Posts tagged "comfort zone"

What do you do when you fall?

“Why do we fall, sir? So that we might learn to pick ourselves up.” Alfred (Batman Begins)

I was having an interesting discussion with a friend yesterday about the economic climate and the alarming rate of business closures in multiple sectors. We were sharing personal stories about how we had dealt with difficult times in our respective businesses and what things kept us plugging away even when it seemed to be the end of the road. I am sure you understand that problems are part and parcel of starting a new business or being part of a new venture. Some problems will be larger than others but you never really quite run out of them. When you solve a specific challenge in a particular segment of your business it does sometimes manifest itself in another aspect of it.

For example, suppose your business is struggling with sales generation. After brainstorming and overcoming that problem, the next challenge is often managing the inflow of new orders which the business may not be equipped to do. This forms a cycle where it is possible to continue moving forward and facing new challenges as they appear. However, it is not usually as simple as that. There are three potential stages we can go through when facing a challenge.

1. Ignore it: How many times have we been faced with a problem either of a personal nature or in a professional aspect of our life and chosen to ignore it. There have been many times that I can personally recall where we knew something was wrong with the way our business was doing a certain process yet we never changed it. Wanting a different reaction from the same action is unfortunately something that many of us find ourselves doing when we do not want to move out of our comfort zones. We pretend that our problems do not exist or are not affecting us and hope for a miraculous change. Unfortunately that usually never comes and most of the time we just end up amplifying the problems.

2. Blame somebody: This is probably the most used excuse whenever we are faced with a problem. The economy is bad, my partner cheated me, we lost our star sales person, we do not have the funds or I am not skilled enough. This is another easy way to deal with problems. We shift the blame to anyone we can, including ourselves sometimes in the face of problems we cannot pass on. This creates a detrimental and negative cycle that ends up sapping all motivation and drive we may have left in ourselves and we let our environment condition us in whatever way it deems fit. This is giving up  control in our lives by burying our head in the sand.

3, Solution: The most productive thing we can do for ourselves whenever we face a problem is to correctly identify it, document where it is stemming from, brainstorm with individuals who will be able to pinpoint pain areas and develop a set of options that can help us deal with them. As start ups, we go through some tough challenges such as getting your first big reference customer, securing funding or convincing a star player to join your team. We have to look at each of these problems with an open mind and no matter how many times we fall down, we must learn the lesson inherent in the fall, then learn to pick ourselves up again.

Most of the things discussed in this post may appear extremely obvious. I mean who wants to admit that they are actually not dealing effectively with a problem that they may have in their life. I recommend getting a piece of paper and writing down all the major problems that you may be facing in life right now whether of a personal or business nature. Next, identify how you are dealing with these problems. We are often surprised to discover that we focus so much on the fact that we have these problems, that we forget to think of  necessary solutions. In order to move forward we need to understand that problems are a natural part of life, the quality of our lives however depends primarily on how we deal with them.

5 Reasons why Teams Fail

“You will find men who want to be carried on the shoulders of others, who think that the world owes them a living. They don’t seem to see that we must all lift together and pull together.” Henry Ford

I started this series with a question posed by a reader  asking  why some teams succeed and others don’t. When I began structuring my thoughts and getting advice from more experienced entrepreneurs, the same issues kept coming up in one form or other. The core message behind all of them was the same, to get the team to work right, certain factors need to be in place along with hardwork and persistence. We have all been in teams where team cohesion is problematic, it is always an extremely frustrating experience. Hence first off, selection of team members/partners is an extremely important aspect, one that needs to be given a great deal of attention. Call it co-incidence, my post on 8 characteristics of an ideal business partner is the most visited post on this blog. However, even after you have reviewed your prospect partners using the 8 step process, there is still a likelihood of things not working out. Listed below are 5 things to look out for to measure the health of your team:

1. Mismanagement of Competing Interests: When a team comprises of many ‘star’ performers they are bound to have multiple offers on the table. When these offers begin to interfere with their performance and their  commitment to the project at hand, problems begin to arise. If these are left unmanaged they will slowly set seeds of mistrust and suspicion in other team members, this has a destabilizing impact on the entire team. It is important that these competing interests are brought to the table and are not used to leverage a team member’s position or interfere with their commitment. To read more about managing competing interests please click here.

