How to successfully Transition Project Managers

By guest contributor Anthony Schatz, part 2 or 2 part series.  Tony is senior partner at RJSL Group, IT project management consultancy and staff augmentation outfit based in Chicago.

We all know project resources are ever changing.  It always seems that once you have a well-oiled team and everyone is working towards the same goal, inevitably a key member is promoted, removed, or leaves your project.  As project managers, we are trained to work through these situations and keep the project moving forward.  However, what happens when the project manager is replaced?  Who leads the transition?  Who ensures the project continues to move forward?

Here are some key components to ensure a smooth transition from one PM to another:

Sponsor(s)/Key Stakeholder Communication – This group will make or break a successful transition.  These are high-level resources that need to understand their project will not be negatively impacted by this change.  This group is mainly concerned about completing the project successfully.  Explain to them why the transition is taking place and what the plan is to keep the project moving forward.  If possible, have face-to-face meetings.  Follow up these meetings with an email to have a written record of what was discussed.

Make sure you reach out to ALL sponsors/stakeholders, whether they are deeply involved or not.  If you miss one key resource, it could jeopardize the transition.

Team Communication – Much like with the sponsors, it is important to explain to the team why the transition is taking place and what the plan is to continue to move forward.  It is important to explain the project is not changing and the team’s responsibilities are not changing.  Each resource is still responsible for the work assigned to them.

Documentation – A successful transition relies on the transitioning PM having all the project documentation up to date.  Project standards (project schedule, risk and issues log, project charter, and status reports) provide the new project manager an understanding of what steps are necessary to continue moving the project forward.  Further, good documentation allows the new PM to get up to speed without having to ask redundant questions that have already been answered.

Mobile BI – The Future is Here

By guest contributor, Anthony Schatz.  part 1 or 2 part series.  Tony is senior partner at RJSL Group, IT project management consultancy and staff augmentation outfit based in Chicago.

When a representative of your company goes out to call on a perspective customer and walks into the customer’s office, you, as a company, want your representatives to have the most current, accurate, and actionable data at their fingertips.  With the integration of smart phones, tablets, and iPADs used by field representatives, the need for and use of mobile BI is a reality.

Two examples come to mind: Pharmaceutical Sales Reps and Consumer Electronic Field Teams.  There is a distinct parallel between what these two groups do and the information they need to complete their jobs.  For the most part, both groups go into accounts, talk with decision makers and auxiliary staff, and attempt to increase the sell through of their product.

mobileBIThe major question that needs to be asked and answered for the pharma rep and the CE field rep is: What will make the them more successful in driving sales for the company?  The simple answer is information.  Here is the caveat to that answer; it is not just information, but real, up-to-date, actionable information.  This is where mobile BI comes into play.

Whether pharma reps or CE reps, resources in the field need data and information before they enter a business and it has to be timely and informative.  Mobile BI platforms, accessible through a web portal, allow a company to provide specific and actionable data to their field representatives through an on-going basis.  Now, with all the mobile technologies available to your mobile workforce, field representatives can go into a client armed with up to date such as:

  • Sales data for the product and the customer
  • % of the time the customer sells your product versus competitor products
  • Competitor information (promotions, sales comparisons, product comparisons…)

One of Mobile BI’s great benefits is to help drive sales through arming your sales force with information prior to making that sales call.  Your reps will be able to make informative, actionable plans to follow when interacting with the customer.

Mobile BI gives your sales force the flexibility it needs in the field to make decisions, but ensures those decisions are based on timely, actionable, and objective data.

Customer Service and Manners

CaptureGreetings from SFO Red Carpet Club.  There were days, pre-marriage and definitely pre-kids, when I enjoyed flying, whether for work or for leisure…   And the Star Alliance network, led by United Airline (now United Continental Holdings) provided the widest reach.  Fast forward a few years (after a couple of 200K+ annual air mile years and joining million miler club) and marriage and kids, I now fly only when needed and necessary.  So when I logged on almost 50K miles in the last 60 days (no I am not trying to reach 2MM miler club), it was like learning a new trick all over again.  Here’s what I’ve learned…

  • Automatic Premier Gold status for million-miler does not get you whole lot, except for premier check-in line.  No wonder while back, a United million-miler sued the airline for breach of contract (before the merger, million lifetime miles got you premier executive, not premier gold status).  I feel like I’m treated better by Star Alliance member airlines when I am traveling abroad that United, which I have most loyalty to.
  • US flight attendants really do need a lesson in customer service.  Just because you start the sentence with either sir or ma’am that does not excuse rest of the sentence / paragraph that comes out of your mouth.  Specifically, a couple of flight attendants in my recent flight from ORD to SFO were behaving like two frat boys at division II schools.  It was embarrassing…
  • My recent flights on KAL, Singapore and Asiana served to only affirm my view.  Of particular note, I caught an Asiana flight attendant cleaning the lavatories during downtime so that the customers can have more pleasant flying experience.  25+ years of flying domestic airlines, I’ve never seen any domestic flight attendant do the same.

