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Leadership Toolkit: How important are values? How do you bring them alive in your business?

Camille Monce —  January 25, 2021 — Leave a comment

Foreword

One thing I have learned is that for the most part, people express the same idea but they express it in many different ways and with many different words. It is the details in the expression, the words, and combination of words used, that give a story its colour, its texture, and brings it–and its lessons–to life.

We are unique combinations of our beliefs, values and life experiences. Differences notwithstanding, we, and our experiences, are important. Therefore, there is value in compiling and sharing these stories and the multitude of ways in which ideas are expressed. Combined, these stories weave a wonderful tapestry that exemplifies just how rich and beautiful life can be.

And who knows? An inadvertent remark or detail in the retelling of a story can stand to attention and have an impact in the world of a reader. And with that exciting possibility, perhaps the most valuable thing I can do is create the space where the stories of those whom I admire and respect can be shared.

Below are people that I have come across on my own life journey whom I deeply admire and respect. Whether it be their tenacity or courage, or relentless drive or passion, each individual generously reveals a different lens in response to the questions I regularly pepper them with.

As we continue on our sharing over this anthology, I will share tidbits and anecdotes as to why I hold them in such high esteem, and what I love most about them. In turn, I hope that you do too.

How important are values? How do you bring them alive in your business?

Never underestimate the power of simple words, and simple ideas

Ai-Ling Wong. Founder at The Decorateur, President at Entrepreneurs’ Organization. Kuala Lumpur, Malaysia.

I don’t believe in business partnerships but I do believe in business values. When I first took over a family business at the age of 25, my father’s advice to me were these three ideas: (1) honesty; (2) hard work; and (3) integrity. These 3 values were so simple, and at that time, I considered them “not profound” due to their simplicity.

However, I find myself referring to, and using, them when I conduct staff interviews as they encapsulate the qualities we look for in our team members. Those who don’t conform to these values aren’t a natural fit, and leave accordingly. These values are our guiding principles and I discovered that as time progressed, they become embodied in our mission statement.

Never underestimate the power of simple words and simple ideas.

Asking whether the situation or matter-in-question is aligned with my values has more often than not answered questions that otherwise I was unable to answer with complete conviction

Andrea Grisdale, Founder and CEO at IC Bellagio, Board Member at Entrepreneurs’ Organization. Bellagio, Lake Como.

At the end of the day, values are what I refer too whenever I have a question in need of an answer (whether for personal or for business). Asking whether the situation or matter-in-question is aligned with my values has more often than not answered questions that otherwise I was unable to answer with complete conviction.

When I first learned about the importance of values in the workplace, and how to use them, I often thought that it was OK if a decision ticked 3 out of the 5 values boxes. It did not take me long to learn that if something does not get all 5 boxes ticked (assuming that one has 5 values), then the answer is no; no matter how attractive it may seem and/or how many people try to convince me otherwise.

Every now and then, my team pass by my office and ask for my opinion on a decision. Now I simply look up from my desk and raise my eyebrows in the direction of our values poster (which are on every office wall). My team know how to move forward from there.

The importance of values is a lesson for which I will be forever grateful.

Values need to be at the forefront of decision-making around business relationships, opportunities, and—most importantly—values need to feel real and authentic.

Daniel Dickson, Managing Director at Amarco Enterprises. Sydney, Australia.

Outside of people, the number one asset to any business are the company values. Flowing from this is the way in which values are upheld, displayed, lived and breathed so that they are naturally and authentically part of the everyday business.

Rather than create values and force already-existing people to conform, I believe we need to recruit: (1) people who believe in what we believe in; (2) people who want to join in on the journey of achieving the vision of the business; and (3) people who are genuinely enthusiastic.

Values should not just be 3 to 5 words, they should also be underlying beliefs, behaviors, and attributes/markers that make it specific to your business. This is important so that people feel and understand how those values are interpreted and adopted within the business.

Hire based on the values. Fire based on a misalignment of values. And most importantly, progress with business relationships that have a values alignment with your business. These clients will understand and believe what you believe in. If a relationship is hard at the start because you don’t see “eye-to-eye” this usually means that all parties concerned are on separate pages when it comes to values. These relationships typically end in disaster.

As leaders, we need to interlace values in our people plan, and in our one-to-three-year vision that we share with our team. Values need to be at the forefront of decision-making around business relationships, opportunities, and—most importantly—values need to feel real and authentic.

Making sure values are lived and breathed is one of the most difficult things to consistently deliver on as one needs to be unwaveringly dedicated to the commitment of living and breathing the values in each and every aspect of the business. It needs to start at the top and it needs to be felt on every level throughout the business with both staff and your customers.

How you act in business should extend to how you act outside of your business

David Fastuca. Founder at Ambisie, Founder at Locomote. Melbourne, Australia.

Values, and how we choose to act according to them, are incredibly important.

Being home for the last 12+ months due to COVID-19-related lockdown, my children have had the opportunity to see how their dad works. Through proximity, they listen to my calls, how I speak with others, how I listen to others, and how I treat people. It is therefore important to me that how I am with people is how I am with my family i.e. that I treat those with respect and in accordance with my values.

How you act in business should extend to how you act outside of your business.

Without companywide alignment on values, the consequence is almost always an eventual splintering of motivation, of expectation, and of course, of outcome.

Jamie Skella. Chief Operating and Product Officer at Mogul, Former Chief Product Officer at Horizon State. Melbourne, Australia.

Without companywide alignment on values, the consequence is almost always an eventual splintering of motivation, of expectation, and of course, of outcome.

I’ve found that in all businesses I’ve been involved in, from startup to blue chip, that the best way to ensure that a company’s values do not wane is to embed them in the company’s messaging at every opportunity, from staff handbooks to investor reports.

Reminders about who we are and why we do what we do must be at the core of how we talk about what we do. It’s all too easy for a company’s catalyzing values to fall by the wayside as business-as-usual takes over.

