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Celebrity CEOs

Versus competent management?  

You know who I’m talking about, so I’m not going to mention their names. They already get too much attention. Ego driven, self-obsessed, supremely confident, exceptionally ambitious, and particularly adept at keeping their names in the news and in front of us through every media channel available.

They may even be the visionary leader, strategic genius, and marketing magician that they claim to be, but they are not often also competent at the essential management skills required to deliver the performance that investors, customers, and employees expect. Even more problematic is the celebrity CEO who becomes a distraction or even an obstacle to corporate performance.

Results are ultimately dependent on the ability of the CEO to recruit, retain and motivate a management team that is competent and creative enough to deliver results that meet expectations. Competent CEOs know when to delegate and get out of the way, not letting their ego and public persona become a distraction or an obstacle to achieving goals and delivering results for the organisation.

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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Brand Management - Needs a cult leader?   

Some brands seem to create a cult-like following of loyal customers, fans and supporters. I’m thinking of Apple, Tesla, Nike, Rolex, Porsche, and Amazon or Walmart, (you may be thinking of others) and wondering how they got there. Do you need to have an obsessive, domineering, cult-like leader in the style of Steve Jobs, Elon Musk or Jeff Bezos? Or do you just need to have a business that is obsessed with delivering what customers expect from them?

How can the small business owner accomplish similar results in building a cult-like following?

You may remember an old-fashioned neighbourhood retailer or shoe repair shop who had posted a sign outside that read, “We deliver High Quality, Fast Service, and Low Prices. Choose any Two.”

In today’s hyper-competitive marketplace with influential, well-informed and extremely demanding customers, it is probably better to be absolutely focused and obsessed with only one of those deliverables – Quality, Service, or Price. It is unlikely that you can be exceptional at more than one. If you are truly outstanding at just one of the three, then loyal, dedicated customers may be willing to be patient and forgiving if the other two are less than the best. They will accept some deficiencies and disappointments, if you consistently meet their expectations on the one thing you are famous for delivering – Quality, Service or Price.

Of course, the list of choices today for what you choose to obsess over, and sweat over every detail, and demand that every employee is dedicated to the same mission, vision and values, is now much longer than the old-fashioned threesome of quality, price and delivery. Now you may generate cult-like followers by your exceptional reputation for innovation, design, personalization, reliability, customer service and technical support, ease of use, application of effective technologies, or your unique concept applied to familiar products or services. You have many opportunities to distinguish yourself and generate a cult-like following.

Just don’t forget the part about providing obsessive, cult-like leadership.

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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Use your brain

It needs the workout  

Too much technology makes us lazy. We stop critical thinking, questioning and evaluating - accepting the first easy, obvious answers that we get from Google or our preferred newsreaders, analysts, or commentators. Our brains aren’t getting enough exercise. And now we’re relying too much on artificial intelligence apps to do our thinking for us.

Let’s not do that!

We need human intelligence to be applied more frequently – thoughtfully, cautiously, empathetically, responsibly, ethically, morally, creatively and compassionately.

Can we do that?

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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Learn from the criminals? 

Be careful with that idea

My grandson, studying business and finance at UBC, gave me two books to read, Gang Leader for a Day and The Wolfpack, about drug dealers in Chicago and gangsters in Canada – not textbooks he says – and Bloomberg Business Week just published it’s annual heist issue; so apparently we can learn leadership, management and business strategies, skills, and tactics from criminals.

It’s not recommended by your Uncle Ralph, however. It’s probably not a good choice even for the most ambitious and opportunistic entrepreneurs. The fast and luxurious life of a criminal doesn't last and you may end up in jail or dead.

I recommend playing by the rules, live long and prosper, and have your kids proud of what you do for a living. I know my first novel in the Dale Hunter Series, NO EASY MONEY, about an entrepreneur fighting crime and corruption in business has the sub-title, You never win playing by the rules. But that’s the crooked business associate’s slogan! And he does get killed by another criminal. That part may not be fiction if you go too far breaking the rules.

On the other hand, I have to admit there are some lessons to be learned from the criminals. Be cautious of the competitors who want to kill you, for example. And keep your confidential information away from customers or employees who may want to use or share it for their own benefit.

As Uncle Ralph would say, there are always two important rules to follow.

