Entrepreneurs often have healthy egos, but they can still admit to shortcomings.
Here, courtesy of PROFITguide.com, is a listing of self-diagnosed strengths and weaknesses compiled from entrepreneurs on the 2001 PROFIT100 list of Canada's Fastest-Growing Companies.
I thought it might help you better understand the complex, often contradictory personalities of successful entrepreneurs. You may even detect a few patterns. Enjoy!
1. What do you consider your key personal strength in business?
Thanks to many years of working with some great companies and great bosses, I would suggest that my greatest strength is vision. Put a stake in the ground and shoot for it.
What's your biggest weakness? Lack of attention to detail.
2. STRENGTH: My attention to detail. Plus, I'm paranoid.
WEAKNESS: I'm not sure. That's probably my weakness.
3. STRENGTH: I'm good at vision — what needs to be done — and action-oriented to do it.
WEAKNESS: Impatience.
4. STRENGTH: I hope my key strength is the ability to create and maintain a teamwork environment.
WEAKNESS: Probably the biggest weakness, and something I'm working on very hard, is the ability to delegate more.
5.STRENGTH: The ability to hire good people.
WEAKNESS: I'm probably a bit soft, a bit lax. I don't think I'm a tough enough manager.
6. STRENGTH: Feisty, creative, aware. I'm an opportunist.
WEAKNESS: Inability to say no. No to anything.
7. STRENGTH: Entrepreneurial nature — I find a way to make things work.
WEAKNESS: I don't pay enough attention to fine detail, I'm more attracted to the possibilities than the details of implementation. Luckily, I know that and we hire accordingly.
8. STRENGTH: The ability to keep multiple balls up in the air. The very thing that you were critiqued for in school, which was the fact that you were thinking about 12 things at once, is the very thing that keeps you sharp in business.
WEAKNESS: I'd genuinely like to have better listening skills.
9. STRENGTH: I don't have any. I guess it's it would be delegating. Not thinking I can do it all. Knowing my limitations.
WEAKNESS: My biggest weakness would be probably lack of general business experience.
10. STRENGTH: I have a pretty sound technical knowledge of the field that we're in.
WEAKNESS: I'm not formally educated in business. I had to pick it up on the fly.
11. STRENGTH: Vision.
WEAKNESS: Staying focussed.
12. STRENGTH: I'm left and right brain — I'm good creatively and technically.
WEAKNESS: I'm always looking for compromise. Sometimes I should hit the table with my fist.
Tuesday, 14 February 2006
Saturday, 11 February 2006
What Entrepreneurs Want, part 3
Some of my posts mentioning the solitude and problems of entrepreneurs - especially the lack of peer contact - might make you conclude that these are needy and vulnerable people. Nothing could be farther from the truth. Entrepreneurs crave respect and understanding like everyone else, but they can go without both for long periods of time, driven by their vision and their instincts for the best way of serving their niche.
But once in a while, they like to be stroked and to have their work confirmed by others.
This was reaffirmed for me again yesterday in two e-mails I received in response to a speech I gave Wednesday night on Lessons from Canada's Emerging Growth Companies (click here for a summary). My presentation to a group called Future Leaders involved analyzing some of the trends in entrepreneurial growth (as divined from PROFIT Magazine's PROFIT 100 research) and documenting some of the unique tactics and strategies that have fuelled their success.
My goal with such presentations is to show entrepreneurs how other companies are striving and succeeding, and give them specific tactics they can put into practice right away. But sometimes I forget how important it is just to be heard talking about success in tough times.
Here's a snippet from one of the unsolicited e-mails I received the other day:
"Just wanted to drop you a quick note to let you know that I really enjoyed your presentation... It was extremely interesting and inspirational."
You might think that entrepreneurs would be the last people to need inspiration. But you'd be wrong.
