Contributed by Amy Power, founder of the PR and social media firm The Power Group. Reputations are won and lost during times of crisis. That’s good news if you are a brand that can step in to solve a piece of the pandemic problem by feeding first responders or creating a program to help hourly workers. But for other organizations, it may not be so obvious. It is instinctive for most entrepreneurs to move quickly and rush to speak and act, but you can cause your brand serious harm if you don’t consider these tips. DON’T ask the wrong question.If you and your management team are asking yourself, “What should we say? What should we do?” then you are asking yourself the wrong question—which may lead to the wrong actions. In his book, The Agony of Decision: Mental Readiness and Leadership in a Crisis, author Helio Fred Garcia says the right question to ask in any crisis is, “What would reasonable people appropriately expect a responsible organization or leader to do when facing this kind of situation?” This is the place to start. When you pose this question to yourself or your management team, you’ll find paths you might not have considered. For example, the answer may be prudent measures to ensure public safety, an apology, a new way of serving customers or something free.
DON’T think only about yourself.You want to protect your company, your employees and your family, but a pay-it-forward mentality may help others who will remember you in the long term. For example, if you have historically supported animal charities, don’t suddenly abandon them. Maybe this is your moment to do more. Find partners to help you with a special project or find new ways to support your long-standing interests. Worst of all, DON’T be tone-deaf.In Frisco, Texas, a homeowners association chided its residents about keeping their lawns trimmed and neat. They made no mention of waiving fines during a time when people are especially sensitive about their economic futures. Residents were quick to negatively comment on NextDoor, an online hub for exchanging helpful neighborhood information, goods and services. Meanwhile in Scotland, the Coylumbridge hotel near Aviemore, part of the Britannia Hotel Group, issued a surprising letter to employees which said: “Taking the latest government advice, this letter is to confirm that with effect from 19 March 2020, your employment has been terminated and your services are no longer required. You are asked to vacate the hotel accommodation immediately, returning any company property.” Amidst the coronavirus crisis, hourly workers were immediately homeless until another hotel stepped in to help the displaced workers. These tips serve as valuable reminders of how a brand can lose trust by taking the wrong actions. As this COVID-19 unfolds, there will be more examples. Don’t forget: Your future reputation rests on what actions you take today. Amy Power joined the EO Dallas chapter in 2015. The post 3 Things Leaders Shouldn’t Do During the COVID-19 Crisis appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2UHL3VK
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As COVID-19 devastates nations and businesses, there’s a potential casualty you may not have fullly realized: your mental health. Uncertainty around the health of your family, company and employees can be overwhelming. We asked Dandapani—a Hindu priest, entrepreneur and highly rated speaker for Entrepreneurs’ Organization—how to manage stress and the mental health of your staff during this difficult period. (Dandapani is pictured above, photo by Toby Burrows.) What is your message to entrepreneurs during the COVID-19 crisis?Looking after your mental health during this crisis should be every business leader’s No. 1 priority. Why is it so important? Because if you’re operating from a place of mental chaos, everything around you is going to be in chaos: your relationships, your family and your company. There are so many critical decisions you need to make about your businesses every day—especially in this time of crisis—and you can’t make those decisions effectively if your mental health is a mess. How can entrepreneurs manage their stress around the pandemic and its economic fallout?First, you need to take charge of your awareness. To do so, you need a basic understanding of the mechanics of the mind: Your mind and your awareness are different entities. You can control your awareness. The mind itself isn’t bouncing around: It’s that ball of light we call our awareness that bounces from one thing to another to another. The lesson here is that you either choose where your awareness goes, or you essentially give permission to someone else to dictate where your awareness goes.
If you’re not in charge of your awareness, someone or something else is in charge of it. It may be your environment, TV news, your spouse, kids or family around you. Read more about simple ways to cope with anxiety during a crisis. Why do you believe we need to “choose our news”?Have you heard the saying that the five people you spend the most time with influence the way you behave? Then, why would it be any different if you’re spending all day watching TV news? You’re giving them your time and awareness, and they’re influencing you with repetitive words and images. I spent decades learning to control my awareness—and I’m pretty good at it. But if I were to watch the news all day, I can guarantee you it would start to influence the way I think because they broadcast repetitive words and images that take us to the fear areas of the mind. My recommendation is to stop watching news on TV. When I want information, I go to the source, such as the World Health Organization. It’s important to get information from authorities on the subject who have your best interest at heart. Choose your news wisely. If you don’t, it can lead to a downward spiral of fear and anxiety. How can we protect mental health when we’re directed to stay home?Keep your energy moving. It’s incredibly important to channel your energy into positive activities and keep it flowing. Energy is like water. When it’s not moving, it gets stagnant. The longer it stays stagnant, the more it becomes mucky and gross. When you start moving that energy, it improves your mood. It’s like when you go to a yoga class. Think about how you feel before you go and then afterward. Before, your energy is sluggish. During yoga, you’re stretching out your entire nervous system, allowing the energy to flow smoothly through the body. As a result, you feel energetic and uplifted.
