and testing, turn unknowns into now-knowns.
REASSESS. If uncertainty turns into certain trouble, reevaluate your options. “Wisdom consists of the anticipation of consequences,” observed author Norman Cousins.
REVISE. If your original plan doesn’t survive first contact with reality, that’s all right. Make changes to your strategy, tactics, and priorities, as needed. Change forces change.
REJUVENATE. By turning uncertainties into challenges, and challenges into opportunities, you can refocus your team and reinvigorate your endeavor.
Stay safe, stay happy, stay in touch!
Adam
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