Picking Up and Running With Your Dreams

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Alastair Mitchell is the chief executive of Huddle, a cloud-based collaboration software company co-headquartered in London and San Francisco. In a recent interview with Adam Bryant of the New York Times, Mitchell spoke about his early management lessons, how to handle tough situations, and advice for college students. Here are some of the key points from the interview:

  • Learn how to empower people and give positive feedback: “knowing when to let them take risks and when not to criticize them too hard if things go wrong. You have to back them up and then say, That didn’t work, so how are we going to improve it next time?”
  • When faced with difficult decisions, what would we regret not doing in life?: “What would happen if I were to walk out across from your building and cross the street, and a big red bus is coming the other way and I don’t see it. In that brief moment before it hits me, what would be the thing that I would regret not doing? Whenever I’m faced with difficult decisions, I always apply the big red bus test. Instinctively, people know the right answer, but it can be buried under so many layers of doubt and questions. Starting my own business came from one of those moments. ”
  • Motivate yourself and think outside of the box: “I look for people who think big, who are motivated and who have the entrepreneurial instinct. In my questioning, I’m looking for almost the rough edges — the things on their résumé that look different or reveal an inner drive.”
  • Trust who you are and listen to your gut: “Go big or go home. And just trust yourself. Whatever your gut instinct is, you’ll probably be right seven or eight times out of 10. So just go with your gut. What you’ll regret more is the fact that you haven’t gone with your gut. ”

Click here to view the full article from the New York Times.

How Confident Are Business Owners Going Into The Next Year?

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For today’s post, we look back at the same 2014 report conducted by UPS Connect from last week.

When business owners were asked to describe their confidence in their business’ success over the next 12 months, 1 in 4 respondents said they were “extremely confident”. On a scale of 1-7, owners had an average confidence rate of 5.39.  

This is an impressive rating which demonstrates that business owners are leaving the agitation from the past behind and emerging with more confidence.

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When asked what their top priorities were, nearly 80% of respondents reported that it was to increase revenues. Establishing new customer relationships came in at 67%, and increasing profits stood at 60%. 

Growth is the top priority when it comes to what is necessary.

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2014 UPS Connect State of Small Business Report

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UPS Connect conducted a 2014 report for the state of small businesses interviewing more than 300 founders, partners, presidents, and CEOs. With this report, they delivered a list of questions and answers. When asked what are the biggest challenges business owners are currently facing, companies replied with:

1) “Reducing cost of financing.”

2) “Government compliance and interference.”

3) “Funding and/or credit lines allowing my business to grow.”

4)  “The cost of customer acquisition…declining volume per current customer.”

Although owners maintain an optimistic approach in the short term, they are still faced with obstacles from general concerns, costumer acquisition, financial problems, and increased competition.

 

When business owners were asked about their biggest pain points:

49% of respondents said they “aim for a healthy balance between [their] professional and personal life””; 31% said they prioritize professional over personal.

49% admit they “don’t have the time or expertise to figure everything out.”

37% feel as if they “manage [their] time efficiently”; 23% said they have difficulty managing all the moving parts of their business.

 

This is some fascinating data to consider within the context of your own small business.

Respect the Opportunities You Are Given

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19-CORNER-master495Michelle Munson is the C.E.O of Aspera, a unit of IBM that provides software for high-speed file transfer. In a recent interview with Adam Bryant of the New York Times, Munson opened up about her leadership style, what it’s like to work for her, and advice on how to achieve success:

  • Forgiveness is the sincerest form of progression: “I’ve made my share of mistakes. But the most important lesson I learned is that there is a degree of forgiveness from people you work with if your intentions are right and you follow through. Because I’ve been sincere, the team has forgiven my mistakes along the way. That’s given me peace of mind and confidence to keep evolving.
  • People WILL have different values: “Not everyone values the same things I do. Some things are universal, like the gratification of achievement, but other things are not, like work styles. I have backed off and allowed people to work the way they do best.
  • Respect what you have: “My biggest pet peeve is people who don’t respect the opportunity they have. To me, respecting an opportunity means embracing it and dedicating yourself to making the most of it.”
  • Go beyond being a critic; learn to solve the issue: “You can’t create unless you have some ability to discern what is lacking or needed or doesn’t exist, and that goes beyond being a critic. It’s very easy to criticize. The real challenge is, how are you going to solve it? How are you going to make it better, with whatever resources you have?”
  • Be a critical thinker: “When talking about career advice “The second thing is critical thinking, which leads to independent thinking, and that comes from a diverse education and stretching yourself with independent-study internships and outside projects and activities. It can come in many forms, but it is paramount to have that in combination with skill and competence in your field, because that’s what allows you to create.”

Click here to view the full article from the New York Times.

It’s Not Always About You When It Comes To Success

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Deborah Bial is the President and Founder of the Posse Foundation. Posse trains students from public high schools with extraordinary academic and leadership potential to help them succeed in college. In a recent interview with Adam Bryant of the New York Times, Bial spoke about what inspired her to start the Posse Foundation and what leadership means to her. Here are some of the key points from the interview:

  • Success isn’t about you: “I didn’t pick Posse; it just happened. My philosophy is that leaders should always remember that it’s not because of them that things are successful.” Sometimes it comes down to the luck of the draw.
  • Being in charge allows for forming a great team: “The advantage of being in charge is that you get to hire people you really like. It’s my philosophy that as president or C.E.O. of a company, you are in this privileged position where you get the accolades for the successes of the organization, and you get to make decisions and people have to listen to you.”
  • You don’t have to be liked by everyone to be a great leader: “I used to care a lot that people liked me. That’s no longer as much the case. Of course, nobody wants not to be liked, but I don’t care as much. I remember feeling liberated when it no longer influenced my decision-making.”
  • Questions are key when hiring students: “In terms of questions, I’ll ask sometimes: “If you get this job, what are you most excited about, in terms of your personal growth? And where will you be challenged the most?” Then I’ll want to get into a discussion about something. What’s in the newspaper that day? I want to know what they think, how they think, how they express what it is they’re thinking, how they ask questions and how they listen.”
  • Students who reach out are the ones who are likely to succeed: “In a crisis, they reach out versus reach in. We look for the person who reaches out, because they will give themselves more options to succeed.”

Click here to view the full article from the New York Times.

Could Parenting Skills Be Transferrable To A CEO?

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Penny Herscher

Penny Herscher is the Chief Executive of FirstRain, a business analytics firm based out of San Mateo, California. In a recent interview with Adam Bryant of the New York Times, Herscher drew some interesting parallels between her approach to managing children as a parent and managing a company as a chief executive. Here are some of the key points from the interview:

  • Don’t hog the spotlight: “You need to let other people blossom and thrive” otherwise you’ll find yourself with employees that don’t want to work for you.
  • Having kids can change the way you manage: “The things you learn raising a child are great skills for nurturing a team and bringing a project to life. You take obstacles out of the way, encourage them and set goals that are tough but can be achieved.”
  • You need somebody who isn’t afraid to tell you the truth: “Many leaders with strong personalities never hear the truth because their people are afraid to tell them. The people who will tell you the truth are the most valuable people in your life.”
  • As a CEO you can’t blame anyone else: You can look to a board of executives or shareholders for advice, but not permission. As a CEO “You are it! You have to make the decisions. You can collect advice, but nobody is going to make a decision for you, so just get on with it and make the decisions. If they’re right you’ll be fine, and if they’re wrong you’ll be fired.”
  • When hiring, look for “I.Q, integrity and energy, because you can’t teach those.”
  • Ask questions in interviews that tell you MORE about the candidate: “What makes you really special,” “how do you grow your employees” and “what’s your natural strength” are great examples.

Click here to view the full article from the New York Times.

If you don’t know the answer, just say so!