2. Lack of Candor: The ability to communicate effectively is one of the core reasons why some teams succeed and others do not. When a team is unable to communicate their thoughts, suggestions or feedback openly, tensions arise. Being candid is every team members responsibility to themselves and to the rest of the team. This is not always the easiest path to take and many a time one will need to step out of their comfort zone to say it as it is. However when all is said and done, it is the things which are left unsaid that destroy a team from within. Set up systems where everyone is given the opportunity to speak freely and easily. To learn more about the importance of candor please click here.

3. Lack of Trust: In any relationship trust is a must, without it there is no team. In my opinion there are degrees of trust which need to be developed within a team. Expecting your team members to have 100% trust in you and your abilities from the get go is wishful thinking. Trust needs to be earned. The ability to trust someone depends on their shared core values, self confidence and risk tolerance. Mismatches in these components will result in a slow build up of trust. Low trust teams are very fragile and the slightest of hiccups can have severe ramifications. To learn more on how to build trust please click here.

4. Lack of Accountability: When team members talk more than they actually do, problems are bound to arise. Without clear objectives on what each team member is responsible for a culture for execution cannot be formed. Without such a culture certain team members may ride on the coat tails of others just to get by. Every team member must be held accountable for what he/she has been given responsibility. Inability to meet commitments, needs to be reviewed and appropriate action taken. To learn more on the importance of accountability and how to create it please click here.

5. Consistent Poor Results: If a team is consistently unable to reach targets and goals, the team and entire business model needs to be looked into. Many teams linger on even when results are clearly not being produced. This puts an enormous strain on the team and eventually leads to unpleasant defections and confrontations. This issue must be dealt with as soon as possible and strategies and tactics revised. If the team is unable to produce the results it needs, it is best to figure out how and where the team should  go from there. To learn more about how to deal with consistent poor results please click here.

The points listed above are I believe leading factors why some teams fail. One of the factors that I have not included in this series is a lack of good leadership. This is an issue that I think needs to be tackled in a separate series. Also, unlike the problems listed above this issue does not have any easy answer which says follow steps 1, 2 and 3 to help overcome the issue. Good leadership is a rare commodity. It all goes back to team selection and who is chosen to be the leader. If there is a problem at the initial selection stage then the team has a lot more to be worried about. The issues highlighted in this post are in the context where even though the team and team leader were correctly selected, the team still fails. I hope to get your comments and feedback on this series.

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Consistent Poor Results

“Waiting is a trap. There will always be reasons to wait. The truth is, there are only two things in life, reasons and results, and reasons simply don’t count.” Dr. Robert Anthony

During the course of the week I have spoken about some key factors which lead to high performance teams failing. As a culmination of all the factors mentioned in my prior posts, the inability to reach targeted bottom line results, is a leading cause why such teams fail. I was advising a young startup team a few years ago, it was full of stars. They had a fantastic business plan and worked really well together. However the business was not gaining the traction they had projected. This was causing much tension within the team. This is a time when internal conflicts begin to surface. Initially no one really talked about it, rather they hoped that things would change. Unfortunately the market they were targeting was not ready for the product they had and soon the defections started to take place. This is a story one has seen many a time in small startups, as well as large companies.

It is only natural that when things are not going well that team members begin to explore other alternatives open to them. They are justifiably looking out for themselves and being realistic about the situation. However, if the business had created a culture of accountability and candor, I believe things may have gone very differently. Firstly, when things were obviously not working, how to tweak the business model would have been brought up and discussed candidly. Secondly, with greater transparency in the team, those individuals who were not contributing or whose skills were not required, could have started exploring other opportunities without suddenly leaving the team. Lastly, if the team did work well together there could have been other opportunities which they could have pursued.

