Archive for freedom

Taking a Risk in Life

Risk Mgmt

 

This week we have been talking about fear and failure. We discussed that the reason why most people fear venturing into a new business idea is because of the fear of failure and we also discussed how to deal with it. Today we will talk about risks.

On Monday, we talked about fear and in that story was the story of Christopher Columbus as he sailed through the seas. Let’s think about that story today. In those days, there were no GPS, there were no maps and they didn’t know where they were going. They were just going that way. Some of them thought that way was India and others thought it was the end of the world. Come to think of that, there was a great deal of risk associated with that venture if it was the end of the end of the world. The reward however, was greater than the risk and that was what motivated Christopher to head that way.

We are faced by many types of risks everyday as we go through our businesses. Should we leave that steady employment and go out venture in our own businesses? Should we add a new product to the product line? Should we do away with a product from a product line? Most of us will avoid risks they have a fear of failure. We talked yesterday that failure is just the tiny adjustment you make to your course while driving a car. It is a minor a minor adjustment on your way to success. If you learn to look at failure this way, you will get to an even higher destination. It ceases to be this big thing that you are always afraid of.

Now that we know what failure is and why we shouldn’t fear it, we can now navigate through all those risks including the biggest of them all which is the risk of failure. Now you can look at the opportunity you have been sweating over and assess the risk and strike out. The reward you are going to get is much greater than the cost associated with accepting the risk.

[Full Transcript Follows]

Hey there folks, Thom Rigsby here from thomrigsby.com. This week on 7 Minutes in the Morning, we’re talking about risk and reward. Today about risk but sounds like a good topic. Stay tuned, 7 Minutes in the Morning is coming right up.

Hey there folks, good morning and welcome. You have found 7 Minutes in the Morning; it’s your daily dose from your business coach, that’s me, my name is Thom Rigsby. Our goal here is to take one topic and explore that topic every day, seven minutes or less, so that you can build a better business. Last week, we’ve been talking about fear and failure. Today we’re going to get off of the words with start with the letter “F” and move on to word that start with the letter “R”. Today, we’re going to talk about risk. On Monday I talked a little bit about fear and in that story was a story of Colombus – Christopher Colombus – as he sailed from Spain or Portugal or wherever he left from. There was tremendous amount of risk associated with that venture. In that day, think about it, there’s not GPS, they didn’t have a map of where they were going. They were just going that way. What’s that way? Well, we don’t know, some people thought it was the end of the world, some people thought it was India.

But tremendous amount of risk associated with that, if it was the end of the world, because you can just fall off the earth and never come back. But the reward was even greater the reward and that’s what motivated old Chris to head that direction. There’s a great story that I’d tell about risk and reward that comes from Donald Trump. He was being interviewed on a side walk-cum-venue and he was asked is there a good time to start a small business and in the background of a hot dog vendor. They walked over and talked to the vendor and said “How many customers do you serve a day?” and he said “Aaah, three or four hundred.” He said this guy is going to make three or four hundred people mad before he loses his livelihood. How many people do you have to make mad? See, if you look at it in those terms, the risk of leaving a steady employment that everybody else says is a good thing, to go out and strike on your own can sound astronomical.

When we think about risk in the terms that everybody else says “Ah, you don’t want to do that, you’ll loose your insurance, loose your vacation day, you loose this and that or the other. Yeah, but think about what you could gain. Most of you have already overcome that obstacle or you are in business for yourself, you understand the value of striking out on your own. But what are the risks that you face on a day to day basis? Should you add a new product to the product line? Or the one that I say is even scarier than that, removing a product from the product line. Yes, people buy it but it’s taking up [an inventory space, it’s not a high margin item and not a lot of people buy it. Should you really keep it? Yeah, but…maybe somebody will buy it and I’ve already got it here. There is lots of ‘maybe’ analogies, I won’t give in to all of those.