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Steven Mollenkopf is the C.E.O. of Qualcomm, a mobile-phone technology company based out of San Diego. In a recent interview with Adam Bryant of the New York Times, Mollenkopf opened up about his approach to leadership, hiring process and pet peeves in the workplace. Here are some highlights from the interview:

  • “You should make mistakes by throwing the ball away, not by holding the ball.” In the context of work this means “making mistakes by action, not thinking about something or being timid.” You should encourage yourself to take risks. If you make a mistake trying to do something, you can fix it later.
  • Workplace “perfection” is like a mathematical limit. “You need to make sure that you’re moving toward perfection, but you’re never going to get there.”
  • “Jerks don’t get promoted.” As with many aspects of life , you have to be able to get along with people. “Companies run on smart people who can also get other smart people to move generally in the same direction.”
  • “If you don’t know, just say so.” The more senior you get, the less concerned you are with saying, “I don’t know the answer here.” You realize you’re not supposed to now ALL the answers. As a boss, your job is to surround yourself with people who can help you find the answers.
  • 100% effort is key: “People who don’t work hard are a problem.”
  • “Treat people well.” Happy staff are more productive and efficient than unhappy staff.
  • When you leave college: “Don’t have a plan, because you can underestimate what your abilities are, and you might limit yourself in some cases.”

Click here to view the full interview in the New York Times.

A Job Description is Just the Beginning

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Susan Story is the chief executive of American Water, a public utility company operating in the United States and Canada. In a recent interview with Adam Bryant of the New York Times, Story opened up about her work philosophies that helped her achieve corporate success:

  • Every person deserves respect: “[N]o matter how bad things get, it’s about working hard and taking personal responsibility, because nobody owes you anything.”
  • In life and in work: “It’s not what happens to you; it’s how you react to it.”
  • A job description is just the beginning: “It’s about doing the job but also looking around for what’s not getting done that would bring value. When I would raise my hand, it was appreciated.”
  • Listening is key: “Listening on the front lines is one of the most important things I can do… If you really want to know what’s going on, you get out there and you listen to folks on the front lines.”
  • Focus on doing the best job you can where you are: “One thing I’ve done in my career is to never look at what the next job is going to be. I go in thinking this could be my last job, and I’m going to be the best I can at it.”

Click here to view the full article from the New York Times.

Adopting a “Subcontractor” Approach to Managing

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Paula Long

Paula Long is the CEO of DataGravity, a data management firm based out of New Hampshire that emphasizes mutual accountability. In a recent interview with Adam Bryant of the New York Times, Long spoke about her unique management techniques, the importance of mutual accountability, and her interesting approach to interviewing. Here are some highlights from the interview:

  • After you become a manager, nobody really works for you. In fact, you really work for them.
  • It’s your job to help people be successful; it’s not your job to make them successful.
  • It’s important to assert what you’re good at and why it matters.
  • Work out when it’s OK to micromanage, and when it’s not.
  • Consider a “subcontractor” approach to managing. By creating individual, contract-like, relationships between staff and managers, each party approaches the contract agreeing to put in equal amounts of effort in good faith.
  • When it comes to interviewing, consider asking “stupid questions” to see how a candidate answers. Try making false statements to see if a candidate corrects you, or pick a fight to see how they react to conflict.
  • When advising college graduates, Long emphasizes that it’s OK not to know what you want to do. Don’t cut off the ability to explore. Remember, it’s harder to explore as you get older as you have different commitments.

Click here to view the interview in full.

Fixing a Sales Team

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“Yesware” is a 4-year-old company that designs and sells software intended to make it easier for sales teams to record and analyze essential data. Released in 2012, Yesware’s basic version, which can be downloaded free, quickly attracted more than 100,000 users. However, the company experienced difficulties converting those free users into paying customers (an unfortunate irony considering it is sales software they’re looking to sell).

Yesware’s chief executive Matthew Bellows came up with 3 solutions to fixing his sales team:

1) Clean up house: trimming that fat by firing 7 out of 10 salespeople.

2) Hire a vice president of sales: have this VP do the firing, hiring, and supervision while Mr Bellows remained as chief executive.

3) Appoint a manager: promote the best sales person among the 3 he deemed worthy of keeping to manage the team.

What would YOU suggest? Click here to see the full article in the New York Times.