When my energy is moving, it’s easier to channel it to positive areas of my mind. Like a giant round boulder, when it’s just sitting there, it’s hard to move it. But once it starts moving, it’s easier to redirect and channel it. While you’re at home during this crisis, focus on easy wins to keep your energy moving. Clean or organize different areas of your house, or find creative projects to get that stagnant energy flowing. Once energy is flowing, channel it into making a plan—whether it’s a financial plan for your business or a mental health plan to keep your whole family uplifted while you’re all at home together. Go for a run, stretch, do yoga. Clean and organize your closets or pantry. Get that energy moving, or it’s going to stagnate, which leads to depressive thoughts. How do we support our employees’ mental health?As EO members and all entrepreneurs who run companies weather this crisis, it’s incredibly important to take care of your mental health and that of your employees. I’m assuming that a lot of EO-member company employees are working from home right now. One question every EO member can ask themselves is, “What are you doing to ensure that your team members maintain an uplifted mental state?” This is a key point: All business owners need to look after the mental health of their teams right now. There’s no more crucial action than that. Your company’s success is dependent on your team, and so their mental health is everything. You absolutely cannot compromise on that.
If they don’t have an uplifted mental state while they’re working from home, how can they perform professionally in a way that can sustain the business? It’s one thing when we’re all coming to a central office on a daily basis and can check in with and support each other. But now your troops are all in their tents. You need to implement a plan to ensure their mental health. Most importantly: Empower them with tools in how to deal with this. Encourage your team members to channel their energy and make progress in some area of their lives every day. Don’t make it complicated. You don’t have to organize virtual yoga or host unwieldy video conferences. Consider the long term. Eventually this crisis will blow over. What will be the condition of your employees coming back to your office if you do nothing now to support their mental health? You don’t want a team that’s broken. When they reunite and get back to business, employees need to be able to pick up where they left off and move forward—at their very best. EO members, be sure to check the EO COVID-19 Communications Centre for the latest webinars and resources from the EO community. We’re in this together. #EOTogether The post Mental Health Should Be Your Top Priority Right Now. Here’s Why appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/3dyuUKV With so much—not always accurate—information available online, we’re weighing in with 10 articles related to COVID-19 certain to inform and inspire. 1. COVID-19 Facts Versus FictionThe World Health Organization (WHO) sets out to debunk some of the top myths surrounding the novel coronavirus—including whether or not the virus can affect young people. 2. WHO Answers FAQsLet this compilation of common questions about coronavirus guide and reassure you. 3. COVID-19 Supply ListWired magazine delivers a list of gear you and your kids will need to stay safe (and sane) during quarantine. 4. A Dose of Feline LevityIf you agree that it’s important to stay laughing during times of stress, check out these tips on quarantine from a cat. 5. Astronauts Answer: How to Handle IsolationRetired astronauts Peggy Whitson and Scott Kelly share lessons on isolation learned in space. 6. Quarantining With Kids?Here’s how a mother of two in Hong Kong reimagined the time home as an opportunity to bond with her children. Plus, tips on entertaining your children. 7. The Ultimate Round-Up of Work-from-Home TipsBusiness Insider provides a comprehensive list of how to live your best life during quarantine. 8. How to Care for Your Mental Health During CrisisSocial distancing, quarantine and isolation—they can wreak havoc on your mental wellbeing. Explore ways to support your behavioral health. 9. 10 Ways Leaders Can Rise to the Challenge During Times of CrisisWinnie Hart, an Entrepreneurs’ Organization (EO) member in Texas, shares how leaders can make something good when it seems impossible. 10. Laughter Remains the Best Medicine for this COVID-19 PatientIn Israel, comedians prescribe laughter with a side of chutzpa for coronavirus. EO members, be sure to check the EO COVID-19 Communications Centre for the latest webinars and resources from the EO community. We’re in this together. #EOTogether The post COVID-19 Coverage That Delivers Counsel and Comfort appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2wq9j6P In times of crisis, entrepreneurs step up to take the lead on creating groundbreaking pathways toward renewal. We asked three EO members what strategies they are implementing at work and in their personal lives as COVID-19 continues to spread. Evan Nierman is the founder and CEO of Red Banyan, an international crisis public relations firm. He is an EO South Florida member. Red Banyan is approaching the present situation with calm and decisiveness, which is how we counsel our clients to operate in times of crisis. We are making our team members available to provide free, 15-minute same-day consultations so that we can educate businesses on how to draw upon proven best practices and put them to use.
