Entrepreneurial

Day in and Day out I live by the statement to ‘Trust your Journey’ and through it all there has always been someone who’s helped me along the way. When embarking on building a company, I cannot stress enough how important it is to have an inspirational mentor throughout the journey as you build from the ground up. There are too many benefits for me to describe in this post about what you can gain from a mentor, but I’ll list a few that are of practical importance.

To me, a mentor is a source for building a more expansive network. Typically, your mentor will have extensive experience in an industry, and as a result of that experience will likely grow a vast network in which opportunities, trends, contacts, etc. can  be utilized for your benefit and help your career prosper. You’ll also come to see that an inspirational mentor is there for moral support. When you are in a trying situation, and lack the experience or know-how to make the right move, you’ll find a mentor is likely to have had similar experiences in the past that they can reflect upon and use to provide insightful guidance that will help you make a sensible decision under such stressful circumstances. Luckily, for myself I’ve been blessed with some amazing mentors who’ve helped in hard times.

My last point, which is probably the most practical one, is a mentor is usually free. Think about it . . . without a mentor you have to resort to paying an arsenal of specialists, whether they are coaches, consultants, etc. who more often than not will have you pay through the nose for services that a mentor provides free of charge and are likely to be more impersonal, dispassionate, and formal—all factors which remove the humane factor that is integral for trusted, long-term business relationships. And remember: only a mentor can share their wealth of knowledge on an ongoing basis; there is no product or service they want to sell you, so you’ll find, no matter how volatile business dynamics become, you’ll have a constant source of support that you can continue to learn and grow from. Trust me; the great ones never learned on their own. In order to be the best, you must learn from the best.

Frank.

I read the paper the other day and came to the realization that our current Canadian economy is in a bad space. In fact, our dollar is significantly lower than our neighbours—the United States. This is terrible news, especially during a major event such as the Pan Am Games happening in Toronto. As a business owner, during these hard times, the worst thing you can do is panic.

As I’ve grown as a business man the best advice I’ve given myself is to ‘hope for the best, and expect the worse’—this statement has kept me focused and mindful of making smarter decisions, as opposed to acting on impulse. The economy is always changing, and in rare cases we have total control.

People say the best time to start a new company is during an economic downturn. I personally believe this is true. With the mindset of serving people, sometimes economic hardship could be the best time to bring forth a new idea. When starting a business think about the cause. What are you bringing into the market place to serve the people. Find out what your passion is, plan accordingly, and make sure you commit to it – this should be your entrepreneurial mindset.

Never let a lack of money hold you back. The tough economy weeds out those who don’t have the drive to stick through new ventures. If there’s a lot of money out there, anyone can get in the game. You’ll attract more investors and raise more awareness around what you’re building, especially if you’re successful during a tough time. Another aspect is, once you’re able to leverage the resources you have from the time spent to the people you’ve invested in, it can become a great learning experience—setting you up for future success.

Lastly, you have to stay persistent. Ask yourself what you have failed at and your answers may be quite interesting. These things will make you look at things in a different light as you reflect. Don’t ever count on luck, because there’s no plan in luck.

So with that said, make the commitment, find a problem—then solve it. Think BIG, and remember you can’t do it alone. Learn from the best. And don’t forget: be persistent, persevere, and prevail.

Yours,
Frank.

We’re in the month of June here in Canada. Very exciting in terms of weather, but in business – sometimes things can turn cold. In the summer months there’s vacation time, holidays, and not to mention the attitude to relax and go out and enjoy the ‘heat’. In result, this can make it harder to reach annual goals internally.

When you are selling, getting connected to decision makers is critical. Whether it’s current clients, referrals or cold leads you can’t sell to people you can’t communicate with.

To get the most out of this summer’s selling season, you need to do a few things -differently.

Here are some recommendations that I instill in to practice here at the Wish Group to ensure as a whole we meet our goals and objectives for the quarter:

1. Build your calendar now for the entire summer.

This is very important. Right now in June, these are the times during which making new connections or getting current deals to close are going to be the most difficult. They should include holiday weeks as well as your own vacation weeks.

You’ll need to use those weeks for something other than the final stages of closing or the initial stages of opening new relationships.

2. Talk to key clients now.

I hope you’ve been building and maintaining a rapport on all your prospects. I guarantee that Summer vacations are already on many of your client’s calendars. Get them on your calendar too. Build a relationship by asking about their vacation plans and set up a time to follow- up once they get back so that it’s fresh on their mind in their work week.

3. Think past your buyer to the decision-making network.

Often several people have to sign off on on purchases or proposal approvals. If you don’t know when the key players in your deals will be gone, then your contract can get delayed. Ask the right questions to get the information you need to ensure you can close the deal and within your desired time frame.

