Today`s Quote:
"I never perfected an invention that I did not think about in terms
of the service it might give others...
I find out what the world needs, then I proceed to invent."
– Thomas Edison
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In this Issue...
SpiritBank Business Forum: Prevent ACH Fraud
- Tulsa
Learn How to Protect Your Business
Featuring FBI Special Agent, Terrorism and Cyber Crime Division, and Elaine Dodd with the Oklahoma Bankers Association.
Thursday, August 19th
5:30 p.m.
SpiritTower Community Room
1800 S. Baltimore, Tulsa, OK
Join us for networking, wine and hors d’oeuvres immediately following the event.
RSVP to Valerie Renz at (918) 295-7434 or
vrenz@spiritbank.com.
SpiritBank Business Forum: Prevent ACH Fraud - OKC
Learn How to Protect Your Business
Featuring Elaine Dodd with the Oklahoma Bankers Association.
Thursday, September 16th
5:30 p.m.
SpiritBank Edmond Lobby
3823 S. Boulevard Avenue, Edmond, OK
Join us for networking, wine and hors d’oeuvres immediately following the event.
RSVP to Faith Clune at (405) 513-7904 or
fclune@spiritbank.com.
9 Things I Learned in 9 Years as a CEO
By
Janine Popick
Nine years ago I set out to help small businesses grow by providing an easy-to-use email marketing tool that was completely affordable. Now
VerticalResponse is profitable, over 85,000 customers strong and growing, and what a ride it's been! In celebration of VR's success, I decided to
write about 9 things I've learned leading a growing business that might help you ease over your own bumps, or flatten them!
1. Hire a GREAT Lawyer - Luckily, this is one mistake I didn't make, but I've heard nightmare stories from other businesses that
weren't as lucky as me. Make sure your business is set up properly. For instance I had no idea that I HAD to set up as a
C-Corp. because one of my investors resides outside of the U.S. Make sure your i's are dotted on this one. If I was going to spend a bigger
budget, this is where I'd spend. Also, consider giving a percentage of your company to your lawyer in exchange for big dollars. They may be even
more attentive when it comes to doing work for your business.
2. Don't Hire Ahead of the Curve - I'm a firm believer that you and your teams should be at more than FULL CAPACITY before you hire.
The last thing you want is your new employee to be "waiting around" for work. I once hired a salesperson before the product was ready. I'm sure that
was a bit de-motivating to them since they had nothing to sell and I got angry with myself for wasting good money.
3. Get a GREAT Accountant - If your business isn't set up properly from an accounting perspective, you could end up paying for it
years down the road. I learned the hard way when I thought my accountant had all the information necessary when it came to paying employee tax for
the city of San Francisco. For years we just didn't pay and I never had a clue. When Mr. Auditor visited us one day it was very clear that our
accountant had no idea this wasn't happening either, and he should have. A hit of $20,000 wasn't pretty for our business that year.
4. QUICK Decision Making - Sure we'd all love to know every piece of information on a subject before we make a decision around it,
but then, no decisions would ever be made. I've had employees belabor every possible aspect of a decision, but in the end it wasted some serious time. Inform yourself as much as you think
makes sense, and ask yourself one question: "What's the worse that could happen?" I'm a huge proponent of "doing something" and either being
successful or cleaning up a mess and learning from it, versus "doing nothing" and learning nothing.
5. Get Rid of Bad Employees... FAST - There's something to be said for trying to help employees who aren't up to snuff, but at some
point you have to let go. I've definitely been "scared" to fire people because in my mind they held some amount of proprietary information that would
sink the company. But when they're gone an amazing thing happens... the business continues. It may be a bit slower for some amount of time, but it's
amazing how things will seem to run. Find out what they know, make sure others can figure it out, and get rid of them. They're a poison to the rest
of the employees, and you risk your team thinking less of you if you don't act.
6. Establish & Enforce Core Values - I just assumed that if we liked the people we were hiring, they were "just like us."
