Are You Collaborating Or Cooperating? The Answer Will Increasingly Influence Your Success 06-15

Are You Collaborating Or Cooperating? The Answer Will Increasingly Influence Your Success

                                                                                                                                                   Thanks to rapid, game-changing innovations, the future is changing so fast that it has never been more important to work together with all business partners and customers to co-create a positive and profitable future together. The key to successfully co-creating is a strong focus on collaboration.

As I travel around the world, I work with leaders in a wide variety of industries. I see auto manufacturers who say they are collaborating with parts manufacturers, distributors, and dealers. I see medical device manufacturers who say they are collaborating with distributors, hospitals, and insurance companies. And while almost all of them “say” they are collaborating, if you look at what they are really doing, they’re just cooperating. Pick any industry and you will find a similar story.

Cooperating is a much lower level activity than collaborating. Knowing the difference can make all the difference in the results you get with your business partners.

You cooperate because you have to; you collaborate because you want to. Cooperation is based on a scarcity mindset; it’s about protecting and defending your piece of the pie. Collaboration is based on an abundance mindset, working together to create a bigger pie for all.

Collaboration is as different from cooperation as the word transformation is from change. When you and I cooperate, we work separately and make accommodations for each other. When we collaborate, we are not simply making room for each other’s creations; we are co-creating the future together.

Collaboration is a function of genuine communication. The facilitated communication environment of the Internet becomes a productive cycle that amplifies itself: communication fuels collaboration, which fuels more communication, which fuels more collaboration.

The open nature of the Internet, based as it is on standard protocols, has played a crucial role in enabling this shift to an abundance-oriented economy, as it allows any computer or other Net-enabled device, regardless of operating system, to participate in the global conversation. Likewise, a key to the growth of abundance power, in any industry or sector, is going to be the speed with which we can agree on universally shared standards. Universally accepted standards accelerate the adoption of new communication technologies and pathways, which in turn speeds growth and facilitates further collaboration.

After 9/11, we saw the American intelligence community scramble frantically to create some kind of collaborative environment, where the CIA, FBI, NSA, and dozens of other intelligence agencies could begin to communicate with one another. Up until then, they had felt relatively safe and secure operating each in their own little information fiefdoms, where they could communicate with themselves but not with one another. Indeed, they saw themselves as being in hot competition with one another, and therefore it actually served (so they thought) their interests to be fairly opaque to one another. It was a classic scarcity-economy scenario. Since then, communications have improved and they are better at collaboration than before 9/11. Although, true collaboration is still a goal versus an accomplishment.

As I mentioned earlier, a similar situation still exists within the health care community. There has been a lot of cooperation between competing players in the industry, but not true collaboration. It’s still protect and defend, fiefdoms and egos, legacy thinking—all the things that keep abundance from happening. The only way forward is to stop cooperating and start collaborating, bringing together all the major players—the insurance companies, hospitals, medical supply houses, and everyone else involved in every aspect of health care delivery—to work together to reinvent health care itself.

The same could be true for any industry. By working together to create a bigger pie for all, we can discover new opportunities and grow economies that benefit everyone.

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Innovation or adaption? 05-03

Innovation or adaption?

I attended a corporate function recently uEntrender the theme of 'Innovation'. It was attended by innovation professionals, corporate execs and a range of participants from other innovation-related sectors.

The discussions were very interesting but I was struck by one single fact: the ambiguous and generic use of the term 'innovation' - and the ramifications of this ambiguity on the corporation.

I am troubled by this for a range of reasons.

Ever since Hamel and Prahalad made 'innovation' the catch-cry of the times for corporations a few decades ago, corporations have interpreted 'innovation' to mean 'reinventing themselves'. That's OK when it's relevant but it doesn't apply to everyone.

The concept of innovation generally refers to the 'creation of something that didn't exist previously'. This is most evident, for example in the sciences and in some technological sectors. The bionic eye and ear initiatives, wireless technologies, solar power, and so on are excellent examples of creating something new.

In the corporate context this is rare however. Corporate interpretation of 'innovation' generally means 'improvement' or 'differentiation'. Both are legitimate but neither necessarily (and rarely) mean 'creating something new.'

Of course some companies need to innovate in their products and services area, but often it's a matter of incorporating features that competitors already offer, rather than of 'creation'.