The story today is about risk and learning to take a risk. Most people avoid risk because they have the fear of failure. When we talked on Monday that fear is a good thing, it causes us to pay attention. We talked yesterday that if you look at failure it’s just the tiny adjustment like driving a car, the little bitty adjustments you make to your course, you get to an even greater destination. If you were leaving your neighborhood and your car was in the wrong vector and you were heading off into the trees and you just decided to stop there on the side of the road and say, “I’ve got air conditioning, I’m not too far from home, I can walk back, will just stay here.” Oh men, what a missed opportunity. Risk is that balance that you have to do between the potential bad that can happen and the potential good that can happen.

Failure: If you look at failure as those tiny little adjustments, then it’s not this big thing that you have to be afraid of. You only fail when you quit and you are not going to quit – I know you’re not because you’re on my list and I won’t let you. When we talk about risk and the biggest risk that most people assess is the risk of failure. But now we know that failure is just a little adjustment that we need to make on the road to success, and we have no reason to fear. Now we’ve mitigated all of those risks. So now look at the next that the opportunity that you’ve been sweating over. It might be leaving a job to strike out on your own, it might be adding a product, it might be taking a product away. You might be getting into a joint venture or bringing a partner on. Look at that opportunity and assess the risk now.

Now that we know that failure is just a minor adjustment, now the risk doesn’t look so bad anymore. Go ahead and strike out. Go ahead and take on that partner. Go ahead and enter into that JV agreement because the reward that you’re going to get – we’ll talk about that some tomorrow – much, much greater than the past associated with accepting a risk.

Alright, let me know what you think. Send me an e-mail, thom@thomrigsby.com. Hit me up on Twitter at Thom Rigsby or you can find me on Face book. Actually, easiest way to find me on Face book is to go to 7minutesinthemorning.com/facebook, and I would love it. I would take it as a very satisfying thing, if you would do this for me. Go to 7minutesinthemorning.com, just the homepage there and on the right you can sign up to get e-mail notifications of all the upcoming episodes. I would really like it if you would do that. That helps me establish a better relationship with you and make sure that you get all the content as soon as its published.

Alright, that’s it for today, we’ll be back tomorrow taking about rewards right here in 7 Minutes in the Morning. Until then, my name is Thom Rigsby and I’m your business coach.

Letting An Employee Go ? The Uncertainty

letting go

The prospect of losing an employee creates a lot of uncertainty on the part of the business owner. Funnily enough, it’s not always about the desire to keep the employee because of wonderful performance, but more so because nobody knows exactly what the employee is currently handling so that one can step into their shoes when they leave. What most business people don’t realize is that there are some eventualities that are inevitable.

Take for example, if one of your employees got sick or was run over by a truck, are you or your team in a position to jump in and cover up for them while they are away? How do you fully get to know what each of your employees is currently handling? How do you create a plan B in case Michael, your accountant quits his job? How about the head of purchases? You can only know these details if you make it a practice to openly discuss such possibilities with your employees.

Sharing Plan B with Employees

If you just wake up one day and ask one of your employees what he or she is doing, you definitely raise a red flag. In fact, it can demoralize that employee. How best can you do it then? Make it a routine to sincerely discuss such with your employees. You can make it monthly, every quarter or after whichever period you may deem fit.

Like that they will look at it as a normal routine that doesn’t threaten their job. You can even go ahead to organize your plan B in the form of a book so that you can easily shared with the team in a bid to make them understand that it’s for the best interest of the business and, in extension, their jobs that they freely share what they are handling with the rest of the team.

As an employer, you will be more confident about the continuity of your business and further make the employees feel that you have their best interest at heart.

[ Full Transcript Follows ]

Hey there folks, Thom Rigsby here from thomrigsby.com, another day out at the lake. Today, we’re going to talk about character in your employees. How can you help with that? Stay tuned, 7 Minutes in the Morning, coming up next.

