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Business is like Golf

In Six Simple Words

My advice to entrepreneurs, based on thirty years of experience and explained in four published books with a total of about 650 pages, can actually be boiled down to six simple words.

The same words apply to getting better and achieving success at golf: 

Have plan.

Avoid the mistakes.

There is more to it than that, of course. As you may have noticed in my earlier much longer article on why Business is Like Golf, but the same guiding principles apply to both business and golf.

Keep it simple.

Have a plan. Avoid the mistakes.   

Be better. Do Better. Be an Enlightened Entrepreneur.

Business is like Golf

Sharing the same principles for success

As Your Uncle Ralph, writing for entrepreneurs at LearningEntrepreneurship.com, I have often used the analogy that business is like golf. It seems timely to revisit some of those themes and you don’t have to be a golfer to recognize the similarities and the shared principles for success.

Business is like golf: It’s easy to get into trouble and hard to get the results you want.

Here are some extracts from previous blog posts for you to consider as you watch or play golf this summer.

Business is like Golf:

 

  1. It's important to have a plan. Of course nothing goes exactly according to plan, but if you have one, you will at least recognize when it’s time to make corrections and get where you want to be. (Oops! I'm in the sand trap and need to get back on the fairway in front of the green.)
  2. Even the good shots can end up badlyAnd vice versa. So take your best shot and hope for the best. (That long straight drive may go too far and end up in the rough. And sometimes a terrible slice will bounce off a tree and end up right where you wanted to be.)
  3. Every problem is just another challenge. It was not supposed to end up in the rough and behind a tree, but now you have a chance to work on your creative recovery shot.
  4. Work on the fundamentals. You cannot get better if you don't understand and master the basic principles, skills, and techniques and build a solid foundation to support better performance. (As Arnold Palmer wisely advised one angry amateur golfer, "You're not good enough to get that upset about poor results."
  5. Choose and use the right tools and equipment. Technology keeps making the game easier, but make sure it’s the right equipment for your current plan and objective. (Don't use your favourite 8-iron for a long, low fade when a 4-iron is the right tool.)
  6. Know the rules and play fair. Even if nobody catches you cheating, you know you don't deserve the score you gave yourself for the game. (A swing and a miss still counts as a stroke and “hit it as it lies,” means don’t kick it out of the long grass from under a tree back on the fairway without penalty.) Kidding yourself about your score doesn't work in business either.
  7. Continuous learning and determined practice are the disciplines of champions. If the Number One golfer in the world is still adjusting his swing with a new coach and working hard in the gym and on the practice range every day, what are you doing to get better and do better?
  8. It's easier if you lower your expectations and figure out what it takes to get better. Trying too hard to achieve unrealistic goals can be stressful and cause even worse results. (“Grip and rip it,” may just send your ball farther into the woods or the lake.) It’s better to find your groove and then consistently deliver the results you want.
  9. Learn from your mistakes. You will inevitably have an occasional bad shot, a bad hole, or a bad day. It may be bad luck, a bad idea, or a bad swing, but analyse what you did wrong so that you can avoid the mistake next time. (A simple change in your swing thoughts or pre-shot routine can suddenly and significantly improve performance.

That's the first nine holes.

And for more important principles of golf that apply to business:

  • Keep it simple. Don’t make it complicated. (You’re just trying to hit a little white ball into a 4-inch cup that is 400 yards away in only four shots.)
  • It’s a choice: either it’s a simple and enjoyable game or it’s a maddeningly frustrating challenge. You can love it and enjoy it every day, or hate it and avoid it like a bad case of food poisoning.
  • You might be sufficiently smart and talented to succeed at it; you may still fail miserably. Know when to try again and when to quit.
  • Recognize what you’re good at and like to do. Choose that.
  • Start with a purpose and a plan. Good results come from having an appropriate strategy that guides you to good decisions in every situation.
  • Master the skills first, then focus on managing effective execution in action.
  • Accept the truth that for golf and business too, life is not fair. You may not be the winner and someone less deserving gets the prize.

Have a good summer and enjoy the golf!

