This just in from AdAge:
U.S. workers in 2005 will waste the equivalent of 551,000 years reading blogs.
About 35 million workers -- one in four people in the labor force -- visit blogs and on average spend 3.5 hours, or 9%, of the work week engaged with them,
Forget lunch breaks -- blog readers essentially take a daily 40-minute blog break.
BOTTOMLINE: Technorati, a blog search engine, now tracks 19.6 million blogs, a number that has doubled about every five months for the past three years. If that growth were to continue, all 6.7 billion people on the planet will have a blog by April 2009. Imagine the work that won’t get done then!
Tuesday, October 25, 2005
Reasons To Be Glad You're An Entrepreneur
Inc. Magazine just published their collaborative list of "75 Reasons to Be Glad You're an American Entrepreneur Right Now".
Some of my favorites:
Number 64: Make it simple, and I'll pay you for it. Simple requires a breakthrough. Simple is entrepreneurial work.
Number 32: Because this time, experience counts.
Number 27: The broadbanded, Wi-Fied, video-enabled, international-boundary-eradicating, cost-reducing, market-expanding, ever-stereophonic, and cyber-educating Internet.
Number 15: Because you can build a team, your team, at a time when creating communities that nurture and sustain us may be more important than ever before.
Number 11: Because we're not rookies anymore. In 25 years of entrepreneurial expansion there have been experiments tried, experiences learned from, discoveries made, and notes taken.
Number 2: Because the stupidity is over. So the real miracle--building a real business--gets respect.
And now, the best:
Number 75: Because, in the end, being an entrepreneur is more than ever the way you can choose your path and find the deep satisfaction of walking it. You can earn your days without being beholden. You can make something, affect the world, leave something behind where once nothing stood. You can turn work into meaning for yourself and for others. You can be proud. You can leave a wake. Come good or ill, you can assume responsibility for yourself, and be whole, and be who you were meant to be.
Some of my favorites:
Number 64: Make it simple, and I'll pay you for it. Simple requires a breakthrough. Simple is entrepreneurial work.
Number 32: Because this time, experience counts.
Number 27: The broadbanded, Wi-Fied, video-enabled, international-boundary-eradicating, cost-reducing, market-expanding, ever-stereophonic, and cyber-educating Internet.
Number 15: Because you can build a team, your team, at a time when creating communities that nurture and sustain us may be more important than ever before.
Number 11: Because we're not rookies anymore. In 25 years of entrepreneurial expansion there have been experiments tried, experiences learned from, discoveries made, and notes taken.
Number 2: Because the stupidity is over. So the real miracle--building a real business--gets respect.
And now, the best:
Number 75: Because, in the end, being an entrepreneur is more than ever the way you can choose your path and find the deep satisfaction of walking it. You can earn your days without being beholden. You can make something, affect the world, leave something behind where once nothing stood. You can turn work into meaning for yourself and for others. You can be proud. You can leave a wake. Come good or ill, you can assume responsibility for yourself, and be whole, and be who you were meant to be.
The Newfound Focus on Employee Productivity
A recent survey published by Inc. Magazine finds that employers prefer to grow with their existing staff, but question their ability to meet company goals.
A study released by Softscape, a workforce management consultancy, found that only 35% of 650 companies surveyed plan to add staff to help meet their company's existing goals. The majority expects existing employees to drive growth and development.
Aaron Dun, an author of the study, said that companies have spent the last five years trying to squeeze costs out of operations, suppliers and assets like information technology. Now they are focusing on employee productivity to complete restructuring of the business as a whole.
But over 60% of the managers surveyed worry that their current employees lack the skill sets and competencies to help the company grow. "The survey revealed that many managers found a mismatch between the skills their employees have and the skills needed to take the company where they want to go," said Dun.
BOTTOMLINE: For small businesses, the survey indicated that mentoring and individual training are the most effective methods for matching employee skill sets with company goals.
A study released by Softscape, a workforce management consultancy, found that only 35% of 650 companies surveyed plan to add staff to help meet their company's existing goals. The majority expects existing employees to drive growth and development.
Aaron Dun, an author of the study, said that companies have spent the last five years trying to squeeze costs out of operations, suppliers and assets like information technology. Now they are focusing on employee productivity to complete restructuring of the business as a whole.
But over 60% of the managers surveyed worry that their current employees lack the skill sets and competencies to help the company grow. "The survey revealed that many managers found a mismatch between the skills their employees have and the skills needed to take the company where they want to go," said Dun.
BOTTOMLINE: For small businesses, the survey indicated that mentoring and individual training are the most effective methods for matching employee skill sets with company goals.
