Business Archives - Page 4 of 34 - Dr. Ivan Misner®

Three Things Your Business Degree Didn’t Teach You

graduatingOne common misconception among business people, especially those new to the field, is that a bachelor’s degree in marketing or business will provide all the necessary skills to own, operate, or work in a business of any size.

Time and again I’ve seen men and women struggle in business, flabbergasted because they followed the steps taught to them as undergraduates. It isn’t until they get involved in post-degree programs specifically geared toward advanced business techniques, or professional organizations like BNI or the Referral Institute, that they pick up these three concepts that are truly paramount in business.

 

Social Capital

Relationships, and their potential value, are vital in business. These relationships can be in our personal or professional networks, but both can lead to business opportunities, quality referrals, new and innovative ideas, someone to bounce ideas off of, and ultimately, increased business success.

As you build relationships, identify their strengths and weaknesses and focus on fostering the weaknesses. While it can be counter-intuitive to focus on anything other than your business when trying to help it grow, putting effort into your relationships will ultimately lead to greater business success.

 

Emotional Intelligence

The ability to identify, assess and control one’s own emotions, as well as an astute awareness of the emotions of others improves communication in all facets of life and can up one’s connection game. In fact, studies show that a higher emotional quotient (EQ) can help develop more social capital.

When you can learn how individuals around you respond to you, and cater your interactions to the individual person, you will see the positive response received hit the roof. While not rocket science, it can be challenging, so as you work to develop your EQ don’t be discouraged if it doesn’t happen immediately.

 

Networking

You knew it was going here. This critically important business skill is grossly under-represented in higher education. This proficiency combines the elements of emotional intelligence and social capital, and is an important tool to have in your wheelhouse.

The vast majority of businesspeople say that in some form or fashion, they have gained some success through networking, and this isn’t a coincidence. Those who haven’t found networking success likely haven’t built a strong foundation of social capital and emotional intelligence, as networking is simply the mechanism used to combine word-of-mouth techniques and social capital.

 

In the same way businesses who refuse to adopt cutting-edge technology begin to fall to the wayside and face difficulties, business school graduates (and the schools they hail from) who do not adopt these lessons into their curriculum in some ways will quickly find themselves outdated and outpaced.

Are there other vital business skills you feel aren’t taught in general business education? How did you pick up those skills? I’d love to hear your thoughts, so please leave your comment in the forum below! Thanks!

The Secret to Success

I do a countless amount of interviews each year, and one of the questions I get asked most often is: “What is your secret to success?”  In this video, I tell my personal story about my journey on the road to success and, if you are thinking the road was a quick and easy one–think again.  

I often tell people who are striving to achieve success in a snap that I am a twenty-year ‘overnight’ success.  In other words, there is no such thing as overnight success.  It took me twenty years of working diligently and consistently, day in and day out, doing the same things over and over in order to achieve some degree of success.  I firmly believe that the secret to success without hard work is still a secret.  However, there is a key idea which I talk about in this video that I learned through doing research for my book Masters of Success, and it can really help when it comes to attaining success.

What’s your take on the secret to success?  Are your ideas on how success is achieved different than the ideas I discuss within this video?  Please share your thoughts in the comments section.

How to Create a Spectacular Life

Last week, I posted a video where my friends and partners in the Referral Institute® and I offered our individual thoughts on how to create a truly amazing business.  Today, I’m following up that video with this one where the four of us talk about what it takes to create a spectacular life.

Watch the video now to learn about what each one of us views as an essential key in establishing the ultimate, ideal life which you have always envisioned for yourself.  We also offer specific, actionable steps you can take toward achieving your unique version of a spectacular life, so make sure to watch the video the whole way through.

After watching the video, we’d love to hear your thoughts on the ideas we shared, and we’d also love for you to share your own ideas on this topic within the comment forum below.  Thanks so much for watching–we’re looking forward to hearing from you!

 

How to Create a Truly Amazing Business

I recently had the opportunity to get together with my partners in the Referral Institute® (Eddie Esposito, Mike Macedonio, and Dawn Lyons) to discuss a really interesting concept: What exactly does it take to have an amazing business and a spectacular life?

So, we decided to do a couple of quick videos to share our individual ideas surrounding this concept.  In today’s video, each one of us shares both a key idea and a surefire action step (to implement that idea) which we believe are crucial in developing an amazing business.

