The president of a local company (and now a client) initially said to me: “I’d like to work with you but taking that time would be taking me off-mission.” That is not the first owner who expressed concern about going “off-mission” and letting things lapse back at the office. This always leads into a discussion on the different meanings or uses of “mission”: the standard or military definition versus when paired with the word “statement”. (more…)
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Family Business: Preparing for the 21st Century
Family Business: Preparing for the 21st Century
“Family businesses that manage these five innate advantages are well placed to make the 21st century a family business century.” This assertion is the conclusion of a Harvard Business Review* article I recently discovered. So, what are these advantages and is your business prepared to fully benefit from them? Here’s a brief summary of each along with the questions businesses and families need to ask themselves. (more…)
Achieving Success by Contemplating Failure
As business owners we are driven to achieve success. It is who we are. And it is why we are entrepreneurs; working harder than most with higher risk so we can experience that success.
Failure is anathema to our very being. But, by taking the precaution of contemplating failure we increase our chances for success. Harvard Business School Novartis Professor of Leadership and Management Amy Edmonson studies why businesses fail and suggests four questions you need to ask before starting a new venture in order to avoid failure. (more…)
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Recognizing & Regaining Perspective
Recognizing & Regaining Perspective
Is the glass half full or half empty? How you answer depends on your perspective. For someone who has always received a full glass and now is being told this is all the water available, this picture can be a perilous omen. On the other hand, someone lost in the desert might describe it as salvation.
Perspective is critical when making decisions within your company. A distorted perspective can lead to the wrong decision, sometimes with disastrous consequences. (more…)