Always Monitor Relevance

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I went through a lot of old digital files recently in my Google Drive as part of a pruning day. I had everything from client projects from years ago to books I was working on to consulting and coaching tools for strategy.

The vast majority of information was irrelevant to what I am doing today. I would never use those files or information again, though they may have been building blocks to where I am now. What was highly relevant ten years ago had context. Furthermore, innovation has created an immense amount of new tools and ideas that make sense for me and doing business now versus before.

Relevance has to always be questioned. Otherwise, we are stale and holding on to what doesn’t matter anymore. The habit of relentlessly getting rid of the old to make room for the new keeps you in the game.

I want to focus on now and the future. And the last thing I need to clutter that pursuit is entertaining irrelevance.

 

Minimize Your Digital Platforms

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We have a hard time appreciating what drag does to our lives and work. If you’re used to sifting through your junk to find your clothes, notebooks, gadgets or everything to help you in a day, the friction may be lost on you. It’s become a habit that’s comfortable and unnoticeable over time.

It’s easy to pick up a subscription or tool here and there. After all, software’s incremental cost of distribution is extremely low. So, freemium is a sensible model to attract and entice new users.

But, digital platforms still take up mental space. If you have data or partial use within many tools, the question of whether you are getting value, or much less, creating drag in your psyche, becomes a cost factor.

You only have so much attention.

You have very specific goals that truly matter to you.

It’s hard enough to focus and get your goals. Adding more things to manage in your life can affect your creativity, productivity and clarity. These are all critical to making ideas happen.

So, how about simply taking pause and conducting a digital audit:

  1. Write down the goals that matter for your success.
  2. Write down what digital tools help you get there.
  3. Write down all the tools you currently have beyond the ones that help you.
  4. Unsubscribe and get rid of the ones that don’t matter.
  5. Recommit to the platforms that truly get you results.

Consolidation, commitment and focus get you much more bang for the buck in terms of applying your attention.

We live in a world of too many options and distractions. Winning is less about having something novel and much more about executing with what matters and works.

These days I find I get a much better return by focusing and doubling down on what works in the world than sampling every option that comes my way.

The Purpose of an Entrepreneur

Entrepreneurs are heroes in our society. They fail for the rest of us. ~ Nassim Taleb

Yes, entrepreneurs are indeed heroes. Ultimately, entrepreneurs are about initiative and responsibility for risk.

However, at a fundamental level, entrepreneurs are problem solvers. They own the difficult problems others are reluctant to carry. There are a sea of ambiguous problems that entrepreneurs solve:

  • Raising money
  • Making payroll
  • Securing property deals
  • Making deals
  • Collecting
  • Creating
  • Driving awareness
  • Protecting assets
  • Managing difficult people
  • Upholding a reputation

When you decide to start or grow a business, the challenges will be endless. Your plans will meet adversity. People won’t play along. Things can get difficult quick.

Ultimately, your ability to solve problems is what creates progress in the midst of chaos.

Here’s what is important for the journey:

  1. Lead yourself first. Establish health routines. Take care of your physical, emotional, mental and spiritual self. Every day without skipping. You need to be dialed in and ready for problems with creativity and stamina.
  2. Always be growing. You need a varied amount of skills that are largely dynamic, perhaps non-descript. Learn to be adept with people. Take care of details. Manage sales and projects.
  3. Be a master recruiter. A bad hire will send your business completely sideways. Hire slowly and fire quickly. Don’t rationalize.
  4. Always be clear. Your clarity matters more than everyone else’s. It also keeps you going towards a goal with perseverance and energy. This is a continuous process.
  5. Create systems. Systems keep your output consistent. They are not flippant or inconsistent. You need people systems, sales systems, personal systems and financial systems.

In the end, an entrepreneur knows they are in the business of problem solving. If you’re not welcoming or anticipating problems, then you won’t make it as an entrepreneur.

It’s a heroic, and many times, thankless journey. But the rewards are immense.

How to Drive Clarity

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Are you doing what you are supposed to be doing? Is the work you have been doing for many years as relevant today, or are you having to unlearn and reinvent?

I think that effort and working hard are relatively natural for many driven and successful people that I know. The hard part is the paradox of success. Once you have  achieved success, there are new, ambiguous horizons to pursue. It is unending, and in a sense, overwhelming.

What do you do to get clarity?

Well, one thing for sure is to heed Marie Forleo’s insight, “Clarity comes from engagement not thought.”

You can’t get clear by sitting and thinking. You have to engage the world around you. You have to be fully present in the moment, and listen to your intuition and heart about what you desire and align with.

The world provides feedback continually, and when you tune into how you respond – what you like, dislike or are attracted to – you gain clues on where to put your energy towards next endeavors.