Consistent poor results are definitely a major reason why teams and businesses fail. The key word is ‘consistent’. Losses are bound to occur at some point or other in a business. However, it is when they continue to appear without any direct action being taken, that it gets serious. As a team leader one needs to continuously keep a keen eye on key metrics and regularly update members about results and problems being faced. Transparency helps leave doors open for candid discussions and gives  team members the opportunity to make graceful exits. Warren Buffet has some wise words on this matter “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”

Lack of Accountability

Accountability breeds response-ability.” Stephen R. Covey

Starting a new business is a lot of fun. The first couple of months everyone is really enthusiastic. People are making sales calls, improving the website content, developing new marketing concepts and generally being highly productive. After the initial couple of months or even a year, there is a dip. The spark of starting this new revolutionary business begins to wear thin (unless you started something like Google). All of a sudden those sales calls are not being made and there is just not enough attention being given to the key first customers which you closed. I have experienced this in the first couple of ventures I was a part of. Whenever a routine set in, the enthusiasm levels began to drop. This then brings us to the next factor that results in the falling out of teams…a lack of accountability.

From the very onset of a business venture, clear objectives and targets need to be set for every team member. They need to be accountable for a specific component of the business. The progress on this must be reviewed periodically. I believe it is usually a lack of clear objectives that brings about a lack of accountability within teams. This is the leader’s or senior management’s fault. It is a reflection of poor leadership skills and is often taken advantage of by individuals riding on the coat tails of the effort of others. I have been  part of many teams whether it be at school or in a business, when someone or other on the team takes advantage of the free rider problem and ends up taking undue credit for the success of the team.

The components  talked about in my recent posts, such as lack of candor and trust, usually lead to this lack of accountability. When there are no clear objectives communicated to team members, and this is compounded by a lack of trust between team members, there is very little motivation to work  hard. Neglecting this aspect of a business will result in inadequate traction and eventually lead to a poor bottom line results. I will talk about that in the final post of this series. In conclusion, make sure that everyone in the team is held accountable to certain SMART goals and targets. This is essential to meet positive bottom line results and eventually succeed as a team.

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Execution of Corporate Strategy

Lack of Trust

“Wise men put their trust in ideas and not in circumstances” Ralph Waldo Emerson

Trust is an essential component of any type of partnership,  be it business or personal. Without it, a relationship’s growth is impeded, it will in all probability remain stagnant and eventually break off. It takes a lot of hard work to build trust in a relationship, but very little effort to destroy years of accumulated trust. Looking back at the ventures I have been part of, I see that trust was definitely something created over time. However, there are a couple of factors that create the basis for this initial leap of faith and trust between individuals or a group of individuals. They are:

1. Shared Values: Before making any type of commitment, the underlying premise must be built on a set of shared core values. Core values are a set of values embedded into each individual’s system. They are the result of life experiences, culture, environment and our spiritual belief system. Hence ,when team members with different sets of core values come together the process of building trust is much slower.

2. Risk Tolerance: Everyone has different areas for the level of risk they are willing to take on, at any given point in time. Those with higher tolerance levels push forward and hope for the best, whereas others hold back and wait for the right time. When individuals with different levels of risk tolerance come together as a team, it takes a lot longer for trust to develop.

3. Self Confidence: I believe that individuals with higher levels of self confidence, have higher levels of risk tolerance too as they are positive about things working out. Whereas individuals with low levels of self confidence constantly doubt their own abilities and their plans to get it right. Individuals with differing levels of self confidence take longer to build trust.

Differences in these areas will result in trust being built slowly. Teams who have mis-managed competing interests,  not created a culture of candor in their business, will have severe problems in developing the level of trust needed to push the business forward. I believe that when there is a lack of trust in the team, team members are not able to perform at their optimal. If this problem is not handled in its early stages, the probability of members defecting and moving to greener pastures increases greatly.The key to incorporate candor into your business is to ensure that messages sent are consistent with what the business stands for. When these factors are in place one should be able to see higher levels of trust, this will eventually lead to better performance and results.