Like an airliner in constant operation, without regular preservative oiling, the very pieces that keep it flying will corrode.

A business with clear values is a business with decision-making filters for everyone within the business.

Keith Roberts. Founder, Author and Speaker at OAKJournal, Board Member at Entrepreneurs’ Organization, President at Entrepreneur’s Organization, Founder and Creative Director at Zenman. Denver, Colorado.

Knowledge of “core values”, “authenticity”, and “being impeccable with your word” are the three most important traits I look for in business and personal relationships.

Values need to be known and embraced by everyone within the business. A great litmus test is to call the business reception and see if the person answering the phone can share what the values are, and what they mean.

At Zenman, we use our core values as a filter when hiring new team members, and as a reference when conducting quarterly reviews.

A business with clear values is a business with decision-making filters for everyone within the business.

One cannot build a castle with a weak foundation and weak scaffolding

Kym Huynh. Founder at WeTeachMe, Former President at Entrepreneurs’ Organization. Melbourne, Australia.

I consider values to be the foundation in business and in life, and when one has lack of clarity or a lack of awareness in their values (a weak foundation), one cannot build a castle.

Pinpointing what my values are was a process that took many years and in my experience, I found that I gravitated towards positive-sounding words that although sounded great, never really quite hit the mark. It wasn’t until my 5th attempt at discovering my values that I stumbled upon a framework that worked: Reflect back on all the times you have been incredibly incensed or infuriated, and consider why you felt this way. It will hint at a core value that was infringed.

Where values can be considered the foundation on which one builds their castle, ensuring that values are lived and breathed can be considered the scaffolding on which one builds their castle. In other words, , knowing what one’s values are is only 50% of the equation. Ensuring that they are alive is the other 50% and requires continuous effort and intention.

I ensure values are alive by employing them in the following scenarios:

  1. Hiring employees, Does the candidate share the same values?
  2. Decision-making, What decision-path do our values hint at?
  3. Performance reviews, Are the wins and behaviors linked to our values?
  4. Coaching, Are we teaching values-based decision-making?
  5. Firing employees, What value did the employee infringe? Do we communicate this with the team so that others are aware?
  6. Recognizing when someone lives and breathes a value, Are we shouting these stories at the top of our lungs? Are we circulating them? Are we compiling them into our own book as our own legends?
  7. Rewards programs, Are we sharing and rewarding the behaviors that align with our values?
  8. Communications, Do we include our values in our internal and external comms across all channels?

Values need to be practiced daily within the business, and it starts with the business owner

Raymond Chou. Founder and CEO at Infront Consulting APAC. Kuala Lumpur, Malaysia.

It was 2012, I had hired a COO for the business. Mark (named changed to protect the identity) had the drive, the qualification, and the history to prove that he was the best person for the job. He was also a friend.

Within the first month, two of my better people resigned. In the next 3 months, another two of my best people resigned. In the 1 year that Mark had taken charge, the business environment and culture lost its mojo. It was highly strung and the team was deeply unhappy. Something just didn’t click and what I learned was that Mark’s values were misaligned with the values of the business. This caused a whirlwind of destruction. It was the classic case of right skills and wrong values.

Values are the first, and primary, alignment that every business must find. When values are aligned, a sense of belonging surfaces. When that happens, people feel they can be themselves, and they do their best work. Because of this, values cannot just be a poster on the wall. Values need to be practiced daily within the business, and it starts with the business owner.

In every decision that we make, we always ask this question first, “What do our core values say?”. When we make decisions this way, it provides us a guiding principal in which we can make good decisions, and consequently it makes decision-making easier.

Values provide a guide as to how we expect individuals to behave with each other so that everyone can be successful

Ron Lovett. Founder and Chief Alignment Officer at Connolly Owens, Founder and Chief Community Officer at Vida Living, Author at Outrageous Empowerment. Halifax, Nova Scotia.

Values are the foundation of our businesses, and provide a guide as to how we expect individuals to behave with each other so that everyone (employees, customers and the business) can be successful.

Our values are brought to life by:

  1. Screening people for our values so that our hires are values-based
  2. Onboarding people with our values
  3. Celebrating when people live our values
  4. Coaching people in real-time when they don’t live our values

A great tool we use in making sure our values are brought to life is to keep track of all stories that are aligned with our values, and to share them far and wide in our businesses.

Values are the basis of any business

Tony Falkenstein. Founder and CEO at Just Life Group Limited, Founder and CEO at Just Water, President at Entrepreneurs’ Organization. Auckland, New Zealand.

Values are the basis of any business. Our values are not that inspiring (“fun”, “integrity”, “respect”, “service”, “trust first”), but they are known and practiced by all staff.

I have a saying: “If you are not in business for fun and profit, what the hell are you doing there?” So basically, as a value, we try and ensure that employees enjoy their surroundings and the people they work with, but we also expect them to do a fair day’s work so that we make a profit. The same saying goes slightly differently for the employee: “If you are not in a role that you enjoy and learn, what the hell are you doing there?”

The value that is the backbone of all our values is “respect”. At a new employee’s induction, we stress this value, and generally this is the value we quote when firing an employee. For example, if an employee steals from the company, it is not showing respect for the company. If an employee hits another employee, it is not showing respect for a fellow employee. If an employee swears at a supplier, it is not showing respect for the supplier.

Values are the basis of any business.

What do you think?

Do you agree or violently disagree with anything shared in this article? Or do you have any of your own stories that you want to share? Pop them in the comments and I will personally reply.

Call to action 

My goal is to help 1,000,000 people. My wish is to have these articles shared 1,000,000 times through the various social networks. For this reason, I provide this collection online for free and all I ask of you is this: If any of these articles have helped you in any way, please take a moment to share on social media, email to someone you think will find benefit, or print and leave it on the desk of someone whom you believe has the motivation, but lacks the tools to take themselves to the next level.

