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Learn from Rich Austin's Business Tips!

Richard Austin

Richard Austin
Just because you have your own business doesn’t mean you have to go it alone. Entrepreneurs and solopreneurs are often seen as lone wolfs. Business owners who do it all, entrepreneurs need to be at the front, steering the ship, taking all the hits and being tougher than the competition. That sounds exhausting. No wonder the burn-out rate for new businesses is so high. The Financial Post reports that two-thirds of small business owners say they are close to burning out and 50 per cent are struggling with their mental health. Minority business owners have it worse, with 62 per cent reporting burn out. The idea that we, as small business owners, need to go it alone is mis-guided. In fact, to see an example of how to avoid burn-out, all we need to do is look up. Have you ever watched a flock of geese as they migrate? The unique V-formation they use is no accident. In fact, it’s the reason why they can fly so far, so fast. As you may expect, research has demonstrated why this strategy works so well for them. First, it conserves their energy. Each bird flies slightly above the bird in front of them, resulting in a reduction of wind resistance. In fact, this formation allows them to fly a full 70 per cent further than any single bird could fly on their own. The lead goose encounters all the headwinds. However, each bird in the formation takes their turn at the front. As the lead bird tires, they fall back in formation, and another takes their place. Another advantage of the V formation is that it allows the birds to keep track of each other, improving communication and coordination within the group. In fact, fighter pilots have adopted this strategy for the same reason. Going it alone, finding every lead, solving every problem, attempting to satisfy every client’s need saps our energy and creativity. This, in turn results in fatigue and eventually shoddy work, leading to burn-out, and dissatisfied customers. I hope you can see where I’m going with this. Yes, it’s good to be the leader, but we all need to allow ourselves a break now and again. There are multiple resources available to small business owners that we need to take advantage of. Referral Xchange is one of them. Chambers of commerce. Trade organizations and groups that you can find on Linkedin and other platforms, and if you can’t find the right group, start your own. Remember, these groups and organization are much more than lead opportunities. They are a gold mine of other resources and expertise. You might respond with “yeah, but unless you’re the lead sled dog, the view never changes.” That may seem funny, but as it turns out, mushers, depending on the conditions and the health of the dogs, often change out the leader. They recognize that even their strongest dogs need a break. After all, if the lead dog is fatigued, they become more of a liability than then an asset. If you want to stay an asset to your business, you’ve got to let yourself take a break now and again. Once you’ve regained your strength, you’ll be ready to charge out in front once again. As Aesop wrote in his fable, The Goose with the Golden Eggs, the owner, “Thinking to get at once all the gold the goose could give, he killed it and opened it to find – nothing.”
LEVITATING FROGS At a recent networking event for entrepreneurs, rather than asking yet another question about each other’s business, each attendee was asked to tell the group what they liked to do in their spare time. For the most part, the answers were uniformly similar; and sad. Every entrepreneur at the table was pretty-much stumped by the question. Everyone was superbly equipped to expound on some product or service they offered. No one was prepared to reveal what they like to do when they weren’t working on their business – because they were always working on their business. Dedication is a wonderful thing. Hard work is admirable. However, is total dedication simply obsessive behavior or is it necessary, especially when first starting your business? Can obsessive, unrelenting, all-consuming attention to your business be counterproductive? Being the most knowledgeable in your field is obviously a good thing. Being seen as dedicated commendable; but, in the long run, it can lead you astray. Have you ever been ruminating on a problem for days or weeks and suddenly, when you aren’t thinking about it the answer comes to you? Why is it that all your focus, note-taking and planning can’t crack the nut, but the resolution pops into your head when you don’t expect it? It’s because that’s how our brain works. Our brains take in all the information we’re exposed to and, over hours, days, or even weeks, eventually sorts it into relatable categories. It then files the information away until either something triggers us to recall it, even if, or especially if we’re not thinking about it. The other piece of the puzzle is the type of information we absorb. If we only take in one subject, our thinking, or our approach to problem solving will never evolve. We will never think “outside the box”. Andre Geim has won both a Nobel Prize and an Ig Nobel. The second award is given to scientists for experiments so outlandish that they “first make people laugh, and then make them think”. Part of the process Geim uses is to encourage his fellow scientists and students to look at their work through the lens of a branch of study, which does not reflect their field of expertise. By doing this, he’s found that the very lack of knowledge allows them to attempt experiments that “experts” would not try because they “know” that it would never work. Let’s relate this back to levitating frogs and entrepreneurs. Dr. Geim was able to levitate the frog using the incredibly weak magnetic properties of water when others wouldn’t even try it because they “knew” it wouldn’t work. As entrepreneurs, we need to encourage interest and study outside of our “field of expertise” for the same reasons. When we push our thinking beyond our comfort zone, then the real fun begins. So, put down the pencil, take your fingers off the keyboard, or whatever it is you normally do and see if you can levitate a frog or t
