Monthly Archives: February 2012

Be Popular, Not Famous

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Many entrepreneurs set out to build a business for the money. Along the way they fall in love the grind, the game, and also the attention that comes along with it. I recently was listening to an interview of Jens Pulver (a mixed martial arts world champion) and he said something that really resonated with me.

He said “I attribute much of my success to my attitude and how people relate to me. Most guys dread going to the mall or signing autographs. Me? I love it. I’m just a regular dude. I go to the mall and give out some high fives and have some fun with people. I get up on a pedestal when I enter the cage to fight because thats my job, but as soon as the fight is over I get right back down. I don’t see myself as famous or any of that. I am just a regular f*****ing dude. I’m not famous, just real popular.”

Pulver brings up an excellent point. His attitude towards the attention is what allows him to seem down-to-earth and garner so much respect. As a business leader, you will experience praise and criticism. Those that can avoid allowing the attention to go to their head will survive.

Take the time every week to refocus yourself and realize that you put your pants on the same way everyone else does…..one leg at a time. Your bank account doesn’t define you so don’t let others think it does. Be yourself, be genuine, never be too busy for others, and help those that need it. This recipe for success will help you more then any business plan or idea ever can.

 

Great Mark Cuban Interview

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Any billionaire who goes to work in jeans and credits his success to luck is a favorite in my book. Cuban does it once again with his unique style. Listen, Learn, Appreciate!

Intrade.com is the 21st Century Stock Market

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http://www.intrade.com

Intrade is a new website platform that allows users to make predictions on different outcomes of varying categories. These predictions are done in the same format as a “stock” with a buy and sell aspect.

The market is unique because it is based off of the probability an event will occur. Look at the prediction “Mitt Romney will be the Republican Nominee in 2012 for US President.” Right now the stock is trading at $7.40 because the general market consensus is that there is a 74% chance of this occurring. If Romney gets the nomination then the stock will rise to $10 (100%) and a user will profit, if they had bought the stock.

The site also allows you to short sell, or sell shares without owning any. Take the Romney example again. If you sold a share of the stock at $7.40 and he became the nominee, you would realize a loss. However, if Romney did not get the nominee, you would then ride the stock down to $0.00 (0%) and make a profit. Class example of a supply and demand market!

Intrade is an interesting new way to stay engaged with current events while also investing some money. Look at the site, try it out, leave some feedback on what you think!

You Were Raised to Be an Entrepreneur and Didn’t Realize It

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http://under30ceo.com/how-to-create-the-next-bill-gates/

This article lays out a great plan for subtle ways a parent can teach business skills to children. Thinking back to my childhood, I disliked most of these tasks described. Little did I know that they were merely training for later in life.

Did you ever participate in any of these activities? Did your parents “force” you to do things that ended up being beneficial? Leave a comment with your stories and experiences below!

Lincoln’s Best Leadership Practice

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http://www.inc.com/hitendra-wadhwa/lessons-in-leadership-how-abraham-lincoln-became-americas-greatest-president.html

I have read a few books on Lincoln and his leadership style. This article mentions my favorite Lincoln practice.

Lincoln use to hand-write letters to people who had upset or angered him. After completing it, he would put it in his desk without sending it. Lincoln explained years later that he would do this to overcome what had upset him, without having repercussions for lashing out at others.

Everyone experiences a time when they get frustrated or angered. How do you handle these times? Some executives use physical exercise (scientifically proven to work), while others unwind with some food and drinks after work. Whatever your choice of outlet is, make sure you stick to it and maintain self-discipline. It is much better to work through issues personally then to lash out at others!

3 Reasons Why Gen Y Has A Different Mindset

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http://management.fortune.cnn.com/2012/02/06/gen-y-looks-to-developing-economies-for-biz-training/

This article is a great follow-up to my last post about for-profit social good businesses. Generation Y is beginning to get more coverage for their belief in moral obligation. As a member of this generation, I think I have a decent grasp on why this feeling has arisen.

As the generation matured (some of us will never grow up), they believed that the US was the greatest country in the world. On September 11, 2001 that perspective was challenged and many of those in my generation had their eyes opened to a different view of the US. Whether you agree or not, it became apparent that the US was not considered the greatest nation on earth by some people in other countries. This was the first step in the change of mindset.

The second and probably most important aspect is the explosion of coverage and awareness for third world countries. This can be attributed to social media such as Twitter and Facebook. The immense coverage of genocides, earthquakes, and tsunamis has shown that foreign countries need help. So what happens when young people see that others need help?

Obviously Generation Y believes they should help the people in need. This is possible due to the third reason for a shift in mindset. Generation Y has been encouraged to “change the world” or “take action.” No other generation has ever been given the message of action so intensely, nor had they ever been enthusiastically given access to the resources needed to create that change.

When you take a step back, it is easy to see that Generation Y business leaders are merely products of their environment. That environment needs to continue to raise young people to believe in social good, while also seeking entrepreneurship and innovation. What will you do today to help this culture continue?

Be In The Social Good Business

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The young people of our world are growing up in a very unique time. These people have experienced more wars, tragedies, and economic failures then most grown ups do in a lifetime. While many individuals would expect this to have a negative impact on our youth, I notice a different trend.

Many young people are taking a unique approach to entrepreneurship and business. Instead of trying to create businesses that solely exist for profits, social good has become a huge market. From Better World Books to The Community Corkboard, entrepreneurs are creating for-profit companies that include social good aspects. This effort is commendable, especially when you attempt to realize the possibilities.

Imagine a world where the rich were attempting to solve social issues through philanthropy (Gates, Buffet, etc), and the poor/entrepreneurs were trying to solve the issues with innovation. Everyone would bring their greatest assets to the table in the name of progress.

Forget the world where children are starving in third world countries….someone has created a for-profit that gets them food from first world countries efficiently. Forget the world with widespread disease….someone has created a for-profit that efficiently gets vaccine and education to everyone. Forget the world where individuals are destroying the environment…..someone has created a for-profit incentive program to be environmentally conscious.

While these things may not have been created yet, how far away are they? My guess is just a few years until we see them. Why? Because our youngest generations are growing up with a sense of social responsibility to something bigger then themselves. While they will miss the generation of enlisting in the armed forces during wartime, some would argue that they have the potential to be our nation’s greatest generation. Are you willing to bet against them?…..

Ingredients for Success You Never Thought Of

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http://techcrunch.com/2012/02/04/mark-zuckerbergs-6-ingredients-for-success/?grcc=33333Z98

This article on TechCrunch caught my eye. Most people would probably remember it because Mark Zuckerberg is mentioned, but something else was interesting to me. The last 2 ingredients mentioned are rarely recognized.

Luck and Timing. Timing and Luck. These two ingredients for success go hand-in-hand. The great entrepreneurs understand that luck has a huge part in their success. No matter how talented you are, never forget that a little luck always help. “Luck is when opportunity meets preparation.”

Timing works a little differently. Luck finds the entrepreneur but the entrepreneur usually finds the timing. Most great ideas are a product of timing and circumstance. As an entrepreneur, if you can learn to time the market for both entry and exits, you will have great success.

So next time you see a great entrepreneurial story, try to identify the aspects of luck and timing. If you can become good at identifying them in  other people’s lives, then you will be prepared when your opportunity arises! Now if only Zuckerberg realized he was good at all this stuff…..