Related Posts:

5 Components to build Trust

Lack of Candor

“You can’t shake hands with a clenched fist.” Indira Gandhi

I have written about the importance of candor in earlier posts. When teams are unable to communicate effectively, problems start manifesting themselves from all angles. Most start up teams comprise of 3-5 individuals who usually work in very close proximity. When these individuals are unable to speak their mind or voice their opinions, tension begins to build up. I have noticed that this phenomenon occurs more where teams are comprised of individuals from the east rather than the west. I do believe this has much to do with culture. In Malcom Gladwell’s new book ‘Outliers’ his research validates this claim, delineating how Asian cultures affect the way an individual is supposed to communicate with another. It is about not ruffling feathers and ensuring that a status quo be maintained.

As a direct result of this mindset, conflicts are avoided at all costs. This further intensifies any frustrations plaguing the team. Lets face it, no one wants to be the one to bring bad news to the table. This is more the case when the team comprises of friends or associates you have been working with for an extended period of time. The feeling that there is a lot more at stake compels us to push these frustrations deeper. As a result of this almost unnatural behavior, the competing interests I spoke about yesterday begin to surface. Alternative routes available to team members start to become more attractive and this leads to greater diffractions in the team.

Lack of candor is a serious issue, one I have personally witnessed many a time. Writing about it is one thing,  putting yourself out there and talking about this uncomfortable situation is a completely different matter. To a large extent, the development of a culture of candor is dependent on the founders or individuals leading the group. It is only when all team members are comfortable talking about these matters and are assured that their comments and feedback help the team progress, will one see greater buy in from everyone. Undoubtedly this will require stepping out of your comfort zone. The benefits far outweigh the downside in this matter. More importantly, the future of your team may depend on it.

5 Tips for Better Networking

“It’s not what you know but who you know that makes the difference.” Anonymous

As an entrepreneur, networking has been an essential part of my journey and growth. However, even if you are not an entrepreneur, networking is something each one of us should be doing at some level. Networking provides us with the opportunity to reach out to individuals from all walks of life with whom we share similar passions or interests. We also meet individuals with whom we have very little in common. Either way, through this interaction we grow as individuals and start to see the world from a multi-faceted view point, rather than just our own. To some of us networking and conversing with strangers is easier than it is for others. However we must all make an effort to put ourselves out there and see what develops. Listed below are a couple of tips which have helped me become a more effective networker:

1. First Impressions: These are formed quickly, we need therefore to be vigilant about how we present ourself, and our attitude and overall body language. When meeting individuals for the first time, take an active interest in what they do, see if there is potentially anything you could do to assist them. It is important that we do not come across as pushy or just wanting to get the other person’s name card and move on. Will we always get the right impression across? Probably not, however, we have to do all we can to make sure that the signals we are sending are well aligned with the impression we want to create. To learn more about creating the right first impression please click here.

2. Business Cards: These are a vital component of effective networking. They have the ability to form a link between two strangers and potentially help that link grow into a mutually beneficial relationship. One needs to pay a lot of attention to the design of business cards and make sure that all the information is legible and well presented. Always carry an ample stock of your business cards and give them out liberally. When exchanging business cards, if required, ask politely for potential referrals. Lastly, business cards are essential, if you are not associated with any company, have personal name cards printed for yourself. To learn more about the importance of business cards please click here.

3. Following Up: This is a critical aspect of effective networking. Exchanging business cards is only the creation of link, it is our responsibility to convert that link into something greater. Three tips for following up more effectively include the 48 hour rule, which is essentially making sure that you follow up with a contact within the specified period to keep the link alive. Secondly, make it a point to follow up in context to the conversation that you had with the individual. Lastly, periodically follow up with individuals on your contact list whom you have had limited contact. To learn about each tip in greater detail please click here.

4. Building Online Networks: Online business networking is skyrocketing these days. With a plethora of websites being added almost daily, one is able to connect to just about anyone from around the world. Three ways to plug into the world on online networking is, joining Linkedin a leading professional networking site, creating a twitter account to connect with people in your niche and lastly, begin blogging to get the attention of your target audience. It is essential for today’s entrepreneurs to be plugged into the online networking cloud. To learn more about each of the services outlined above please click here.

5. Building Offline Networks: I believe developing a strong offline network is just as important as building an online one. Through these activities one is able to connect with a host of individuals around a common point of interest. It also helps bring balance to our busy lives, specially since more often than not our professional lives seem to completely take over. Join groups and events related to the business that you are in, or join social work projects that may be of interest to you or a group to play sports or social games together. These activities help increase your business networks as well as help you grow personally as an individual. To learn more on how to develop offline networks please click here.