They believed in the same things; respect for others, honesty, and passion for what we do. And that was true when we were just 10 people, but
if you enforce this even when you are a ten-person company it gives your team something they can stand behind. Also make sure you call people out
when they're violating these values.
7. EARLY Training - Even though you want your employees to jump in and work immediately, take a few deep breaths. They're not
going to be successful without the right tools, I don't care if it's your receptionist in your dental office, an accounting manager, or your lead
engineer. They need to understand what you stand for, what your business is all about, and how their specific job fits into the picture. At
VerticalResponse we show people a video of me welcoming them to the company outlining who we are and what we stand for. Then each employee goes
through a 13-step training on our product, and there's a test at the end. Then they sit on the phones and listen to our amazing customer
service team handle incoming inquiries so they know who our customers are and what types of issues they face. This has helped new employees tenfold
get indoctrinated in our company and our products.
8. Don't Try to be Everything to Everyone – It's a fact, even great employees will leave your company. Most won't leave because
of money, but they'll usually find something that pays them better. They may tell you it's because there was more money offered, but they wouldn't
have been looking if they were happy in the first place. Some will leave because they don't like their boss, some will leave because you simply can't
provide a career path for them. You just have to wish them well and offer to be a reference, especially if he or she was a good employee. When you
do have one of those angry employees with an ax to grind saying bad things about you or your company, take the high road. That sort of behavior by
former employees only serves to make them look bad and we all know what a small world it is.
9. Love What You Do - You have to be passionate about what you do every day, since you're likely putting in 80 hours of work
a week. Don't forget to take a break when you need one and don't feel guilty. There is a chance that not many people are working harder than you
at your business. If the day comes that you dread going to work in the morning, and you have taken your vacations, maybe it's time to ask yourself
if you should be replaced. You don't want your team feeling you've thrown in the towel.
It's been a great 9 years at VerticalResponse and I look forward to the challenges in every coming year, no matter what shape they may take.
There have been a lot of mistakes along the way, but I think it's made me a better leader. We never stop learning!
Read this article at
Inc.com
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The Power of Delegation
By Richard Branson, Founder of
Virgin Group
Kaspars Parfenovics of Latvia, who reads the weekly magazine Lietiska Diena, sent in the questions that follow about business,
motivation and project management. Enjoy, and please keep those e-mails coming! There are just too many messages for me to respond to all of
them personally, but I will answer a few questions in this space every month.
Q: I have read that you believe in trusting people to perform their duties at a high level and giving them a great degree of autonomy, and that
those beliefs have been key to both Virgin's creation of new businesses and its tremendous overall success. I know from my own experience that
the average employee works less efficiently for someone else's company than when in business for himself. How do you manage to achieve the opposite?
A: One of the key skills I learned as a young businessman was the
power of delegation. That was what prompted me to bring in strong managers
to build the Virgin companies, which allowed me to focus on our latest ideas and projects, and on finding the next businesses to start up. Along
with my ability to listen to other people and to realize when their suggestions are better than my own, this has helped me to attract and retain
the excellent people on our team.
Our people are creative and innovative and, above all, they have a great sense of fun. If I set them challenges, keep encouraging them and create
a dynamic environment, I find that people will always work hard.
Q: Do you lay out a detailed strategy for accomplishing every one of your aims, or do you mainly follow your intuition and react according to the
situation?
A: I research new ideas very thoroughly, asking a lot of people about their experiences and for their thoughts. But on many occasions I have
followed my intuition - you can't make decisions based on numbers and reports alone.
It's important to have the courage to follow through on a project if you truly believe it's worth pursuing. We all have an intuitive sense of
what's best - follow it! This approach has made a great difference in my life and has never let me down.
Q: Virgin operates in various sectors. How do you manage to focus your attention solely on the project you're working on? Do you start a new project
only when the previous one is launched or you develop several ideas simultaneously?
A: At Virgin, we are always working on several different projects simultaneously, all in various stages of development, and with employees
based in many different countries. This is what keeps the brand fresh and exciting. We have teams in each sector that focus on the ventures in their
area; this allows us to work on a number of new projects at the same time. In the last few months we have invested in a U.K. health business, launched
Virgin Mobile in Qatar and Virgin Bank in the U.K.