Perhaps you have hit a jackpot. Or you may have finished a giant project. The temptation is to rest and enjoy downtime. But, a void comes quickly where inaction, apathy or clouded thinking can lull you into passivity. This is happening while the world is moving swiftly by.

If you can’t find motivation, bide your time by working in new gigs and projects. Explore. Engage. Be with people and keep solving problems. If you don’t like what you are doing, pivot to something else. The key is to keep moving.

Then, pay attention to the feedback you are getting in the world through engagement. If you are continually growing by learning new skills and helping as many people as you can, the clarity comes. You start to see patterns about what you want next.

Then you can rally and put all that passion, energy and time into what you have discovered.

You have to seek clarity continuously as a life process if you want to keep growing, performing and getting results. There is no resting on your laurels. Movement is life.

The Lucky Fool and Reality

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“It manifests itself in the shape of the lucky fool, defined as a person who benefited from a disproportionate share of luck but attributes his success to some other, generally very precise, reason.” – Nassim Nicholas Taleb, Fooled by Randomness

If you haven’t read Taleb’s book, he does a masterful job of pointing out how our perceptions fool us, especially from the rare, high impact events we experience. We have biases that are hard to overcome. In the case of the lucky fool, we lean towards taking credit for the good luck that happens to us, and we blame outside forces and people for the bad things that happen. Tragically, our human nature distorts our perception of reality.

The Simple Dollar wrote a great essay on tips for increasing your good luck and decreasing your bad luck. It’s practical advice assuming you can overcome your own bias towards the luck that flows through your life. As the essay states, “We are all the lucky fool.”

There are opportunities galore that are there for the taking for those that are ready for luck. You have to be prepared, optimistic, open and competent to see and act on deals that are timely. Here are some weekly and daily practices to make luck bend your way and protect your downside from bad luck:

  • Treat all people with kindness and respect. Noone has to deal with you otherwise. And you need people to deal with you for luck to happen.
  • Be a person of value. Observe needs and work to help people.
  • Increase your value every day by what you know and who you know.
  • Make a daily habit of doing mindful self-care for your mental, spiritual, physical and emotional self. Pick something in each category and do it every day – read, work out, pray, and enjoy good people, for example.
  • Sow and reap. What you want, give more of. It’s the law of attraction you put to work.
  • Be a funnel of good ideas. You have to be learning, capturing and sharing. Connect your ideas or things you find helpful with the people you care about in specific, helpful ways. You need a good system for this.

I try to practice these habits to keep my probabilities of good flow high and reduce the probability of downside things happening in my life. I want luck, but not be the lucky fool as life and opportunities happen each day.

How do you increase your luck?

Maintaining Energy

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Pushing on your work takes an intense amount of energy. And without energy, it’s hard to maintain consistency, perseverance and results. Energy is not a given. You have to foster your routines and habits to keep peak performance going.

I like to hike, play tennis, trail run and snowboard to get me into a bigger world and get the blood flowing. If I miss days, I get crabby and unproductive. The world becomes smaller and my problems become bigger.

Sometimes, when I am thinking about a deal, for example, and how to structure it, I will head out for a long walk. I don’t think about it. I get into freeing up my mind and simply sweating. Somewhere along the line, or when I’m finished, my legs and heart get worn out and that creative kick comes out. This approach tends to work well for me. I may sit down for another four hours and push on creating. I have new energy.

There’s this giant temptation to skip the habits that spend me, relax me or divert my attention. However, those habits are too important to sideline. Managing the ebb and flow of my enthusiasm, energy and focus matter towards getting results and pushing on all the fronts I care about with clarity. That’s why I consider managing energy part of work.

We are not simply brains swiveling on a post. We are whole beings that push our work out from emotion, determination and knowledge. There’s a lot of quality difference in our output from how we feel in the course of a day and how much energy we are bringing to our relationships and problem solving.

I think finding what works to keep the energy high is simply good business.

Dealmaking Is Slow then Fast

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I love dealmaking. I agree with Robert Ringer’s observation about dealmaking:

“There are no statistics to prove it, but after years of experience, I’m absolutely convinced that dealmaking is the highest-paid profession in the world.”

I think the creative pieces and bringing ambiguous, and often disparate parties and value together, is exhilarating. Great deals help everyone to win and get what they want.

Designing those deals requires insight and many cycles to drive a win and agreement. It’s why I often tell business partners that dealmaking is about going slow. Then fast.

The slow part of deal making is the art of the deal. Building rapport and relationships. Establishing trust. Putting the ideas forth that might take root. These are the building blocks that go faster with established relationships and much activity, but in the beginning of new ventures and relationships, they are slow to put forth and germinate. Often times, you have to push hard.

Fortunately, deals are everywhere. They need leadership, vision and management to develop. If you sell a known product, then your dealmaking has a lot of the components already set up.