Networking effectively, takes a lot of patience and time. We have to work on developing our networks every day by reaching out to people we have connections with as well as adding new connections. There is a need to add value to the people whom you know for those actions to be reciprocated. I would really like to get to know the readers of my blog and find ways we can help each other grow. You can find links to connect with me below.

View Usman Sheikh's profile on LinkedIn

Usman Sheikh's Facebook profile

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Building Offline Networks

“More business decisions occur over lunch and dinner than at any other time, yet no MBA courses are given on the subject.” Peter Drucker

I discussed online networks in some detail yesterday. Today I will cover the importance of developing offline networks. These networks require us to put ourselves out there to find opportunities through which we can grow professionally as well as personally. When I mean offline networks, I am not restricting them to only business mixers or rotary functions. To me, offline networking involves a host of shared activities with individuals who share the same passions and interests as I do. I believe developing a strong offline network is just as important as building an online one. Through these activities one is able to connect with a host of individuals around a common point of interest. It also helps bring balance to our busy lives, specially since more often than not our professional lives seem to completely take over. Some segments to look into to develop offline networks are listed below:

1. Business: Having set up one of the largest network of entrepreneurs in Far East Asia, I have witnessed first hand how effective joining an entrepreneurial club or society can be. The ability and opportunity to actually meet a host of people enables one to create stronger connections a lot faster than developing them online. I recommend entrepreneurs look into entrepreneurial clubs and societies as I believe they can be a most beneficial. Other than this,  keep a look out for networking events in your industry where you have the opportunity to meet a host of different individuals. I was introduced to most of my mentors through such events.

2. Social Work:
If there is a cause which is close to your heart or an organization you think is doing great work, I recommend joining them to see if there is anything you can do to assist them. The entire aspect of social entrepreneurship is an area in which many individuals are doing excellent work to ensure a better tomorrow. Joining such efforts adds breadth to your network and opens up avenues usually unavailable through traditional routes.

3. Sports & Games:
Before my ventures completely absorbed me I used to be a regular cycling enthusiast. Along with a friend, I set up the cycling club at my university and we would cycle regularly over the weekends. It was great to get outdoors and get some exercise, it also helped clear the mind and once again meet some very interesting people. I learned a lot about team work, perseverance and even leadership through this activity. If not a sport, there are a host of other activities such as chess, bridge or poker where one can both network and have a good time.

Developing offline networks is an important aspect of the overall development of one’s personality. Even though at times it feels that there are just too many things to do, don’t let these activities take a backseat, find time for them. I feel having strong offline networks is specially important in Asia since there is greater emphasis on meeting face to face. Thus for an entrepreneur in this region, a balance needs to be formed between online and offline networking activities.

Business Networking Online

“During the past year, the total North American audience of social networkers has grown 9 percent compared to a much larger 25 percent growth for the world at large. The Middle East-Africa region (up 66 percent), Europe (up 35 percent), and Latin America (up 33 percent) have each grown at well-above average rates.” Comscore

Online business networking is skyrocketing these days. With a plethora of destinations being added almost daily, one is able to connect to just about anyone from around the world. For someone new to online networking it can be a bit intimidating. With all these tools out there, deciding which one to select and build upon can be a tricky decision. Prior to 2008 I used to rely a lot more on offline networks than online ones. This was primarily because I miscalculated the effectiveness of online networks. Ever since I started blogging earlier this year my eyes have truly been opened in discovering the true potential of online networks. Through these networks I have made some great friends, been introduced to some amazing companies, have been referred business and been able to raise funding for some of my projects. Listed below are some of the tools I use:

1. LinkedIn: This is the web’s leading professional networking destination and it is witnessing tremendous growth. I use linkedin primarily to do reference searches due to the nature of my work and have started using it to develop leads for business development. I have even started using it to identify talent to facilitate the recruitment process. I strongly recommend entrepreneurs to join this network as I believe it can greatly facilitate the development of your business. If you would like to connect with me on Linkedin please click on the link found below.