In just six simple words: Have a plan. Avoid the mistakes.

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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Enlightened Entrepreneurship, leadership, management, strategy
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Hire a consultant? Hell no!

You can do it yourself.

A favourite old joke among consultants is that clients always ask, "What do you specialize in?" and "How much do you charge?"  The appropriate qualifying questions from an intelligent consultant are, of course, "What's your problem?" and "How much can you afford?"

So clients need to be sure they need a specialist with knowledge, experience, or time they don't have to solve a problem or implement performance improvements they cannot do for themselves. My more complete guide on Consultants, How to Choose, Use and Not Abuse Them has previously been posted for your reference.

For example, my consulting company, DirectTech Solutions, had a packaged service called a SNAP Review that we offered to clients to prepare for the strategic planning process. Here's our secret recipe for you to use and do it yourself.

SNAP Review: Strategic Needs Assessment and Performance Review  Bplan strategy

With this comprehensive business diagnostic, you can assess your strategic position, your plans and objectives and assess your current performance. After review and discussion with management, employees and customers you will be well  positioned to develop a strategic business plan for improved results.

The SNAP Review Business Diagnostic includes:  

  • Initial review of company history in sales and marketing, operating productivity, and financial results against current goals and industry comparables.
  • Discussion with management of the strategic plan and objectives and current key issues, threats, and opportunities.
  • Survey of at least three key staff members and three key clients or customers to confirm whether their assessments are consistent with those of your management team.
  • Consolidate the analysis, conclusions, and recommendations for short-term action to achieve long-term objectives.

Please contact us if you need more help. 

Or read a good book by your Uncle Ralph on strategy and entrepreneurship!

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Two Questions

Who? And why?  

If you’re here, I’m assuming it’s either because you’re curious and just clicked on this link, or you’re a regular reader and subscriber to my mailing list, or a follower, associate or friend on my website or one of my social media platforms – LinkedIn, Facebook, Twitter, Instagram or YouTube.

You can understand that’s a wide audience spectrum for me to try and understand who’s listening and what are they expecting. Especially when it’s a mixed audience of business readers from LearningEntrepreneurship.com and fiction readers from DelvinChatterson.com

So before we go into the quiet, thoughtful period of relaxing summer days in the sunshine away from the office, I would like some input to help me be more effective in future posts, articles, and communications that meet your needs.

It’s time for a survey with two short questions:

  1. Who are you?
  2. Why are you here?

Please take a moment to reply with a comment or check off the boxes below:

  1. Who am I?
    • Entrepreneur
    • Wannabe entrepreneur
    •  _________________
  • Regular subscriber/follower
  • Accidental/occasional reader
    • Former client/associate
    • __________________
  1. Why am I here?
  • Looking for new ideas, inspiration, motivation
  • Sharing entrepreneurial experience
  • Learning business fundamentals of leadership and management
  • Learning new strategies and tactics for success
  • __________________

Thank you allowing me to interrupt your day with my questions.

In appreciation of your time and attention, I’ll give you the guiding principles for all my advice for entrepreneurs condensed into a few words:

  • Have a purpose and a plan.
  • Avoid the mistakes (or learn from them when you make them).
  • Be better. Do Better. Every day.
  • Be an Enlightened Entrepreneur.

And enjoy your summer!

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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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. 

 

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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. 

 

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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. 

 

 

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Enlightened Entrepreneurship, leadership, Uncategorized
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Biggest Entrepreneur Mistake #4

Neglecting Key Relationships

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

The key relationship for any business is the one between management and staff. Effective two-way communication in that relationship is essential to providing strategic leadership, receiving constructive feedback, and ensuring that management and staff are working effectively as a team toward common goals.

Sometimes we’re distracted from our most important relationships by the most annoying and challenging ones – especially if they’re employees or customers. However, the most productive employees and the biggest customers are not often the squeakiest. Just the most important.

Do you need to squeak more yourself to improve key relationships?  Do your suppliers appreciate you enough?

And what about your banker. Is your bank a welcome and willing partner in your business?

Building and protecting these key relationships are essential steps to keeping your business on track and meeting your strategic objectives.

Don’t make the Biggest Entrepreneur Mistake #4 – Neglecting Key Relationships

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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