by Matthew Best
I have a colleague who once set a goal to fail more than he had in the past. You read that correctly - he wanted to fail more.
You may be wondering if my colleague lost his marbles. No, not at all. It's the idea that we fail forward to success.
There is the famous story about Thomas Edison. Edison invented the light bulb, but it took him over 10,000 attempts to get it right. When asked by a reporter about those 10,000 "failures," Edison responded that they weren't failures at all - he just figured out 10,000 ways not to make a light bulb.
I can't tell you how many partnerships I've tried to put together over the years. The vast majority fail, if they even end up making it off the ground at all. That's ok though. I never expected to hit the jackpot with a successful partnership the first time out. I had much to learn about partnerships. I'm getting much better at understanding how not to create a partnership.
The biggest obstacle you will probably face to failing forward is your own perseverance. Edison must have had an abundance of perseverance. If this is an area that is lacking for you - work on it - it will be worth it.
So how have you failed on your journey of success today? If you aren't failing, you aren't trying something new. And if you aren't trying something new, you are stagnant and your business is serious danger.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org.
Monday, March 23, 2009
Tuesday, March 17, 2009
Breaking Down Your Goals
by Matthew Best
Most entrepreneurs I know have no problem with goal setting - at least they think they are good at it. In fact, most entrepreneurs I know have a ton of goals. Their challenge comes down to two things - prioritization and manageable goals.
Prioritizing your goals will allow you know which goal to work on first. What's the easiest way to prioritize your goals? Run a tournament. It's March Madness time, so this should be an easy concept. Set your goals up in brackets and have two goals "compete" against one another. Decide which goal would be more satisfying to have complete. That's your winner. Keep doing this until you have your top goal and start working on it.
As for manageable goals - the key is to break you goals down to smaller chunks. If you have a revenue goal of $100,000, it may be easier to set a smaller goal of generating $10,000 or $5,000. If you can figure out how to generate $5,000 once, you can repeat the process.
Another key to breaking your goal down is to make sure you understand the connection between your smaller goal and what you are really trying to accomplish. This can be a big challenge. Going back to our example - You really want to generate $100,000, not $5,000 - so you have to make sure you identify your motivation for generating $5,000. Without identifying this - you're bound to hit a road bump in your goal and without the motivation to continue, you'll likely give up.
Make sure the motivation taps into your emotion. Why do you really want to generate $5,000? Get passionate about it - as if it were the most important goal of the year. You'll have your motivation and you'll probably be ready to get started. Don't delay - get moving.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org.
Most entrepreneurs I know have no problem with goal setting - at least they think they are good at it. In fact, most entrepreneurs I know have a ton of goals. Their challenge comes down to two things - prioritization and manageable goals.
Prioritizing your goals will allow you know which goal to work on first. What's the easiest way to prioritize your goals? Run a tournament. It's March Madness time, so this should be an easy concept. Set your goals up in brackets and have two goals "compete" against one another. Decide which goal would be more satisfying to have complete. That's your winner. Keep doing this until you have your top goal and start working on it.
As for manageable goals - the key is to break you goals down to smaller chunks. If you have a revenue goal of $100,000, it may be easier to set a smaller goal of generating $10,000 or $5,000. If you can figure out how to generate $5,000 once, you can repeat the process.
Another key to breaking your goal down is to make sure you understand the connection between your smaller goal and what you are really trying to accomplish. This can be a big challenge. Going back to our example - You really want to generate $100,000, not $5,000 - so you have to make sure you identify your motivation for generating $5,000. Without identifying this - you're bound to hit a road bump in your goal and without the motivation to continue, you'll likely give up.
Make sure the motivation taps into your emotion. Why do you really want to generate $5,000? Get passionate about it - as if it were the most important goal of the year. You'll have your motivation and you'll probably be ready to get started. Don't delay - get moving.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org.
Friday, March 13, 2009
Running a Business is like having a Newborn
by Matthew Best
This past week my wife delivered our fourth child. It's a wonderful experience that changes your life.
In fact, when you think about it - running a business is very much like having a newborn.
When you have a newborn you just don't sleep on your own schedule - it's the baby's schedule. Isn't that also true for your business? When a customer wants something, you go out of your way to fulfill their need on their time frame. It doesn't always work out, but your customer appreciates the effort.
