Hold Fast To Your Dreams

As an entrepreneur, you are likely to face any number of obstacles. Worse yet will be the naysayers around you – people who don’t believe in you or what you are trying to get done. Even friends and family – well-intentioned as they may be will doubt, question and even actively discourage you. So it’s really important to Hold Fast To Your Dreams.

I realize that the challenges I’ve faced are hardly worth boasting about. My life has been one of relative privilege. But the lessons I’ve learned from my father‘s life and that of my grandfather, his father in law are a living testament to why you should hold fast to your dreams. I’ll share one story – that of my grandfather who Held Fast To His Dreams well past his nineties.

A rough start
My grandfather was born in 1902. His father died of tuberculosis barely two months before he was born. His widowed mother, then barely 19, moved back to her father’s home in a village in south-western India, another mouth to be fed. Then at age 2 my grandpa contracts polio. His left leg is permanently shortened. When it’s time to go to school, his grandfather says, “What’s this crippled boy going to do with school?” I’m sure he was not a cruel man, but those were the times they lived in.

My grandfather even at that age never gave up on his dream to making something of his life. One day the schoolmaster showed up at his grandfather’s house. “Why have you come?” he was asked. “Your child has been showing up in school, so I’ve come to collect the fees.”

More Deserving Candidates
When my grandfather graduated from high school, he had to come to the city for college. When he appeared for an interview, the head of the department told him, “You are a cripple. Why do you want to study science? You’ll not be able to stand up and do all the laboratory work. I can give the seat to a more “deserving” candidate.” My grandfather was not happy, but he did not give up his dream. He enrolled in English and tutored other kids to pay his way through school, even as he lived in a “Mission” home for poor boys.

By the time he graduated with a Master’s in English, my grandpa had been teaching & tutoring for several years. So rather than work for someone, he turned into a tutoring entrepreneur and eventually started his own private college – whose motto was “Under the Minerva roof, you are failure proof.”

Dream Achieved?
It looked like grandfather’s dream of making something of himself, and liberating his mother from poverty and dependency on others had come true. He was a renowned Shakespeare scholar – his Minerva notes were sold across the Commonwealth from Kenya in Africa to Australia in Oceania. He’d also gotten married and over time fathered ten kids – yep 10! Five girls, the fourth of whom was my mom and 5 boys.

Setbacks again
Just as it looked like all was going well, his wife died in childbirth leaving behind twelve kids, ten of his own and two grandkids. But as he was fond of saying “Ambition is made of sterner stuff.” He had his daughters and sons put through college and most of them married – more grandchildren were on the way, and it looked like normalcy was back. But a year after I was born, my grandfather was in a car accident, and he lost the use of his other leg and his right hand. Now at age 62, he was confined to a wheelchair and 100% dependent on others.

I think you can safely guess he still had things he wanted to do and he held fast to his dreams. He did not give up his dreams.

  • He studied classical Indian dance and became an expert who every dancer of repute consulted on their latest projects.
  • He built a house in which a wheel-chair bound person could live by themselves – this was in the early 70s.
  • He became an educator for nurses who worked with the “handicapped” as they were called then.

By the time my grandpa passed in 1995, chess grandmasters, dance divas, Sanskrit scholars and hundreds of others’ lives had been touched by him. And the thousands who’d been through his college eulogized his memory.

I can’t think of a better example of what “Holding fast to your dreams” can achieve.

 

Dreams

Hold fast to dreams
For if dreams die
Life is a broken-winged bird
That cannot fly.

Hold fast to dreams
For when dreams go
Life is a barren field
Frozen with snow

Langston Hughes

Is Your Business Hurting ‘Coz You Confuse Marketing & Sales?

There is no greater impediment to the advancement of knowledge than the ambiguity of words. Thomas Reid

SALE

Photo credit: Gerard Stolk (vers Noel)

The trouble with most of us who speak in the English language is that we assume that people actually understand what we are saying. This last semester, as I set out to teach a course on International Marketing, I happened to ask the class casually, “How many of you understand the difference between marketing & sales?” The faces,  more than the raised hands, clearly communicated the confusion over the two. So as I set out to clarify the difference, I learned a thing or two and reckoned I’ll share that with you.