We want to be diligent in protecting the health, safety and well-being of every single person at our company, which is our top priority. Our employees are now working remotely. Thankfully, the digital age and the nature of our business allows our employees to work a full, productive day from home, always getting our clients results, with speed and professionalism. We are also negotiating payment terms with creditors such as landlords, freezing raises, eliminating all but the most essential expenses and exploring a range of other steps. Bruce Stanger is a partner at Stanger Stanfield Law and an EO member in Connecticut. Within a few days of 11 September 2001, I purchased plane tickets for optional personal travel. That winter, our holiday trip was dinner and a show on Broadway in New York. New York City lost so much of its important economic driver, tourism. The big loser then was the travel and tourism industry and we tried to set an example. The big loser today will likely be travel and also all the local businesses that we visit each week. Restaurants, coffee shops, markets, barbers—the list is just too long to complete. We owe it to our families and our communities to spend money locally. Not just the big box stores. Not the big Internet sellers. We’ll probably see more businesses delivering, and we will use them. Matteo Ghedini is the CEO of Brera Serviced Apartments and an EO member in Italy. We have decided to offer more flexible conditions at attractive rates to gain business. We will reduce a few costs of unnecessary projects and, most importantly, will do our utmost to protect our team where possible. We are also looking into alternative target groups and into offering our space for alternative business options. For example, we are trying to do our share to support the most crucial people in this emergency (doctors and nurses) by offering them our apartments in order to stay isolated and safe throughout this crisis.
The post Stepping Up in Crisis: EO Members Respond to COVID-19 appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/33D8ljM The below article is part of Robert Glazer’s LinkedIn Newsletter series and originally appeared on Glazer’s LinkedIn page. He is the founder and CEO of Acceleration Partners, an affiliation marketing company. As COVID-19 spreads globally, many countries—including the United States—are mandating extreme social distancing measures. People are being urged to work remotely, schools have been canceled for weeks at a time and public gatherings are being discouraged, if not prohibited. It is increasingly likely that people will be self-quarantining in their home for weeks at a time and limiting their socialization for much longer than that. These behavioral shifts are creating rapid changes in our economy. There will be both short-term and long-term impact as consumers and businesses are forced to change their behavior radically for weeks or months. We are entering a new reality: the stay-home economy. These shifts are also likely to change how people work and shop far into the future and accelerate the pace of changes already underway. While some of the hardest-hit industries such as hospitality, travel and entertainment industries are sure to come back to life, other changes might be longer lasting. Perhaps organizations will see value in remote work and allow employees to continue it after the pandemic passes. Shoppers may be less interested in going to the grocery store once they’ve grown accustomed to home delivery. While many businesses will struggle with the shift to a stay-home economy, both companies and content publishers in these 10 verticals are poised to thrive, especially though a relationship called affiliate marketing. Companies in these industries and business leaders looking to reposition their offerings would be wise to take note. Remote Work and Education SupportIt is likely that millions of employees and students will spend significant time teleworking and participating in distance learning. As a result, there will likely be a spike in demand for items to ease this transition such as laptops, flexible cell phone plans, headsets, monitors and superior wi-fi. Businesses that provide this enabling technology and equipment can capitalize on this with special pricing and promotions. Direct to Consumer BrandsHome delivery services have been surging in the past decade, but as people are encouraged to avoid crowded supermarkets and big box retailers, you can expect direct-to-consumer providers of clothing, over-the-counter medicines, cleaning supplies, and even home decor to see an influx of new customers. It’s fair to assume many new customers will continue buying from these brands after the pandemic has passed. Buyers will be also looking for publishers and content websites that spotlight the latest deals and advise on the best products and these sites should expect a huge bump in traffic. Physical and Mental Health AppsTwo needs will immediately appear for many who are isolated due to COVID-19—the need to exercise at home, and the need to relieve the added stress of dealing with the pandemic. Brands like ClassPass can draw customers to their database of online yoga, pilates and HIIT classes. Meditation apps like Headspace and Calm will provide opportunities for users to unwind after a long day of solitary work or managing a household full of kids off school. Health apps like Noom will also see increased interest from people who will want to keep track of their health goals while they’re stuck at home. Games, Toys & ProjectsParents, especially working parents, are scrambling to keep children entertained while they are home from school and isolated alongside their parents. You can expect to see families invest in toys, to keep their children occupied, as well as board games, projects and puzzles that can be done as a family in the evening and on weekends. Hasbro, which currently has five of the 10 top-selling board games on Amazon, has major potential here. Influencer parenting bloggers are already putting together lists of their favorites items in these categories and sharing them broadly. Your business may want to consider partnering with them. Food DeliveryAs consumers are increasingly avoidant of public spaces, the restaurant industry will likely