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

 Read more Blog posts at: LearningEntrepreneurship Blogs

 

 

 


Remember PDT

A motivating mantra for success

 

As a parent and coach I’ve often repeated the mantra of PDTPower, Determination, and Technique – to focus on the three key elements required in any development program to achieve superior performance in a chosen sport, career, or business plan.

You may have your own key words or acronym to stay focused on building for success based on these fundamental principles that I summarize in three key words:

 

  • Power: Build and maintain physical and emotional strength, stamina, flexibility, resilience, financial strength, and the support of family and friends.

 

  • Determination: Retain an attitude of confidence, resolve, discipline and dedication to improvement.

 

  • Technique: Take the time and make the investment in learning and practicing the basic skills necessary to perform at a high level in all the areas of expertise required.

 

It doesn’t matter if you want to be a successful concert pianist, research scientist, doctor, engineer, or entrepreneur, remember to work constantly on PDT – Power, Determination, & Technique.

Be better. Do Better. Be an Enlightened Entrepreneur. 

 

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

 Read more Blog posts at: LearningEntrepreneurship Blogs

 

 

Have a purpose

And a plan

 “Follow your dreams, pursue your passion!”  That’s the usual useless cliché offered by successful superstars as advice to people who want the same level of success for themselves. It’s not helpful!

It’s better to tell them to stop dreaming, get to work! Learn what you need to know and apply your passion to getting better and doing better.

For ambitious entrepreneurs – young and old, new or experienced – my own advice based on more than thirty years of entrepreneurship and consulting can be summarized in six simple words: Have a purpose and a plan.

Plus a bonus of three more important words: Avoid the mistakes.

Even better you can learn from all the words in my two short books for entrepreneurs how to successfully start and grow a valuable sustainable business: The Complete Do-It-Yourself Guide to Business Plans and DON’T DO IT THE HARD WAY.

Both books offer ideas and inspiration based on stories of my own learning experience with clients and other business owners, including the mistakes we’ve made and how to avoid them. Learn more at: LearningEntrepreneurship – Business Books.

You can be better and do better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

 Read more Blog posts at: LearningEntrepreneurship Blogs

 


Hard-ass Management

Doesn’t work anymore

 “The players wanted a change. His style wasn’t working anymore.” Those were the parting words from management when Darryl Sutter was fired as head coach of the Calgary Flames hockey team at the end of a losing season, just one year after being named Jack Adams Award winner as the NHL's top head coach. 

Apparently tough, demanding, hard-ass management works for a while, but not for long. “Break 'em down, then build them up,” was Sutter’s approach. Not many respond well or want to sign up for more of the same treatment. Young athletes and employees, who have prepared and are ready for the big time, have more confidence in their ability to contribute and want a voice in how the job gets done.

It takes more empathy and understanding and better two-way communication to get the most out of top performers and to build a winning team. Good coaches, consultants, and managers know how to balance critique and encouragement. Screaming insults and abuse may get attention and an immediate response, but it’s not likely to get a continuing commitment to better performance.

That style of management usually leads to a request for change. “Either he goes, or I go.”

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

 Read more Blog posts at: LearningEntrepreneurship Blogs

Economics & Business

Disconnected

“How’s business?”

“Fantastic!”

“But I thought we were going into a recession?”

“The economy may be going into recession, but not my business.”

It’s a bit like asking why the weather is cool and damp when the trend of climate change says we should be hot and dry. Many small parts in the ecosystem may be going in different directions from the whole; for both the climate and the economy.

It doesn’t mean that we can ignore the general environment or that we will not be affected by it. But general trends and even short-term events in the economy may be completely disconnected from what’s happening in any particular business. Economics may not help to explain it and may be useless to predict what’s coming next.

It is important to be aware of the general environment as the economic effects on each business and community will inevitably arrive, but for the individual business it’s more important to focus on the risks and rewards that will have both an immediate effect and perhaps more significant long-term consequences.

Enlightened Entrepreneurs will keep their strategic purpose and plans in mind as they make decisions and initiate actions to address opportunities and threats one issue, one client, one customer, one employee, and one business partner at a time.

Let someone else try to manage the economy. And the climate. We can still do our small part within our businesses to make both better for everyone.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

 Read more Blog posts at: LearningEntrepreneurship Blogs

 

Play by the rules

And you can’t win?