You devote as much time, attention, and energy to your children as possible to see them grow up to be successful young adults who can make it on their own. Think about how much time, energy and attention you put into your own business - if you are like most business owners, you treat your business as if it were a member of the family. It's health and well-being have an impact on the rest of the family.
Having and raising a baby is not an easy job. Could anyone argue differently about owning and running a business?
Ask any parent if they love their child unconditionally and you should get a resounding yes. That is why kids can get away with so much - parents will put up with a great deal of frustration because they love their child. The same is true for a business owner. A business owner is willing to put up with a great deal of frustration - from irate customers, to uncertain profits, to late hours - all because of the love and devotion an owner will put into their business.
Lastly, A child can make you proud. The first time they say a word, or take a step, or ride a bike without training wheels are proud moments for any parent. You have first moments in business too. The first dollar you earn, your first client, the first time you make an actual profit. These are proud moments for a business owner.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org.
This past week my wife delivered our fourth child. It's a wonderful experience that changes your life.
In fact, when you think about it - running a business is very much like having a newborn.
When you have a newborn you just don't sleep on your own schedule - it's the baby's schedule. Isn't that also true for your business? When a customer wants something, you go out of your way to fulfill their need on their time frame. It doesn't always work out, but your customer appreciates the effort.
You devote as much time, attention, and energy to your children as possible to see them grow up to be successful young adults who can make it on their own. Think about how much time, energy and attention you put into your own business - if you are like most business owners, you treat your business as if it were a member of the family. It's health and well-being have an impact on the rest of the family.
Having and raising a baby is not an easy job. Could anyone argue differently about owning and running a business?
Ask any parent if they love their child unconditionally and you should get a resounding yes. That is why kids can get away with so much - parents will put up with a great deal of frustration because they love their child. The same is true for a business owner. A business owner is willing to put up with a great deal of frustration - from irate customers, to uncertain profits, to late hours - all because of the love and devotion an owner will put into their business.
Lastly, A child can make you proud. The first time they say a word, or take a step, or ride a bike without training wheels are proud moments for any parent. You have first moments in business too. The first dollar you earn, your first client, the first time you make an actual profit. These are proud moments for a business owner.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org.
Saturday, February 28, 2009
Staying Upbeat
by Matthew Best
Every once in awhile, even the most positive person will allow themselves to feel the effects of what is going on around them. It can be difficult for entrepreneurs to stay upbeat - the constant drumbeat of the media about the recession, hearing about it from friends and family, seeing it in the newspaper, etc. What's a person to do? Here's a few quick tips.
First - tune out as much of it as you can. You know what the news is going to report don't you? Death, destruction, loss, fire, damage, crime, woe-is-me stories, etc. That's what counts as news these days - skip it. If anything important happens, you'll find out - someone is bound to tell you about it.
Second - get serious about your goals. Nothing generates a positive outlook like success. Take a look at your goals and start working on them every day - do one thing today that will bring you closer to your goal. Then, when you accomplish the goal, set another one.
Third - Get creative. Generating new ideas, creating new partnerships and joint ventures, and offering new products are great ways to stay upbeat. You are most positive when your creative juices are flowing - you are focused on opportunities and possibilities.
Fourth - Create a two minute complaining session. That's right, set aside two minutes to just complain, mope, feel sorry for yourself, have a pity party, etc. Really get into the moment with this. You'll get that "down" feeling all in at once for the day, and everything else will feel a heck of a lot better.
Fifth - Exercise. When I'm feeling down or low on energy, I go for run. The toughest part is getting out the door, but as soon as I get going, I always feel better. And when I get back - I'm revived. Find your own exercise routine - even if it's walking for 15 Minutes. Getting up and moving will refresh you and give you energy.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org.
Every once in awhile, even the most positive person will allow themselves to feel the effects of what is going on around them. It can be difficult for entrepreneurs to stay upbeat - the constant drumbeat of the media about the recession, hearing about it from friends and family, seeing it in the newspaper, etc. What's a person to do? Here's a few quick tips.
First - tune out as much of it as you can. You know what the news is going to report don't you? Death, destruction, loss, fire, damage, crime, woe-is-me stories, etc. That's what counts as news these days - skip it. If anything important happens, you'll find out - someone is bound to tell you about it.
Second - get serious about your goals. Nothing generates a positive outlook like success. Take a look at your goals and start working on them every day - do one thing today that will bring you closer to your goal. Then, when you accomplish the goal, set another one.
