Achieving Business Excellence with John Spence

You Ask – I Answer!

 

subpageIcon4 copyI recently did a podcast interview with John Lee Dumas of Entrepreneur On Fire (listen to the interview here). It was extremely well received and I got a lot of people that sent me great questions. Here are a few of those questions with my answers, I hope you find this of value…

Q. I currently do a lot of different things. I have a full-time job and run a small business with my spouse, I hold several board volunteer positions, recently directed a non-profit, and am working on other charity projects in my community. These all make sense for me in terms of my “why”, but I worry about being sub-par at a lot of things, versus being excellent in one. Is it possible to be great in a lot of areas, or do you suggest someone narrow their scope? If someone’s attentions are split in a lot of ways, how can they be most successful?

A. To become truly world-class at anything – you must have a great deal of focus. It is an old cliché, because it is true: If you try to be all things to all people you will end up be nothing to anyone. It is possible to do a handful of things well, but if you are too scattered there is no way to do any one thing exceedingly well. The hard part is figuring out what to say “NO” to. To me, the best way to do this is to be very clear about your core values, exactly what you hope your life will look like five years from today, and what you want to accomplish with your life – and then have the courage to remove anything that does not directly add to that goal. You can stay involved in everything you’re doing, but it’s my opinion that you will likely not achieve a high level of success in any one of them.

Q. What do you with your time? With all of the books, presentations, mentees, traveling, etc. you do, it seems like you have more hours in the day than most people. How do you maximize your free time? How do you create balance? How do you work smarter versus harder?

A. First, I don’t have kids. That was a specific career choice because I thought it was unfair to have children and travel as much as I do. Luckily, my wife did not want to have kids either, so it wasn’t a big sacrifice for us. Also, I do not watch TV, movies, go to the mall, cut my lawn, do my own laundry, wash my own car or any other activities that do not directly align with what I’m trying to achieve – or – where I can hire someone else to do them for a few dollars an hour while I either enjoy myself, spend time with my wife, or work on projects that will make me a significant amount of money – which allows me to invest a small amount of it back into getting other people to do my chores. It’s all about the time/value of money. Figure out what an hour of your time is actually worth and then pay other people to do the things that are dramatically below that level. It is hard to do this in the early stages of being an entrepreneur, but once you start reaching a level of financial success this practice allows you to focus only in the areas where you can generate the most value and revenue.

Q3. In some of my ventures, I work a lot with professionals who are in a different generation than me, the “baby boomers”. In your opinion, what actions and attitudes most impress you when working with a “millennial”?

The thing that works the best with all generations is to ask great questions and and be an intense listener – AND – be so incredibly competent at what you do that people can’t ignore you. I took over as CEO of a multinational company when I was 26 years old and most of the people on my board were billionaires and in their late 50s or 60s. I simply worked extra hard to listen to them and be so exceedingly well prepared and well-studied that they had no choice but to trust that I would get my job done superbly. There are definitely generational differences, but being open, flexible and curious will allow you to understand those differences and determine how to work best with people older or younger than you.

Q. Like many entrepreneurs I have tons of ideas about different products and services I’d like to bring to the market. How do you choose which ones to actually pursue?

A. The answer to this is really quite simple, but difficult for some people to implement because they get so attached to their idea and the vision of selling their company for $10 billion to Google next week. For any business to be highly successful it must meet these three criteria:
A. It has to be something you are extremely passionate about and have fun working on, because you will never become truly great at something you don’t enjoy.
B. It has to be in an area where you have an exceedingly high level of competence, or you have surrounded yourself with insanely competent people and you have Uber-strong leadership skills and solid business experience.
C. This is the one that most entrepreneurs miss…

The product or service you want to bring to the market must be unique and compelling – differentiated from your competition in a way that is extremely valuable to your target customer – is difficult if not impossible for your competition to copy – and that you can actually deliver to the market at a reasonable profit.

If it does not meet all of these criteria you might be able to build a good business, but you will never build a sustainably successful enterprise that generates significant revenues and profit.