4. Use the summer to set up for the fall.

As a result, the transition from summer to fall is like shifting from first gear to fifth in about a two-week period.  Use the summer for planning so you can set yourself up for this burst of activity between Labor Day and Thanksgiving. Your goal should be to make your goals and obtain your bonuses by the end of the fiscal year. Don’t wait. Start now!

5. Consider syncing your vacation plans.

Try and identify a period during the summer that will be the least productive for you, that may be a good time to take your own vacation. Take that time to recharge so you can be ready during the more high productivity periods.

The highest-level performers always  try to get the most for any investment of time. Looking more strategically at your summer can help you make the best use of your own time.

Have a great week!

Frank.

Being an entrepreneur you’re prone to wear many hats. In fact, sometimes you’re called upon to take a role you may have never thought you could do. One thing I’ve taught myself in running a business is that if I don’t know how to do something I’ll either find someone who knows how to do it or learn how to do it myself.

Of course, the most cost-effective way is to learn to do it yourself. For those who are conditioned to think that learning only happens in a classroom, the world of self-learning can be a little scary at first but in order to be successful you’ll sometimes have to teach yourself how to get it done.

Here are a few tips that have helped me learn different skills to be a better success not just individually, but for those around me.

1. Get interested

There must be a problem you need to solve or a reason you’ve thought about learning something new. Your interest in the subject is the essential driver of success. You can’t learn what you do not want to learn. Emotion is an important part of the learning process. If you are even moderately interested in a subject, give yourself  a chance. The key is to get started. If you can create a routine, you may find that the subject grows on you. 

2. Expect problems and you won’t be disappointed.

Don’t expect to understand things at first or even remember them. Things will get clearer as your brain logs with new information. Keep at it, and you will gradually find that things that seem difficult at first, will become second nature with time.

3. Anytime is learning time.

Take full advantage of the Internet and various mobile devices, books and magazines. Anytime is learning time. Remember, you are learning through exposure, not by nailing things down. So the more you learn with experience, the better of you’ll be.

4. Join learning communities.

Join a learning community on the web, where members share their knowledge and experience. Search for the communities that suit your interests and learning style. You will find encouragement, advice and stimulus from fellow learners, as well as from tutors, teachers and coaches. In these communities, you can measure your progress against your own goals, or compare your experience with that of other learners. You can even teach and help others, which is a great way to learn. I love LinkedIn. It’s a great way to connect with like minded individuals and industry related professionals.

Never has it been easier nor more exciting to be a learner. Let constant learning be a major part of your life-style. The rewards will be constant, personally, socially, and professionally.

Remember that learning is always earning. You either WIN or you learn.

Frank.

Last week, I blogged about stress and how it could be detrimental not just in work, but also in life. In relation to the workplace, stress can stem from many things, but personally I find that most of all – stress can come in the workplace from not being prepared. We’re all chasing success one way or another and in order to achieve our goals we must be ready for when our number is called.

Have you ever had a board meeting, certification training, a presentation for a potential client and were over-stressed because of not being prepared? I’m sure we can all relate. Speaking from experience, spreading yourself too thin and not staying organized can not only hurt yourself but the team too.

To always stay on top of things, first I suggest that you prioritize and create a to-do list. Only do what matters. Avoid busy work and going in all directions. Say no to stuff that won’t move the needle. In addition, make sure to have an objective. What is the end goal? Refuse to accept vague goals. Find 100% clarity, then execute.

Also, Never add new tasks in front of the queue, add them to the bottom. Complete what you are doing first. So that you can focus on the latter. You never want to overwhelm yourself with old tasks that should have been completed prior.

Everyone wants to have a career with a work-life balance. Make sure you stay organized by creating and managing your schedule in a calendar. Review each week ahead of time on Sunday so that you are prepared for the work week. Use time blocks for different types of calls, meetings, and even email, family time and workouts. By committing to your schedule it will give you a peace of mind knowing that each day your being as efficient and organized as possible. At times, something may come up that you have to attend to. Make sure to assess the situation or opportunity before making an impulsive decision. If it’s not on the calendar, don’t do it. Don’t assume that you will be working on something unless it is on your calendar.

Furthermore, don’t forget about maintaining a healthy lifestyle. Take care of yourself, it’s very important. A healthy mind will bring forth great productivity. Take breaks during the day and use the weekends to relax and rejuvenate. Regular exercise is highly recommended. Block off exercise times on your calendar, commit to it –  or it won’t happen. Lastly, make sure you get enough sleep. Nothing is better than being rested for another work day with a good night’s sleep.

Hopefully you will find some of these tips useful. Feel free to add tips that worked for you in the comments section below.

Stay inspired.

Frank.