be hit the hardest. It’s no surprise that Dominos is the only restaurant chain whose stock is up this year. Because people will be eating at home as often as possible, both direct to consumer meal prep companies such as Purple Carrot, Blue Apron and Hello Fresh and local delivery apps such as Instacart, Uber Eats and Caviar will have the chance to serve an increasing number of home diners. And as with direct to consumer vendors, these businesses may gain customers who try their services for the first time and stick with them well after the COVID-19 threat has dissipated. Companies who deliver will also need to recruit thousands of new delivery people in the coming months to accommodate demand, so advertisers who can help promote these opportunities will do well, and college students who are home early should be good targets to earn some extra income. Streaming MediaStreaming giants such as Netflix and Disney+ were already dominating the entertainment landscape, and they’ll only see demand increase. For working parents, Disney+ will help carry the burden of keeping kids entertained so parents can work during business hours, and in-home movie nights will become a leading social activity for individuals, couples, small friend groups and families. But those aren’t the only players in the media world. Apple Music should see increased interest from people who suddenly have much more time to listen to music. And, of course, anyone who doesn’t already have Amazon Prime will also probably be enticed by its free and fast shipping, as well as a wide collection of streamable music and movies. Audiobooks and eBooksWith public social activities limited, kids and adults will need to find ways to pass the time. And while purchasing physical books may not be practical during the pandemic, consumers will find the instantaneous accessibility of eBooks and Audiobooks enticing when they are facing another weekend stuck in the house. This will be another area where Amazon will succeed with the easy access of Kindle, and audiobook vendors like Audible can thrive as well. There’s also an opportunity for publishers who create book reviews and recommend book lists as people research what to read and listen to during their time at home. Gaming and E-sportsVideo games are a dominant market force as is, and they’re the perfect activity for both parents and kids who are isolated in their homes. Not only will game-sellers profit, but online gaming platforms such as Twitch will likely see a significant uptick in users who visit more often, and for longer periods of time. With these platforms drawing so many eyeballs, they’ll become key places for advertisers to invest in, especially to reach younger buyers. Esports will also see a surge in popularity as well. While in-arena esports events will be cancelled, these video game leagues are prepared to move entirely online. An industry that was already tracking toward US$1.5 billion in 2023 may grow even faster—and become highly valuable to advertisers. Virtual and Video ToolsEven as the stock market plunged in the past two weeks, the videoconferencing leader Zoom is one of the few stocks up this year, and is earning press coverage for giving services to schools for free. You can expect other remote software providers such as GoToMeeting, Asana and Slack to experience similar upticks in demand as more employees work remotely and government and non-profits learn how to go digital and virtual. This will speed up a transition that was already underway, and many organizations will likely continue to rely on these tools after they return to the office. Virtual Health ServicesPerhaps the most-dire need during the COVID-19 outbreak is for virtual health services. Individuals will be more wary than ever of sitting in a medical waiting room or standing in line at the pharmacy. Companies that either provide prescription deliveries, such as CVS, or allow virtual consultations with doctors, like Roman, will likely draw more patients than ever before. Opportunity in the Stay-Home EconomyThe COVID-19 pandemic, and the stay-home economy that accompanies it, will change much of the world even after the threat has diminished. Many companies have an opportunity to provide vital goods and services during a stressful time—and build lasting consumer trust in the long-term. Businesses in these industries can capitalize by creating a great initial experience for new customers. As people research products that can make isolated living easier, they will likely gravitate toward publishers and websites who have credibility showcasing products in these industries. They could make great partners for your business through affiliate marketing. If you have a service business, I would look to these industries as the companies that will be growing and hiring this year. Same for employees who are looking for a job or a career switch. The stay-home economy will drastically change the business world. However, companies who are smart and use this time as an opportunity to innovate will look back on this as a turning point for their businesses. What am I missing? I would love to hear your ideas in the comments below. Robert Glazer is an EO member and has contributed to Octane several times. For the latest on news about COVID-19, EO members can check out the EO COVID-19 Communications Centre. The post We’re Entering the Stay-Home Economy. Here are 10 Industries That Will Be Winners appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/33qLCqO We all are waking up to find ourselves in an altered world each morning. We can flip through the news on our phones about which countries imposed travel restrictions, and which offices and services in our communities are no longer functioning. But each morning, I wake up to 20 new ideas in my inbox and 100 offers of hope and support on my social media feed. I have the privilege of serving as CEO of Entrepreneurs’ Organization, a membership association of 14,000 entrepreneurs in 65 countries around the world. Entrepreneurs do not catch up on news and wonder how they will face the COVID-19 crisis. Entrepreneurs jump in to offer solutions. Our average members’ business size is US$5 million in annual revenue. So a large proportion of our members are the “small businesses” you are reading