What I really appreciate about our discussion here is that each of us contributes our own unique and specific piece of insight, so the gamut of advice shared within this brief video is actually pretty comprehensive being that there’s such an element of diversity within our individual comments.

After watching the video, please share with us in the comment forum below your own thoughts on what it takes to create an amazing business.  And, be sure to check back next week to watch the subsequent video we filmed which will address what it takes to create a spectacular life. 

The Book of Doing and Being

In this video, filmed during a recent TLC (Transformational Leadership Council) Conference, I talk to my good friend, award-winning motion picture producer and writer Barnet Bain, about his newly-released book, The Book of Doing and Being.

In the video, Barnet talks about how creativity has a significant place in our businesses and our relationships, but that the ‘really big game’ is in innovation.  He says, “Innovation is to creativity what e-mail is to snail mail.”  Watch the video now to find out how innovative thinking is available to absolutely all of us, despite the fact that very few of us are trained to see the world in terms of innovative responses as opposed to creative responses.

Barnet has devoted his life and career to manifesting his creativity in a way that not only gives his life purpose but brings meaning and hope to the lives of others.  With this book, he reveals to us how we can do the very same thing.  Put simply, if you want your life to count in ways you’ve previously only dreamed of, you owe it to yourself to read The Book of Doing and Being.

So what do you think of Barnet’s ideas in the video?  If you’ve already read the book, what are your thoughts on it?  Please leave your comments in the forum below.  Thanks!

 

Networking Is a Marathon, Not a Sprint

The fact is, networking truly is a marathon of an endeavor–it’s most definitely not a sprint.  I have met so many people who practice what I call ‘hyperactive networking’ and they mistakenly approach networking at the speed of an all-out sprint–they want to be absolutely everywhere and meet absolutely everyone and they go, go, go ALL of the time until they soon inevitably burn out, ‘collapse,’ and give up.

It’s a real shame because if these people would, from the beginning, just slow down and take the time to develop a networking strategy and understand that networking takes time, patience, hard work, dedication, commitment, and endurance, they would be reaping great rewards from their networking efforts instead of exhausting themselves with nothing to show for it in the end.

Networking at its core is about taking the time to build genuine, trusted relationships.  Sure, visibility is important, but without building trust right along with it, visibility won’t get you very far in the long run.  You can run around all day long going to networking events and shaking people’s hands, but if you’re not spending time following up and developing trust with the people you meet, then you haven’t really achieved much of anything that will actually give you results from your networking efforts–do not confuse activity with accomplishment. 

So, what are your tactics for pacing yourself in the marathon of networking?  What actions do you take to strategically build relationships?  I’d love to hear from you so please share your thoughts and ideas in the comment forum below–thanks!

Being Your Own Chief Networking Officer


CNOIf you work in an organization, you might be familiar with the increasingly popular position of chief networking officer (CNO).  The CNO is the person who handles many corporations’ business networking and community-related activities.

The role or position of CNO has changed over the years.  In the past, the CNO could have been the person responsible for such things as running the computer or IT department, or for computer-related functions in general, because networking was thought of as a matter of electronic connection.  CNOs are still tech related, but these days we’re seeing many executives with that title in charge of completely different functions, handling business networking activities such as these:

  • Community Involvement
  • Internal & External Communication
  • Public Relations
  • Corporate Culture
  • Social Capital
  • Human Resources
  • Diversity
  • Client/Customer Relationships
  • Developing a Referral Marketing Campaign
  • Departmental Collaboration
  • Relationship Advertising & Marketing
  • Improving Vendor Relationships
  • Referral Generation Strategies

As you can see, a CNOs responsibilities can be broad and complex.  However, I believe the two key responsibilities to be: 1) relationship-marketing campaigns and 2) referral generation strategies.  These roles should be top of mind if you’re going to network like a pro.  They should be the principal job focus of a CNO.

First, however, let’s address the thought that’s probably just popped into your head: “Hey, I only have a ten-person (four-person/one-person) organization; how can I afford to hire a CNO to do my networking?

As business professionals ourselves, we remember what it was like trying to get a company off the ground.  And, quite frankly, there never seemed to be enough resources to take care of all the things the business needed, let alone hire an executive-level person.