The other e-mail:
"Thanks for the speech on Wednesday. Some days any encouragement is appreciated. As a manufacturing guy, I really appreciated that I’m not the only one in this province who still thinks making stuff is a good business and finding that you can still manufacture and make the hot [PROFIT 100] list is nice ... despite the money guys telling everyone out there that manufacturing in Ontario is dead and the dumbest possible thing you can do."
I don't believe entrepreneurs are generally insecure. But if they're to put all their energy and resources into a business venture, they certainly need a strong dose of confidence. And confidence is a fragile thing.
Marketer's Takeaway: You can't go wrong by celebrating the instincts and accomplishments of entrepreneurs. It doesn't have to be the major theme of your conversation with this market, but it must underlie everything you say and do.
As the writer said, "Some days any encouragement is appreciated."
But once in a while, they like to be stroked and to have their work confirmed by others.
This was reaffirmed for me again yesterday in two e-mails I received in response to a speech I gave Wednesday night on Lessons from Canada's Emerging Growth Companies (click here for a summary). My presentation to a group called Future Leaders involved analyzing some of the trends in entrepreneurial growth (as divined from PROFIT Magazine's PROFIT 100 research) and documenting some of the unique tactics and strategies that have fuelled their success.
My goal with such presentations is to show entrepreneurs how other companies are striving and succeeding, and give them specific tactics they can put into practice right away. But sometimes I forget how important it is just to be heard talking about success in tough times.
Here's a snippet from one of the unsolicited e-mails I received the other day:
"Just wanted to drop you a quick note to let you know that I really enjoyed your presentation... It was extremely interesting and inspirational."
You might think that entrepreneurs would be the last people to need inspiration. But you'd be wrong.
The other e-mail:
"Thanks for the speech on Wednesday. Some days any encouragement is appreciated. As a manufacturing guy, I really appreciated that I’m not the only one in this province who still thinks making stuff is a good business and finding that you can still manufacture and make the hot [PROFIT 100] list is nice ... despite the money guys telling everyone out there that manufacturing in Ontario is dead and the dumbest possible thing you can do."
I don't believe entrepreneurs are generally insecure. But if they're to put all their energy and resources into a business venture, they certainly need a strong dose of confidence. And confidence is a fragile thing.
Marketer's Takeaway: You can't go wrong by celebrating the instincts and accomplishments of entrepreneurs. It doesn't have to be the major theme of your conversation with this market, but it must underlie everything you say and do.
As the writer said, "Some days any encouragement is appreciated."
Wednesday, 8 February 2006
RBC's four-star ad
Regular readers will be pleased to learn that I’ve found an ad targeting small business that I actually like.
The fact that it appears opposite my new column in the Feb.-March issue of MoneySense is just a coincidence.
It’s an ad for RBC Royal Bank, part of its mysterious series of ads whose photos include people standing in front of a shoulder-high billboard with the word “FIRST”. (I always thought “First” was part of Bank of Montreal’s branding, so I am still confused by its use by the Royal.)
The ad starts with a great headline: “After his business burned down, Steve Booy not only found out who his friends were. He discovered who his bank was.”
The body copy goes on to explain that when Steve’s Automotive Repair in Woodstock, Ont., went up in flames, all his financial records were lost. Kindly waiving an immediate loan payment, an RBC account manager sat down with Steve to discuss the future. (“Without financial records,” RBC says, “some banks might not have talked to Steve.”) But RBC “was flexible, finding a financial solution that recognized his specific circumstances.”
The result? “Today, an expanded Steve’s Automotive is a state-of-the-art nine-bay facility,” “well-equipped, Steve says, with fire extinguishers.”
There you have it. An ad that tells a believable, human story. Like all great stories, form the first ancient myths to Star Wars, it comes complete with a problem, a hero (that creative banker) and a happy ending.
Plus, the tale is told simply and efficiently, to match entrepreneurs’ attention spans – using just enough details to make it credible, and even a grin-worthy punch line.