Third - Get creative. Generating new ideas, creating new partnerships and joint ventures, and offering new products are great ways to stay upbeat. You are most positive when your creative juices are flowing - you are focused on opportunities and possibilities.
Fourth - Create a two minute complaining session. That's right, set aside two minutes to just complain, mope, feel sorry for yourself, have a pity party, etc. Really get into the moment with this. You'll get that "down" feeling all in at once for the day, and everything else will feel a heck of a lot better.
Fifth - Exercise. When I'm feeling down or low on energy, I go for run. The toughest part is getting out the door, but as soon as I get going, I always feel better. And when I get back - I'm revived. Find your own exercise routine - even if it's walking for 15 Minutes. Getting up and moving will refresh you and give you energy.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org.
Tuesday, February 17, 2009
Are You Dealing the Symptom or the Cause?
by Matthew Best
If you had a stone in your shoe, what would you do? Most people I know would answer with the obvious solution - take your shoe off and dump the stone out. Problem solved.
What I find amazing though is that we may know this intellectually, but there are so many examples in life where we put aside this obvious solution and think that the simple solution of "dumping the stone" just won't work for any number of reasons.
Examples abound these days - one need only look at how government operates to understand that "dumping the stone" would mean that many government agencies and officials would be unnecessary and in short order, out of a job.
Another example would be healthcare - how many times do we treat the pain we feel as opposed to looking at what is actually causing the pain?
And how about business - especially your business? What are the "symptoms" you deal with every day? How are you treating them? Are you looking at what these symptoms are actually telling you about the situation, or are you more concerned with just making the pain go away?
Take a few moments today to stop reacting to the "pain" your business or your people are experiencing and instead listen to what that pain is trying to tell you.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org
If you had a stone in your shoe, what would you do? Most people I know would answer with the obvious solution - take your shoe off and dump the stone out. Problem solved.
What I find amazing though is that we may know this intellectually, but there are so many examples in life where we put aside this obvious solution and think that the simple solution of "dumping the stone" just won't work for any number of reasons.
Examples abound these days - one need only look at how government operates to understand that "dumping the stone" would mean that many government agencies and officials would be unnecessary and in short order, out of a job.
Another example would be healthcare - how many times do we treat the pain we feel as opposed to looking at what is actually causing the pain?
And how about business - especially your business? What are the "symptoms" you deal with every day? How are you treating them? Are you looking at what these symptoms are actually telling you about the situation, or are you more concerned with just making the pain go away?
Take a few moments today to stop reacting to the "pain" your business or your people are experiencing and instead listen to what that pain is trying to tell you.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org
Difference between Prospectors and Master Prospectors
"Prospectors value their money more than they do their time. They'll waste their time trying to hold onto their money. Master Prospectors value their time more than their money. They'll invest their money into tools that make their time more valuable." John Kalench
Wednesday, February 11, 2009
Birthdays
by Matthew Best
February is a big birthday month in our family. My birthday was the first, my son turns two on the second, my oldest daughter turns six on the sixth, my wife's grandmother turns 92 on the seventh, my wife's birthday is the 17th and her cousin's birthday is the 27th.
All these birthdays are great, and yet require a good deal of planning to make all the parties a real hit.
Business is no different. You have busy times - times when everything is happening all at once - sales, projects, new hires, marketing campaigns, etc. During these busy times you know that being organized and prepared makes all the difference.
Take some time today to set some time aside to plan your week. Even better, take a look at when your busy time is and start planning what you'll need now.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org.
February is a big birthday month in our family. My birthday was the first, my son turns two on the second, my oldest daughter turns six on the sixth, my wife's grandmother turns 92 on the seventh, my wife's birthday is the 17th and her cousin's birthday is the 27th.
All these birthdays are great, and yet require a good deal of planning to make all the parties a real hit.
Business is no different. You have busy times - times when everything is happening all at once - sales, projects, new hires, marketing campaigns, etc. During these busy times you know that being organized and prepared makes all the difference.
Take some time today to set some time aside to plan your week. Even better, take a look at when your busy time is and start planning what you'll need now.
Like what you are reading? Want more? Be sure to sign up for my free weekly newsletter - Passport for Success. It is delivered to your e-mail box every Monday morning. Sign-up at Passportforsuccess.org.
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