If you have a custom, creative dealmaking offering, then there is a lot of time collaborating, designing and creating something from nothing.

I think that one of the best strategies is to be ready. Mise en Place. Anticipate that new conversations, opportunities, relationships and timing will come in the next weeks and months. Being ready by doing your homework, studying, gathering insights, having fast, efficient systems, and getting smarter are required to support the slow part.

If you have done the work then the fast part tends to take care of itself. The convergence of the details, negotiating, having solid agreements and delivering value transitions the dealmaking over to keeping your commitments.

You can always get better at the fast part. The slow part is where the payoff is if you pay attention to your approach, preparation and cadence. Where can you improve?

Troy Carter of Lady Gaga and Atom Factory Kept Learning and Unlearning

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I like spending the weekends thinking, learning and relaxing. The weeks are such a grind and intensive with deal making and doing business. Today, I was having some reflections on the NPR podcast, How I Build This: Lady Gaga & Atom Factory: Troy Carter. I embedded it above and you can find the transcript here.

Troy Carter managed hip-hop and pop superstars as well as built a venture fund. He is remarkably honest, humble and sober. I respect him as a businessman and how he kept integrating what he learned and unlearned. He kept parlaying his skills and exploring avenues to create opportunities from hip-hop to pop music to social media to investing in startups. Even with his heartaches and successes, as many an entrepreneur goes through, he self-actualized, as he shared,

And just to be honest with you, the thing was I just said I want to wake up every day and do cool [expletive]. That was the mantra for me personally.

I can relate. We have to keep true to our inner compass and find fresh, relevant ways that we fit, apply our value and create opportunities in this fast-changing world.

In sharing this podcast, my friend Joseph over at InDev Capital and I were having some takes on Troy Carter’s podcast. I like what he said based on his work with emerging market real estate and the inherent skill and push it takes in his business,

Most everyone goes through “The Dip” and that is where the learnings are.

Well stated, for sure. Entrepreneurs understand this too well. They do pay the price for everyone else. Those learnings become cash flow, empires and job creation.

If you get a chance, listen to the podcast while driving or hanging out. Share some of your insights in the comments below. I would enjoy hearing your take. Enjoy and keep growing.

Getting Caught Doing the Right Things

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How do you know if you had a solid day or week of output? We can easily get deluded into thinking we were highly productive, but we may have simply stringed together fleeting days of busy activity. Sometimes, simply maintaining that appearance of effort can make us feel justified.

Productivity makes you a reliable person who gets things done that need to be done. There are things we have to keep doing in order to keep tasks and projects moving along because of the commitments we made to ourselves.

However, what about moving the needle on a much larger level? You have to have space to think about such context.

What makes an impact?

Are the projects and people I am involved with helping me get to where I want to go?

Does this project even matter?

It’s that pull between doing things right vs. doing the right things.

When I find myself unenthusiastic or lax in my work and interactions, it’s likely because something does not make sense anymore in the context of what is important. I have to disengage and do a gut check on what I am giving myself to.

With the world moving so quickly and the ease of others pulling on you with requests, I think it’s a trap anyone can find themselves in.

So, if you feel that kind of misalignment, take a breather and pull back rather than push in. Think about where you are headed and cut things that don’t make sense even though they might have been a good idea before.

We are always needing to be dynamic because we are living in a fast changing world.

Maybe it’s less about hard work and much more about hard thinking.

Give Them What They Want

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If you spend most of your time trying to convince people of what they need, you may be in for a highly expensive and wasteful lesson from the marketplace. I get it. When you have an idea that you love, you think others should love it as well. But, we have to take heed of what William Faulkner said, “you must kill all your darlings.”

Your darlings may be the idea of special native plants in your ingredients or how you believe people should socialize. In your mind, this may be the most beautiful, reality-changing screenplay to yet become a part of our everyday lives. But going broke pursuing it is not smart business.

Giving people what they want takes observing, listening and detachment. You observe how people react to your offering and integrate the feedback to refine it further.

You listen when they tell you they like something or dislike something. You read the Google Reviews or Yelp. The painful ones have insight.

You detach from your own idea of what is good for everyone, and simply serve people where they are at.

Even if you are right, you may be creating psychic pain by insisting on something people don’t want or are not ready for.

I think people forget there are another 300M+ people in this country. We get in our own heads wanting to be special or stand out. That’s not likely with that many people and with the ridiculous amount of options. And guess what? We are all connected. A hit quickly gains a ripple effect.

There may be a few people brilliant enough to get people to understand something they did not know they needed and now want. But that stardom, though highly celebrated, is what movies are made of, not necessarily what entrepreneurship and business rewards.

It’s a jungle out there. One of your best senses to develop is paying close attention to what people’s emotions, feelings and expressions are saying about what they want and like. Your job is to give it to them in the easiest or most exquisite way.