And at the end, of course, comes the call to action that every ad should have (but many don’t): “To find out what RBC Royal Bank can do to put your business first, call 1-800 ROYAL 2-0, or visit www.rbcroyalbank.com/business-first”
Note the subtle reinforcement of the “first” branding, and the ease of the contact tools offered: a toll-free number that’s easy to remember, and a URL that’s easy to type.
The ad itself speaks to the loneliness and vulnerability that applies to most entrepreneurs (and which I have discussed in numerous posts, including the one immediately preceding this one). RBC depicts an entrepreneur at his lowest point, and describes how it stood by him. That kind of security, that kind of relationship, is exactly what most entrepreneurs want.
This ad works because it speaks entrepreneurs’ language, it understands their needs without overstating them, it’s grounded in reality, and it offers a clear and genuine benefit. I give it four stars.
PLUS: In promoting this apparently true story (you can visit http://www.stevesauto.ca), RBC’s ad does one more thing – it raises expectations.
It ups the ante. It dares other bankers – within the Royal or its many competitors – to do for their clients what Steve’s account manager did for him. This could come back to haunt RBC – can its bankers work such magic all the time? (Especially given that many credit-watchers say the banks are set to tighten up on credit as the Canadian economy peaks.)
In the meantime, setting the bar so high makes a great testimonial for RBC – and a nice shot of confidence (and bargaining power) for entrepreneurs across the country.
Full disclosure: I do most of my personal banking at the Royal, mainly because my dad worked there all his life. But if you think that kind of thing influences my writing, you haven’t been reading my stuff very long.
The fact that it appears opposite my new column in the Feb.-March issue of MoneySense is just a coincidence.
It’s an ad for RBC Royal Bank, part of its mysterious series of ads whose photos include people standing in front of a shoulder-high billboard with the word “FIRST”. (I always thought “First” was part of Bank of Montreal’s branding, so I am still confused by its use by the Royal.)
The ad starts with a great headline: “After his business burned down, Steve Booy not only found out who his friends were. He discovered who his bank was.”
The body copy goes on to explain that when Steve’s Automotive Repair in Woodstock, Ont., went up in flames, all his financial records were lost. Kindly waiving an immediate loan payment, an RBC account manager sat down with Steve to discuss the future. (“Without financial records,” RBC says, “some banks might not have talked to Steve.”) But RBC “was flexible, finding a financial solution that recognized his specific circumstances.”
The result? “Today, an expanded Steve’s Automotive is a state-of-the-art nine-bay facility,” “well-equipped, Steve says, with fire extinguishers.”
There you have it. An ad that tells a believable, human story. Like all great stories, form the first ancient myths to Star Wars, it comes complete with a problem, a hero (that creative banker) and a happy ending.
Plus, the tale is told simply and efficiently, to match entrepreneurs’ attention spans – using just enough details to make it credible, and even a grin-worthy punch line.
And at the end, of course, comes the call to action that every ad should have (but many don’t): “To find out what RBC Royal Bank can do to put your business first, call 1-800 ROYAL 2-0, or visit www.rbcroyalbank.com/business-first”
Note the subtle reinforcement of the “first” branding, and the ease of the contact tools offered: a toll-free number that’s easy to remember, and a URL that’s easy to type.
The ad itself speaks to the loneliness and vulnerability that applies to most entrepreneurs (and which I have discussed in numerous posts, including the one immediately preceding this one). RBC depicts an entrepreneur at his lowest point, and describes how it stood by him. That kind of security, that kind of relationship, is exactly what most entrepreneurs want.
This ad works because it speaks entrepreneurs’ language, it understands their needs without overstating them, it’s grounded in reality, and it offers a clear and genuine benefit. I give it four stars.
PLUS: In promoting this apparently true story (you can visit http://www.stevesauto.ca), RBC’s ad does one more thing – it raises expectations.
It ups the ante. It dares other bankers – within the Royal or its many competitors – to do for their clients what Steve’s account manager did for him. This could come back to haunt RBC – can its bankers work such magic all the time? (Especially given that many credit-watchers say the banks are set to tighten up on credit as the Canadian economy peaks.)