Don’t miss out on any new articles. Subscribe via email using the form at the bottom of this post and I’ll have the articles delivered straight to your inbox. Alternatively, you can also follow me on my various social media accounts: Facebook, Instagram, LinkedIn, and Twitter.

In Coaches, Culture, Decision-Making, Leadership, Leadership Toolkit, People, Recruitment, Staff, Team, Values
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Leadership Toolkit: What have been your best or worst business partnerships? What did you learn?

Camille Monce —  December 9, 2020 — Leave a comment

One thing I have learned is that for the most part, people express the same idea but they express it in many different ways and with many different words. It is the details in the expression, the words, and combination of words used, that give a story its colour, its texture, and brings it–and its lessons–to life.

We are unique combinations of our beliefs, values and life experiences. Differences notwithstanding, we, and our experiences, are important. Therefore, there is value in compiling and sharing these stories and the multitude of ways in which ideas are expressed. Combined, these stories weave a wonderful tapestry that exemplifies just how rich and beautiful life can be.

And who knows? An inadvertent remark or detail in the retelling of a story can stand to attention and have an impact in the world of a reader. And with that exciting possibility, perhaps the most valuable thing I can do is create the space where the stories of those whom I admire and respect can be shared.

Below are people that I have come across on my own life journey whom I deeply admire and respect. Whether it be their tenacity or courage, or relentless drive or passion, each individual generously reveals a different lens in response to the questions I regularly pepper them with.

As we continue on our sharing over this anthology, I will share tidbits and anecdotes as to why I hold them in such high esteem, and what I love most about them. In turn, I hope that you do too.

What have been your best or worst business partnerships? What did you learn?

See the silver lining or the positive. It allows us to forgive and to not feel victimized.

Ai-Ling Wong. Founder at The Decorateur, President at Entrepreneurs’ Organization. Kuala Lumpur, Malaysia.

I inherited a nightmare of a business partner in my last family business, and this inspired me to start my new business.

What I have learned is that there is a silver lining in every cloud. I now thank them for what I have today (although they don’t know it), and that, due to circumstance, I embarked on what I am truly passionate about.

See the silver lining or the positive; it allows us to forgive and to not feel victimized.

There is no blame. Only learning.

Alex Louey. Founder and Managing Director at Appscore. Melbourne, Australia.

Nick Bell and I have been business partners for 10 years, and friends for much longer. The key to our success is that our friendship is stronger than our business partnership.

We’ve had our disagreements but we are: (1) prepared to not let our ego drive our decisions; (2) prepared to let the other take the lead; and (3) if one is wrong or fails, we consider it just part of the journey. There is no blame; only learning.

There are always going to be ups and downs, and sometimes when things are down they can really be down. To know that you are working with someone that “has your back” strengthens and bolsters you, makes you brave, and makes it easier to overcome the inevitable challenges. Business is like a sport and a champion team will always beat a team of champions.

The worst business partnership I have witnessed occurred when greed, ego and jealousy overshadowed the goal of creating a great business where both partners are successful. The result? One business partner walked away because they decided the negativity in their life wasn’t worth a few million dollars.

When I was presented with an opportunity to walk away, I did. It was the best thing I ever did.

Andrea Grisdale, Founder and CEO at IC Bellagio, Board Member at Entrepreneurs’ Organization. Bellagio, Lake Como.

A few years ago, despite having some previous negative experience with the same business partner, I went against my gut feeling and agreed to a new joint partnership that on paper was: (1) a match made in heaven; and (2) an easy way into companies from both a commercial and positioning point-of-view.

This joint partnership, and what was sold to me, did not match reality, so when I was presented with an opportunity to walk away, I did, and it was the best thing I ever did.

When your gut tells you to walk away, do it, no matter how attractive the situation or how many people tell you otherwise.

Partnerships that are based on shared values and mutual trust are what I admire and strive for

Daniel Dickson, Managing Director at Amarco Enterprises. Sydney, Australia.

Partnerships that are based on shared values and mutual trust are what I admire and strive for.

Every good supplier or customer relationship that I have experienced has been one that was mutually beneficial; where both parties are heading in the same direction with the same goals, and a desire for each other to be successful. Both parties must understand each other’s values, both desire the same outcomes, and understand what success looks like for each party.­­­

A trick to noticing and recognizing an unsuccessful partnership or business relationship is when you feel that the other partner is working against you or is not sharing and practicing the same values that you believe in. In these two scenarios, the business relationship is not mutually beneficial, and the partnership will not be successful.

The importance of living and breathing the values cannot be understated, and one should never steer off the concept of values-based decision making.

The best partnerships are where both parties spend the time to help one another succeed

David Fastuca. Founder at Ambisie, Founder at Locomote. Melbourne, Australia.

Partnerships are like marriages; they start with the best intentions but after time the spark that once started the relationship can wear off. That’s when things start to break down. Like a good marriage, partnerships require work from both sides.

Whenever I have experienced a partnership break down, it was due to one side always asking and taking without giving. Over time you start to feel used and then you despise the relationship.

The best partnerships are where both parties spend the time to help one another succeed. It takes work and takes time but like all great long-lasting partnerships, it can be worth it.

Choose your business partner like you choose your life partner

Demi Markogiannaki. Founder at WeTeachMe. Melbourne, Australia.

A business partnership that works well can make the journey of entrepreneurship easier and more fun, and a business partnership that doesn’t work well can make the journey of entrepreneurship destructive and filled with issues both personally and professionally. I have had the luck, and the misfortune, to have experienced both.

I’ve had the opportunity to work with partners that believed in, and stood with, me whilst I grew personally and professionally. Working with them made me feel understood, and in turn, helped me push myself beyond what I thought possible, and dare to be brave. These partnerships were marked with many moments of comfort, a psychological safety that helped me navigate failure, and joy in the celebrations of victories both big and small.