My first crime fiction novel about an enlightened entrepreneur fighting crime and corruption was called, NO EASY MONEY, with the subtitle “You never win playing by the rules.” It was based on my own experiences and many entrepreneurs seem to agree that both sentiments are true - making money is not easy and you have to cheat to win.

But you probably don’t have to read the novel to know that my intent was to prove that an enlightened entrepreneur can succeed playing by the rules, including the unwritten rules to respect and protect both people and the planet. In the novel, it’s the bad guy who makes the statement, “You never win playing by the rules” and he does succeed in to making fast cash by cheating and stealing from his employees and his competitors, but in the end he loses everything. His crooked business partners are more ruthless and dangerous than him and he does not survive. Bad choices have bad consequences.

It is true that there’s no easy money in business, but cheating and stealing is no way to ensure long term success. Play by the rules and you can still win.

And be proud of how you did it.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

 Read more Blog posts at: LearningEntrepreneurship Blogs

 

 

What's an Enlightened Entrepreneur?

Unsung heroes

 I've known a few and was recently re-introduced to the concept of "enlightened" entrepreneur by some unsung heroes who get it. In their own way they consistently demonstrate that successful entrepreneurship means taking care of people and the planet while taking care of business.

All my business books and crime fiction novels – for entrepreneurs and about entrepreneurs – are dedicated to the principle that: Enlightened Entrepreneurs will do better for themselves and their businesses by also doing better for their employees and their families, their customers and suppliers, their communities and the planet.

Enlightened simply means being aware of your place in the ecosystem and accepting responsibility for the impact of your behaviour, actions, and words on the people and environment around you.

In the historical context, the Age of Enlightenment, also known as the Age of Reason, dominated philosophical ideas in Europe from the early 17th Century. The principal goals of Enlightenment thinkers were liberty, progress, reason, tolerance, fraternity and ending the abuses of the church, royalty, and the state. The ideas of the Enlightenment played a major role in inspiring both the American and the French Revolutions for freedom and democracy, giving more power to the people.

In 1776, Adam Smith published The Wealth of Nations and first described the principle of the invisible hand, guiding entrepreneurs to unintentionally contribute to the greater good of society. In his words, describing the business owner: “He neither intends to promote the public interest, nor knows how much he is promoting it …, he intends only his own gain, … and he is led by an invisible hand to promote an end which was no part of his intention. By pursuing his own interest he frequently promotes that of society more effectually than when he really intends to promote it."

In modern terms it can be put more simply:

  • Nice guys DO NOT finish last. People prefer to do business with people they know, like, respect and trust. Especially if they share common values.

 

  • Treat people like people, not as revenue generating assets. Treat your staff and management team well; give them what they need to succeed, then get out of their way. If you treat them well, they will take good care of your business, your customers, suppliers, associates, and the community.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

 Read more Blog posts at: LearningEntrepreneurship Blogs

 

Biggest Entrepreneur Mistake #7

Getting too personal

(An extract from DON’T DO IT THE HARD WAY – Avoid the Seven Biggest Mistakes that Entrepreneurs Make.)

I’m NOT your mother!

 Personal issues that can interfere with the success of your business:

  • Are family members in or out of the business?
  • Should employees be treated like family?

It can be complicated to maintain the right balance between your personal objectives and family role and your responsibilities to the business.

How do you include family members that are interested and capable and still give employees who are not part of the family the same level of satisfaction? Can you make them feel they are valued as effective members of the team without being members of the family? That they still might be the boss someday? How can you treat them like part of the family without confusing the boundaries between boss and employee? Can you even be friends with your employees?

You have to make choices in your management style. I’ve seen them all – from rough use-and-abuse them managers to the paternalistic godfather who insists on getting involved in the personal lives of all his employees. The abusive, controlling style is dysfunctional because it requires micro-management of every detail and creates an environment where employees just try to stay out of trouble and avoid mistakes. But the paternalistic style often goes too far in the other direction creating a sense of complacent dependency, relieving employees of their sense of responsibility and reducing their willingness to take initiative and make independent decisions.

My recommendation is for a management style that is respectful and generous, but encourages employees to think and act like part-owners of the business. Encouraging a sense of responsibility and a willingness to take initiative, even if it means accepting mistakes and their consequences. That style also makes it easier to manage the business and eventually to exit, as the business becomes much less dependent on the owner-manager.

