Entrepreneur Archives - Page 8 of 8 - Dr. Ivan Misner®

Global Networking Conference – KL 2008

I am attending the Global Networking Conference in Kuala Lumpur, Malaysia, this week. Roughly 550 people from more than 22 countries are attending the event. It has convinced me that “thinking globally and acting locally” is no longer true for entrepreneurs. We are living in a global economy, and it is becoming easier and easier to do business around the world.

When a local dentist (Dr. Fay Yunus) can give an international referral, you know this is true.

This is a GREAT VIDEO showing the power of local business networking in a global community!

Twilight Zone Management

Someone recently asked me about some of my more unusual moments in business, and that took me back to a short stint I did working as the general manager of a light-manufacturing plant in Los Angeles.

This story actually begins many years earlier when, as a young boy, I stayed up late watching old Twilight Zone episodes with my mother. There was one in particular that I loved about a little boy named Anthony who had incredible powers and completely controlled a small town. He would do horrible things to people and animals with his mind, and then his family would beg him to send the misshapen or deformed beast to the “cornfields.” As soon as he’d done it, one of the townspeople would inevitably utter the infamous words . . . “It’s a good thing you done that Anthony, it’s a real good thing you done that.” Then everyone would nod their heads in agreement in total fear that Anthony might do it to them next. This made for great science fiction and, because I love science fiction, it stuck in my mind for many years.

Fast forward some 15 years later when I worked as the general manager of a light-manufacturing plant. There, I had the misfortune to work for the absolute worst, most dysfunctional team of people I have ever seen. It was headed up by Sally, the co-owner, whose idea of good management was yelling at everyone who didn’t do what she said–immediately. This woman was Genghis Khan in female form.

As soon as I started the job, I realized it was a horrible mistake and I dreaded coming to work almost every day. Finally, after three months, it happened. “It” being the most surreal experience of my management career. I was in the middle of a meeting with some employees from the production department along with “Ms. Khan” when she went into an absolute tirade, screamed at an employee and then summarily threw the young lady out of her office.

At that moment, one of the horror-stricken production employees remaining in the room looked solemnly at The Khan, nodded, and said . . . “It’s a good thing you done that, Sally, it’s a real good thing you done that.” I couldn’t believe it! It was at that very moment that I thought, “Oh , my God ,  I’m in the Twilight Zone! I’m THERE . . . this is it . . . the cornfields have to be next!! I AM OUT OF HERE!” The very next day I gave my notice.

I have never regretted leaving the company. It was the experience that prompted me to start my own business. Leaving there and starting my own company was the best decision I ever made, and I’ve never looked back (except to chuckle from time to time).

Do you have a Twilight Zone Management experience? If so, please share it with us.

I ‘Absolutely’ Refuse to Participate in a Recession!

Last month I wrote a blog article headlined: “I Refuse to Particpate in a Recession.” It clearly resonated with many entrepreneurs. A lot of people posted responses to this blog with a clear understanding of how to apply this idea. There were, however, some who e-mailed me directly with a bad case of the “Yeabut Syndrome.” It goes like this, “Yea but” Ivan, things are different for me or different in this area or different in this business or different in my situation or different in my alternate universe, etc., etc.

Sometimes I feel like saying to these people, “Yes, you are different than the people I am talking about. You will fail; they will not” (oh, sorry, gotta remember–must keep that as internal dialog).

I’ve been through three recessionary periods in my business. I don’t need a crystal ball; I have history. Here’s what my history tells me: People with a strong network will survive and even thrive during downturns in the economy. I’ve seen this repeated over and over. Here’s how it plays out in my networking organization, BNI .

[Cue music and fade away to a vision of the past].