I can certainly empathize with tight margins and cut-throat environment that depicts the airline industry (I was an early guy at Orbitz so I do have some insight).  But it just seems like many US flight attendants, especially those with senority, have given up and are just going through the motions and are waiting for retirement (with apologies to those flight attendants who care and bust their butts to do their job right)…  Much like networking, customer service is just good humanity.  It has to be something you want to do and take pride in.  So what’s my solution?  Depressed million miler benefit combined with poor customer service, I don’t have much choice except to fly Star Alliance network airlines instead of United on international flights.  Then again I do have 500K miles on American…  Perhaps time to try a different domestic airline?

SMB and Outside Capital

devil in suitAll my start-ups after Orbitz were boot-strapped, so I get rather passionate about this topic.  Whenever inquiries come in from small business owners regarding the logistics of getting outside capital – valuation expectations; how much control to relinquish; what changes in operating agreement are necessary; re-classing voting rights and shares; guaranteed distributions regardless of performance (sort of like Jay Cutler’s new deal); etc. – I ask one simple question.  Why do you think you need outside capital?  Often, I’m dismayed by the answers I hear back…  They range from funds for rainy days to taking money off the table for the founders.  One thing you need to realize, it’s irrelevant why you think you need outside capital.  Investors will only invest if prospects meet their investment thesis in addition to meeting a couple of crucial criteria.

  • Management team in place – if it comes down to poorer business model with great executive team vs. great business model with poor executive team, investors will always choose the former over the latter.  There’s no such thing as great business with poor management – it won’t last.  Lesson for business owners – choose your management team wisely as your business grows.
  • Scalable business model – investors will invest if exponential return in COGS investment can be forecasted, e.g. there’s significant operating leverage.  Whether the business is technology-based or processes-based, business owners will have to demonstrate that an investor do not need to continue to spend corresponding OPEX dollars in order for it to grow.

So really think about why you need outside money and what you will use it for before approaching / accepting the capital.  Besides, there’s some truth to old saying – taking VC funds is like making a deal with the devil – do really want or need to do that?

Death of Fox & Obel

photo (63)I’ve written many “Death of” articles – death of Blackberry, death of the penny, death of the Encyclopedia Britannica. But this one really hurts…

Before Mariano’s Fresh Market, Whole Foods, Wild Oats, and Trader Joe’s (I’m still mad at them for not giving me an opportunity to interview after I submitted an application at a different point in my life out West, but that’s a story for another time), there was Fox & Obel, the Chicago-based, River East mainstay for over a decade. With rumored celebrity investors like Scottie Pippen, 5 dollar per ounce olive oil, truffle tasting stations, in-house wet and dry aged meats (initially the only grocer that carried Tall Grass Beef from Red Buffalo Ranch, owned by Bill Curtis), top-notch wine and apéritif lists, hard-to-find regional and international accoutrements, and a Zagat-rated cafe attached, people had flocked to what is arguably the first high-end grocery store in Chicagoland. And this was despite its sky-high prices (trust me, much worse than Whole Paycheck, I meant Whole Foods).

Manning the bakery was Phyllis, a lovely woman and native of South Africa who never hesitated to scold rude customers, who took it. There was Martha, the ever-smiling assistant manager greeting patrons as they walked in and out. And Juanita, café manager and a single mother (her son’s a star athlete at a local Catholic school). Juanita knew exactly how you liked your coffee. Fox & Obel managed the unlikely balance of Chicago Gold Coast uppity-up-ness with a neighborhood feel. My business partner (of Spend Matters fame) Jason Busch Ioved the bakery so much that its muffins, pastries and bread made it into our formal LLC operating agreement for our Spend Matters advisory business (i.e., written into the agreement was that one partner had to “stop at the Fox and Obel” bakery before business meetings – I kid you not, and yes we did honor the agreement!) Unfortunately, it’s now time to amend it.