My senior management team, led by CEO Stephen Murphy, keeps everything moving along. My role allows me to dive in and out of situations, ensuring
we keep challenging the orthodoxy in every sector we're competing in.
Q: Do you ever lose faith in a particular project? Do you ever have doubts?
A: No, not at all. I like to remain positive. A huge part of building a business is about taking risks that may or may not work out. You need to be
resilient and confident - but not overconfident.
I learned two things about new ventures early on. First, limit the downside and control the risks. For example, when I started our airline, I made
sure I could give our plane back to the manufacturer if things did not work out. Second, it's important to change tack quickly if things do not work
out. Never be too proud to say you got it wrong and move on to the next idea.
Q: Do you believe that every person has a task to fulfill in life? If yes, have you already fulfilled your own?
A: I am not sure about everyone having a mission in life, but I do feel you will do better if you follow your passion and work at
something you really enjoy.
Over the last 40 years, I have been able to focus on building Virgin. It has been a great journey and I have made some wonderful friends. I
definitely don't feel I have accomplished everything I want to. I'm spending a lot of time on issues such as climate change, peace and health
through my foundation, Virgin Unite. This has given me a great sense of purpose.
Read this article at OpenForum.com
Why Young Entrepreneurs Fail
By Scott Gerber
Founder of Under30CEO.com, Matt Wilson, shares tips to avoid failure.
Face it. Nothing will go as planned. Ever.
Failure is inevitable. Your world will be flipped upside-down on a daily basis, and even the best-laid plans--accompanied by the best
intentions--can go belly-up.
To make it as a business owner in the real world, you need to learn to fail like a pro, adapt at will and pay attention to detail in order to make
informed decisions that will keep your business moving forward. Your ability to plan for the worst-case scenario and maneuver around unforeseen
circumstances will be the keys to finding success as your own boss.
Matt Wilson is a young entrepreneur who knows a thing or two about failure. He's hustling it out like the rest of us and created a company,
Under30CEO, to provide tools and resources to help
aspiring entrepreneurs drop their 9-to-5 and take control of their lives.
Under30CEO has helped countless people overcome adversity, avoid catastrophe and survive failure.
What was your biggest failure as a young entrepreneur?
MW: My biggest failure as an entrepreneur came
at Under30CEO after wavering from our mission of inspiring
young entrepreneurs. We were frustrated because our market wasn't buying what we had to sell, so we took on an enormous re-branding campaign and
changed the name of our company to incorporate a larger audience and drop our under-30 demographic. We spent a lot of time and money trying to
expand our market. Still, nobody bought.
It doesn't matter how big your market is if nobody likes your product. It wasn't the market's fault. Our product was bad, and we ruined our brand
and had to start from scratch. The most embarrassing part was going back to our old brand and apologizing to our old customers we wanted to welcome
back.
That being said, now we spend a lot more time getting to know our market instead of trying to sell anything to anyone. We were in a hurry to turn
cash-flow-positive when we needed to stay focused and be patient.
Are there specific obstacles young entrepreneurs need to overcome vs. older generations?
MW: The biggest thing for a young entrepreneur to overcome is credibility. Why should someone invest in you? Why should
someone trust your advice? What will make people think you will get the job done with no track record? Building credibility is best done with a
stepping-stone approach. Do one thing today that will make you more credible tomorrow. If people won't pay you or invest in you, give away your
product or service for free, get testimonials from customers and build your track record that way. Show customers what value you can provide them,
and if you can quantify that value, even better. The more things you can come to the table to brag about, the better.
What about some typical missteps you've seen young entrepreneurs make?
MW:
One of the biggest mistakes young entrepreneurs make is neglecting their revenue model. Today there are so many businesses that haven't figured out
how to monetize themselves yet. To me, the word monetize is redundant in business. If you don't have a business model, you aren't really in
business--it's just a hobby. Sure, investors are dropping millions of dollars into companies with hopes of being acquired by Google, but without a
solid business model behind it, you are just building "castles in the sky."