In the meantime, setting the bar so high makes a great testimonial for RBC – and a nice shot of confidence (and bargaining power) for entrepreneurs across the country.
Full disclosure: I do most of my personal banking at the Royal, mainly because my dad worked there all his life. But if you think that kind of thing influences my writing, you haven’t been reading my stuff very long.
Monday, 6 February 2006
Be a peer, not a pal
Friends are fine. Families have their place. But there's nothing like people you hardly know.
At least, that’s how my friend Aaron sees it. A seasoned entrepreneur, he is an enthusiastic participant in Entrepreneurs’ Organization, the international forum that allows full-time entrepreneurs to meet monthly with local peers from non-competing organizations to share ideas, contacts and best practices. (And, mainly, to reassure each other that the hell they go through every day is normal.)
“Most entrepreneurs don't know other entrepreneurs, unless they're customers or suppliers, or family or friends,” says Aaron. These are useful, even valuable contacts, but they're not the best people to pour out your heart if you want to talk about the pressure the bank’s putting on you, the new problems with your sales force, or your spouse’s growing resentment of your long hours at work.
That’s why entrepreneurs join groups such as Presidents’ Organization, Entrepreneurs’ Organization, CAFÉ, Innovators Alliance, and so on – to share the burden. Unloading with trusted colleagues who understand what you're going through relieves some of the loneliness and the burden. And chances are good that some of them will have gone through what you're experiencing, and will be able to offer useful advice.
Remember, corporate executives have a ready-made audience of peers, mentors and friends – usually all in the same company - for blowing off steam and seeking counsel. Entrepreneurs are in a different space entirely. Which is why they appreciate marketers who understand their real needs.
Bonus thoughts - Let's consider the implications of the lonely-at-the-top, no-one-to-confide-in life of an entrepreneur:
Nobody to bounce ideas off of: So keep your offers simple. Offer lots of easy-to-read info and context on your website for those who need to dig deep.
Overloaded, working too much: Respect their time. Keep policies and paperwork to a minimum.
Fear of making mistakes: Take away some of the risk. (Offer free trials, extended warranties, money-back guarantees).
Need for solutions: Be a peer, not a pal.
At least, that’s how my friend Aaron sees it. A seasoned entrepreneur, he is an enthusiastic participant in Entrepreneurs’ Organization, the international forum that allows full-time entrepreneurs to meet monthly with local peers from non-competing organizations to share ideas, contacts and best practices. (And, mainly, to reassure each other that the hell they go through every day is normal.)
“Most entrepreneurs don't know other entrepreneurs, unless they're customers or suppliers, or family or friends,” says Aaron. These are useful, even valuable contacts, but they're not the best people to pour out your heart if you want to talk about the pressure the bank’s putting on you, the new problems with your sales force, or your spouse’s growing resentment of your long hours at work.
That’s why entrepreneurs join groups such as Presidents’ Organization, Entrepreneurs’ Organization, CAFÉ, Innovators Alliance, and so on – to share the burden. Unloading with trusted colleagues who understand what you're going through relieves some of the loneliness and the burden. And chances are good that some of them will have gone through what you're experiencing, and will be able to offer useful advice.
Remember, corporate executives have a ready-made audience of peers, mentors and friends – usually all in the same company - for blowing off steam and seeking counsel. Entrepreneurs are in a different space entirely. Which is why they appreciate marketers who understand their real needs.
Bonus thoughts - Let's consider the implications of the lonely-at-the-top, no-one-to-confide-in life of an entrepreneur:
Nobody to bounce ideas off of: So keep your offers simple. Offer lots of easy-to-read info and context on your website for those who need to dig deep.
Overloaded, working too much: Respect their time. Keep policies and paperwork to a minimum.
Fear of making mistakes: Take away some of the risk. (Offer free trials, extended warranties, money-back guarantees).