I’ve had the opportunity to work with partners that were misaligned in values. Having different values does not mean a person is “bad” per se, but it does mean that the lens in which each person views the world is different. In this partnership, I felt “useless”, was blamed and shamed for failure, and my ideas were discounted for not being “good enough”. The negativity detracted from the moments of happiness and made me feel like an imposter. It took a long time for me to draw a line in the sand, decide that “enough is enough”, and stand up for both myself and others. I wish I had done this sooner.

Choose your business partner like you choose your life partner. There will be moments of joy, and there will be moments of challenge. There will be many issues and problems to navigate, and to learn from, together. You will both grow, change and evolve. Stay united and support one another, and never let trust and respect between you both be compromised.

When the time comes that I take another of my own to market, I’ll be certain to make sure I am the person who takes it there

Jamie Skella. Chief Operating and Product Officer at Mogul, Former Chief Product Officer at Horizon State. Melbourne, Australia.

Your business partner can either lift you or suppress you.

Having founded a startup–based on a multi-year commitment to devising and building the tech that underpinned it— I willingly agreed to the appointment of another individual to take the helm as CEO. In hindsight, despite my reservations, agreeing to this was born out of a then-insecurity about my own ability to run the company.

It was a tough lesson—one that cost the business gravely—and it left me bitterly vindicated and more ready than I ever was to trust myself in the future. While most of my recent years have been spent working on the ideas of others, when the time comes that I take another of my own to market, I’ll be certain to make sure I am the person who takes it there.

The success, or failure, of business partnerships starts and ends with values

Kym Huynh. Founder at WeTeachMe, President at Entrepreneurs’ Organization. Melbourne, Australia.

The success, or failure, of business partnerships starts and ends with values.

When there is an alignment of values, there is a strong foundation of trust and respect, an environment with ample opportunity for building deeper bonds, and as a result, a resilience for weathering the inevitable storms that will come.

Building a business, when there is a misalignment of values, is akin to building a fortress, that is perched on top of a haphazard rickety wooden stand, on an ever-changing sandy shoreline. Communication becomes more difficult, and this breeds an environment where anger and resentment festers. In this scenario, nobody wins.

When I assess potential business partnerships, the questions I ask myself are:

  1. Are the lens in which I, and my potential business partner, look at the world the same?
  2. Are the rules by which I, and my potential business partner, live and experience life the same?
  3. Are the methods in which I, and my potential business partner, make decisions, guided by a similar set of values?
  4. Do I, and my potential business partner, live and breathe a similar set of values?
  5. What are the differences between my values and that of my potential business partner? Can these difference in values peacefully coexist?
  6. What are the things I admire and don’t admire, about my potential business partner? If I dig deeper, what values do they hint at or uncover? Are the differences cogent with my values?

Building a business requires a tremendous amount of time and energy. Shared values are critical, and form the foundation of what one builds. If I am to make the decision to spend a tremendous amount of time and energy, to ensure that they do not go to waste, I’ll make sure to get the foundations (values) right first and foremost.

Every partnership must start with an aligned set of values. From these values, we align direction, and from this direction, we align our respective roles

Raymond Chou. Founder and CEO at Infront Consulting APAC. Kuala Lumpur, Malaysia.

I found the business partner for my second business in a drinking buddy. Over our shared time, he encouraged me to start the business; he was to contribute the capital and I was to contribute the blood, sweat, and tears. We defined our roles clearly whereby I would take care of sales and be the face of the company whilst he would take care of administration and finance. It sounded like the perfect plan.

The years went by and the business did not perform to expectation. There was a lot of naming, blaming, and shaming: (1) “You should run the department faster!”; (2) “We are not getting paid and cash flow is tight because you are not invoicing fast enough.”; (3) “You should push more sales!; and (4) “You are spending too much and not getting enough in!” The straw that broke the camel’s back occurred when he believed that we should “give incentives” to our customers to get deals. I was firmly against this idea.

Unfortunately what started out as a great friendship ended in a broken business partnership. We no longer talk and this saddens me greatly.

My greatest lesson in partnership is that every partnership must start with an aligned set of values. From these values, we align direction, and from this direction, we align our respective roles.

I am inclined to suggest that business partnerships are more delicate than marriages in the sense that in marriage when things don’t go according to plan, both parties have love to fall back on. In a business partnership, it is WORK and requires digging deeper. It is not enough to say, “That’s a great idea. Let’s do it together!” I believe the lack of digging deeper here is the reason why so many business partnerships fail.

I now employ a “dating period” whereby all partners agree to a 1 year period where we work on the business with no shares in the company. The person who creates the idea holds 100% during the first year, and a contract is drawn up that stipulates after 1 year, an evaluation is done; and if values, directions, and roles are still aligned–and all parties feel happy moving forward–shares are allocated.

The best business partnership for me occurred when partnering with people that had completely opposite skill sets

Ron Lovett. Founder and Chief Alignment Officer at Connolly Owens, Founder and Chief Community Officer at Vida Living, Author at Outrageous Empowerment. Halifax, Nova Scotia.

The best business partnership for me occurred when partnering with people that had completely opposite skill sets.

I previously owned a construction company and my partner focused on construction, margins, operations, and the management of suppliers whereas I focused on strategy, business development, HR, and finance. This worked so well. I’ll never partner with someone who has a similar set of skills to me.

The worst partnerships I have experienced were due to not flushing out our long-term vision (exit strategy etc.) and not turning our eyes to our values from day dot. These have caused breakups for me within the first twelve months.

Plan as though it will fail as the odds are you will be right

Tony Falkenstein. Founder and CEO at Just Life Group Limited, Founder and CEO at Just Water, President at Entrepreneurs’ Organization. Auckland, New Zealand.