High Expectation Entrepreneurship
This just in from Babson College: The first global study of high expectation entrepreneurship has found that just 9.8% of the world’s entrepreneurs expect to create almost 75% of the jobs generated by new business ventures.
The Global Entrepreneurship Monitor (“GEM”) international research consortium (co-directed by Babson College and London Business School) has examined high expectation entrepreneurship in a new GEM special topic report.
The report defines high expectation entrepreneurship as all start-ups and newly formed businesses which expect to employ at least 20 employees within five years. These ventures have far reaching consequences for the economies in which they operate, particularly because of their impact on job creation and innovation.
The report’s key findings:
- Among country groups studied, more high expectation entrepreneurial activity occurs in North America (USA and Canada) and Oceania (Australia and New Zealand) than in any other country group
- High expectation entrepreneurial activity is highest in the USA -- roughly twice the rate in the UK and Germany
- Worldwide, 9.8% of entrepreneurs expect to create 74.1% of all jobs born out of new business ventures
Copies of the summary report and full report can be accessed via the GEM website: www.gemconsortium.org
(Thanks to Michael Chmura at Babson College for this tip!)
Creating Momemtum for Lasting Excellence
George, over at Leading Forward, offered up this one on "Life is about Creating Momentum!."
An excellent piece that has many implications for organizations wanting to move ahead, continually improving, and working toward achieving lasting excellence.
Some key takeaways:
An excellent piece that has many implications for organizations wanting to move ahead, continually improving, and working toward achieving lasting excellence.
Some key takeaways:
- Momentum is built through time and effort.
- This is how it works in the real world, it is going to require hard work, you will need to persevere before seeing any results, you will feel like giving up. But remember, you're creating momentum, it will become easier and something is changing!
- What are you chipping away at on a daily basis (momentum is created incrementally), seeking to develop momentum?
Monday, October 24, 2005
Business Scorecards and Business Intelligence
Microsoft is getting ready to launch on November 1 a new product called Microsoft Office Business Scorecard Manager 2005.
The new product "enables users to optimize business performance through strategic decision-making."
The notion of "business intelligence," or easy access to critical company data, is one of the key areas for improvement that Microsoft has identified for the next version of Office. Executives at Microsoft say all of the improvements are designed to broaden the number of workers who have access to the needed numbers to understand their business.
"Until now, Business Intelligence software has been too complex, costly, and disconnected from the software tools people use every day to do their jobs," Jeff Raikes, Microsoft Business Division president, said in a statement.
The Business Scorecard Manager will cost $5,000 for the server software plus a $175 fee for each user that connects to the server.
BOTTOMLINE: Enabling users to optimize business performance through strategic decision-making is a very worth goal. But what about small businesses? The Six Disciplines Business System is optimized for small business execution - integrating your mission, vision, values, strategic position, organizational goals - and aligning them with team member individual plans. (...and if you're interested in "what's under the hood", we developed Six Disciplines using Microsoft technologies -- including the Microsoft .NET Framework, Microsoft SQL Server and OLAP Services.)
The new product "enables users to optimize business performance through strategic decision-making."
The notion of "business intelligence," or easy access to critical company data, is one of the key areas for improvement that Microsoft has identified for the next version of Office. Executives at Microsoft say all of the improvements are designed to broaden the number of workers who have access to the needed numbers to understand their business.
"Until now, Business Intelligence software has been too complex, costly, and disconnected from the software tools people use every day to do their jobs," Jeff Raikes, Microsoft Business Division president, said in a statement.
The Business Scorecard Manager will cost $5,000 for the server software plus a $175 fee for each user that connects to the server.
BOTTOMLINE: Enabling users to optimize business performance through strategic decision-making is a very worth goal. But what about small businesses? The Six Disciplines Business System is optimized for small business execution - integrating your mission, vision, values, strategic position, organizational goals - and aligning them with team member individual plans. (...and if you're interested in "what's under the hood", we developed Six Disciplines using Microsoft technologies -- including the Microsoft .NET Framework, Microsoft SQL Server and OLAP Services.)
Tips for Strategic Decision-Making
Rob, over at Business Pundit had the opportunity last week to be blogging about entrepreneurship with a number of successful executives. He ran into one such person in the airport, who offered to send him a list of questions he had built-up over the years to help with strategic decision-making.
Some examples include:
BOTTOMLINE: When making strategic decisions, ask yourself these kind of tough questions. Make sure it "feels right" before moving forward. It's better to find out for early (and privately) that something is wrong with your strategy instead of waiting until you have poured significant resources into it -- and your competition can watch you fail.