Let’s get the basics out of the way. And in the interest of not reinventing the wheel, I’ll share what I reckoned was a good definition from Diffen.com. As they summarize it

Marketing The goal is to generate awareness and interest in the product/service and create leads or prospects, by influencing the perception and behavior of the target customer group.

Selling is focused on converting prospects to actual paying customers. Sales involve directly interacting with the prospects to persuade them to purchase the product.

This means the activities done by marketing and sales can be quite distinct

Marketing
  • consumer research to identify the needs of the customers
  • product development – designing innovative products to meet existing or latent needs
  • advertising and digital marketing the products to raise awareness and build the brand.
  • pricing products and services to maximize long-term revenue.
Sales focused on converting prospects to actual paying customers. Sales involve directly interacting with the prospects to persuade them to purchase the product.

So far so good. Now that we are clear about definitions, does this help us figure out when does your business require marketing (or sales) and how much of it does it require? As we set out to answer this for some examples, I realized that there was some nuance to this, especially when it came to a matter of

  • target customers – are yours’ consumers or other businesses
  • sales channels – do you sell direct or through channels

Of course, neither of the above is an either/or answer. You could have both consumer and business sales (think airlines, catering or training classes) and could be both direct or channel (advertising, over-the-counter medications).

While the role of marketing remains building awareness and generating demand – its relative contribution and nature of activities depend on which of these combinations your business falls into. With the rise of internet and e-commerce, certain categories of consumer-targeted businesses can operate without any sales force at all. Similarly, business-focused sales channels, which are businesses themselves such as aggregators or distributors, rely primarily on the marketing of their principals to drive demand. Even these folks have to market themselves to stand out from their competition.

Here’s a useful framework (and some examples) to think about this. What is the product or service you are selling and to whom are you selling it and how will you sell it to them? And what marketing will be directed towards whom? And what sorts of sales activities and personnel will you need to meet your goals?

Market_Sales_Channel_Customer

Here are two different examples of companies that sell primarily to consumers (airlines, cars) or businesses (Facebook ads) and what they do for sales & marketing. Of course, all these businesses serve both consumers and businesses to varying degrees.

Delta_Facebook_Mktg_Sales

I’d love to hear how this looks for your business. Happy hunting.

References
“Marketing vs Sales.” Diffen.com. Diffen LLC, n.d. Web. 18 Aug 2017.< http://www.diffen.com/difference/Marketing_vs_Sales >

Yet Another Tip To Make Decisions Faster

In an earlier post, I’d shared the insight that separating WHAT it is you want to do (your decision) from WHEN you’d implement it can make the entire decision-making process easier. The human mind, certainly mine, fickle as it is, finds numerous ways to avoid making decisions. Take the case of wanting to quit your job, which seems a perennial favorite with young aspiring entrepreneurs.

WHAT: I’d like to quit my job – I’m sick and tired of it and want to do a startup.

BUT, how will I let my family/wife/significant other, know? The thought of having to convince stakeholders, especially if they are family – who we fear will not be receptive or supportive – puts the kibosh on even making the decision.

So step back and recognize the WHAT of a decision is the most important – and neither the WHEN will I implement the decision nor HOW will I implement the decision should come into play, while trying to make a decision. Of course, they are relevant such as

WHAT: I want to fire that guy who’s being a jerk to everyone else

HOW: Talk to him, if necessary with HR present. Ask him questions on how he perceives his own behavior. Provide him feedback on what you’ve observed. Put him on a 90-day improvement plan.

WHEN: By June 30th of this year

As you can see the HOW may require a fair amount of work – may involve others and will definitely influence the WHEN. None of this should put off making your decision – WHAT it is you want to do.