For a while we’d heard rumors of additional investors, new stores in the downtown area, North American expansion. Then bam: the bottom fell out.

My wife Jenna and I walked around the closing sales event with heavy hearts. To Jenna and me, this was not just a grocery store – Tsige cooked for us, Sue babysat our kids, and on Friday afternoons I used to bring my RJSL and Spend Matters colleagues treats from the Fox & Obel bakery. So what happened? I can certainly make a few hypotheses.

  • Decreasing passion and sense of mission – After initial success, the original founders cashed out to private equity investors. And I could sense a gradual decline in quality over the past few years. Does that mean every buyout spells doom for those acquired? No, but it does mean that if cash flow buyers (as opposed to strategic acquirers) focus too much on the short-term bottom line, it will erode the X-factor that made the establishment special.
  • Hiccups in execution – It could be as minor as less crust on what used to be their signature almond croissant (Jenna noticed it after a new pastry chef came on board; the long-time head quit when his paycheck bounced), as major as multiple health code violations (fruit flies in food preparation stations is what I’ve heard), and everything in between, such as failure to pay electricity bills on time.
  • Poor inventory – Along with declining quality, I noticed that shelves were becoming emptier. No longer was Fox & Obel the go-to place for hard-to-find items, and even its staple trappings were sometimes missing, a cardinal sin for a grocery store. I am not a grocery industry expert by any stretch of the imagination, but even I could see tension between Fox & Obel and its suppliers.
  • Erosion of the foundation – No disrespect to technology and process (many economists claim these are the only two factors that could push the famed EFPC – efficient frontier production curve – outward), but people make up every business’s foundation, regardless of the segment. Again, towards the end, I heard grumblings from Fox & Obel’s employees. Perhaps they trusted me since I was a regular, but nonetheless, I never heard any complaints over the first few years.

I could go on and on, but it won’t bring Fox & Obel back. Furthermore, I think these causes of their failure are a good lesson for just about any business. And in case you were wondering what Jenna and I bought at the final closing sale, we stocked up on Fox & Obel water glasses and Mexican Coca Cola, made with real sugar. Coincidently, the sourcing of Mexican coke is a great personal procurement lesson – which involves having to pay significantly more for a far superior product (which also requires seeking out) albeit with the same corporate brand.

I promise to tackle more cheerful topics for the rest of 2014. Happy New Year, everyone.

We’ll also let you know what new Chicago bakery (La Fournette is highest on our current list) that Jason and I decided to amend and include in our operating agreement so that the entire Spend Matters and MetalMiner office continue to remain well-fed and sugared-up.

Emotional Intelligence and Project Manager

PMAs you may know, PARR has a sister company in RJSL Group, an IT and business PMO consulting shop.  I’ve been a project manager (PM) since my Diamond Technology Partners days, and I believe good PM skill-set is a must for any manager, regardless of his or her corporate function.  Over the years, I’ve also learned that especially when it comes to PM, emotional intelligence (EI) is more important than either intellectual abilities or any specialized, functional trainings combined.  EI separates great PM from good ones and can be defined as the ability to identify, assess, and control the emotions of oneself, of others, and of groups so that they are expressed appropriately and effectively, enabling people to work together smoothly toward their common goals.  According to many experts, major skills that make up EI are – self-awareness, self-management, social awareness and relationship management.

So, how does a PM use EI?  First, project management by nature entails a highly collaborative undertaking, often extending the scope beyond prescribed boundaries.  One of the key skill-set for a great PM is the ability to influence stakeholders globally.  More specifically, project’s success depends on the PM’s ability to influence and persuade team members and stakeholders, who often do not report directly to the project owner and have very different agenda, on numerous behavioral and emotional levels.  No matter how you slice it, this requires a large degree of EI on the part of the PM.  Second, every project introduces some degree of organizational changes in order to achieve a desired outcome. The impact of change on those who are affected can be championed or rejected based on the project manager’s leadership, prompting the PM to serve as an emotional guide throughout the process.  PMs often make on-the-fly adjustments to build and maintain positive relationships while motivating and focusing others to achieve success.

As all PMs know, the ability to develop and sustain relationships leads to successful project results. Understanding EI and honing our own EI provides an invaluable edge in building the relationships necessary to excel within the project management profession.

Are SMBs and Private Firms Better Economic Drivers than Publicly Traded Companies?