about that are fighting for the survival of their businesses. But many of our members are also “serial entrepreneurs”—who have opened a large number of businesses and closed quite a few along the way. They are accustomed to the ups and downs. Although many EO members are in the hospitality industry, including restaurants, travel and tourism, we also have members whose businesses are in online sales, marketing, software and remote work solutions. Every day, members with online companies are offering to share their expertise with our members with brick and mortar operations. EO members whose businesses are coaching, strategic planning and consulting are offering free services to help their peers get back on their feet. Most of our members have survived major periods of adversity and know that support and fellowship can help a fellow entrepreneur face his or her worst fears and find a way forward. Our EO chapter in Italy came together—virtually—over the weekend to share their stories about the impact of the quarantine. They gave their advice to other members to help them prepare for the arrival of COVID-19 in our communities. Later this week, our EO members in China, Hong Kong and Taiwan, who have come through two to three terrible months, will share their stories of unity and support in the face of crisis with those who are just beginning to face the devastating impact of coronavirus. Although EO members’ businesses are facing severe crises, entrepreneurs are driven to seek new ways forward and to find the opportunities in adversity. We have issued a call to action to EO’s 14,000+ entrepreneurs to find solutions for our COVID-19 crisis:
These are not simple questions. It will certainly take some time to build out initial answers and keep improving them. But I can assure you, when you are feeling doubt about our world and our ability to come together for the greater good, EO members are working every day (and many nights) in their businesses to keep their people working and earning a living. They will not stop until they have identified new ways to protect and grow their businesses. And at every step, EO members will be sharing what they have experienced with entrepreneurs in every corner of the globe so that we all get back to a changed—but positive—normal. Gratefully, The post EO CEO Carrie Santos: Lean on Experience Share During COVID-19 Crisis appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/33qJPlD Written by Ami Kassar, CEO and founder of MultiFunding.com and an EO Philadelphia member. As an expert on access to capital for entrepreneurs, he is committed to ensuring that business owners have the best possible access to the capital structures to help grow and manage their businesses. This article has been edited from a version that originally appeared on Inc.om. Are you a business owner, entrepreneur or startup founder who is concerned about the impact of the coronavirus oncash flow and business continuity? You are not alone. And there are several financial options to consider to get through the challenges. I have been asked by many business owners about the emergency Small Business Administration (SBA) coronavirus loans. As we wait for information to become available about this program, some historical context may be useful. The SBA does, and has historically, issued loans in emergency situations, such as hurricanes, fires, tornadoes etc. What makes these loans different from regular SBA loans is that they are issued by the government—not the banks. And while the interest rates are low and the repayment terms are favorable, the application process has historically taken months and is often unpredictable. As the impact of COVID-19 continues to grow, it is important to know that regular SBA loans are still available through banks and we have not seen any changes in their underwriting yet. Traditional SBA loans are still available, and often easier to apply forThe application process for regular SBA loans is simpler if you are applying for US$350,000 or less and have the historical cash flow to support the payment. These loans amortize over 10 years and the interest rate is 7 percent. There are no prepayment penalties, and no lien on a house—if the loan is US$350,000 or less. While the lender will take a lien on your business assets, it is willing to sit in second lien position behind other loans. It is also important to note these are term loans instead of lines of credit, which means you start paying interest on the full balance immediately. Another option: Line of creditIn addition to SBA options, you may want to approach your bank about a line of credit, or see if you can get a home equity line of credit against your home. You should be extremely careful of online lenders offering loans or advances with quick paybacks. While they may be appealing for their simplicity, they can rapidly become a bigger problem as daily payments can drain your cash flow. Filing your taxes now could help speed up the approval processIf you are interested in one of these loans, it would be wise to file your 2019 tax returns as soon as possible, as this could make a difference in being approved. Ninety-plus percent of business loans, including lines of credit, equipment loans, government lending, senior debt instruments, commercial mortgages, and even asset-based lending (at reasonable rates) will require tax documentation. With the path of coronavirus everchanging, the situation is fluid. In my company, we advise business owners on a daily basis about SBA loans as well as other borrowing options. Ami Kassar is a three-time recipient of the Small Business Influencer Award as well as the Small Business Advocate Award. He is the author of The Growth Dilemma. If you’re an EO member, check back often on the EO Covid-19 Communications Centre. The post Where to Turn for Financial Support During a Crisis appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2Wdmt1r Submited by James McKelvey. McKelvey is a serial entrepreneur, inventor, philanthropist and artist. He is also the cofounder of Square, a merchant services aggregator and mobile payment company based in San Francisco, California. In his book The Innovation Stack, he recounts how he and his cofounder, Jack Dorsey of Twitter, approached the problem of credit