 

3 Steps For Handling Marketing Disasters Better

For marketers and leaders as communicators, these last few days have been a textbook case of how NOT to handle something. As one creative twitter user put it

I’ll admit playing Monday morning quarterback is easy. Yet the PR fiasco of how United (and it’s CEO) handled communication with its customers, employees and the world at large, could have been avoided with a touch of personal authenticity and a little faster. And the White House spokesperson Sean Spicer’s own travails could have been averted, with a little more care, and just taking some additional time before hitting the SEND button. (For those who missed it, three separate clarifications – stated, re-stated, re-re-stated, within a matter of minutes before a full-blown apology on cable television)

So what lessons can we draw as leaders and communicators

Be authentic
How would you act if this happened in person? If someone tripped over your leg or you happened to push them at the post-office or at a crosswalk? Despite the litigious society we live in, most reasonable folks would inquire after the other party, “Are you alright?” Covering for the company or your own rear with corporate speak such as “I apologize for having for having to re-accommodate these customers,” and then blaming the victim “…he refused and became more and more disruptive and belligerent” are both neither good nor smart.

Be timely
United’s CEO finally a full day later made this statement, “I deeply apologize to the customer forcibly removed and to all the customers aboard. No one should ever be mistreated this way.” What a difference offering such an apology front would have made! In many ways, the Sean Spicer’s apology at the end of a relatively disastrous day in which he made comparisons between the Assad regime and Hitler, was a good example of timely and unequivocal apology. Unfortunately, in his case, his past flubs and history of misstatements likely undercut what otherwise appeared to be both genuine and textbook case of public contrition.

Be deliberate
As earlier attempts at clarification by both United’s CEO and the White House spokesperson demonstrated, little thought or deliberation seemed to have gone into their response. In Spicer’s case within 30 minutes, he sent three clarifications on what he had attempted to communicate with his Hitler comparison, with each further muddying waters. This was a clear case of not stepping back before hitting the SEND key. Deliberation does not mean delay or not timely – it primarily means the application of your mind – invariably it means not doing things as a reaction or in the throes of strong emotion.

In summary, acting in a Timely manner, while staying Authentic and being Deliberate in our actions is important for our communications to be effective. Think TAD!

Values – Putting Them Into Practice

Culture in organizations has been a favorite topic of mine for many years.  The recent discussions of harassment in Uber and Thinkx or the management style of the Trump Organization are all rooted in the underlying culture of these organizations. Most organizations have a vision, mission and even set of values identified – and even displayed in public place. Yet, like many of our own new year resolutions, shall we say, there’s often a gap between what’s stated and intended and the reality employees, customers, and partners experience. So how you build the culture you seek in your organization through a set of values.

Dan Rockwell (aka Leadership Freak) whom I’ve followed religiously for several years now, shows a simple yet effective way to put your values into practice. Such a practice will help you build the culture you seek. Here’s the bulletized version of Dan’s method (I’d call it the 3As) that he discusses in the video below.

  • Articulate your value
  • Act on that value – such as in a specific behavior
  • Applaud the behavior – recognize and highlight when people act on it

Decisions – A Secret to Make Them Easier

“Do you think I should just quit?”

This is a question that comes up with surprising frequency. It’s not just prospective entrepreneurs who ask such questions.

“Should I fire him?” is another one I get asked frequently. This is often with a high-performing but a hard-to-get-along employee.

As leaders, managers, and individuals we are constantly having to make decisions. Decisions, that all too often don’t seem easy to make. They may have too high a cost – one that makes it daunting, even if it’s a simple Yes or No decision. Some would argue there are no simple decisions, especially when it comes to matters of people or organizations. And when a decision is hard to make, we invariably postpone it.

Rarely does such procrastination make things easier.

One simple secret to make such decision-making easier, is to separate the what from the when.

Most people, conflate what they intend to do (“the decision”) with when they will implement the decision.   In other words, if you decide to quit your job, when do you have to give notice? The thought of giving notice, is itself daunting and keeps you from making a decision about your job. The moment you recognize that these are two distinct things – “Should you quit?” and “When should you quit?” – you will find it easier to make the decision about your job.  This works from the simplest “Do we go on a vacation?” to “Do we fire this customer.”

Try it today and let me know how it works for you.