Information is everywhere. At the touch of a button, the swipe of a finger, or a brief conversation with your desktop AI, you can find out anything, almost instantly. It’s amazing how smart we are. But – dig just a little deeper, and you’ll see it’s a lie. It’s propaganda fed to us by big business and big data. Yes, we have information, but we don’t have knowledge. Information is defined as “facts provided about something or someone.” Notice the use of the word “provided.” It’s not something we earned or worked for, it’s simply made available. Now, look at the definition of knowledge. It’s defined as “the fact of knowing something with familiarity gained through experience, study, or association.” Knowledge is not only something acquired, but it’s something we have become familiar with, and therefore can explain it, in depth, to someone else. I don’t mean to pick on Google, but they are the elephant in the room. However, I don’t want to go down a conspiracy rabbit hole, but in many instances, google gives us only the information that their algorithms are designed to provide. The point is, if we are just interested in information, we’ll accept as fact anything we’re told. But, if we’re seeking to increase our knowledge, we will be more discerning in what we accept as true. If we just consume information, without taking the time to build our knowledge, we are losing out on the rewards knowledge brings. Writing in Linkedin, Mohammad Ashique Mallick, business and properties consultant, describes some benefits of knowledge: 1. Knowledge makes it easier to solve problems. With knowledge, you can enhance your ability of thinking diversely, which brings other knowledge you have to bear on the problem. 2. Knowledge helps you understand yourself, which in turn makes it more likely that the decisions you make will be the right ones for you. 3. Knowledge helps you take in new information. The first stage in which factual knowledge gives you a thought is when you are taking in new information. 4. Knowledge improves thinking in three ways. a) It helps you solve problems by freeing up space in your working memory, b) It helps you circumvent thinking by acting as a ready supply of things you've already thought about, and c) it improves your reasoning and critical thinking. 5. Knowledge is the key to success. We could not accomplish much in life without knowledge. The more knowledgeable you are in your field, the more money you are worth to your clients. Information is like ice cream. It tastes great, but a steady diet of only ice cream doesn’t do us any good. Knowledge, however, is a complete meal., proteins, carbohydrates, fats, seasonings, and flavor. Knowledge is nourishment for our minds. Information is little more than fast food. John Clarke, American neoclassical economist, profession at Columbia University said, “Knowledge is the only instrument of production that is not subject to diminishing returns.”
“You Can’t Stand Out if Your Message Blends In” - Rich Austin Do you often walk away from new encounters thinking, “there goes another lost opportunity?” Landing new clients is one of the hardest tasks for any business. We can have products and services that make our competition look like amateurs, but if we don’t stand out, we’ll just blend into the background, and no one will notice us. Build Your REP is designed to eliminate that frustration and show you how to grow your business using the three key steps to landing new clients: Recognition, Education, and Persuasion. In Build Your REP, I provide step-by-step instructions with clear and simply worksheets, that will allow others to immediately recognize what you do, educate them so they fully understand, and persuade them that you have the answers to their problems. About me: As a life-long severe stutterer, communication has always been a challenge. With years of speech therapy, and my own personal study of communication methods, I became an accomplished business speaker and corporate trainer. I have taught thousands of people in the U.S. and over-seas, all the while sharpening my skills and discovering what works and what doesn’t. I’ve taken all of this information and created Build Your REP. I hope you enjoy it. Rich Austin Order Your Copy Here: mailto:https://www.stillwaterbooksri.com/build-your-rep-business-success