Many business partnerships are formed because your partner is your friend. Being a friend at 21, prior to family and kids, the odds are against the partnership surviving.

There are two inherent problems:

  • If you both have the same skills, what have you achieved? You just have two payrolls to cover rather than one.
  • Between the ages of 20-30, your life is full of changes. What you dream of when you are 21 is completely different to when you are 30.

Once you have obligations such as a lifelong partner or children, you cannot afford to be living off the smell of an oily rag. In contrast, your business partner might be quite happy proceeding that way.

I am personally against business partnerships, even at any age. It just becomes another hurdle to jump over, and you are always compromising, otherwise, you end up with resentment and as enemies.

If you must get into a business partnership, the most important clause is the “exit” clause. Plan as though it will fail as the odds are you will be right.

The most powerful gift my business partner gave me was the experience of depth rather than breadth

Tui Cordemans. Founder at Koh Living. Melbourne, Australia.

The most powerful gift my business partnership gave me was the experience of depth rather than breadth.

Because I had someone who both relied on me and gave me much, I did not have the option to jump ship whenever I wanted a new experience.

This partnership taught me that one gains the most out of life when one goes deep and some of my learnings from this (resilience and how to live a life of meaning) is priceless.

What do you think?

Do you agree or violently disagree with anything shared in this article? Or do you have any of your own stories that you want to share? Pop them in the comments and I will personally reply.

Call to action 

My goal is to help 1,000,000 people. My wish is to have these articles shared 1,000,000 times through the various social networks. For this reason, I provide this collection online for free and all I ask of you is this: If any of these articles have helped you in any way, please take a moment to share on social media, email to someone you think will find benefit, or print and leave it on the desk of someone whom you believe has the motivation, but lacks the tools to take themselves to the next level.

Don’t miss out on any new articles. Subscribe via email using the form at the bottom of this post and I’ll have the articles delivered straight to your inbox. Alternatively, you can also follow me on my various social media accounts: Facebook, Instagram, LinkedIn, and Twitter.

In Business Partners, Character, Courage, Ego, Exit Strategy, Failure, Intuition, Leadership, Leadership Toolkit, Learning, Partnerships, People, Perspective, Relationships, Self-Belief, Starting Up, Strengths, Team, Trust, Values, Weaknesses, Women in Business
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What I learned from Alex Louey (Founder at Appscore) and Shan Manickam (Owner at Cross Docks Australia)

Camille Monce —  November 20, 2020 — Leave a comment

“The word “entrepreneur” actually sucks. Being an entrepreneur is not cool. Building something successful is cool.” – Alex Louey

“Being an entrepreneur is hard. You have no money and it’s a struggle. It’s hard but if you continue, and you persevere, and you keep on pushing to find different angles, you will succeed. With your ideas, don’t be precious about them. The reason why my business partner, Nick, and I work together well is because we are not precious about our ideas. In business, there is no place for egos.” – Alex Louey

“Culture and values are actually the most important part of our hiring process. If we have two candidates and Candidate B is less skilled but has an awesome personality, will be a benefit to the culture and there is drive, we’ll go with Candidate B, even if Candidate A is a superstar. The team doesn’t win with one person.” – Alex Louey

“Just because a customer says, “I want this done,” or “I want it by then,” doesn’t mean we say “yes”. If we can’t achieve what the customer wants, then we can’t create the desired experience, and so we need to make our expectations clear. The hardest thing to do is to actually say “no”. For too long I was surrounded by people who said, “Yes, Shan,” and that didn’t help. It may stroke your ego temporarily but it won’t help. I now look for people who say, “You know what? It’s not gonna fly. Not today. Maybe next week but not today.”” – Shan Manickham

“Putting together a bunch of core values, that’s a piece of cake. Get a whiteboard, get everyone to put up their concepts and ideas, pick the most popular, put a few emojis up, and bang you’re done. That’s easy. The next thing you need to do is believe in them and get them instilled so that they are being used on a daily basis to make a decision within your business. And once that happens, things become a lot easier.” – Shan Manickham

“A key thing is believing in the people that work for you. If you’ve selected the right people, you got to believe in them. You’ve got to be able to hand over reigns. It probably feels like you don’t want to hand over the reigns and you probably feel like you can do a better job but at some point, you have got to be able to say, “I’m gonna hand this over. I’m gonna believe in you. I’m gonna put the right measures in place.” So you’re going to trust and verify, but you’ve got to start with the trust first. Verifications come later.” – Shan Manickham

“I don’t think you will ever know if it’s the right move, but I think you can make it the right move. You can sit there and do a lot of research, it all tells you the right stuff but if you can’t execute on it, all that research means nothing. Did I know the moment? Absolutely, not.” – Alex Louey

With thanks to

Alex Louey is the founder of Appscore, the team behind Yarra Tram’s famous Tram Tracker app. Alex knew nothing about building apps when he went into business, but he knew all about project management. He recommends working with your strengths and surrounding yourself with people who can do things that you can’t.

Shan Manickam is the MD and owner of warehouse solutions business Cross Docks Australia. Shan tried to go into the business through a management buyout which failed, but it pushed up the price for the buyer, so they sacked him. That was enough to put a fire in his belly to form his own company. He recommends hiring for culture rather than skills.

About Masters Series by WeTeachMe

Masters Series is a show about inspiring entrepreneurs, creative thinkers, and visionary dreamers, and the stories behind how they built their companies.

Subscribe to show

Show brought to you by

Masters Series is presented by WeTeachMe.

Our strategic alliance partners: MYOB, SitePoint, and Entrepreneur’s Organization.

Our media partners: Startup Victoria and Digital Marketers Australia.

Our content partners: Written & Recorded.

The views expressed by the contributors on this show are linked websites that are not necessarily endorsed by the publisher.

Question of the day

What was your favourite quote or lesson from this episode? Please let me know in the comments.

