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Learn from Rich Austin's Business Tips!

Richard Austin

Richard Austin
“Choose a job you love, and you will never have to work a day in your life.” We have all heard a version of this. The origin of it is unclear, but many have taken it to heart. Those who have often struggle, at times, to live up to the spirit of the quote. I posit that although we would all love to think it’s true, I don’t believe it. I love what I do. Okay, let me rephrase that. I love most of what I do. Some days I might even lower this to “I love a lot of what I do.” However, if we’re honest with ourselves, even if we love what we do, if we’re doing it right, some days our work can be extremely stressful and headache-inducing. We all love to play and have fun. Since the time we were little kids out on the playground, we loved to play. Our parents would tell us to “go out and play,” although this was often more for their benefit than for ours. However, none of us should be playing at our business. It’s a serious undertaking with considerable consequences for us and our clients if we get it wrong. According to a June 2021 article in the Journal of Sports Rehabilitation, up to 68% of NFL players may be injured in any one season. While some players remain remarkably injury-free (or are at least healthy enough to play), many players suffer multiple injuries throughout a season, requiring surgery and painful rehab. Not one of them will tell you this is fun. Most of them will tell you they love what they do, but none of them will tell you it isn’t hard, real work, day in and day out. Well, maybe the kickers. We may not be facing painful physical injury in our businesses, but if we’re not working at it, we’re not doing it right. I would hazard to say that if all we do is have fun day after day, we’re probably coasting. We certainly aren’t learning anything new. We aren’t wading into deeper waters where it’s a bit uncomfortable. We aren’t growing. As Andy Dufresne said in Shawshank Redemption, we need to “get busy living or get busy dying.” Roberta Smith, co-chief art critic at The New York Times said, “When you stop learning, you stop growing; when you stop growing, your stop living.” Learning new things about what we do, about our businesses, and about the variety of subjects that can impact how well we do our jobs is critical to staying on top and providing the best services to our clients. It requires constant work, that often includes early mornings, late nights, or putting ourselves in situations that make us uncomfortable or unsure of ourselves. This isn’t something anyone loves to do, but it’s the hard work necessary to grow and succeed. In a post by Shemena Johnson, a renowned psychotherapist, she states “The dichotomy between emotions of love and hate can be confusing when they seem to exist at the same time.” However, she is quick to point out that when both are present, they are both temporary. Love and hate are natural human emotions that can seem to overlap. At times, it seems like the distance between the two is an immense gap, while at other times, they seem to be rubbing up against each-other. It's okay to say, “I love what I do.” In fact, that’s why most of us are in business. But don’t fall prey to the trap of “I’ll never work a day in my life.” If you’re growing and learning, you’re working – and some days it’s going to be hard. As Henry Ford said, “Thinking is the hardest work there is, which is probably the reason, so few engage in it.”
Non-Verbal Communication in the Digital World Up until a few years ago, most of us had seldom, if ever, attended a virtual meeting. Those of us who did a lot of networking and were leasing our transportation were keeping a watchful eye on the odometer lest we exceed our milage allowances. Then came COVID, and our cars were parked more often than they were driven, and we were forced to adjust to a whole new virtual world. We joked about not having to wear dress pants and played around with fanciful zoom backgrounds, but, eventually, we had to get serious. We realized that although we were well-versed in reading in-person body language and non-verbal communication cues, we were ill-prepared to understand this facet of communication skills when it came to on-screen meetings. Just as you wouldn’t go to a business meeting dressed in shorts and a Hawaiian shirt, we had to learn how to present ourselves on-camera. There are subtle ways to communicate effectively and non-verbally online, and we need to use them to our advantage. In a BBC Worklife article, by Joanna York, she quotes a non-verbal communications expert who states that “… people often react more to what you do than what you say, “because it communicates the underlying message ¬– what you really think and feel, and your intentions.” In other words, your professionalism is on display whenever you sit in front of your camera, just as much as if you were sitting at a table in a conference room. Even in a virtual meeting, non-verbal communication is occurring. Ms. York writes: “a 2022 survey of 200 executives showed that 92% of managers believed that employees who turned off their cameras during meetings were less likely to have a long-term future at their company.” There are a few obvious methods to convey online professionalism online and use non-verbal communication effectively. Ms. York quotes Mi Ridell, an expert in body language based in Stockholm, Sweden, “Eye contact particularly is positively associated with likeability, social presence, and interpersonal attraction. Yet making eye-contact on a video call requires us to go against our natural instincts. The brain wants to look at the face [on the screen]” says Ridell, “but you have to learn to look in the camera when it’s your turn to speak.” Additionally, the background you use can reveal a lot. As Julie Hansen writes in Business2community, “Your background makes a strong statement about you. You are quite literally projecting an image, whether professional or otherwise, to your customer. So, make sure that your real or virtual background supports that image by being neat and clutter free, well-lit, and perhaps with a spark of personality.” The choice of real versus virtual background depends on several considerations. Welcoming people into your home can humanize you and recreate a special connection. At other times, you may wish to project a more professional persona by using a virtual background. Here are few examples of dos and don’ts. The bottom line – projecting professionalism, whether in-person or online is the key to successful business communication. Here are a few questions to think about. 1. Have you given thought to your background and what it says about you? 2. Do you tend to feel more casual and relaxed when communicating online versus in an office setting? Do you think you might make some changes now after learning about this subject?