2. Twitter: This is a micro blogging tool which facilitates short communications between individuals, a group of people or the public as a whole. Essentially twitter users, post short messages detailing information in reference to their line of work or life generally. These messages can either be public or private. Other users are given permission to follow the updates of specific individuals, so as to be constantly updated about their activities. As I write this, it seems like a pretty silly concept and that is what I thought at first. However since becoming a more active user I have seen how these updates can be a source of great information, at the same time it gives you potential access to people whom you normally would not br accesing. I suggest joining it and seeing whether it is something which appeals to you or not. With its explosive growth these days, twitter is quickly becoming the destination to be online. To follow me on twitter please click on the badge below.

3. Blogging: When I started this blog I was unaware of how I could use it as a networking tool. However as time went by I was contacted by a host of very interesting individuals from all walks of life. Over the course of these last ten months of blogging I have made a host of close friends through blogging and actively reading other blogs in the same niche. In the world we live in today, blogging is very quickly becoming an instrumental tool through which one can attract like minded individuals. This can be a great source to find potential partners, employees, investors and even mentors. To begin blogging I recommend selecting a niche and then writing relatively regularly to build a following.

The deal with all of the tools I have listed above is that for them to create opportunities we need to work very hard to constantly build upon them. An empty linkedin profile will not attract anyone, twitter without relevant and interesting updates will not create any meaningful interaction and a blog which is not regularly updated will not become a hub of activity. We have to make a commitment to build our profile online, this is not something which is developed overnight. Like the real world one needs to build a reputation which is trusted and eventually become an authority who is constantly being referred to. I would really like to connect with the readers of this blog and see how we can assist each other in either a professional or personal capacity.

View Usman Sheikh's profile on LinkedIn

Related Presentations:

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Following Up

“Success comes from taking the initiative and following up… persisting…What simple action could you take today to produce a new momentum toward success in your life?” Anthony Robbins

In my previous post I spoke about the power of the business card. The truth of the matter is a business card  essentially gives you the ability to get the business card of another individual. There is much however that needs to translate this exchange and convert this link into a source of business or referrals for your business or yourself. I have known many power networkers who have a great ability to work an entire room and possibly get everyone’s business card. However most of them usually spend very little time with the person to find out more about them, and following up becomes a challenging task. When networking take time to find out more about the person. Be it their goals, aspirations, business or just  whatever they are willing to talk about and something you can bring when following up with them. This helps creates a better first impression and a stronger bond to assist in following up with the person.

Listed below are a couple of tips I hope can improve your follow up process:

1. 48 Hour Rule: Whenever I meet someone for the first time and we exchange information, I make sure that I follow it up with an email or call within 48 hours. If I do not send it out within this time frame, chances are that I will forget about the individual and reconnecting later is much more challenging compared to when both sides still remember the occasion they met at. I usually send an email to the individual as soon as I enter it into my personal database.

2. Context: It is important that whenever you are following up with a new contact that there is a specific context. If I shoot off an email which simply said “It was great meeting at the networking event, lets keep in touch.” chances are slim this person would be more than just another name in your rolodex. During the event or right after the event right a small note on either the name card or on your phone regarding the individual and something specific which you spoke about which you can follow up regarding. This adds a lot more weight to your email and increases the chances of possibly getting some business or referrals from the individual.

3. Rolodex Dipping: I got this tip from Christine Comaford and it has really improved my ability to leverage my network more effectively. Rolodex dipping is simply the act of randomly picking up someone from your Rolodex which you may not have contacted for a while and re-connect with them. It could be an informal email or call where I inquire about them or their business. I do this activity 3 times a week and it has kept my connection to long lost clients, partners, colleagues and friends alive. I would highly recommend integrating this activity in your weekly schedule.

Following up is a critical aspect of effective networking. Through these activities I have been able to sustain and grow my personal and professional networks while maintaining a strong foundation. It is only through the process of consistent following up can we convert a contact into someone a lot more valuable. Even though this is a very simple and straight forward process many people have not developed the discipline to methodically follow-up, this impact’s their business development activities .