In Building, Business Partners, Creating, Culture, Delegation, Ego, Entrepreneur, Focus, People, Perspective, Recruitment, Self-Belief, Staff, Team, Trust, Values, What I Learned From..
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Leadership Toolkit: Is entrepreneurship a lonely journey?

Camille Monce —  October 19, 2020 — 2 Comments

Foreword

One thing I have learned is that for the most part, people express the same idea but they express it in many different ways and with many different words. It is the details in the expression, the words, and combination of words used, that give a story its colour, its texture, and brings it–and its lessons–to life.

We are unique combinations of our beliefs, values and life experiences. Differences notwithstanding, we, and our experiences, are important. Therefore, there is value in compiling and sharing these stories and the multitude of ways in which ideas are expressed. Combined, these stories weave a wonderful tapestry that exemplifies just how rich and beautiful life can be.

And who knows? An inadvertent remark or detail in the retelling of a story can stand to attention and have an impact in the world of a reader. And with that exciting possibility, perhaps the most valuable thing I can do is create the space where the stories of those whom I admire and respect can be shared.

Below are people that I have come across on my own life journey whom I deeply admire and respect. Whether it be their tenacity or courage, or relentless drive or passion, each individual generously reveals a different lens in response to the questions I regularly pepper them with.

As we continue on our sharing over this anthology, I will share tidbits and anecdotes as to why I hold them in such high esteem, and what I love most about them. In turn, I hope that you do too.

Is entrepreneurship a lonely journey?

“Is this person willing to make sacrifices for me, and am I willing to make sacrifices for this person?”

Alex Louey. Founder and Managing Director at Appscore. Melbourne, Australia.

Entrepreneurship can be lonely, but it doesn’t have to be! I have been blessed with having a great co-founder that is both supportive, and strong where I am weak, and weak where I am strong.

Finding a good co-founder that you can trust, has high moral standards, and is ethical. The question I asked myself was, “Is this person willing to make sacrifices for me, and am I willing to make sacrifices for this person?” This question is important because a business partner should be there for both the good and the bad.

There are things you can do to make sure you’re not alone

Andrea Grisdale, Founder and CEO at IC Bellagio, Board Member at Entrepreneurs’ Organization. Bellagio, Lake Como.

Becoming part of the Entrepreneurs’ Organization (EO) was one of the best decisions that I have ever made to make sure that I wasn’t alone.

The opportunity to meet personally (or virtually in 2020) with a group of trusted entrepreneurs who run a variety of businesses, to be able to share experiences, and to be able to learn from each other in a safe and trusted environment is second-to-none.

EO has given me so many educational opportunities that have been: (1) worth their weight in gold; and (2) perfect for spending time with people who are “in the same boat”.

The entrepreneurial journey doesn’t need to be lonely

Emma Welsh. Founder at Emma & Tom’s. Melbourne, Australia.

I don’t believe the entrepreneurial journey needs to be lonely. In fact, I believe it to be the opposite.

One of my core aims in business is to build a fantastic team of players that I am constantly surrounded by, and that team needs a captain and a coach.

I find that the fulfillment of both captain and coach roles provides a level of connectedness with my business, and the people in my business.

There is a unique, solitary, and undeniable burden that comes with being an entrepreneur

Jamie Skella. Chief Operating and Product Officer at Mogul, Former Chief Product Officer at Horizon State. Melbourne, Australia.

Entrepreneurship has been a complex journey for me. Although a profound sense of togetherness, support, and connectedness have been part of my journey, there is also a unique, solitary, and undeniable burden that comes with being an entrepreneur; a certain “loneliness”.

Psychologically you will experience pressures that very few others fully grasp, while practically speaking you will have less time for you to spend with your closest friends. That is the choice you make when embarking on such a journey, yet, I posit that it is a sacrifice worth making; a price worth paying, to pursue bold ideas that have the power to create positive change in our world.

“The price of being a sheep is boredom. The price of being a wolf is loneliness. Choose one or the other with great care.” – Hugh MacLeod

The stress amplified to the point that I could no longer laugh

Keith Roberts. Founder, Author and Speaker at OAKJournal, Board Member at Entrepreneurs’ Organization, President at Entrepreneur’s Organization, Founder and Creative Director at Zenman. Denver, Colorado.

The answer depends on the individual, their unique personality, and their approach to business.

Most of my closest friends are people that I met as clients, peers, or through my entrepreneurial journey.

The first 15 years was incredibly isolating. Not only did the struggles of entrepreneurship take away almost all of my free time, the stress I felt amplified to the point that I could no longer laugh.

Finding Entrepreneurs’ Organization (EO), my Forum, a global village of other entrepreneurs changed my life, and having intentionality has to the type of life I want to experience has changed my path from one of loneliness, to one of connection and joy.

If life is lived not by accident but with intention, one can experience a life that is more profound, more intense, more rich, and one can experience a life that is deeply joyous and fulfilling

Kym Huynh. Founder at WeTeachMe, President at Entrepreneurs’ Organization. Melbourne, Australia.

Business, in and of itself, is hard. In a study of 28 million businesses in the US, 96% fail before they reach the $1M/year revenue turnover. Out of the 28 million businesses, 99.6% will fail before they reach the $10M/year revenue turnover. That stark statistic illustrates the tide the entrepreneur wades against in their efforts to create a viable business.

Now let’s layer on the stresses and pressures that come with starting and scaling a business, and the time, relationship, and life sacrifices that is required. At one point in my journey, I had locked myself away in an upstairs bedroom whilst my friends celebrated a birthday downstairs. I recall thinking, “I need to finish onboarding this new customer,” and the feeling of wanting to isolate myself and being alone. When I reflect on this experience, I am not surprised that a common phrase I hear is “entrepreneurship is a lonely journey”.