Seasoned investors and accomplished entrepreneurs can help mentor young people to overcome this hurdle. Show them your financials and focus on how
to generate cash flow. There are thousands of people out there who want to see young people succeed--you just need to ask.
What advice do you have for aspiring entrepreneurs who hate their 9-to-5's?
MW: Aspiring entrepreneurs need to surround themselves with others who want more out of life than the typical 9-to-5. There is a great group of motivated
people eating peanut butter and jelly sandwiches every night in your city, scraping by to build their business. Surrounding yourself with these types of
people gives you the confidence to know you aren't alone on the road to success. The minute you quit your job, naysayers will come out of the woodwork,
but if you have that support group to fall back on, you'll be able to overcome the hard times.
Remember, entrepreneurship is a marathon, not a sprint.
How has Under30CEO.com helped young entrepreneurs avoid failure and launch successful businesses?
MW:
More than 100 young entrepreneurs from all over the globe have shared their successes and failures on
Under30CEO.com. Hearing insights from young
people overcoming the same problems they are experiencing in their businesses allows Gen Y to come together and learn from one another. The
community has a culture of reaching out to one another and helping each other with the challenges they are facing.
Read this article at Entrepreneur.com
Best Advice: Try Starting from Scratch
By Alyssa Abkowitz, Reporter
Bob Eckert, CEO of Mattel, relays the best advice he ever received and shares some of his own.
(Fortune Magazine) -- Early on in my tenure, I was meeting with Kevin Farr, our CFO. This was back in 2000 when the company was struggling
financially. Kevin said to me, "Well, Bob, if we had a blank sheet of paper, we probably wouldn't pay a dividend.
He was telling me to be open to starting over instead of building on previous decisions. We'd been paying a dividend of
36¢ a share every year, and we were borrowing money from banks to pay dividends to shareholders, which doesn't make
a lot of sense.
When Kevin said that to me I said, "Well, we do have a blank sheet of paper. Let' do the right thing." So we cut the dividend
to 5¢ a share. The day we announced that dividend cut, the stock price didn't go down, it went up.
My Advice to You:
Don't Put Off Layoffs
If you have to make employee cuts, just get on with it. Procrastination isn't good for anyone.
Always Make an Outline
Whether you're preparing for a small meeting or addressing a large gathering, do an outline. This approach helped you in junior high, and it still
works today.
Mind the Generation Gap
When it comes to managing twentysomethings, remember: With an iPhone and Google, they can get to the truth in about two seconds. So don't try to
give them a snow job.
Research before Hiring
When you're considering hiring someone, find out whom you both know and call that person for his or her perspective on the applicant.
Run Efficient Meetings
Do the prep work before having a meeting -- it will pay off. Send out any materials in advance. Make sure everyone reads them, and use the meeting
to focus solely on the topic at hand.
Enforce Punctuality
One of my colleagues locks the door at the meeting start time. Trust me, no one ever arrives late a second time.
Target Your Message
When giving a speech, focus on the audience. Most people spend too much time on what they want to say instead of on what the audience needs to hear.
Read this article at CNNMoney.com
7 Secrets of Leadership Success
By Paul B. Thornton
Part 1: Top Business Leaders Share Their Best Business Success
Advice
Fortune magazine once published an article entitled "The Best Advice I Ever Got." It was a great article that offered wit and wisdom about achieving
business success. I liked it so much, that it motivated me to produce my newest book, Leadership: Best Advice I Ever Got, which describes the best
leadership advice 136 successful CEOs, coaches, consultants, professors, managers, executives, presidents, politicians, and religious leaders received
that most helped them become effective and successful leaders.