Of all the different types of life on earth, only mankind has eternity in their minds – or as some authors have expressed it, eternity in their hearts. Only we have a concept of yesterday, today, and tomorrow. Only we prepare for and worry about the future. You could ask – “What about squirrels burying their nuts?” Research has found that this is an instinctive activity rather than a learned one. Squirrels are “hard-wired” to do this. Of course, they then must find the buried nuts when they need them. . Do they remember where they buried them? Research indicates they do not. Instead, by burying thousands of nuts within a certain location, squirrels will eventually dig some of them up when they’re hungry. But back to us. When we think of time, we are most likely thinking of the future because it’s really the only thing we have some control over. So, most of our thoughts and activities are focused on the future and how we can impact it. Most of us have our own businesses because we want to work for ourselves. Some may own their own businesses someone didn’t want us working for them. Having control of our work, our own schedules, and setting our own lifestyle can be a motivating factor for some. A major reason why many of us create our own businesses is so we can have more control. However, with our knowledge of eternity, we also feel an urge to leave something behind, something to be remembered by a legacy if you will. For many of us, our first legacy will be our children. Granted, the birth of a child is wonderous, but if we think about it just a bit more, there is a great deal more happening. When a child is born, a father is also born. A mother is born. Grandparents are born. Uncles and aunts and cousins are born. A baby is a drop in the cosmic pond that ripples outward creating new relationships and part of a legacy. Although some people create a new business to make a quick buck or take advantage of a brief trend or a temporary need, most of us create our businesses so we can, in part, build something that we can leave behind, a legacy saying, “we were here.” Granted, financial advisors and attorneys can do the heavy lifting when it comes to the money part. However, this isn’t the sort of legacy we should be the most concerned with. Just as a baby spreads ripples out among its family and beyond, we should be looking at what our business legacy will say about us. The science behind the creation of ripples in a pond is all about energy generated and then transferred from the motion of the rock to the water. In the same way, the energy we generate with our business will have a similar effect. The more positive energy we create, the bigger and more far-reaching those ripples will be. This positive energy should consist of goodwill, honesty, a lasting reputation, generosity, and of course great products and services. By supporting one another when things don’t go as planned, celebrating one other’s accomplishments, and holding each other to the highest standards, we can ensure that our legacies are something we can be proud of. Alfred Nobel is seldom remembered as the man who invented dynamite, but instead, he is celebrated as the man who established the Nobel Prize. Not bad for guy who used to be known for conceiving better ways of blowing things up. Questions: 1. How are some ways our Rx members can positivity contribute to each of our business legacies? (Support on social media, support as friend or advisor, holding one another accountable, etc.) 2. If your business is one that you can’t pass on to your children, or they don’t choose to continue your business), how have you still created a legacy for them? (Honesty, good reputation in community or business world, generosity, helping others to succeed, charitable contributions that will be remembered even when the business is gone).