Recently, business author and Forbes.com contributor Stephen Denning  took up a topic that we found compelling — arguing from new research that suggests that privately held firms engage in greater investment than publicly-traded firms.  The short version of the argument goes that public firms invest less of their profits in new capacity or ventures to grow the company itself than do private firms.  There are a number of explicit and implied explanations of this apparent phenomenon, including claims that public firms are essentially engaged in “maximizing shareholder value” in a way that tends to be short-term in nature.

New boilers at the Yale power plant

New boilers at the Yale power plant (Photo credit: altopower)

One might paraphrase and say that public companies play to the market to maximize value via their stock price rather than long-term company value.  This case has often been made in more simplistic terms, but there is some intuitive appeal to the argument.  For years lip service has been  paid to the contributions and values of small and medium-sized businesses (SMBs) to our economy, but the research might finally be validating what many people hold in their gut — the feeling that small business contribute far more to the economy than they are given credit for, and conversely that publicly-traded companies might be getting credit for doing good for the economy when they’re really just doing good for themselves.

We might not agree with some of Denning’s praise of certain companies he deems to be creative contributors, but the observations and conclusions are certainly worth considering.  What do you think???

-SMB Matters Blog Team

 

How The ‘World’s Dumbest Idea’ Killed The US Economic Recovery

via Forbes.com
Readers of this column know that short-term shareholder value, which is still pervasive in large organizations, has a lot of accomplishments to its credit. It has led to “bad profits” that have destroyed customer loyalty. It is responsible for massive offshoring of manufacturing, thereby destroying major segments of the US economy. And it has even undermined US capacity to compete in international markets.

Now the Financial Times reports that the short-term shareholder value theory has a new feather in its cap: it is responsible for killing the economic recovery that should have occurred after the financial meltdown of 2008.

Over the last month, the Financial Times has been doing a great job in cataloguing the problems caused by the shareholder value theory. Now Robin Harding has terrific article pinpointing its role in undermining the US economic recovery.

In his article entitled “Corporate investment: A mysterious divergence” he explores a conundrum that has puzzled the world’s top economists: why is net investment at a measly 4 per cent of output when pre-tax corporate profits are now at record highs – more than 12 per cent of GDP?

English: Construction Photograph of the Aqua T...

Construction Photograph of the Aqua Tower, designed by Studio Gang Architects in Chicago, IL (Photo credit: Wikipedia)

In standard economic theory, this makes no sense. When profits go up, companies should be seizing investment opportunities to lay the groundwork for even more profits in future. In turn, that investment should create jobs, generate more capital goods and lead to higher wages. That’s how capitalism is meant to work. So why isn’t it happening? Mr. Harding explores systematically why all the leading scapegoats for what’s gone wrong—regulations, Obamacare, tax policy, fear of another financial crisis and so on—and shows why they don’t add up.

Then he comes up with the kind of thing that you rarely see in economics—a study that enables us to pinpoint the problem by offering “with” and “without” data.

A brilliant study by economists from the Stern School of Business and Harvard Business School, Alexander Ljungqvist, Joan Farre-Mensa, and John Asker, entitled “Corporate Investment and Stock Market Listing: A Puzzle?”compares the investment patterns of public companies and privately held firms. It turns out that the lag in investment is a phenomenon of the public companies more than the privately held firms.

“They find that, keeping company size and industry constant, private US companies invest nearly twice as much as those listed on the stock market: 6.8 per cent of total assets versus just 3.7 per cent.”

As Matthew Yglesias at Slate writes:

“On this account we are reaping the bitter fruits of the “shareholder value” revolution. Executives at publicly traded companies are paid to generate higher share prices, which is done by hitting quarterly earnings targets. This leads to underinvestment relative to the behavior of managers of privately held firms. Not because managers of private firms are indifferent to the interests of shareholders, but because there’s less need for creating the shareholder value link via a simplistic relationship between compensation, share price, and quarterly earnings.”

As Mr. Harding concludes, it is “time to stop thinking about corporate governance and executive pay as matters of equity and to regard them instead as a macroeconomic problem of the first rank.”

There is another way: the Creative Economy

There is of course another way to run organizations, as illustrated by Amazon [AMZN] and other companies that are pursuing the Creative Economy. Their objective is not short-term profits but value for customers. The financial returns from this different approach are extraordinary.