Distracted by Personal Issues

Unfortunately, you can still be distracted by personalities and personal issues that may seriously affect business performance. The distracting personality may be an owner, manager or employee and it can be a mistake if the issues are simply ignored until they become a problem.

Business or Family First?

Family businesses have particular issues to navigate and family members in the business add new challenges. Family members can usually be trusted to take good care of the business. Sometimes, however, that can be a problem too - being too protective of family interests to the point of being paranoid and obsessively micro-managing every detail.

However, family members can still have a powerful influence, especially your parents. I don’t know about you, but I’m still trying to impress my mother and follow the advice of my father.

Listen to Mom

Most entrepreneurs and executives probably don't often think about their mothers on the job – unless she's the boss, like Ma Boyle at Columbia Sportswear. Maybe they should. We’d probably have fewer issues of corporate misconduct if the executives’ mothers knew what was going on. Would your mother be proud of you if she knew what you were doing?

That's why I recommend you use the test ‘What would Mom think?’ before making difficult ethical decisions in your business.

But I am not your mother

I’m suggesting that we might have better decision-making if we asked ourselves what Mom would think. But what about those employees who expect you to act like their mother?

What’s the right level of caring and compassion before it becomes more personal than a working relationship should be? Is there a reasonable limit? Is it appropriate to get involved with issues that are strictly personal? Do employees become part of your extended family with all the additional obligations that implies?

Once managers start offering a sympathetic ear and then a shoulder to cry on, it soon becomes more time-consuming on and off the job and creates a relationship that is difficult to steer back to business only. It also becomes a distraction for other employees and creates new concerns about employee favouritism.

My guideline for these situations would be to decide whether you would, or should, do what is being requested for every employee in the same situation. Offer financial advice or a cash advance? Special working hours or more time off? Bring the kids or the dog to the office? If you would rather not apply the same decision to everyone who might ask, then say no to the first request. Don't start a precedent that you're not prepared to offer to everyone and write into your corporate policy manual. You do have a policy manual, right?

Don't be afraid to clarify the relationship. “I'm your boss, not your mother. This is a business, not a social service."

Don’t make the Biggest Entrepreneur Mistake #7 – Getting too personal

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

 Read more Blog posts at: LearningEntrepreneurship Blogs

 

 

Biggest Entrepreneur Mistake #6: Let’s do it again

Maybe not.

(An extract from DON’T DO IT THE HARD WAY – Avoid the Seven Biggest Mistakes that Entrepreneurs Make.)

You may have thought, or heard other entrepreneurs say, “I already built one successful business and now I have the time and the money to start something new and do it again. I need a new challenge to keep from getting bored and I don’t want to spend every day in retirement watching my money ride the stock market roller coaster.”

Beware, take care. Look for an opportunity that really leverages your unique skills, knowledge, experience and contacts. Isn’t that what worked for you the first time? Remember what I’ve said many times to other successful businessmen: Making money doesn’t make you smart.  Before you throw your energy and money into a new venture, ask yourself a few important questions.

Another checklist from your Uncle Ralph!”

Let’s call it the Encore Performance Checklist

If you’re determined to boast that you’re a successful serial entrepreneur, not just a one-hit wonder, then ask yourself these questions before you get started on your next venture:

  • What was it that made you succeed in your first business? Did you build your business on your unique knowledge or ability, a new product idea, a preferred customer or supplier relationship? Which of these will apply to the new business?
  • What mistakes have you avoided in the past? Are you about to make those mistakes now?
  • What new risks and challenges are you encountering for the first time?
  • Is now a good time to start something new? Are there no challenges left in your current business?
  • How much will a new initiative impact your current business and the demands on your time and resources?
  • Is your past success really transferable to the new business?

Many successful entrepreneurs have made the mistake of jumping into a new venture – merger, acquisition, restaurant franchise or real estate investment – and blown away the equity value they spent to much time and effort building in their original business. It’s another costly mistake to avoid.

Don’t make the Biggest Entrepreneur Mistake #6 – Let’s do it again

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

 Read more Blog posts at: LearningEntrepreneurship Blogs

 

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