Here are Seven Secrets to Leadership Success:
1. Leadership is about making things happen.
If you want to make something happen with your life – in school, in your profession or in your community, do it. Perceived obstacles crumble against
persistent desire. John Baldoni, Author, Leadership Communication Consultant and Founder of Baldoni Consulting LLC, shared this advice that had come
from his father, a physician. He taught him the value of persistence. At the same time, his mother taught him compassion for others. Therefore,
persistence for your cause should not be gained at the expense of others. Another bit of leadership wisdom!
2. Listen and understand the issue, then lead.
Time and time again we have all been told, "God gave us two ears and one mouth for a reason"... or as Stephen Covey said, "Seek to understand,
rather than be understood." As a leader, listening first to the issue, then trying to coach, has been the most valuable advice that Cordia
Harrington, President and CEO of Tennessee Bun Company has been given.
3. Answer the three questions everyone within your organization wants answers to.
What the people of an organization want from their leader are answers to the following: Where are we going? How are we going to get there?
What is my role? Kevin Nolan, President & Chief Executive Officer of Affinity Health Systems, Inc. believes the more clarity that can be
added to each of the three questions, the better the result.
4. Master the goals that will allow you to work anywhere in today's dynamic business world.
Debbe Kennedy, President, CEO and Founder of Global Dialogue Center and Leadership Solutions Companies, and author of Action Dialogues and
Breakthrough once shared this piece of advice that was instrumental in shaping her direction, future and achievements.
She was a young manager at IBM just promoted to her first staff assignment in a regional marketing office. For reasons she can't explain,
one of her colleagues named Bookie called her into his office while she was visiting his location. He then began to offer unsolicited advice, but
advice that now stays fresh in her mind. He mentioned that jobs, missions, titles and organizations would come and go as business is
dynamic - meaning it is always changing. He advised her not to focus your goals toward any of these, but instead learn to master the skills that
will allow you to work anywhere.
He was talking about four skills:
- The ability to develop an idea
- Effectively plan for its implementation
- Execute second-to-none
- Achieve superior results time after time
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With this in mind, Kennedy advises readers to seek jobs and opportunities with this in mind. Forget what others do. Work to be known for delivering
excellence. It speaks for itself and it opens doors.
More of the best leadership advice ever received by successful people, advice
that helped them to become effective, successful leaders:
5. Be curious.
Curiosity is a prerequisite to continuous improvement and even excellence. The person who gave Mary Jean Thornton, Former Executive Vice
President & CIO, The Travelers, this advice urged her to study people, processes, and structures. He inspired her to be intellectually curious.
He often reminded Thornton that making progress, in part, was based upon thinking. She has learned to apply this notion of intellectual curiosity
by thinking about her organization’s future, understanding the present, and knowing and challenging herself to creatively move the people and the
organization closer to its vision.
6. Listen to both sides of the argument.
The most valuable advice Brian P. Lees, Massachusetts State Senator and Senate Minority Leader, ever received came from his mentor, United States
Senator Edward W. Brooke III. He told him to listen to all different kinds of people and ideas. Listening only to those who share your background
and opinions can be imprudent. It is important to respect your neighbors’ rights to their own views. Listening to and talking with a variety of
people, from professors to police officers, from senior citizens to school children, is essential not only to be a good leader in business, but
to also be a valuable member within your community.
7. Prepare, prepare, prepare.
If you fail to prepare, you are preparing to fail. If one has truly prepared and something goes wrong the strength of the rest of what you've
prepared for usually makes this something easier to handle without crisis and panic. One of the best pieces of advice Dave Hixson, Men's Varsity
Basketball Coach at Amherst College has ever received and continues to use and pass on is this anonymous quote - "Preparation is the science of
winning."
Along with this are two expressions from Rick Pitino's book Success is a Choice, which speaks to preparation. Hixson asks his teams every
year: "Do you deserve to win?" and "Have you done the work?" This speaks to the importance of preparation toward achieving your final goal.
If you haven't done the work (the preparation) the answer to the second question is an easy "no!"
Great advice comes from many sources - parents, other relatives, consultants, bosses, co-workers, mentors, teachers, coaches, and friends. The
important point to remember is to stay open, listen to everyone, but also develop your own leadership style.
Read this article at About.com
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