Need for solutions: Be a peer, not a pal.
Thursday, 2 February 2006
Mars and Venus and Small Business
A few posts back (on January 10, if you want to look it up in the “January” archives on the right) I blogged about the phrase “small business.” I suggested that while it is a useful description of a category, you should not use it when addressing people who run small businesses – because one of the meanings of “small” is inconsequential. I even went back to my experience 15 years ago at PROFIT magazine, which we renamed from the previous title, Small Business, for that reason.
As you may know, another magazine recently went through a similar name change. In 2004, Small Business Canada renamed itself Enterprise – probably for the same reason we changed Small Business. Because many readers don’t identify with the term, and few advertisers like to pay to reach markets that are apparently inconsequential.
Anyway, a friend of mine who is familiar with that magazine was saying yesterday that she thought the name change was a good idea: “Because men will never buy anything with the word ‘small’ in it.”
I hadn’t realized this phenomenon was gender-based, but maybe it is. “Call it, ‘Huge Business,’” advised my friend. “Or ‘Fast-Growing Business’. Men will buy anything that’s big.”
It’s a different perspective from mine, but the result is pretty much the same. Keep “small business” for internal use. “Business owners” sounds much more flattering.
Even consequential.
As you may know, another magazine recently went through a similar name change. In 2004, Small Business Canada renamed itself Enterprise – probably for the same reason we changed Small Business. Because many readers don’t identify with the term, and few advertisers like to pay to reach markets that are apparently inconsequential.
Anyway, a friend of mine who is familiar with that magazine was saying yesterday that she thought the name change was a good idea: “Because men will never buy anything with the word ‘small’ in it.”
I hadn’t realized this phenomenon was gender-based, but maybe it is. “Call it, ‘Huge Business,’” advised my friend. “Or ‘Fast-Growing Business’. Men will buy anything that’s big.”
It’s a different perspective from mine, but the result is pretty much the same. Keep “small business” for internal use. “Business owners” sounds much more flattering.
Even consequential.
Monday, 30 January 2006
Is Anybody Home??
That’s the question asked by a reader of this blog after visiting Hewlett-Packard Canada’s website.
As an entrepreneur, he was reading up on printers at HP’s sub-site dedicated to small and medium-sized business. On this page HP offers an ambitious slogan: “No one understands you like HP.”
Well, let’s see.
From the page at http://www.hp.ca/portal/biztown/colour_printing_centre/printing_imaging.php, he clicked on what looked like an interesting link under "Solve Business Problems" called "Success Stories".That click took him to HP’s U.S. site. But what the heck, he figured, a success story is a success story.
Except that the graphic box entitled "Printing solutions success stories for Small & Medium Business" offered this stark message: "None currently available. Please check back."
HP has hundreds of customer success stories on its site. But apparently not one deals with printers in small-business environments. That seems pretty strange when printers and imaging constitute HP’s most profitable division.
What would it take, my correspondent wondered, for HP to talk to a couple of its millions of printer users to see how they’re faring, and post a story or two on its website? “Hell,” said our reader, “they could give me a call.”
What would it take for HP to show its small-biz customers some respect? Especially when it likes to tell business owners that “No one understands you like HP.”
MORAL: If you talk the talk, walk the walk.
As an entrepreneur, he was reading up on printers at HP’s sub-site dedicated to small and medium-sized business. On this page HP offers an ambitious slogan: “No one understands you like HP.”
Well, let’s see.
From the page at http://www.hp.ca/portal/biztown/colour_printing_centre/printing_imaging.php, he clicked on what looked like an interesting link under "Solve Business Problems" called "Success Stories".That click took him to HP’s U.S. site. But what the heck, he figured, a success story is a success story.
Except that the graphic box entitled "Printing solutions success stories for Small & Medium Business" offered this stark message: "None currently available. Please check back."
HP has hundreds of customer success stories on its site. But apparently not one deals with printers in small-business environments. That seems pretty strange when printers and imaging constitute HP’s most profitable division.