Now let’s layer on the incredibly steep learning curve that an entrepreneur must endure. For example, every entrepreneur must learn the four key decisions that all high-growth companies have mastered: (1) how do I make sure that there is enough cash in my business? [cash]; (2) how do I make sure that I can drive top-line revenue growth? [strategy]; (3) how do I make sure that I have the right people in the right seats performing the right functions in my “bus”? [people]; and (4) how do I make sure I convert top-line revenue efficiently into bottom-line profit? [execution]

Now let’s layer on the “divergent paths” or “growth divergence” dilemma entrepreneurs experience with friends and family who haven’t lived and breathed what it feels like to be an entrepreneur, and who often give unsolicited advice that is, albeit with good intentions, bad. The emotional energy required to navigate this dilemma is incredibly taxing, and difficult to navigate, for the entrepreneur.

Now let’s layer on the discovery that as the entrepreneur’s life path and experience has diverged from the norm, the entrepreneur starts discovering that conversation and points of interest increasingly diverge. And suddenly there is less to connect with, less in common, and conversations different.

The life of an entrepreneur brings with it multiple demands: (1) physical; (2) mental; (3) psychological; and (4) emotional. All these demands need to be juggled evenly, and at all times. Is it therefore surprising that many find the path of entrepreneurship lonely?

In spite of this, I also believe that we have agency and that if life is lived not by accident but with intention, one can experience a life that is more profound, more intense, more rich, and one can experience a life that is deeply joyous and fulfilling. The entrepreneurial journey was initially lonely for me, but is now filled with deep connections, life-changing friendships, once-in-a-lifetime experiences, lots of laughter, and lots of joy, and of most importance to me, endless opportunity to live a life that is aligned with my life goal of making a lasting and positive contribution to this world.

Lee Munro. CEO at Munro Footwear Group.
Melbourne, Australia.

Like almost everything in life, it doesn’t have to be this way

Many people I talk to find entrepreneurship isolating and lonely. There are constant pressures that an entrepreneur feels: (1) sales; (2) marketing; (3) branding; (4) hiring; (5) firing; (6) culture; (7) values; (8) compliance; (9) finance; and (10) cash flow etc. Ultimately, the success of the business is the responsibility of the entrepreneur.

Some people internalise the myriad of pressures and that alone can make one feel lonely. But like almost everything in life, it doesn’t have to be this way.

Entrepreneurs have options and choice. This road has been well-traveled, and filled with people who are generously willing to share their learnings and experiences.

Some options of note:

  1. Find a mentor who is generously willing to share their learnings and experiences.
  2. Find a networking group of like-minded entrepreneurs.
  3. Share inside one’s own organisation and use the team as support. Brene Brown is a pioneer in the field of “vulnerable leadership” and her research suggests that this leadership methodology is great for both the entrepreneur and the business.

Entrepreneurship can be a lonely journey, but it doesn’t need to be

Namgyal Sherpa. Managing Director at Thamserku. Kathmandu, Nepal.

When I first started my entrepreneurial journey, I was obsessed with the idea of success, and I had a hunger to get things done at any cost even if it meant I had to do the heavy lifting myself. I didn’t trust and didn’t have the confidence to delegate, which consequently left me micromanaging most of the work.

This unhealthy approach lead to burnout, and as I had ignored other aspects of my life that are important to me such as family and care of self, this unhealthy approach also lead to loneliness. Relationships were one of the most important things in life, and it starts with the relationship we have with ourselves.

I started meditating, reflecting, and learning from other like-minded people, and discovered that by having an understanding of who I am, and accepting who I am, I was able to understand and appreciate others. This alone has had a transformative effect in both my personal and professional life.

I now feel more connected to myself, my purpose, my family, and my team.

Entrepreneurship can be a lonely journey, but it doesn’t need to be. We can always learn, improve, grow, and move forward.

95% of the population will never understand why we do it

Raymond Chou. Founder and CEO at Infront Consulting APAC. Kuala Lumpur, Malaysia.

Entrepreneurship can be both lonely and depressing; sometimes at the same time. It comprises of constant dark clouds and filled with daily heartbreak, and it is lonely because 95% of the population will never understand why we do it given all the pressures and stress that comes with it.

It can feels especially awful after you have had a particularly difficult day, and you come home and try your best to describe it to your loved ones only to be met with “stop doing it and get a job so you don’t have to suffer”.

Entrepreneurs are different to others; they do what they do for a purpose and for a higher vision, and any quest to realise the vision is filled with an army of challenges and sometimes well-intentioned people who try and stop them.

I had a great group of people, and new friends, with me but none of my old friends where there

Ron Lovett. Founder and Chief Alignment Officer at Connolly Owens, Founder and Chief Community Officer at Vida Living, Author at Outrageous Empowerment. Halifax, Nova Scotia.

The first time I heard the idea that “entrepreneurship is a lonely journey” was in my late twenties. I was running my security company and I had an Advisory Board. One of my Board Members–after our meeting–said, “Ron, I think you are going to do exceptionally well in business, but you will find that it can be very lonely journey.”

It wasn’t until my 30th birthday–when I organized a trip to Montreal, Canada–that this statement came to life for me. I had approximately 15 friends meet me, none of which were the friends that I had grown up with; most of the latter unfortunately could not afford the trip. Of course, I had a great group of people, and new friends, with me but I was sad that none of my old friends were there.

The feeling of loneliness has appeared multiple times during the journey, especially during very stressful times in business where I felt I had no one to lean on.

In 2007 I came across Entrepreneurs’ Organization (EO). Immediately after joining, I felt a sense of belonging. To be immersed, locally and internationally, with other business owners from different businesses, cultures, races, beliefs and experiences provided me with the support and push to learn and grow. I haven’t felt lonely since!

How wonderful is it that one’s mind can jump from idea to idea without disturbance from others?