Those are just a few of the questions I’ve gotten this week, if you have a question you’d like me to answer please send it along and I will give you my very best advice.
I wish you every happiness and success – John

**** By the way, I just developed a Consultative Sales training program to help sales people be much more successful. If you are interested click on the link below and there is a short video that will explain to you exactly what I cover in the series. If it turns out that you want to go through the course, here is a special promotional code that will give you a 45% discount. The code is: 45OFF

I hope you’ll take a minute to watch the video and see if this program might be right for you or some of the people on your sales team. Thanks so much – John

Click HERE to learn more

Consultative Sales Excellence 45

Three Business Fears

12311745_10153134220142466_849282776_o (1)I have just returned from a trip to Kraków, Poland where I was invited by the US Consulate to be the keynote speaker at the Polish American Innovation Bridge event. I also had the opportunity to give a speech at the Polytechnic Institute. I found the Polish entrepreneurs I met to be very energetic, enthusiastic and passionate about building businesses. However, there was one theme that ran through all of the comments and questions which was, “What happens if I fail?” There seemed to be an overwhelming fear of failure across the groups I spoke with. The event organizers asked me to focus on two special areas, how to handle failure and how to successfully network with other entrepreneurs and business people. It also seems that the current Polish entrepreneurial culture does not support the idea of win/win networking. Many of the students and entrepreneurs I talked to were very worried about sharing their ideas with anyone else and did not believe that other entrepreneurs in their community would be willing to help them, so in large part they decided to go it alone.

Earlier this year I spent a good deal of time in Australia and New Zealand working with business people and entrepreneurs there. I find it fascinating that they had almost the opposite fear: the fear of success. There is a saying that they have in Australia and New Zealand, “The tall poppy syndrome.” If you, as a poppy, grow too tall compared to the rest of the poppies, they cut you down to size. In these cultures if you are too successful it agitates the people around you who are not as successful and you are put under a great deal of peer pressure to conform to the societal norms of not sticking out. The question I kept getting in Australia and New Zealand was, “How do you think so big in America?” They just couldn’t understand the idea of wanting to grow a billion-dollar company or the desire to be hugely successful, and said that in their business culture colleagues often tried to keep you in a more “reasonable” frame of mind when talking about business growth.

Let me be very clear, I was extremely impressed in Poland, Australia and New Zealand with the very bright and talented entrepreneurs I met. They were curious and wanted to find out how to improve themselves and their businesses. And not everyone I met fits in the categories I mentioned above, but I did find it interesting to see the stark differences in the different cultures. What’s even more fascinating is that I have run into all of the same issues working with entrepreneurs in America. They are fearful of failure, afraid to be too successful and reluctant to share their ideas and ask for help from the other entrepreneurs and business owners around them.

So my question to you is, do you suffer from any of these three entrepreneurial fears?

I look forward to your thoughts – John

Five Fundamentals of Business Success

I just taught a series of business success seminars to about 300 entrepreneurs in Amsterdam and wanted to send a super special “Thank You” video to my hosts and the attendees on what I felt were a few of the MOST important things to focus on in order to run a highly successful organization. Once I finished the video I thought the information was so powerful that I decided to post it here on my blog for all of my followers to benefit from. I truly hope you find this video of great value and I challenge you to take at least one or two key ideas and begin implementing them right away.


Free eBook Link for Building and Sustaining a Winning Culture by John Spence

How to Attract Top Talent to Your Company

 

It has long been one of my core themes:

The success of your business is directly tied to the quality of the talent you can get, grow and keep on your team.

Think about this carefully, it’s a simple but extremely important business idea. If you agree with me, then you should be approaching talent acquisition, talent developemtn and talent retention as a key strategic objective in your company. Here is a video that outlines the six most important things that top talent looks for in the company where they work. I hope you find this helpful and that you share with your network – thanks so much – John


Free eBook Link for Building and Sustaining a Winning Culture by John Spence

Four Elements of a Winning Brand

What instantly springs to mind when customers hear your company name? If you’re uncertain–or even worse, stuck with a less-than-stellar image–it’s time to give your brand an overhaul. It’s no coincidence that industry leaders in every category from soft drinks to spas toil endlessly to create some of the world’s most recognized brands. But it doesn’t have to cost millions or take years to put your company’s branding efforts on track. Just follow these four guidelines to create a winning brand image.

(this is from a very good article from Entrepreneur.com)

Continue reading “Four Elements of a Winning Brand” »