What I suggest is to create a CNO position in your company and then fill it yourself, at least in the beginning.  In other words, don’t hire a CNO; just take on a CNO mindset.  How do you create a CNO mindset?  Start off by adopting a Givers Gain® attitude.  This gets you in the spirit of finding ways to help others while simultaneously overcoming the scarcity mentality that can creep into your thinking.  Lay out a clear set of guidelines and action items that you’d like the CNO to take, and then fill that position yourself for two or three hours a week.

 

Quantity Is Fine, But Quality Is King

Photo Courtesy of stockimages at FreeDigitalPhotos.net

Photo Courtesy of stockimages at FreeDigitalPhotos.net

One of the biggest misconceptions I’m aware of in regard to networking is the notion that it’s an “all you can eat” affair.  In other words, people go to an event, work the room in an effort to meet everyone there, and then judge their success by the number of cards they accumulate.  Although I see a certain superficial logic in that, there’s only one fatal flaw with this kind of thinking:  it assumes that the more people you meet at an event, the more successful your networking efforts are–and that’s simply not the case.  Instead, the quality of the connections you form is much more significant than the quantity of connections you make.

Businesspeople unfamiliar with referral networking sometimes lose track of the fact that networking is the means–not the end–of their business-building activities.  They attend three, four, even five events in a week in a desperate grasp for new business.  The predictable result is that they stay so busy meeting new people that they never have time to follow up and cultivate those relationships–and how can they expect to get that new business from someone they’ve only just met?  As one of these unfortunates remarked to me, “I feel like I’m always doing business but rarely getting anything done.”

I certainly agree that meeting new people is an integral part of networking, but it’s important to remember why we’re doing it in the first place: to develop a professional rapport with individuals that will deepen over time into a trusting relationship that will eventually lead to a mutually beneficial and continuous exchange of referrals.

When meeting someone for the first time, focus on the potential relationship you might form.  As hard as it may be to suppress your business reflexes, at this stage you cannot make it your goal to sell your services or promote your company.  You’re there to get to know a new person.  A friend of mine told me something his dad always said: “You don’t have to sell to friends.”  That’s especially good advice when interacting with new contacts.

This certainly doesn’t mean you’ll never get to sell anything to people you meet while networking; it does, however, mean that you’ll need to employ a different approach.  Networking isn’t about closing business or meeting hordes of new people; it’s about developing relationships in which future business can be closed.  Once you understand that, you’ll stand out from the crowd with everyone you meet.

When you’re networking like a pro and treating new contacts as future referral partners, you’ll absolutely blow away any competitors who still feel compelled to meet as many people as they possibly can.  Why?  Because when you call your contacts back, they’ll actually remember who you are and be willing to meet with you again.

Don’t Know What You Want to Be?–Stick Your Tongue Out and Wave It Around . . .

In this video, I talk about the often difficult question of what it is we truly want to do in order to make a living and contribute to the world.

When my kids were young, I often took them to get ice cream as a treat. When they had trouble making a decision about which flavor they wanted, I told them that if they stuck out their tongue and waved it around, the answer would come to them.

As they got older and had difficulty deciding what they wanted to be when they grew up, I reminded them of their tactic for finding an answer to the ice cream flavor conundrum. In reality, I was simply telling them to experiment and feel things out, so to speak, in order to figure out what they were passionate about and what they would truly be happy doing.

The fact is, if you do what you love, you’ll love what you do.  I think it’s so important and it’s an important message for us as business people if we want to have a balanced life–a harmony, as I call it. 

So, what helpful things have you done when talking to kids or others in regard to what they want to be “when they grow up”?  Please share your experiences in the comment forum below.  Thanks!

Have You Created an Identity for Your Business?

If someone asked you what your business’ identity is, would you be able to give them a clear answer?  If not, now is definitely the time to give some thought to how you can create an identity and an image for your business that will work for you around the clock.  Why is this important?  Because, as Jeff Davidson, author of Marketing on a Shoestring says, “The age of the image is here.  From corporations to individuals, the imapact of image is irrefutable . . . the success of your business, whether large or small, often depends on how you position yourself and what you project.”BusinessIdentityQuestion

Positioning can help you create an identity and maintain a secure spot in the minds of those you wish to serve, and I believe the first step to positioning your business is deciding:

  • What you’re going to be
  • What you’re going to offer
  • To whom you’re going to offer it

The concept of positioning was actually popularized decades ago in the early 1980s by Al Ries and Jack Trout.  They observed, “In our over-communicated society, very little communication takes place.”  A company must create a position in the prospect’s mind, recognizing that the most effective communication occurs when optimally placed and timed.