Nearly everything in the corporate space already exists somewhere. Therefore for a corporation to improve or differentiate, it is often a matter of knowing what exists and being able to apply it efficiently and effectively for its own purposes. It does not therefore mean that the corporation must create something new.

This is particularly relevant because:

1. Creation is different to applying an existing technology.
2. Creation implies cost, time and effort.
3. Creation carries financial, time, effort and reputational and corporate risk.
4. Many managers and directors don't know the difference between the two concepts.

Many of the speakers at the recent session implied that the difficulties with adopting innovation is of embedding innovation as a cultural attribute. Some of corporate speakers therefore appeared to be trying to make everyone in their organisation 'innovative'. Firstly, not everyoneneeds to be innovative. Secondly, not everyone can be innovative (even if you adopt the principles of Kaizan). Thirdly, this is all about effective change and culture management.

Ultimately innovation, regardless of one's interpretation, should never be conducted without a robust and defensible business case that demonstrates the value such innovation would deliver toward the enhancement of the host's organisational objectives.

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Tarun Wadhwa: Approach Life Like an Entrepreneur 06-20

Tarun Wadhwa: Approach Life Like an Entrepreneur

GUEST MENTOR Tarun Wadhwa, aspiring entrepreneur and son of Vivek Wadhwa: 

Growing up, I never understood why anyone would want to become an entrepreneur. Between the long hours, constant uncertainty, and grueling pace of life, it just didn’t strike me as something that I would ever want to put myself through. My father, Vivek Wadhwa, founded several technology companies, and even though I deeply admired and looked up to him, I never quite understood why he had chosen that path.

Instead, my dream was to become a lawyer. It wasn’t that I was particularly attracted to that lifestyle either — I just believed that law was the most direct way to impact the world around me. I thought entrepreneurs only worked on improving small issues, while lawyers focused on solving the big problems. It didn’t take too long for me to realize that I had it backwards.

While he was always supportive of my decisions, my father liked to tease me that I was wasting my time with law. He would often tell me I was meant to be an entrepreneur and one day I would realize it, and I would reply, “There’s no way!” Now, as an adult with a startup in the privacy and cyber-security space, I am incredibly grateful that I was learning from him the entire time. The lessons themselves had little to do with business. It was the outlook on life that he instilled in me that has really taught me the skills I’ve needed to know. He showed me that entrepreneurship is not a profession, it is a mindset — and it shapes the way you interact with the world around you.

For example, one of the most unique traits of entrepreneurs is the way they approach a problem. My favorite thing about the many that I’ve had the pleasure of getting to know is a shared disregard for authority. As a group, they are relentless. They rarely accept no for an answer, and are always looking for a way to work around obstacles. Where most people would give up and move on, they try to think outside the box and develop creative solutions. Even if they ultimately are unsuccessful, it is often when they fail that they learn the most.

My father would always push me to ask for things – even, and especially, when I was completely embarrassed and afraid to. As a kid, I cringed whenever he did this – I hated it. But as an adult, I’m thankful he showed me value of getting out of my comfort zone. It is difficult to do this sometimes, because it should be; you grow much less from doing things that are easy or that come naturally. The fear of being rejected will stop many people from asking for what they want, but being told “no” rarely ever lives up to the anguish of the worst-case-scenarios we think up in our minds.

While convincing others to help you achieve your ends is great, it is far more important that you are treating people in an empathetic and respectful way. My father has always gone out of his way to mentor other entrepreneurs, even to a fault. He always cherished these experiences though – he’s told me many times that in life we’ll have people who lend a hand to us without expecting anything in return, it’s important that we do the same for others. As a child, I have vivid memories of the times near the holiday season when my mom would take me to a local toy store and let me pick out all kinds of different gifts. But the toys weren’t for me — we were buying presents for all of the company employees’ children. The simple act of having me decide what other children would want forced me to step out of my own world, and into theirs, even if it was for just a few moments.

However, not every lesson he taught me was positive. When I was in eighth grade my father suffered a massive heart attack, partially due to the fact that he was working constantly. I saw firsthand that one of the most important things you must do as an entrepreneur is to remember to invest in yourself. You can’t sacrifice your health for the sake of business. It’s not worth it.