cards with a new perspective. The irreverent first-person narrative is an insider’s view of the world of entrepreneurship and a call to action for all of us to find the entrepreneur within ourselves—one crazy idea at a time. Here, he explains what an Innovation Stack is, plus what makes a real entrepreneur. Let’s begin with an obvious question: How does a glassblower become the founder of a major payments company?When I lost a glass sale because I couldn’t take the customer’s credit card, I looked at the iPhone in my hand and wondered why I could take pictures and read the news but couldn’t take a credit-card payment. I love solving problems, so I called up my buddy Jack Dorsey and proposed solving this one together. What is an Innovation Stack?If you try to do something truly new, you will encounter a series of problems. The solution to one problem leads to another problem, sometimes several. This problem-solution-problem chain repeats until you end up with a collection of both independent and interlocking inventions, or you fail. If you succeed, you have an Innovation Stack. It’s a series of interlocking inventions. You cannot view the elements of an Innovation Stack individually. The innovation evolves as a whole. Each block in the Stack works in conjunction with all the others, and the entire Stack fails if one block is missing. When everything affects everything, you have a dynamic system. Dynamic systems are hard to understand and nearly impossible to copy. In your book, The Innovation Stack, you talk about the difference between and entrepreneur and a business person. What is it?The word entrepreneur has lost its shock value through sheer overuse. Today, all businesspeople are considered entrepreneurs, which is like calling all tourists explorers. Both the business person and the entrepreneur build companies, but businesses are everywhere while entrepreneurship is rare. Entrepreneurs are rare. But their skill set is not so uncommon—and is something you already possess. It comes down to taking on a problem that nobody else has ever solved and doing whatever it takes to solve it. The first step is finding the perfect problem for you. In this book, I use the term entrepreneur to suggest a rebel, explorer or person driven by more than just profit or event common sense. A good way to understand the original meaning of entrepreneur is to substitute the word crazy. Reserve the word entrepreneur for a person who does something truly new. Businesspeople do new things on small scales, but for the most part, they don’t step outside of what has already proven to be possible. Or if they do, it’s on such a small scale that it doesn’t produce transformative change. Instead, it is the “crazy” entrepreneurs and their perfect problems that bring us the future because they solve problems that have never been tackled. A problem is often the start of an entrepreneurial venture. You write that problems are clear and plentiful in the book, but finding the perfect problem requires something different. Can you explain?Building an Innovation Stack begins by choosing to solve a problem that nobody has solved before. The perfect problem has a solution, but not a solution that exists yet. Perfect problems need not be massive challenges that affect the world, they can be trivial annoyances. The magic ingredient that makes a problem perfect is you. You don’t simply choose a problem; the problem must also choose you. In other words, don’t pick a problem that you think other people might have, pick a problem you know you have. When I find the right problem, I no longer feel anger, I feel energy. If you care about a problem deeply enough, for whatever reason, your motivation can be infinite. In the book you say that spotting an Innovation Stack is often easier to do looking at history, and you give us a few great examples of companies with successful Innovation Stacks. Are there others that you came across while doing your research for this book?There are hundreds of examples of Innovation Stacks surrounding us, we just don’t think of them as innovative because what they were when they were born then turned into the whole industry. Frozen foods, laser printers, ride sharing—pretty much any industry where there is a standard—at some point had explosive growth in it that was caused by an Innovation Stack. People often feel they need to be an expert in something before they launch a business in that field. What do you think about the idea of “experts” in entrepreneurship?In regular business, it definitely helps to have expertise; but entrepreneurs are in the business of solving problems that have never been solved before, so there are no experts yet. I mean, yes, Jack and I hired someone who knew how to program an iPhone when we started Square, and his expertise was important. But he wasn’t the entrepreneur, we were. And our lack of expertise in the problem we were trying to solve wasn’t just a given, since there are no experts of the new, but it also was a virtue because the system that already existed hadn’t solved the problem we were trying to solve. So not knowing the system was pretty handy. We went about it completely differently from the existing credit card processors, and it worked. Do you feel like your own story lines up with some of the founders you studied?Yes, especially when I read about some of the crazy things they did in order to solve their problems and build their Innovation Stacks (even though none of us knew we were building them). For example, when I first heard the stories of A. P. Giannini, the founder of the Bank of Italy, which later became the Bank of America, I knew I had found someone I could identify with. We even chose the same city. Our motivations were nearly identical: We wanted to include more people and square up an unfair system. Another similarity was that we had no idea what we were doing. We both entered industries that had been designed to serve a select group. We saw injustice and cowardice and abuse. We had no idea how to fix it. But even to us outsiders, some basic problems were obvious. Our systems had to welcome, even encourage, people who had previously been excluded. Bank of America and Square were eerily alike, just a hundred years apart. Jim McKelvey is the cofounder of Square, and