Objects in mirror are closer than they appear”. We have all seen this warning on our car’s side-view mirror. Unfortunately, we don’t always take it as seriously as we should, which can have some rather nasty consequences. Bringing this analogy to our businesses can be a healthy exercise. But before we go there, let me tell you about my Dad’s Hudson Hornet. For those who don’t know what I’m talking about, Hudson was an American car company that was founded in 1909 by Joseph Hudson, a Detroit department store entrepreneur. They manufactured cars until the late 1950’s. Hudson was very innovative. They introduced dual brakes, dashboard oil-pressure gauges, as well as the transmission oil bath design for durability and a smoother ride. They we also the first to build a “step-down ride, where the car’s frame was below the axle, thus allowing you to step down into the car rather than the need to always step up. This lowered the center of gravity, providing better handling and making them very fast. They were an old NASCAR favorite for many years, winning a lot of races. I was about 10 years old when my Dad bought his used Hudson Hornet. Wow – it was awesome. Smooth, sleek, and quick. It had a trunk light AND a light under the hood. It was a mean, green machine. We loved that car. However, when my brother Allen got his driver’ license, my Dad sold it because he thought it was too much car for a new driver. So, what happened to Hudson – where are they now? Well, Hudson was ahead of their competition – until they weren’t. The Hudson ran on a straight six. A great engine that they had perfected. It was easy to work on and lasted nearly forever. But it wasn’t an 8 cylinder. In the fifties, Detroit’s other automakers were cranking out 8 cylinder engines and people were lining up for them. Sure, they were more difficult to work on and unproven, but, hey, they were 8 cylinders! And 8 is better than 6, right? Oh, and this was the beginning of the Detroit horse race. AS IN HORSE POWER. Hudson, with their reliance on the strait and safe straight six never saw them coming. As they say in racing circles, they got their doors blown off. Hudson was complacent and ignored what the competition was doing. When they tried to catch up (American Motors anyone?), the competition’s lead was too much. Then again, the gremlin didn’t help. Of course, we have to keep our attention focused on our business and keeping our clients happy. We have to always be looking out for their best interests. However, we can’t forget to take a look in our side-view mirrors every once in a while to see what our competition is up to. Just because you’re leading the pack now, doesn’t mean you can’t be passed and left in the dust. Check your mirrors.
Greek philosophers coined the phrase “knowledge for knowledge’s sake.” Aristotle stated, “wisdom at no end but itself… is one of the excellent natures of human action,” while St. Augustine wrote that the specific role of wisdom is “loved for its own sake.” In our businesses, knowledge is critical to our success. Knowledge is our product, whether directly or indirectly. Basically, if we don’t know what we’re doing, we won’t be in business very long. In the business world, for better or worse, we treat knowledge as transactional. Essentially, we ask ourselves, what do I know that I can monetize, or what should I learn that I can sell in the future. Experts tell us that there are different types of knowledge that work together to help us exchange information or gain new knowledge. This is based on Gardner’s theory of multiple intelligences. Currently, the 7 types of knowledge that are easily definable are explicit, implicit, tacit, declarative, procedural, priori, and posteriori knowledge. Although I believe we can agree that all types of knowledge are valuable, not all types of knowledge are transactional. In business, we need to appreciate the differences without discarding ideas and concepts that aren’t immediately amenable to monetization. For the purpose of this discussion, we’ll focus on those types of knowledge that are amenable to monetization: explicit, implicit, tacit, and procedural. Explicit knowledge is anything that can be documented, transmitted, shared, learned, or taught. Many of our businesses deal directly in explicit knowledge. Less straightforward than explicit knowledge, implicit knowledge consists of information we have gained through practice and experience. We all use implicit knowledge in our businesses to produce our products and services. Tacit knowledge is similar to implicit knowledge but isn’t easily monetized. If you’ve ever played a sport, such as tennis, you’ve acquired tacit knowledge, but it isn’t easy to pass this along. Tacit knowledge can be monetized, but often on a one-to-one basis, such as when you coach a client or customer. Procedural knowledge answers “how-to” questions by providing procedural information. Once you have become a subject matter expert in your field, you can use procedural knowledge to create products such as webinars, seminars, and even Youtube videos. We have all heard the saying, “It’s not what you know but who you know,” but that’s not always true. In today’s world of ideas and information, it truly is what you know that’s the key to success. As businesspeople, we need to take stock of what we know, and perhaps even more importantly, what we don’t know but should. Once we’ve created an inventory of knowledge, we need to ask ourselves if we’re taking advantage of what we know; because, if you don’t, your competition will. I like this quote from Daniel Boorsin, American historian who taught at the University of Chicago, “The greatest obstacle to discovery is not ignorance – it is the illusion of knowledge.” This week’s questions: 1. What do you know that you can monetize? 2. What is stopping you? 3. Who do you know that can help?