Approaching life like an entrepreneur isn’t about ruthlessly exploiting opportunities or constantly seeking out new ventures: it’s about being bold, creative, and mindful in your everyday actions. Like running a business, living a life with an entrepreneurial outlook is all about balance and priorities. This Sunday, I will spend some time reflecting on what my father has taught me through his words, actions and decisions – and I will give thanks that my role model in life has shown me some of the keys to living a more fulfilling, challenging, and empowered life.

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7 Things That Make Great Entrepreneurs Tick

7 Things That Make Great Entrepreneurs Tick

All the greats--Mayer, Page, Zuckerberg--have these things in common, and this list is what makes them better than all the rest.

Silicon Valley has gazillions of successful entrepreneurs and brilliant innovators.

You can’t walk down the street in Palo Alto or Mt. View without bumping into two or three top executives who started out in a little garage shop, research lab, or college dorm room.

Funny thing is, they all seem to have unique outward qualities, some more eccentric than others. Marissa Mayer is a high-fashion workaholic. Mark Zuckerberg is obsessed with the product. Larry Page is a geeky introvert. Larry Ellison is an adrenaline freak that races yachts, flies planes, and buys entire islands.

All that may be true, but it’s a big mistake to think that defines them.

You see, everyone gets so caught up in the public personae and the hype that it’s easy to forget just how much these folks have going on under the hood. I’ve worked with loads of them and one thing I can say for sure, they will surprise you.   

One minute you’re getting grilled about your crazy idea and the next minute the guy’s not only on board but asking why you can’t get it done sooner. It can really freak you out if you’re not used to it. Not only that, but it’s dangerous to take everything they say and do verbatim. They’re not infallible. They don’t walk on water, you know.

In any case, if you want to know more about what makes these people tick, what makes them the way they are, here are seven things that, in my observation, successful entrepreneurs seem to have in common.

They all have a process. It’s the strangest thing but every single one of them seems to have their own process for thinking things through, making decisions, whatever. They’re very process-oriented. Sometimes they don’t even know it. Also they definitely do not want you inside their heads so mum’s the word, if you know what I mean.  

They trust their gut. It seems they’ve spent their entire lives being self-absorbed or self-sufficient. As a result, they’re extremely self-confident when it comes to trusting their own instincts and following whatever it is that inspires them. They will listen to others -- a trusted few -- but they’ll still make the final call in the end.

They have a passion for what they do. That’s why they do it. Whether it’s writing software code or coming up with the next hot gadget, they love it. It inspires them. It makes them feel safe, comfortable. It draws them like a powerful magnet. They feel at home doing it. And there’s nothing else they’d rather do. Nothing.

They’re unusually quick on the uptake. They can assimilate data, come to grips with a situation, or grasp something that took you two hours to understand in what seems like a heartbeat. It goes without saying that they’re unusually smart.    

They’re born problem solvers. To them, problem solving is a fantastic game. They get off on it. They live for it. And they’re the best at it. Once they understand the problem, they revel in bringing their intellect, inspiration, and observations to bear in coming up with the right solution, plan, decision, whatever’s appropriate for the situation.

They’ve got something to prove. It’s not usually clear -- to your or to them -- who they need to prove it to, but I really don’t think it matters. They all just seem to have this relentless need to achieve, to make things happen, to do great things. It drives them and motivates them.

They work their tails off. Their work is, to a great extent, their life. That’s sort of an obvious result when you consider how passionate they are about what they do and how driven they are to accomplish great things. And you won’t always see them working, either. Day or night, at work or at home, they usually have a hard time turning it off.

One more thing. If you end up working with some of these folks, the worst thing you can do is be in awe of them. They don’t generally like yes-men and are quite impatient with folks who don’t add value. They have you around for a reason. Do what you do best and be straight with them. 

That’s generally the way to go.

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10 Questions You Must Ask Before Buying a Business 12-20

10 Questions You Must Ask Before Buying a Business

BY JANE PORTER   

Andrew Cagnetta bought his first business -- a pasta shop in Wethersfield, Conn. -- at age 25 and quickly realized he hadn't done his homework thoroughly enough. Although he stuck to the shop's original recipes and products, customers began complaining that the recipes had changed. Sales declined, and in less than two years, Cagnetta and his cousin, the co-owner, ended up selling the store.