served as the chairman of its board until 2010, and still serves on the Board of Directors. In 2011, his iconic card reader design was inducted into the Museum of Modern Art. McKelvey founded Invisibly, an ambitious project to rewire the economics of online content, in 2016. He is an Independent Director of the St. Louis Federal Reserve. The post Innovation Stacks and Crazy Entrepreneurs appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2QfNbCN Contributed by Cory Treffiletti, global head of marketing at Cisco Webex In decades past, it was common for a young athlete to look to the bleachers after an incredible play—only to find an empty space where a parent should have been. Work was demanding, and it wasn’t exactly acceptable to dip out of work at 3:30 pm to catch your kid’s soccer game. Busy executives continued to grind away in their offices, children felt somewhat neglected and, maybe, therapists reaped the rewards years later. Today, the impact of technology on work-life balance is such that people can be personally and professionally engaged at the same time. Companies trust their team members enough that they feel comfortable providing remote work options. Instead of sacrificing personal experiences in favor of professional endeavors, workers can weave work throughout their days. This has been incredibly empowering for countless companies, but it creates new challenges for team members who might struggle to unplug. As the working world gets acquainted with a new work-life balance, entrepreneurs and business leaders must find ways to help their team members have their cake and eat it too. Blurred LinesThe importance of work-life balance can’t be overstated. Work is no longer a 9-to-5 task, and we’re all better off for it. We enjoy far more flexibility in how, when and where we work. Better yet, workers don’t feel like they have to choose between their jobs and their families. There are pros and cons of a connected world, of course, but the overarching connectedness of the modern workplace has fundamentally altered how we approach work-life balance. It has allowed many organizations to implement more flexible work arrangements. Team members might work part of the time from home, part of the time in the office, a part of the time in shared working spaces. Solutions such as video conferencing and virtual collaboration platforms have made it easier than ever for remote employees and in-office team members to work together on projects. They’ve also made it easier than ever to be a workaholic. As we blur the lines between work and personal time, there are fewer and fewer jobs where knowledge workers can leave their professional lives at the office. We might be at home and with our families, but we’re continually thinking about our duties at work. This is why it’s so important to be cognizant of why we’re using tech. Are you checking your email because you actually need to, or are you doing it purely out of habit? Finding BalanceAs the future of work becomes the present, it will be increasingly important to help your team members feel like they have personal and professional lives. Here are three ways technology and work-life balance can operate in tandem to support employees: 1. Embrace new tools (with security in mind). The most important thing business leaders can do is to provide their teams with the latest and greatest in remote-work technology. They should be able to access whatever they need to do their jobs from afar—whether they’re using a smartphone, a laptop or a tablet. Companies that embrace remote work must be mindful of security concerns also. A study by information security company Shred-it found that 86 percent of C-suite leaders believe remote work leads to increased security risks. To combat this risk, companies must establish protocols for how team members should access, alter, and transmit sensitive information—as well as what to do if anyone believes the information has been compromised. 2. Adjust course based on employee feedback. Managing a team in an entrepreneurial environment is more than a once-a-week type of effort. One cannot simply set a policy and then walk away. Constantly communicating with and genuinely listening to employees is imperative to business success—particularly as it relates to technology and work-life balance. Once you embrace cutting-edge tools and set policies for aspects like remote work or flexible hours, it’s time to gather feedback from team members. You must constantly try to determine whether your policies work for everyone they affect. After you gather that feedback, it’s time to massage your policies to ensure they work for your organization and create the culture you want. Focus on aspects such as:
Be clear about your expectations, but willing to listen to employee feedback if a certain policy is at odds with other priorities. 3. Encourage a culture of accountability. Technology can’t exist on its own, which is why you must create a culture of accountability. And I’m not talking about just top-down accountability. Team members must hold each other accountable. This culture of accountability should discourage workers from taking advantage of their newfound flexibility and empower team members to call out anyone that violates those expectations. None of this should tie back to timecards, though. Instead of forcing team members to fill out their hours every week and then judging whether they’re fully utilizing their time, you should look at the productivity of the team as a whole and then encourage team members to police themselves. It’s usually pretty obvious who’s working too much and who’s working too little, so give team members the ability to hold each other accountable. Modern workers must understand the ebb and flow of professional duties. While your personal life might take priority on a given day—perhaps you really want to catch your daughter’s lacrosse game—your professional life could take precedence the next day. The beauty of this arrangement is that we are empowered to juggle our schedules as needed. Instead of fixed schedules that limit what we might accomplish, this dynamic and flexible new work-life balance benefits everyone. Cory Treffiletti is the global head of marketing at Cisco Webex. Cory pioneered digital and data-driven