Being the “first” remains one of the quickest and easiest ways to gain a position in someone’s mind.  Who was the first person to walk on the moon?  If you said Neil Armstrong, you are correct.  Now, name any of the astronauts who walked on the moon’s surface on the other NASA moon missions.  Not so easy, is it?  If you’re like most people, you probably have no idea.

When you are properly positioned, you save time because others quickly understand what your company represents and offers.  With positioning, each networking encounter, advertisement, message, employee, and every square inch of floor or office space contributes to the delivery of a consistent theme to the target market.

The identity you develop may be right only for you and for no one else.  You may become the leader in an emerging industry, or a highly successful alternative to the leading company.  You may be the only store open for twenty-four hours or the most exclusive shop in town, exhibiting wares by appointment only.  In the highly competitive, swiftly changing environment which we exist in today, creating an identity that sticks in the mind of others is no longer optional but essential.  

So, challenge yourself this week to do some research on creating an identity for your business.  Start by answering the three bullet point questions above, and then carve out time each day to spend time reading books on the subject or Googling articles on how to create a business identity, brand, and image.  There is an endless array of  helpful business articles available on the internet surrounding this topic.  If you simply spend the time to do the research, I’m willing to bet you’ll come up with a clear answer for people on what your business identity is within a week!

If you have already created an identity for your business, I’d love for you to share about it in the comment forum below.  Let us know what your business identity is and how you went about creating it–I’m very interested to hear your story.  Thanks! 

How to Combat the Fear of Failure

We all deal with the fear of failure from time to time.  I know I certainly do.  It’s a part of life and it can sometimes cripple us to the point where we’re so afraid of failing at something that we’d rather not even try.  So, what can we do about it?  How can we move past it in order to achieve our greatest goals, dreams, and desires?

Well, the answer is simple.  We stop worrying about whether or not we are going to fail because–guess what?–we very well may and that’s okay!  It’s inevitable; we are all going to be successful at some things and we’re going to fail at other things.  The key is to refuse to define ourselves by our failures and commit instead to both learning from our failures and defining ourselves by our successes.

In this video, I tell a personal story about a time when I was virtually frozen in fear because I was so preoccupied with the prospect of failure, and I explain how it helped me to realize the key to combatting the fear of failure.  The fact is, if we always try, we can eventually win.  But if we let fear keep us from even trying, we will fail without a doubt.

Is there something that you currently want to accomplish, big or small, but haven’t attempted to start because you’re afraid of failing?  If so, make a list of one action you can take each day (no matter how small) for the next week which will help get the ball rolling and move you toward accomplishing what you want to do.  Then, when the week is over, repeat the process of mapping out and completing small daily actions every coming week–before you know it, you will have made real progress!

If you have a story about a time fear of failure stopped you from doing something, or a time you overcame your fear of failure and accomplished something important to you, please share it in the comment forum below–I’d love to hear from you!

James Barber–“The Networking Guru”

Just last week at the BNI® U.S. National Conference in Savannah, Georgia, I had the opportunity to have a brief chat with James Barber, author of The Networking Guru.  In this video, I ask James to offer a suggestion or two on how networkers can stand out during weekly presentations in their networking group in order to increase their effectiveness at consistently obtaining referrals from their networking partners.

James reveals his top tip for helping your fellow networkers (i.e., your sales team) to focus and really narrow in on how they can refer you, and he tells a powerful story about a North Carolina business woman who used his top tactic and was so successful that he still finds it amazing when he thinks about the results she got.

Watch the video now to learn how you can stand out and be remembered in order to make it easier for those with whom you network to refer you.  I guarantee that if you incorporate James’ advice into your networking presentations and interactions, you will start to see a significant improvment in your referral marketing results and a noticeable increase in the amount of referrals you’re able to generate.

After watching the video, please share your thoughts.  And, if you’ve had previous experience using the tactic we discuss for generating more referrals, I’d love to hear how it worked out for you–please share your story in the comment forum below.  Thanks!

 

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