They had bought the shop from two elderly women who had run it for years, not realizing how integral the previous owners had been to its success. "One question I should have asked [the previous owners] was what do they think drove people to the store?" Cagnetta says.

He would never make that mistake again. 22 years later, he now owns Transworld Business Advisors   in Fort Lauderdale, Fla., which helps buyers ask the right questions before buying a business. "There are no stupid questions," Cagnetta says. "The more questions you ask, the less risk there will be."

Where to begin? Here are 10 key questions to ask sellers before agreeing to buy their business.

1. What are your biggest challenges right now?

You want be aware of potential minefields, says Chet Walden, president and CEO of Walden Businesses  , an Atlanta-based management and acquisitions firm. For example, if you're buying a company that will need $1 million in capital improvements, he says, you need to learn that upfront while you're still negotiating the purchase.

2. What would you have done differently?

This question can get the owner talking about opportunities he didn't pursue but would have liked to, says Joe Bodine, CEO of American Business Masters & Investments Inc.  , an Overland Park, KS-based business brokerage firm. This question could help you learn how much growth potential the business offers -- from untapped markets to additional product lines to new marketing opportunities.

3. How did you arrive at your asking price?

Often, sellers will base their asking price on arbitrary factors such as how much money they'll need to move on with their life. Find out what quantitative information they have to back up their asking price, says Richard Parker  , author of the series, How to Buy a Good Business at a Great Price (Diomo Corporation, 2001-2012). "You want to understand their thought process" and get a sense of your bargaining power, he says. If a seller arbitrarily arrived at his asking price, there's likely more room for negotiation.

4. If you can't sell, what will you do instead?

Learning the owner's plans if he can't sell the business is another way to determine your bargaining power, says Victor Cheng, a coach for CEOs and author of Case Interview Secrets   (Innovation Press, 2012). For example, if the owner would give the business to an employee or close it over time if he couldn't sell it, you probably have more room to negotiate a lower price.

5. How will you document the financials of the business?

Make sure there's a clear paper trail for the company's financial data, Parker says. You need access to tax returns and other documents to back up the owner's assertions about the company's revenue, other income sources, and profits or losses. If the seller has unrecorded income, how can he prove it in writing?

6. Do you have any past, pending or potential lawsuits?

The last thing you want is to inherit a lawsuit, Walden says. Ask if there are any pending or past legal proceedings and avoid buying any business that could potentially get you involved in litigation. For protection, get the response in writing in case the owner is concealing any legal matters that could come to light later.

7. How well documented are the procedures of the business?

Often small businesses operate with no set procedures in place, Cheng says. This might work well for the existing owner, but you'll need some sort of direction, such as manuals on company policies and practices.

8. How much does your business depend on a key customer or vendor?

You might be buying a company that looks very successful, but if it relies heavily on any one customer or vendor, you're taking a big risk, Cagnetta says. If major clients and vendors feel particularly loyal to the previous owner, they might jump ship once you take the helm.

9. What will employees do after the sale? 

You need to know whether employees are aware of the pending sale and what their plans are, Bodine says. In case any key employees should decide to leave, make sure they have signed non-compete and non-disclosure forms so they can't immediately take customers or business practices to a competitor.

10. What skills or qualities do I need to run this business effectively?

Find out which skills or leadership qualities are most important to keeping the business going and figure out if you've got them -- or can learn them. Cagnetta recalls a client who bought a swimming pool business without realizing the physical demands of pouring chemicals into pools in the Florida heat, and an introverted buyer who purchased a bingo hall without understanding the importance of greeting guests at the door.

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Entrepreneurs Shouldn't Pitch Their Ideas To Venture Capitalists!!!! 05-03

Entrepreneurs Shouldn't Pitch Their Ideas To Venture Capitalists


John Greathouse
(courtesy Forbes)



Although it is tempting to overly intellectualize modern-day venture capital, its underlying construct has been part of human society for thousands of years. From the earliest days of seafaring traders, affluent dilettantes have been entrusting their capital to less-affluent, enterprising workers willing to share a portion of the resulting gain with their benefactors.



Two early venture capitalists were King Ferdinand and Queen Isabella, who backed Christopher Columbus. The traits these royal investors sought in Columbus are surprisingly similar to the characteristics modern investors look for when evaluating startup teams.