The argument offered by executives that “the stock market made us do it” has the same legitimacy as “the dog ate my homework”, when public companies like Amazon [AMZN], Whole Foods [WFM] and Costco [COST] have successfully pursued customer value, despite the pressures of Wall Street. So isn’t it about time we stop compensating corporate leaders for meeting their quarterly numbers and instead shift the focus of business to its true goal of adding value to customers?

And read also:

The origin of the world’s dumbest idea

How modern economics is built on the world’s dumbest idea

When will the world’s dumbest idea die?

Leadership in the Creative Economy

The five surprises of radical management

________________________

by Stephen Denning

 

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Going Cash Free? It’s Not Just for Consumers Anymore…

Yesterday I went to a soft opening for a new artisan bakery, Hewn Bread, in our suburban Chicago community of Evanston.  (Full disclosure: We knew of the soft opening precisely because we know the owners, but I’m a fiend for fresh-baked bread regardless, so I probably would have discovered it by smell alone if I hadn’t already known about it.)

Besides the expected shelves full of fine goods and the nostalgic “throwback” mental association I get from the growth of new businesses using good old-fashioned quality and simple, traditional methods, I was a little surprised to find myself paying for my rustic French Wheat Loaf with a debit card on the bakery’s iPad-style PDA.  I’d gotten used to seeing this at farmer’s markets and other parts of the “smaller” economy, but it was certainly new to witness such technology at a traditional retailer.

Part of the surprise was my own choice to use a debit card for a such a small purchase, which I generally disfavor as a consumer, because it’s typically unnecessary when I’ve got cash.  The other part of my surprise is really less unexpected the more I realize that modern business has changed.  I’m normally sensitive to the fact that the added costs of debit and credit transactions for the merchant are ultimately passed along to us consumers, and I always hear gripes on that subject from small business owners.  However, the social media interaction between this new business and its prospective customers seems well-served by this innovative technology.

At checkout I was given the option of having a printed or emailed receipt.  While I declined both options to avoid adding to the vaults full of paper and electronic receipts that drive my wife crazy, I suddenly got why cash-free or “cash-less” has become just as attractive for some businesses as it is for many consumers.  Small Business Matters recently posted an article on PayPal’s newest entry into the point-of-sale (POS) market that reflects this growing trend.  -Paul for SMBMatters  BTW, the bread was great!  What else would you expect to hear from a bread junkie?

PayPal encourages small retailers to ‘lose your cash register’

Summary: The mobile and digital payment company is running a competitive trade-in under which it will help retailers get outfitted with an iPad solution in exchange for old cash registers.

ipad_checkout_here

PayPal has launched a competitive trade-in-program designed to get more small retailers to use iPad point-of-sale (POS) solutions that happen to use its payment processing services.

Under the Cash for Registers initiative, companies will receive free PayPal payment processing services for the remainder of the year when they turn in their old cash registers and start using an iPad-based payment solutions, such as PayPal Here. The offer doesn’t just apply to the transaction fees for PayPal services, it covers them for credit-card, debit-card and check processing, according to the company’s information about the program.

PayPal Here encompasses an iPad, card reader, iPad stand, cash drawer and printer. There are a number of pre-integrated solutions that PayPal has organized to help with the transformation.

Some of the companies that PayPal is working with include Erply, a POS and inventory management software developer; Leapset, which integrates POS information with a company’s customer relationship management systems; Leaf, which develops customer loyalty  and business intelligence solutions; NCR | Silver, which provides POS hardware;  ShopKeep POS, which sells an iPad POS system; and Vend, a POS and inventory management software application developer.

The program officially kicks off in June, according to a blog post written by David Marcus, president of PayPal.

“In addition to this great offer, we will make participating businesses known to our 55+ million U.S. (128 million worldwide) and growing customer base, and drive meaningful incremental business to them, stimulating the vibrant small-business community in America,” Marcus writes.

The rise of the tablet computer has signaled a turning point for small-business POS solutions, a trend that began accelerating in 2012 and is continuing to gain momentum.

Related stories:

Reblogged from ZDNET.