Hey folks, good morning and welcome. My name is Thom Rigsby and I’m your business coach, and you have tuned in to 7 Minutes in the Morning, it’s your daily dose from me, your business coach, where we take one topic every day to help you build a better business. Yesterday, we talked a little bit about how as the owner, a leader in a business, you can build a faster culture. Now that I’ve said that, this totally proves to you that this show is absolutely unscripted. Just as I say that, I remember to point that I left out yesterday. Culture is not something you can create; you can’t buy it at the store, come in one day, unpack it and say “Okay, now we’ve got this culture. It’s something that develops organically within the organization. You can foster that, you can promote that but you cannot create them.

One way you can do that is by hiring for character. Very often, as business owners and leaders, we have this desire to hire people to perform a specific task. So what do we do? We advertise for that task, we solicit resumes and applications; we interview people for their competency with that particular task. I want to suggest to you to think about hiring for character. If someone has the right work ethic, the right character, chances are pretty good that you can teach them the skills that they need to perform the tasks for you. I mean you’re doing them for yourself now. At the very least, let’s say you are hiring a book keeper, you know absolutely nothing about accounting of books, but you do have an account and you just need someone to help you with the books. Hire somebody of high character, send them over to your accountant’s office for a week, it’ll be the best week’s wages you ever spent because that book keeper will then learn exactly how to keep the books the way that the accountant wants them kept. You will get an employee who’s grateful to you for teaching them something that they didn’t know, but obviously had some desire to, and you will get to go to work on your business rather than in your business.

Is character the only thing you should hire for? No, and in fact sometimes, there are circumstances where you absolutely should hire for competence. I don’t want to hire somebody to be my dentist, if they just really want to take care of my teeth and then they need some training from time to time. My point is that very often, that’s all we care about is the specifics of the training, the specifics of your experience. Let’s face it, as small business owners, what we normally want is the most experienced; the best qualifications at the least price. That’s the bottom line in a lot of cases. If you hire for character, hire for attitude then you’re going to get a high quality employee, and a lot of times, a much better addition to your team.

You think about that, give me your thoughts. You can send me an e-mail thom@thomrigsby.com or you can hit me up on Twitter at thomrigsby. As I mentioned yesterday, I’ve got a You Tube channel. I do almost all of these podcasts on video also, you can go to You Tube and find those; just search for Thom Rigsby, it’ll take you right there. We’ll be back tomorrow with another topic. I think I’ll do the whole week from the lake this week. Until then, my name is Thom Rigsby, I’m your business coach.

Allow Your Team to Perform Their Art

nice place to work

It’s creative minds that drive every business. And where employees are given free hand to perform their art, the business generally becomes successful. It’s the responsibility of every business employer to ensure, at the recruitment stage, that the employees are persons who are exceptional in character, creativity, knowledge and performance. Is that what businesses do? Are employers letting their employees loose to exercise their art whole heartedly? The answer is a resounding no, at least for most business employers.

Admittedly, there are two most difficult things that business employers do. First is recruiting the right employees and secondly is getting out of the way of the recruited employees so that they can do their art. What makes these two so difficult? When it comes to the recruitment of the employees, most employers find it a challenge identifying the employees who can deliver; the ones who are passionate about that particular job.

On the other hand, giving employees the freedom to do their work also presents a huge challenge. Most business employers have a feeling that their employees can’t perform the way they do. As a result they put them through very tight supervision with some going as far as micromanaging everything. Besides, there are employers who don’t give their employees the freedom to do their art with the illusion that their business customers would directly give jobs to their employees, resulting in a loss to the business.

Is This True Of All Employees?

In most instances this is unnecessary insecurity. In fact, many employees would instead offer their best and only appreciate you for at least getting the job, or better still, creating the platform. Even when they fully understand that they are the ones doing the actual job, most employees fully recognize that the employer deserves a percentage for bringing the job. Some employees therefore focus more on performing their art passionately and letting the employer do their part.

A very successful way of doing business is thus having a competitive recruitment process and then giving the employees the freedom to do their art.

[ Full Transcript Follows ]

Hey folks, Thom Rigsby here from thomrigsby.com, another show from the lake. Today we’re talking about allowing your team to perform their art. What the heck is Thom talking about? Stay tuned, 7 Minutes in the Morning is coming right up.