Timing To Everything There is a season and a purpose, under heaven. A time to be born, a time to die, a time to plant, a time to reap, a time to kill, a time to heal, a time to laugh, a time to weep. This is the first verse of Turn, Turn, Turn. In 1965, the American folk-rock group the Byrds released Turn, Turn, Turn, which eventually reached number one on the Billboard Hot 100 chart on December 4, 1965. Although the song was written by Pete Seeger in the late 1950s, the lyrics were actually written by King Solomon about 450 BCE. Verse two explains that there is a time to build up, a time to break down, a time to dance, a time to mourn, a time to cast away stones, and a time to gather stones together. To put Solomons’ words in modern terms, timing is everything. Do it at the right time, you’ll succeed. Do it at the wrong time, and you won’t. In a Hello Planet article by Elizabeth Dawber, she provides some eye-opening statistics to back up the importance of timing. Every day, over 137,000 startups are created, each with a different idea, a different business strategy, a different aim. Out of them, 120,000 will fail and only 17,000 will mature into companies; they may be technology, scientific, agricultural, or even floral startups but that does not matter. Many of these 120,000 failed startups had great ideas, a great business model, even great funding but they missed out on one thing out. Timing. In Bill Gross’s Ted Talk, he explains that “…he analyzed the success in more than 200 famous companies on the Fortune 100 and this is what he found: 42% had great timing, 32% a good team, 28% an interesting idea, and only 14% had great funding.” Ms. Dawber goes on to say, “If you want your business to succeed, all your decisions, from hiring to launching new products should be based on timing.” In Businesstoyou.com, they use the acronym PESTEL to explain how any new business should analyze whether or not their timing is right. PESTEL stands for macro-environmental factors, which include, political, economic, social, technological, environmental, and legal challenges. Here’s an example of good timing. The companies Shell Oil, Total, and British Petroleum were all founded 15 years from another in the 1910s. Why is this important? Because the timing was perfect. The automobile was transcendent, and the petrol revolution was just getting started. With any new company or even new product or service line, we need to first and foremost think about timing. Besides the PESTEL analysis, we need to ask ourselves questions such as, “am I taking on too much,” “will my other services suffer,” “am I too late to the game,” etc. There is a Critical Mass Theory of Startups that examines timing. When displayed on a value/time graph, the important factors include enabling technologies, economic impetus, and cultural buy-in. If these three elements are not encouraging, your timing is wrong. Solomon was right. To everything there is a season. We just need to do our homework to see where we stand. Hesiod, an ancient Greek poet, and a contemporary of Homer wrote “Observe due measure, for right timing is in all things the most important factor.” Here are a couple of questions for your consideration. 1. If you were going to launch a new product or service for your business, how would you determine the best timing to introduce it? 2. If you are considering expanding your business or service or hiring additional staff, what are some of the questions you need to consider first?
True breakthroughs often come from outside the box thinking that allows us to reframe the problem and look at it from a different perspective. To engage in lateral thinking. Lateral thinking, a term first coined by Edward de Bono in 1967 means to think about problems in an indirect and creative way. Lateral thinking is, by definition, out of the box. Let me tell you a story that wonderfully illustrates out of the box thinking. A poor farmer owed the bank a large sum of money, which he could not repay. The banker, an evil fellow had his eye on the farmer’s beautiful daughter. He suggested that if he could have her hand in marriage, he would forgive the debt. The farmer and his daughter were horrified and refused. The banker then said, “I will give you a chance to repay the debt and keep your daughter.” He proposed that they meet him by the river the next day and he would give them the chance. The next day, when they met by the river, the banker told them he would put a black stone, and a white in a bag. If the daughter picked the white stone out of the bag, the debt would be paid, and she would be free. If she picked the black stone, she would be his wife. But, when he bent down to pick up the stones, the sharp-eyed daughter saw that he picked up two black stones and put them in the bag. What was she to do? If she refused to pick a stone out of the bag, they would lose their chance to be free of the debt. If she did pick a stone, it would be black, and she would be forced to marry the banker. Being a clever girl, she thought outside the box, or in this case, outside the bag. She reached into the bag and picked a stone. However, when she withdrew her hand, she accidentally dropped the stone among all the other black and white stones alongside the river. She then said “Oh, how careless of me. But it is still okay. All we need to do is look inside the bag and see what color the remaining stone is, and we will then know which color stone I picked. So, how can we ensure out of the box thinking? Here are several things may keep us from thinking outside the box. 1. Do we have a negative attitude? 2. Are we perfectionists? 