By Heather Clancy for Small Business Matters

Indie Capital? It’s a Movement, Not a Place

By Bruce Nussbaum Indie Capitalism

Here’s a shocking truth: Occupy Wall Street and the Tea Party actually agree on something. They both hate crony capitalism, and they both love Steve Jobs. If this sounds freaky, let me add another weird fact: Practically all my students at the New School in New York, where I teach a course on creativity and capitalism, want to start their own companies. The New School is renown for being a bastion of lefty thought, going back to the 1930s and ’40s. My students want to be entrepreneurs. They want to be Kickstarter, kickass entrepreneurs. These students want to belong to what I call Indie Capitalism.

creative intelilgence by Bruce Nussbaum

I use the term Indie deliberately to reflect a new economy that shares many of the distributive and social structures of the independent music scene—and the value system as well. Indie bands are hyperlocal, and Indie Capitalism is a post-global, local economic phenom (think 3D printing, locavore eating, and crowdfunding new products). Indie capitalists are über-urban, too, feeding off the cultural/entrepreneurial energy of cities—New York, Portland, Chicago, Detroit, San Francisco, Los Angeles, Seattle, Austin. And they are, of course, super-participative. Indie Capitalists believe in our making of all things, with no clear boundaries between consumer and producer, investor and shopper. We are all of them.

There are many Indie Capitalists already among us. Alice Waters’s groundbreaking organic restaurant Chez Panisse has served as a model for the “source-local” food movement. Blue Marble Ice Cream, “Made in Brooklyn,” uses only local New York State cow milk and hires folks from the neighborhood. Chrysler Group tapped into the Indie culture when it hired Wieden + Kennedy to come up with the “Imported from Detroit” ad, with a song by Detroit-born Eminem.

My favorite Indie Capitalist is entrepreneur Elon Musk, the co-founder of PayPal (EBAY). He’s handcrafting Falcon rockets and Dragon capsules to take people and cargo to the International Space Station—and even to Mars. His company SpaceX integrates creativity, creation, and capitalism. So does his other company,Tesla Motors (TSLA), which is assembling and selling all-electric sports cars and four-door sedans out of an old California factory.

Indie Capitalism has three foundational principles:

• Creativity generates economic value. Creativity is the source of profit. Yes, efficiency can squeeze more out of what exists, but creativity gives us originality, which translates into a market advantage and big margins.

• Creativity drives capitalism. These past few years we have been victimized by the disastrous results of “creativity” applied to the financial sector (mortgage-backed securities, for starters). What we lost sight of is that the scaling of creativity to actually make things of value sold in the marketplace is the true heart of our economic system. It is the true generator of net new jobs, wealth, and tax revenue.

• Creative destruction is crucial to economic growth. Crony capitalism, which relies on monopoly and political power, is antithetical to entrepreneurial capitalism. A faster cycle of birth, growth, and death of companies boosts creativity, economic value, and growth.

The contours of Indie Capitalism are only just coming into view. They will change over time, as my students and millions of others build this new economic system. But in the reconnecting of creativity to capitalism, we have something to look forward to.

Nussbaum, a former assistant managing editor of Businessweek, is a Professor of Innovation and Design at Parsons The New School of Design and author of the forthcoming book, Creative Intelligence (HarperBusiness, March 2013). Follow him on Twitter or visit his Tumblr.
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The 10 Rules of Successful Entrepreneurship (Part 3 of 3 part series)

EntrepreneurContinued from the previous post…

8.  Learn to sell – this is a must-have skillset, whether you have someone in charge of sales or not…  The good news, even if you’re not born with the gift of gap, you can become better by continually getting in front of prospects and practicing your pitch.  While I do not believe in entrepreneurs pitching vaporware but if you don’t believe in your products and services, it’s impossible to convince others to believe in them (you can read between the lines)…

9.  Redefine failure – when you have your own business, often the highs are so high and the lows are so low.  But even on their gloomiest days, successful entrepreneurs feel a compulsion to make sure that failure isn’t the end of their story.  It’s OK to fall down nine times, just make sure that you get back up the 10th time.

10.  Don’t be in it just for the money – a tricky statement¸ since most entrepreneurs I know are red-blooded capitalists like me.  But as an old saying goes, money is a great motivator, not an end-all be-all.  Successful entrepreneurs are driven by desire to accomplish meaningful things while embracing it as a way of life.  Jobs once asked Sculley (back then a senior exec at Pepsi) when trying to convince him to join Apple, “do you want to spend the rest of your life selling sugar water or change the world?”  Sculley came on board as the CEO of Apple (only to get fired later but that’s for another post).

While writing this 3-part post, I found myself reflecting on my own current endeavors.  Am I following the rules myself and doing everything I can to ensure their success?  What’s your answer?

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