The first three to four months of all the past recessionary periods, membership tends to slow. Not as many people join. They say things such as, the economy is bad, I can’t afford it, things are different in my universe, etc., etc. Then something amazing happens. People start to realize that they better do something and do it quickly! They finally recognize that a recession is here and their business is going to “hell in a handbasket” right before their eyes. At this point, the magic happens. They get “networking religion.” They realize that they better get out of their cave and really, really network to build their business and that they’d better do it quickly. Then we start getting more and more people trying to join the organization (some can’t join because they waited too long and their profession is already taken)!

[Cue music and fade back to today].

So here we are today. It looks like we are in the beginning of an economic downturn. You have a choice to make. Are you going to wait six months, like many of the people I’ve seen in the past–or are you going to take control of your business and get a head start on your networking efforts? Only the strong, smart, and “networked,” suvive a recession.

You still have time to start and/or improve your existing personal network. If you’ve been active in networking, now’s the time to get back to basics and reintroduce yourself to the fundamentals. If you’ve done some networking but need to really expand it, take yourself to networking school. Immerse yourself in materials that will help you. Here’s a good place to start for almost 80 free articles on networking: Entrepreneur.com Networking column archive. If you haven’t done much to build your personal network, what are you waiting for? The recession to be over? By that time, your business will be over! Start now!

There’s an old Chinese proverb: When is the best time to plant an acorn? The answer is 25 years ago. When is the second best time? The answer is today.

So, share with me–what are you doing to improve your network today?

Entrepreneurial Excellence

A good friend of mine, Frank De Raffele Jr., recently launched a radio program called “Entrepreneurial Excellence.”  I wanted to take a minute to let everybody know about it because not only is it an excellent educational resource for entrepreneurs and businesspeople alike, it is also accessible from anywhere in the world because it is broadcast online.  Even if you miss a broadcast, the shows are all archived and available to download at any time.

I listened to the show’s premier last Monday and I am very impressed with the quality of the insights presented on how to start and run a successful business. A lot of the information that Raffele is giving for free on his show wouldn’t even be given to you if you paid a bunch of money to attend classes on this stuff. 

Besides the educational forum, the show features a series of entrepreneurial tips on legal matters, tax savings, marketing, web/internet, employee benefits and human resource issues, plus interviews with some of the world’s top entrepreneurs and authors such as Zig Ziglar, Jay Conrad Levinson, Harvey Mackay and Stephen Covey. 

But forget those guys . . . the best thing is that Raffele managed to land an interview with the most exciting guy on the planet—yep, you got it, I’m talking about yours truly! All joking aside, though, Raffele has managed to assemble quite the panel of experts, and I think that gaining access to the expertise of top entrepreneurs for free and from anywhere in the world is an opportunity nobody should miss.

For more information, to listen, and/or to download past shows, go to: www.EERadioShow.com.

Are You ‘Really’ in Business?

I was speaking at a conference for small business owners last year where the following list was given to all the businesspeople in attendance. The speaker said; “If you don’t have all these things in place, you’re not really in business!”

  1. I have business cards for myself and my team.
  2. I have a distinct phone line specifically for my business.
  3. I have a registered domain.
  4. I have a current website.
  5. I have an e-mail that corresponds with my business domain.
  6. I have a dedicated office or business space (even if it is home-based).
  7. I know what my target market is.
  8. I have a contact database system in place to communicate with my prospects.

As obvious as this list seems, half the participants did not meet all the requirements. I spoke there again this year, and I’m glad to report that virtually all of the participants this time around met the above requirements (and more).

So here’s my question for you: Are you really in business?

[For those of you who are really in business, what would you add to this list, if anything?]

I Refuse to Participate in a Recession!

Many economic gurus are saying the “R” word …. recession.For the most part, the U.S. economy has been strong and business has been good for the past decade.However, the economy goes through cycles. Even if we don’t see a full-blown recession, business is slowing for many people.

Unfortunately, every time the economy takes a downturn, the fallout is felt strongly by salespeople, business owners and professionals alike.Successful business professionals learn from the past.For some, this will not be our first recession.