This week’ we’ll discuss Brainstorming for Your Business We often worry that our business may be becoming outdated or stale. That our competition has better ideas. And we wonder – why didn’t I think of that? Why can’t I be creative? Creation takes imagination, inspiration, understanding, insight, and even a little serendipity. Although a few people can easily tape into their creativite side, the majority of us have a hard time doing that. We have to work at it. We have to take time away from our normal activities, and we have to be in the right mindset. It’s not so much about finding more answers as it is discovering the right questions. Here’s what I mean. In an article by Hal Gregersen published in the Harvard Business Review, he concludes that instead of better answers, we need better questions. He explains that the “Underlying the approach (to brainstorming) is a broader recognition that fresh questions often beget novel – even transformative – insights”. He goes on to say, “Brainstorming for questions rather than answers makes it easier to push past cognitive biases and venture into uncharted territory.” To be a success in business, you need to be an expert in your field. We obviously can’t know everything about everything, but we need to know A LOT. The more we know, the better we can be at answering questions. However, once we think we have all the answers, that’s when our businesses can start to become stagnate and uninspired. By having what we think are all the answers, we stop asking questions. Brainstorming from time to time is important. One of the goals of brainstorming should be to shake up the status quo and reexamine what we think we know. Brainstorming should not be a solo activity. The “two heads are better than one” motto is appropriate here. In fact, three or four would be even better. It is important to NOT just sit down with others in your field for your brainstorming session. Afterall, they have all the same answers, that like you do. They have the same cognitive biases that you have. Instead, invite people who may have some interest in your profession, but know little about it. Go as wide afield as you can. The less they know about what you do, the greater the difference their perceptions will be from your own. By bringing in these “outsiders”, with different perspectives, you’re more likely to get questions that aren’t mired in the “that’s the way it’s always been done” conviction. Again, according to Hal Gregersen, after you’ve briefly explained the challenge you’re facing, be sure to allow only questions in response – no answers. Again, you’re not looking for quick, easy answers. You can come up with these on your own. The only thing that is going to spark real change in your business is questioning what you do. However, with all the accumulated knowledge you have, that’s difficult to do. This is why reaching outside of your circle is critical. Be sure to pick people who you know to be intellectually curious and have been known to challenge the status quo. James Thurber, American cartoonist, writer, humorist, journalist and playwright said, “It is better to know some of the questions than all of the answers”. This week’s questions to ponder are: 1. Who do you know that would be good for this type of exercise? 2. What would be a challenge or problem you would put to the group?
Why is leadership important for solopreneurs? If you are a solopreneur or small businessperson, why should you be concerned with leadership? As a business owner, you are automatically in a position of authority and leadership, even if you are the only employee in your business. If you have a small cadre of employees, you’re their leader, like it or not. The most important task of a leader is to move those around you from where they are to where they should be; to the best place their natural abilities can take them. A true leader will never hold someone back for personal gain. If we think of where we are today, we can all acknowledge special people who helped us and encouraged us – who gave us the opportunities we needed, guided us when we made mistakes, and congratulated us when we succeeded. Leadership is not about pride or position. If you’re seeking leadership merely for pride, status, and ego, you’re doing it wrong. A leader is in front, so they are able to reach down and help bring others up. As a leader, you have tremendous influence on others. Your influence should help steer people in the right direction and set an example for honesty and generosity. A leader is also charged with inspiring confidence, not only in themselves, but also in others. If you don’t have confidence in yourself, you’re hardly in a position to inspire it in others. Even if you are a solopreneur, you still have a need to project an aura of leadership. As mentioned earlier, this starts with generosity and contributing to others’ success. Your own leadership style will depend on your personality, your strengths, and your uniqueness. As any life coach will tell you – you need to be your authentic self. Trying to imitative someone else will only reveal you as a phony. In today’s business world, projecting leadership, for better or worse, includes being professional in your appearance. As Malcolm Gladwell points out in his book Blink, The Power of Thinking Without Thinking, people make decisions about you in the blink of an eye, without even thinking about it. That’s why a professional appearance, as well as professional manners, is critical to leadership. People will unconsciously label you as a leader, or not, almost immediately. A leader also doesn’t operate in a vacuum. Networking, being a member of a mastermind or similar group, are all ways to establish your leadership credentials. As mentioned earlier, a true leader doesn’t need to automatically lead or control every situation, group, or gathering. Organizations and events give you the opportunity to demonstrate your generosity, knowledge, and willingness to give so that others will succeed. When you do this, any group you join will recognize you as a leader. William Arthur Wood, a leader and Canadian educator in the early 20th century said: “Leadership is based on inspiration, not domination, on cooperation, not intimidation.”
With the rate of change today, many businesses find themselves in a process of perpetual pivoting. This is challenging, but Dave Lubelczyk of the The Focus Turbine Advisor Tribe / Gearbox, Brain for Rent has created a way to keep it under control.
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