4 Steps to Better Care of Your Entrepreneurial Heart

Heart

Photo frankvanroon

The Ohio State University sends out a daily news update to its students and faculty. For Valentine’s day, one of the articles they shared in the daily mail was on how to take better care of your heart – or as they put it “4 simple steps to a healthy heart

 It struck me how appropriate this advice – useful for any person, is particularly relevant to entrepreneurs – who all too often – skip meals, and even if they don’t skip meals end up snacking unhealthily, run around in a high state of stress and all too often are desk-bound and sedentary. If that’s you (it certainly was me), that’s not a really good way to take care of your heart and health.
The four simple ways to take better care of your heart they recommend are:

eating healthy in my case this began by becoming conscious of what it is I put in my mouth – my meetings seemed to be accompanied with drinking endless cups of tea or coffee (with large doses of sugar in them) and snacking on cookies (or biscuits). Simply replacing such snacking with a water or green tea made a huge difference. I’ve written elsewhere how eating healthy also helped me drop 15 kgs (33 lbs) elsewhere.

being active I’ve begun using a simple 15-45 minute (Pomodoro) timer on my laptop and mobile phone so that I don’t spend 3 or 4 hours sitting on a chair. Additionally, I try to put in between 2-4 miles of walking a day – usually sneaking away at lunch time. Try holding at least some of your 2-person meetings as a walking meeting, in a nearby park – you get some exercise and mind find your meetings go way better.

managing stress many of us when younger were like “What me stress?”  But whether we feel stressed or not, the every day pulls and pressures of our jobs and lives do cause us stress. Conscious deep breathing, when you take that 5-minute break, walking around, mindfulness exercises or good old exercise are all good ways to manage stress. Of course, one key indicator for me personally is when my snacking desire increases, it’s usually a good indicator of being stressed.

avoiding tobacco here’s the good news – eating well, exercising and managing stress are all good ways to overcome habits, that you’d like to lose. Not having been a smoker, I’m hardly an expert in this area. But do what you can to avoid tobacco or seek help to quit smoking.

You can read the original article here.

Building a business is still on human scale

This morning I read Om Malik’s piece on DropBox and how they’ve become the company to achieve a billion dollar run rate in the shortest time –  9 yep, nine years!

The Internet might have hastened the pace of our world. The network has turbocharged growth and expansion. However, it looks that growing into business still indexes at human scale.

In the early naughts, when we’d meet venture capitalists, who’d ask “How will you become a billion-dollar business?” (my answer usually was we wouldn’t) and subsequently, when I heard young entrepreneurs pitch business plans, I’d often point out to them that average software product company takes 7-8 years to get to $50M in revenue. Yep 50M in run rate.

So if DropBox was able to get to 1 Billion in the same time, does that mean the clock has gotten faster? The two operative words here are unicorn and average – an even more important word might be run rate!

One way I’ve always thought about it, is despite all the advances in medicine, having a baby still takes – give or take – 9 months. A business in many ways, especially one that lasts, takes time nearer a decade to get to a significant size, on average!

3 Reasons Why Rejection Can Be Good For You

In 1988 just as I was about to finish up my Ph.D. and finally graduate, a good friend Murali arranged for me to interview with his group at Intel. My father, who was visiting, insisted on driving down with me to Santa Clara, as he was bored out of his mind hanging around my apartment. I dropped my dad at the Marriott, I think, around the corner and went on to my interview with Intel.

It did not go well.

I recall Murali’s boss asking me about how a PN junction works and being greatly offended mostly because I flubbed the answer. I don’t recall how the rest of the meeting went, safe to say not too well. In an ego-protecting move, my brain seems to have blanked it out completely. Needless to say, I never heard back from them.

It stops you from being complacent I realized that I’d just not prepared for my interview. I’m not sure what I’d thought – that I was a Berkeley grad or that I could answer anything on the fly. The interview that day made me face, how clueless and complacent I was.

It makes you better prepared It was not easy to admit to myself, the assumptions I’d made had made me complacent in the first place. Challenging the assumptions was a start but not sufficient. I realized being better prepared was the answer. Of course it took me more than one screw up, to learn this lesson and even today I find I could always be better prepared.