So what did we learn from previous economic downturns?In the early ’90s, right in the middle of a nasty recession, I was at a business mixer in Connecticut meeting many local business professionals.It seemed that everyone was feeling the crunch from the slow economy.Throughout the entire event, the favorite topic of discussion was how bad the economy was and how things were getting worse.The whole affair was depressing because nearly everyone was obsessed with the problems of the economy and its impact on his or her business .

I was introduced to one of the many real estate agents attending.Given the decrease in property values in the state, I was leery of asking this gentleman the standard “How’s business?”question.He shared with me, though, that he was having a great year.Naturally, I was surprised and asked, “You did say you were in real estate, didn’t you?”
Yes.”
“We are in Connecticut, aren’t we?”
“Yes,” he said with a slight grin.

“And you’re having a good year?”I asked.

“I’m actually having my best year ever!” he said.

“Your best year!”I said in amazement.

After thinking for a moment I asked him, “Is this your first year in real estate?” “No,” he replied with a laugh. “I’ve been in real estate for almost 10 years.”I asked him how he was doing so well, given the conditions of the economy and the stiff competition.He reached into his pocket and pulled out a badge that said:

I AbsolutelyRefuse to Participate in a Recession!

“That’s your secret?”I asked.”You refuse to participate in the recession, so business is booming?”“That’s correct,” he said.”While most of my competitors are crying the blues about how bad business is, I’m out drumming up a ton of business networking with my contacts and generating referrals.”

Considering what he said, I looked around the room and listened in on people for a whileas they complained about how bad business was.While nearly all were commiseratingwith one another, I concluded that very few were actually networking and working on seeking new business.As a result, very little business was actually being accomplished.If you want to do well in business, you must understand that it does absolutely no good to complain to people about tough times.When you complain about how bad business is, half the people you tell don’t care and the other half are glad you’re worse off than they are.

While you cannot control the economy or your competition, you can control your response to the economy.Referrals can keep your business alive and well during an economic downturn.During the last recession, I watched thousands of businesspeople grow and prosper.They were successful because they consciously made the decision to refuse to participate in a recession.They did so by developing their networking skills and learning how to build their business through word of mouth.

Don’t let a bad economy be your excuse for failure.Instead, make it your opportunity to succeed.While others are looking at the problems, those of us looking for opportunities will not only get through a bad economy but will prosper.

Taking a Poll of Your Audience

Many times, as I am speaking to entrepreneurs all over the world, I will “poll” the audience for answers to some questions. It is a simple tactic that gives me a ton of great information. Asking questions of my audience gives me stats that can be very useful. For example, I’ve found that almost 90 percent of the entrepreneurs I’ve talked to love their work, but only about 15 percent enjoy doing the marketing it takes to get that work.

This type of information can be very powerful when I use it in my presentations. In fact, I was speaking with Dawn Lyons (a director with BNI and a Referral Institute franchisee), recently, and she described a poll she did at a  Behavior Styles training event in Wisconsin. A participant was telling her how his boss always receives referrals “on the spot” from brand new clients, and how that strategy has never worked for him. He was actually wondering whether something was wrong with him.

Lyons decided to poll the audience. She asked, “How many of you have been taught that you should meet with a client, close the deal and then on the spot ask them for additional referrals?” The answer was a resounding yes from the crowd. Then she broke it down to this: “How many of you have been incredibly successful with this approach?” Not one hand was raised in the audience. Her next question was, “How many of you have been moderately successful with this approach?” Again no hands were raised. “How many of you have had a decent amount of success?” No hands again! “OK, how many of you have had at least one person give you referrals on the spot?” Finally one gentleman, a sales consultant, raised his hand out of the entire group.

Dawn turned to the original gentleman who asked her the question and simply stated, “It’s not you. See, many times we are taught techniques that simply don’t work for the majority. Maybe your boss is fantastic at it because he has 25 years of experience. Maybe it is because he works from 100 percent referrals.”

So you see, polling your audience is a great way to collect information instantly and even be able to give a great lesson from it. Try using it in your next presentation.

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