Ideas are infinite, and in the absence of competent execution, they are worth nothing. Nada. Zip. Zero. Conversely, money in pursuit of outsized returns is plentiful. Thus, if both ideas and money are abundant, what is the scarce constraint in the fundraising equation?

Trust.

Skilled entrepreneurs bring ideas and money together by building a bridge of trust.

If you are fortunate to pitch a sophisticated investor in person, assume they already believe in the veracity of your idea, the market and the underlying technological trends. Unless an investor specifically asks you to educate them regarding your space, focus your pitch on why you and your team are uniquely qualified to exploit the opportunity and turn the idea into a lucrative, self-sustaining business.

In too many instances, when entrepreneurs come to Rincon Venture Partners’ offices to pitch me and my partners, they waste valuable time attempting to sell us on the opportunity, often even after we say, “we believe in the opportunity, now tell us why we should place a bet on you.”

Grubbing For Money

“Grubstake” is a very American word, combining “grub” meaning “food” with “stake” meaning “a share or interest in a commercial enterprise.” A grubstake often involved the financier or Grubstaker funding the Grubstakee entrepreneur’s food, lodging and tools.

Modern venture capital differs only slightly from the grubstaking that was commonplace in the Western United States during the latter portion of the 1800s.  Frontier financiers put credence in the same characteristics valued by Ferdinand, Isabella and 21st century investors.

Informal Education – Consideration of a Grubstakee’s formal education was usually irrelevant. If the Grubstakee had any “book learning,” it was seldom directly applicable to the nature of the grubstaked venture.

As a VC, I do not care if you attended an Ivy League school, a community college or if you only have a high school degree. What concerns me is the depth of the knowledge and experiences you can apply to your venture.

Stewardship – Because the Grubstaker was directly footing the Grubstakee’s bills. A miserly approach to spending was a prized Grubstakee trait. I likewise value an entrepreneur who treats my money like their own and understands the difference between spending and investing.

Clean Backtrail – Without email, LinkedIn, Twitter or even an iPhone, Grubstakers were still able to verify a Grubstakee’s propensity toward honesty, integrity and hard work. By asking a few well-placed questions to the folks who had previously crossed paths with the Grubstakee, the Grubstaker could confirm whether or not their trust was well placed.

No matter how much trust an entrepreneur builds during our interactions, I always verify the veracity of their claims and prior accomplishments by speaking to people with whom they previously worked. Confirmation from people whom the entrepreneur did not cite as a reference is vital.


No B.S. – A firm handshake, coupled with direct eye contact, was often the only contract underlying a Grubstake deal. As such, communication had to be clear, open and direct.

I have no interest partnering with an entrepreneur who only communicates positive information, while obfuscating negative issues. As such, part of our diligence process includes assessing how clearly and honestly the entrepreneur communicates.


Sticktoitiveness – Most Grubstakees felt honor-bound to do everything within their control to repay the grubstake, even if their venture never generated a profit. I similarly seek entrepreneurs who perceive failure as a personal affront and refuse to walk away from a venture, even when success seems remote.

Shared View Of Success – The Grubstaker was rewarded when the Grubstakee succeeded. Such alignment minimized the risk that self-dealing, by either party, would derail the venture.

To this end, I spend significant time discussing the definition of success with our entrepreneurs to ensure that we share similar expectations regarding an acceptable exit.

Fear Of Failure – A grubstake was intended to facilitate the Grubstakee’s basic survival while he pursued his venture. If the grubstake was too large and the Grubstakee was not adequately motivated, the venture would fail. Effective Grubstakees were sufficiently dissatisfied with the lifestyle afforded by the grubstake and did not consider free room and board “success.”

In the same vein, I seek entrepreneurs who celebrate product, customer and partner victories and do not consider fundraising milestones a measure of their success.

Think Stewardship

The second time Christopher Columbus pitched Ferdinand and Isabella (two years after his initial presentation – raising money has always taken patience and persistence), he did not need to convince them that locating a shortcut to the spice routes of India was a good idea. Rather, he had to belie their primary concerns: was he honest, tenacious and competent enough to execute the journey?

The same precept holds true today. If a VC grants you an in-person meeting, it is doubtful they need to be sold on your idea. Thus, use such high-touch interactions to build a bridge of trust and convince your would-be investors that you will be a trustworthy and capable steward of their money.

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