It leaves you open for better opportunities Little did I realize that flubbing the Intel interview was not a bad thing, for that’s how I ended up at National Semiconductor. Intel’s enormous success stemmed from their relentless and singular focus on what needed to be accomplished – this translated to new graduates often having to work on a reasonably narrow scope of things, for a good deal of time. That is not a bad thing! In fact, it’s a good thing to focus and go deep but just wasn’t my thing. Guess my inability to do one thing at a time is not a recent phenomenon.

At National, they just threw you at a problem, often a big one, and let you go at it – not pretty or efficient, but enormously educational. And if you were interested in something and prepared to put in the hours they were happy to hand it to you. Of course, this may explain their meanderings and lack of profitability the first five years I was there, but talk about learning on the job. Over the last 20 years, many of my successes and particularly my problem-solving expertise was built in those early years at National. They also spent a great deal on educating me on things that I felt then, as unrelated to my job role. This is something that I’m immensely grateful for, particularly to my managers and colleagues who guided me with great patience and fortitude.

Of course, if I’d paid attention in school and actually learned how a darn P-N junction worked, I might have learned just as much or even more at Intel, but I suspect given my own personality I wouldn’t have. So despite the disappointment, I felt that day driving back – with my father trying to assure me that he was sure I’d done well in the interview – it all turned out well.

And I’ve learned since then rejection need not be bad always.

As I’ve heard my wife say often to our daughters, when one door closes, God opens another. This has been my experience and I’m grateful for it.

5 Leadership Lessons from Teaching

classroom

Photo:asterixtom

“Help!”

Well, my email subject line actually read “Looking for advice/help.”

I’d just found out that I’ll be teaching a course on International Marketing (yay!) this coming semester. Once my initial euphoria died, I realized teaching a semester-long (14 weeks) course to a class of 21-year-olds was not something to be taken lightly. Hence the call for help to buddies of mine, who’s been molding young minds for more than two decades. The advice I got ranged from, “Oh, you’ll do great!” (fat lot of good that did) to a 90-minute primer on what teaching a course meant. As always I took profuse notes as my friends waxed.

When I went through my notes, one thing struck me – how much teaching a class well, required some of the same skills that any good leader (or startup founder) would need. So if I replaced the words “teaching” with “leadership” the advice was just as useful.

Here’s a quick summary of them.

Discover your leadership philosophy It’s important to understand and more importantly articulate both to yourself and your teams, what your leadership philosophy is. This isn’t as much what is right – Servant leadership or Leadership secrets of Attila the Hun – as much as knowing what works for you best and sharing it. If nothing else, answer for yourself, why are you a leader and how you plan to go about accomplishing this?

Understand your personal style Even leaders who share a common philosophy of leadership can have widely varying personal styles. My own personal style, regardless of the role I play in a team, is one of action – despite my oft-stated intent otherwise. I have seen folks who have a directive even aggressive style be just as successful as those who tend to ask questions and nudge. Recognizing your personal style and how it fits in with your leadership philosophy is important to help your team and yourself succeed.

State your expectations It’s important to articulate what you as a leader expect from your team. Whether what needs to get done, or how it needs to get done, stating this will save everyone a lot of grief. The more explicit and specific you are in articulating your expectations, the more likely they will be met. This is especially important when you take over as the leader of a new project, team or company.

Build on your strengths & share your experience As Peter Drucker put it “Make strength productive.” Building on your own strengths and sharing your past experience would help you be more successful and will give your team a sense of where you’ve been and lend credibility to your inputs. You need to balance sharing your experience against a tiresome telling of war stories.

Recognize people are different A team, whether it’s one you inherit or build, will likely consist of people who are widely different, in aspirations, attitudes, capabilities and working styles. If you have a large enough team, you’ll see something that approaches a Gaussian distribution – even in small teams, especially ones that you inherit, you will see a spectrum of personalities. Recognize this and keep the old adage Different Strokes for Different Folks in mind. You are less likely stumble and get frustrated.

I’d love to hear what your own experience has been both as a teacher and a leader.