marketing efforts as the chief marketing officer at Data Cloud, BlueKai and Voicea before its acquisition by Cisco. Cory has been a thought leader in the digital media landscape since 1994, helping build successful agencies such as i-Traffic, Freestyle Interactive, and Carat (Aegis). He is the author of Internet Ad Pioneers. The post 3 Ways Leaders Can Support Balance in a Connected World appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/3cPxfAU Burnout, stress, and dissatisfaction are increasingly becoming the norm for far too many workers. But it doesn’t have to be this way, says Bruce Daisley. Up until January 2020, Daisley was Twitter’s most senior employee outside of the US. In his new book, Eat Sleep Work Repeat, Daisley provides 30 simple changes to make work more enjoyable, meaningful and rewarding for yourself and your team. These accessible changes fall into three buckets: recharge, sync and buzz. Daisley recently shared with us insights on workplace culture—including his favorite research-backed tip for recharging yourself and making work “less awful.” What inspired you to create a podcast and then write a book about how to make work better?This might be an uncomfortable thing for me to say, but I suspect that in many ways, modern work is a lie. We’ve got this situation that we’ve all created: Half of all the people who work in offices report feeling burned out. It’s almost like someone has hacked work to make it terrible for us. The average American spends two days a week in meetings (for managers, it’s three), we get 140 to 200 emails every day and we stumble from a meeting into an open-plan office where we can’t get anything done because the woman behind us is talking about last night’s TV. I started my podcast three years ago to try to understand how to fix this. Podcasts had become my own favorite way of consuming complex material. Candidly, I was confused and looking for guidance. The workplace culture at my London office had taken a turn for the worse and I was the main person on the hook for it. I searched online for a book about fixing work and there wasn’t anything as instructional as I wanted. So, I started a podcast where I asked experts their advice on how someone (me) could improve their work culture. It developed momentum, becoming the top business podcast in the UK (and reached the top 10 in the US). This entire endeavor started as a way to return my own work to its former glory. Clearly, someone told me something that worked because our team happiness levels soared. What is your favorite research-backed tip for recharging yourself and making work “less awful”?For me, great workplace cultures use the science of two concepts: psychological safety and positive affect. Psychological safety is the sense that we can speak candidly in our work without fear of consequence. The best way to contemplate the second part, positive affect, is to ask yourself, “do I make different decisions based on the mood I’m in?” While these two conditions drive the best cultures, many organizations say they’re a long way from achieving these things. So let’s start with something more achievable. Many people know that simple actions like turning notifications off their phone can be helpful. The researchers who looked into this tried to get people to turn off their notifications for a week. No one would do it. Before abandoning their research, they tried to get people to agree to silence their notifications for one day. Two years later, half of all of the people who did it still had their notifications turned off. Turning off notifications silences the insistent tug of our devices, demanding our never-ending attention. In your book, you argue that company culture is a myth. That’s a radical statement! If culture is a myth, what should we focus on instead?The idea that there is a single culture among offices—even in the same company—is demonstrably untrue. Based on evidence, there is often as much (or more) difference in culture between different offices of a single company than between different companies. So we need to look at the cost of trying to create a homogeneous culture in a company. Does it potentially create bigger issues than trying to create something more authentic, local and individual? What are some of the most important things leaders can do to make work better for everyone?For me, there are so many lessons that psychology can teach us about making our interactions at work better. I mentioned that the holy grail is psychological safety. The very best organizations have achieved this. Getting there is the hard part. It often results when the boss is willing to admit mistakes. I spent some time with the elite military in the UK—the equivalent of America’s Navy Seals. At the end of a day on mission they will have a standing debrief. The leader will say what he or she did, including what they got wrong. This is a critical element. By opening up to discussing what they got wrong, it allows everyone to vocalize their own failings 5. What is the most important thing you hope readers will take away from your book?In some ways, this book is like a cookbook for work. It’s a series of 30 interventions that any of us can stage to reinvent the energy, attitude and engagement in our teams. More than anything, I hope readers will embrace the powerful importance of laughter. I remember the impact it had when an old boss once said to me, “Now’s not the time to be caught laughing.” It made laughter sound sinful or disloyal. As I set about investigating the science of our workplaces, I realized that I needed to explore the science of laughter. I was swept away with the evidence. Not only does laughter help us become more resilient (firefighters often report loving their laughter-filled lives), but it helps us bond with those around us. In many ways, it is when the going gets tough that the tough should get laughing. Bruce Daisley interviews psychologists, neuroscientists and workplace experts to understand how we can improve our jobs. Learn more about his mission to fix work. The post How We Can Make Work Less Awful appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/39F8ncX |
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November 2020
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