Hi there folks, good morning and welcome. This is 7 Minutes in the Morning, it’s your daily dose from your business coach, that’s me, my name is Thom Rigsby. Well, if you’re watching the video, you’re not watching me, because today we’ve got a nice picture from the lake. I’m out here at the County Lake, really nice and calm and serene. Just a shout across the lake there, and I wanted to start the show out with that picture, with that point of view, because
we are talking about art today. Your employees, your team that does work for you, whether they’re full time, contract or freelancer, they are doing art. They’re finding their fulfillment. Art is defined as meaningful work.

If you have empowered them for success, then you’re letting them do their art. Here’s the tricky part; this is the second hardest thing that a business owner has to do. The first is deciding to hire an employee. The second hardest thing that a business owner has to do is get out of the way and let them do their art. So often we feel like nobody is going to do it the way I would, I have to show them how to do it. It’s going to take me years to train them –
every excuse in the book for why you’re holding this person back. If you did a good job, you hired for character, you hired somebody who can take on the task that you need performed, once they’re equipped. Facilitate their success, give them a task, show them your intent and turn them loose. Let them do their art.

What I hear all the time is, well nobody is going to do it as well as I can do it. You know what? You’re right, in a lot of cases; they’ll do it better than you could do it. If we’re being perfectly honest, I think that’s what most of us worry about. Wow, men, if I started this business then it’s all mine, but what if they do a better job than me. Won’t my customers hire them away instead? No, because your art, your passion, your fulfillment comes in the business. Their motivation and fulfillment comes from a completely different thing. Maybe they don’t enjoy
worrying about finding work, maybe they love doing the task and they’re willing to allow you to take a percentage, take a cut of the money they could make, because you find them the work and they can just focus on the work. That’s called letting them do their art, and delegating, letting your team do the work, that’s the hardest thing that business owners have to do. If you are working for somebody else today, let me ask you this question. Are you giving your business owner your best art? Well now, I might hear a response to that that says “Well, I don’t think
that way, Thom. They’re not letting me do my art.” Really, I know in some cases, they might be overbearing, they might be micro managing, but you can still do the very best you can do, in that circumstance. It is your duty, your responsibility to do that for them.

Whether you are a business owner, a business leader or even an employee, find a way to do your art, and to let those on your team and those around you, to facilitate pursuing their art. If you do, now here’s the reward that you have. A lot of fear around delegating and letting – turning the team loose – the reward that you’re going to get is a happy productive team. When they’re happy and productive, the work that they do is a reflection of your work. So if you’re a painter and you turn this guy or girl loose on painting the house, that you facilitated them,
you’re letting them find and fulfill their art. You think they’re going to do a good job? Yeah, they’re going to do a great job, and that home owner is going to tell you how great a job they did. That home owner, that business owner, that customer of yours, is going to be happy with you for bringing them to do their work. It’s crazy how this stuff works, but time and time again I’ve seen it work out that way.

Your job as a business owner or a leader is to find ways, find the gaps that are preventing you from letting your team loose, to let them do their art. You can’t just “Okay, there it is, go do it,” then go home and kick your feet up. Delegate it, supervise, make sure they’re doing it to your standards, doing it the right way and not slacking off. But if you’ve hired for character, the way we talked about yesterday, none of those are going to be a problem. They’ll be performing their art, you can go find more business, keep the books full for them, everybody wins that way. Delegate, I know its scary, I know its fearful, but you’ll grow a bigger business. In fact, it’s the only way that you can grow a bigger business, by letting them do their art.

I hope that that’s helped a little bit, or maybe its generated some questions for you. Either way, I’d love to hear from you, drop me an e-mail thom@thomrigsby.com. And if you haven’t been watching the videos, you’ve got to go to youtube/thomrigsby, especially today; I’ve had a whole little barrage or bugs flattering around my face today. I’m whacking and scratching bugs away from my face the whole time here, so you might want to go check that out, get a
good laugh from it. I’ll be back tomorrow with another topic. Until then remember, my name is Thom Rigsby, I’m your business coach.