Tony Falkenstein. Founder and CEO at Just Life Group Limited, Founder and CEO at Just Water, President at Entrepreneurs’ Organization. Auckland, New Zealand.

There are times on the entrepreneurial journey when the entrepreneur may feel lonely, but if a person feels entrepreneurship is a lonely journey overall, perhaps they are better off working for someone else.

In my experience, entrepreneurship is the most sociable and engaging activity that an entrepreneur can ever undertake. Sometimes the entrepreneurship game is played alone, but how wonderful is it that one’s mind can jump from idea to idea without disturbance from others, and that at other times you get to play the game of business with a whole team against a lively opposition?

What do you think?

Do you agree or violently disagree with anything shared in this article? Or do you have any of your own stories that you want to share? Pop them in the comments and I will personally reply.

Call to action 

My goal is to help 1,000,000 people. My wish is to have these articles shared 1,000,000 times through the various social networks. For this reason, I provide this collection online for free and all I ask of you is this: If any of these articles have helped you in any way, please take a moment to share on social media, email to someone you think will find benefit, or print and leave it on the desk of someone whom you believe has the motivation, but lacks the tools to take themselves to the next level.

Don’t miss out on any new articles. Subscribe via email using the form at the bottom of this post and I’ll have the articles delivered straight to your inbox. Alternatively, you can also follow me on my various social media accounts: Facebook, Instagram, LinkedIn, and Twitter.

In Business Partners, Community, Courage, Empowerment, Entrepreneur, Fear, Growth, Hope, Leadership, Leadership Toolkit, Loneliness, Network, Pressure, Relationships, Sacrifice, Stress Management, Success, Team, Women in Business
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What I learned from Corey Layton (Content and Marketing Director at Whooshkaa) and Serpil Senelmis (Director at Written & Recorded)

Camille Monce —  October 12, 2020 — Leave a comment

“People decide if they’re going to stick with the podcast in the first minute or two; they will decide if they’re going to stay on or not.” – Corey Layton

“Word-of-mouth is the most dominant way that people get recommendations from podcasts; it’s all about your friends’ recommendations.” – Corey Layton

“Analytics are essential. One of the realms you can get some stats is via Apple analytics which will tell you about the time people spend listening to your podcast. Now if you make an hour and 20-minute podcast and your time spent listening is 20 minutes in, you’ve got a problem. Equally if people are skipping over certain segments that you think is really funny every week, you can see that skip and then you like, “Maybe I’m not so funny.” Via Spotify you can get an understanding of your demographics based on gender and age. It helps you understand where your stories are resonating most, and the sort of demographic that you need to continue to pitch at or grow. Analytics are key.” – Corey Layton

“Before you start your podcast you need to ask yourself, “What’s in it for my listeners, and what’s the problem that I’m trying to solve for them?” You need to really know your audience. Who are you talking to, and what do you want them to get out of it? You need to be passionate about the subject matter that you’re talking about, or at least have done research on the subject so you are engaged in the actual topic that you’re talking about. And you need to bring in great storytelling elements. So knowing your audience will help you shape your whole podcast that will dictate what themes you choose what topics you choose.” – Serpil Senelmis

“It sounds like it’s technically easy but there are a lot of considerations in making a podcast that’s of high quality. The thing that I can say that is the same or similar is other markets such as advertising or search engine optimization or website design. You can basically have a crack at all of these things. And in fact, we probably all have had a crack at all of these things. But once you call in the experts, you’re going to get better results. Because you are competing with radio stations, you are competing with newspapers, and you are competing with commercial brands that are pumping out podcasts. So to be able to play in their league, you need to think like they do.” – Serpil Senelmis

“The most important thing are the answers to the following questions: (1) who is your audience; and (2) why are you making this podcast? If you don’t have a purpose, what’s the point of it? You really need to know what is your purpose and who you are going to service with your podcast. If you can’t answer those two questions, go write a short story or do something else.” – Serpil Senelmis

“Who else is doing the same, and how can you do it differently? Given with how many podcasts exist, there’s so many people on their own tangents. If you’re just mimicking someone–which most often is, “I’m in X industry, I’m going to talk to ex-experts from this industry about their experience”–chances are that it’s already covered. Find your shtick.” – Corey Layton

“Peoples’ attention spans, particularly on social, are not there. The work we did with Facebook was about taking broader content, which are 60-minute discussions, and cutting them down to 20-minute podcast episodes, which were then accompanied by 60 to 90-second videos. Each content piece did different jobs. The video is there to give you an essence and to hook you in. The podcast is to sit alongside it. And if you wanted to dive deeper, it was there was an option. The differing mediums are complementary because they have different roles.” – Corey Layton

With thanks to

Serpil Senelmis is the co-director of content creation agency Written & Recorded. As a journalist for hire with decades of experience in radio, television, newspapers, and marketing, Serpil helps organisations to tell their story. She steps through the podcast creation process from concept to publication.

Corey Layton is the Content & Marketing Director with podcast hosting platform Whooshkaa, where he has led the production of successful podcasts from Mercedes Benz, Facebook and the City of Sydney. Corey warns of the pitfalls in podcasting and names the secret ingredient in reaching your audience.

About Masters Series by WeTeachMe

Masters Series is a show about inspiring entrepreneurs, creative thinkers, and visionary dreamers, and the stories behind how they built their companies.

Subscribe to show

Show brought to you by

Masters Series is presented by WeTeachMe.

Our strategic alliance partners: MYOB, SitePoint, and Entrepreneur’s Organization.

Our media partners: Startup Victoria and Digital Marketers Australia.

Our content partners: Written & Recorded.

The views expressed by the contributors on this show are linked websites that are not necessarily endorsed by the publisher.

Question of the day

What was your favourite quote or lesson from this episode? Please let me know in the comments.

In Analytics, Competition, Content, Customer Development, Data, Podcasting, Purpose, Strategy, What I Learned From..
 permalink