3. Do we see everything as black and white? 4. Do we immediately make assumptions and stick to them 5. Do we too often jump to conclusions? 6. Is our logic inflexible? Now, let's take that list and turn it on its head. 1. Eliminate the negative attitude. For some of us, this can be difficult, but I would start by avoiding negative people. And, if your co-worker is being negative, call them on it. 2. Don’t worry about perfection. Don’t get me wrong. I’m not promoting mediocrity. We need to strive for perfection, but we can’t allow this striving to prevent ourselves from moving forward, from taking the risk of trying something different. 3. Get your eyes checked. If you see everything in black and white, ask someone else what color they see, and then imagine it in that color. 4. Don’t assume. Maintain an open mind. 5. Challenge your conclusions. Examine them closely before you making a decision. 6. Be flexible. In the words of the late senator Dirkson from Illinois “I am a man of fixed and unbending principles, the first of which is to be flexible at all times.” None of us would be in business if we weren’t very good at what we do. None of you would be here if you didn’t have at least some ability to think out the box. To color outside the lines. I encourage you to keep pushing the corners of the box. When you see a little daylight peeking through that corner you know you’re on the right track. Push harder. It could get uncomfortable. That’s a good thing. As President Kennedy said “ There are risks and costs to an action. But they are far less than the long-range risks and cost of comfortable inaction.” Let’s be people of action. People of discomfort. Let’s not be afraid to pick up those crayons and make a mess. Who knows what we could come up with?
Diversity in Networking Why do networking organizations come and go? They start strong, and all too often, they slowly fade away. Either they cease to be relevant, or their numbers drop so far that the productivity of the group creates a negative return on investment. I’ve been researching a lot about networking and found some interesting information I’d like to share. First, if Referral Xchange Networking is the only networking you do, that’s a problem. Don’t get me wrong – it’s valuable, but one exposure to other businesspeople per week isn’t going to cut it. Here are a few reasons why. Too often, we think of networking as transactional. You give me something and I’ll give you something in return. This is short-sighted and ultimately self-defeating. As we’ve discussed before, one of the keys to successful networking is generosity. If we give, expecting something in return, we’ll either be disappointed, or we’ll start comparing referral values, which again, is short-sighted. Another mistake we often make is to only target the core. By the core, I mean those people who are directly in our business sphere, like low-hanging fruit easy to pick. The problem with this is that once the low-hanging fruit is gone, without the structures in place to reach higher, our business harvest from that network is over. We need to realize the value of the peripheral, those people we meet that aren’t directly in our sphere. Although their value may not be immediate, it is tangential, and will pay off. One of the intractable problems I see within most networking organizations is the lack of diversity. Too often we get mired down in non-diverse mirrortocracy, or networks lacking in diversity and inclusion. This results in a mono-mentality, where everyone thinks alike and new ideas seldom, if ever, see the light of day. In her book The Nowhere Office,” author Julia Hobsbawm speaks to the benefits of diversity, referring to as a diversity dividend. The benefits of diversity in disciplines, age, race, class, and gender are tangible, moral, practical, and financial. One study by Boston Consulting Group saw that corporations with above-average diversity realized 19 per cent higher revenues. Other studies show a remarkable increase in market share and gains in new markets for companies with greater diversity. So, how do we crack all these nuts? Well, I guess we first must admit that the same old networking methods aren’t working. That’s the easy part. Next, we must figure out how to break out of our homogenized and mono-cultural business and networking communities. The RI Black Business Association, the Center for Women & Enterprise, MillennialRI, the National Coalition of 100 Black Women – RI Chapter, Community Action Partnership, RI Latino Professional Business Network, the Rhode Island Foundation, The Center for South East Asians, Jamaican Association of Rhode Island, or the Urban League of RI are just a few examples of organizations that we can become involved in for a more diverse business experience. Your own neighborhood or professional organizations, as well as local chambers can probably provide you with more suggestions. This outreach on our part will naturally give you the opportunity to invite them to visit Rx. Remember, we’re not looking for direct business connections, but for those peripheral conversations. Thinking globally, and why not, the opportunities for our virtual chapters seem limitless. We just need to do some research and come up with some ideas. After all – everything is impossible if you don’t try. To quote from James Clear’s newsletter 3-2-1 “The benefits that arise from a good relationship—whether it be in marriage, friendship, business, or otherwise—are often produced over a long-time span”.
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.”
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