What would it take, my correspondent wondered, for HP to talk to a couple of its millions of printer users to see how they’re faring, and post a story or two on its website? “Hell,” said our reader, “they could give me a call.”
What would it take for HP to show its small-biz customers some respect? Especially when it likes to tell business owners that “No one understands you like HP.”
MORAL: If you talk the talk, walk the walk.
Wednesday, 25 January 2006
Entrepreneurship - Act of Faith
Australian entrepreneur Yaro Starak runs several Internet-based businesses, as well as a thoughtful blog at http://www.entrepreneurs-journey.com
He wrote recently about the passion entrepreneurs have for their businesses, comparing it to religious faith. It’s essential reading for anyone who wants to understand how business owners tick. You can read the whole post here, or my condensed version below:
"I have a few friends that I meet with regularly who share my passion for business… For some their business enjoys the majority of their daily headspace, even surpassing the time contemplating sex (yes, these are male friends). Business has become a part of who they are…
Business provides an entrepreneur with purpose. When times are tough faith keeps an entrepreneur working long after other people would have given up. While blind faith is not a good thing, certainly strong faith and courage of conviction are vital for any business person to carry on despite whatever obstacles are thrown at them.
Business provides an entrepreneur with meaning. An enlightened entrepreneur works towards building something that enhances many people’s lives. By creating a business that employs people, provides helpful products or services and creates prosperity for many, the sum effect is an expansion of positivity…
When business people get together they share the faith. Entrepreneurs discuss commerce, opportunities and advise each other on the best course of action in a given situation. It’s as if there are a set of rules, some written, some intuitively understood that are guiding these people. When entrepreneurs network they call on their collective understanding and knowledge to help each other and create something greater than the sum of the parts. It’s as if they are divinely inspired."
I think Yaro's right about how entrepreneurs getting together and discussing commerce is really an act of shared faith.
The best entrepreneurs I know are extremely generous about sharing ideas, connections and resources with fellow keepers of the flame. I think they see society as a closed loop. By helping you they believe they are helping themselves by supporting the greater ecosystem – even if they never see you again.
Of course, the other reason they help each other is because they don't believe anyone else will.
Which is a huge opportunity for marketers who understand it.
He wrote recently about the passion entrepreneurs have for their businesses, comparing it to religious faith. It’s essential reading for anyone who wants to understand how business owners tick. You can read the whole post here, or my condensed version below:
"I have a few friends that I meet with regularly who share my passion for business… For some their business enjoys the majority of their daily headspace, even surpassing the time contemplating sex (yes, these are male friends). Business has become a part of who they are…
Business provides an entrepreneur with purpose. When times are tough faith keeps an entrepreneur working long after other people would have given up. While blind faith is not a good thing, certainly strong faith and courage of conviction are vital for any business person to carry on despite whatever obstacles are thrown at them.
Business provides an entrepreneur with meaning. An enlightened entrepreneur works towards building something that enhances many people’s lives. By creating a business that employs people, provides helpful products or services and creates prosperity for many, the sum effect is an expansion of positivity…
When business people get together they share the faith. Entrepreneurs discuss commerce, opportunities and advise each other on the best course of action in a given situation. It’s as if there are a set of rules, some written, some intuitively understood that are guiding these people. When entrepreneurs network they call on their collective understanding and knowledge to help each other and create something greater than the sum of the parts. It’s as if they are divinely inspired."
I think Yaro's right about how entrepreneurs getting together and discussing commerce is really an act of shared faith.
The best entrepreneurs I know are extremely generous about sharing ideas, connections and resources with fellow keepers of the flame. I think they see society as a closed loop. By helping you they believe they are helping themselves by supporting the greater ecosystem – even if they never see you again.
Of course, the other reason they help each other is because they don't believe anyone else will.
Which is a huge opportunity for marketers who understand it.
Subscribe to:
Posts (Atom)