(Thanks to Rob at Business Pundit for the tip!)
Some examples include:
- What are the success metrics?
- What's our rollout strategy if we hit them?
- What's our exit strategy if we don't?
- Can we take advantage of this initiative across other business units?
- Does the story "hang together?" That is, do the key metrics all move in the same direction?
- Do initiatives proposed all seem to be prioritizedappropriately and match up well to strategy/identified needs?
BOTTOMLINE: When making strategic decisions, ask yourself these kind of tough questions. Make sure it "feels right" before moving forward. It's better to find out for early (and privately) that something is wrong with your strategy instead of waiting until you have poured significant resources into it -- and your competition can watch you fail.
(Thanks to Rob at Business Pundit for the tip!)
Retirement Is An Attitude For Small Business Owners
A recent research study conducted by NFIB reveals the following about small business owner/entrepreneurs:
- 68% of small-business owners have given at least “quite a bit” of thought to retirement, financial planning for retirement, and their relationship to the business at retirement
- 46% of small employers intend to never fully retire
- 60% percent of those intending full retirement at some point expect to phase-out, rather than to retire abruptly
- 50% of small business owners plan to dispose of their current businesses through sale or closure at or prior to retirement
- 29% percent expect to pass their businesses on at retirement
- 22% expect neither to sell nor to relinquish their operation
Sunday, October 23, 2005
Email Turns 34
To someof us, email is a relatively recent phenomenon. But the first e-mail was sent more than 30 years ago, after a programmer came up with the "@" symbol format for e-mail addresses.
It's difficult to pin down the exact origin of email, but in October 1971, an engineer named Ray Tomlinson chose the '@' symbol for email addresses and wrote software to send the first network email.
So, the next time someone sends you an email - "that's so 1971"...
It's difficult to pin down the exact origin of email, but in October 1971, an engineer named Ray Tomlinson chose the '@' symbol for email addresses and wrote software to send the first network email.
So, the next time someone sends you an email - "that's so 1971"...
Forbes Magazine - 200 Best Small Companies
Forbes Magazine recently published their 200 Best Small Companies list.
As is typical for Forbes, their definition of "small" is more like "Wall Street small" - from $21 million up to $745 million in annual revenue.
According to Forbes, "If you're looking for a list of the hottest sensations of the moment--you've come to the wrong place. Our list of the 200 Best Small Companies doesn't do flashes in the pan. It does, however, feature solid and consistent hitters that have performed well when measured over the last 12 months and the past five years, and are poised for another growth spurt."
BOTTOMLINE: Want to be considered a "best" company - the keys: being a solid, consisten hitter that has performed well over several years. That is also part of the definition we use at Six Disciplines for a "top-performing" organization. It's all part of achieving lasting excellence.
As is typical for Forbes, their definition of "small" is more like "Wall Street small" - from $21 million up to $745 million in annual revenue.
According to Forbes, "If you're looking for a list of the hottest sensations of the moment--you've come to the wrong place. Our list of the 200 Best Small Companies doesn't do flashes in the pan. It does, however, feature solid and consistent hitters that have performed well when measured over the last 12 months and the past five years, and are poised for another growth spurt."
BOTTOMLINE: Want to be considered a "best" company - the keys: being a solid, consisten hitter that has performed well over several years. That is also part of the definition we use at Six Disciplines for a "top-performing" organization. It's all part of achieving lasting excellence.
Business Performance Management (BPM)
Business performance management (BPM) is a set of processes that help organizations optimize business performance.
BPM is seen as the next generation of business intelligence (BI). BPM is focused on business processes such as planning and forecasting. It helps businesses discover efficient use of their business units, financial, human, and material resources.
BPM involves consolidation of data from various sources, querying, and analysis of the data, and putting the results into practice. BPM enhances processes by creating better feedback loops. Continuous and real-time reviews help to identify and eliminate problems before they grow.
BPM provides key performance indicators (KPI) that help companies monitor efficiency of projects and employees against operational targets.
BPM integrates the company's processes with CRM or ERP. Companies become able to gauge customer satisfaction, control customer trends and influence shareholder value.
BOTTOMLINE: Interesting to note throughout this definition that, while not explicit, BPM does not seem to address the most critcal element of performance management - execution.
Friday, October 21, 2005
Honesty and And Your Boss
OK....a bit of levity for a Friday..
Everyone know that honesty is a hallmark of a good manager, a good boss.
Here we have an interview with a very, honest boss.....well, enjoy...!
Everyone know that honesty is a hallmark of a good manager, a good boss.
Here we have an interview with a very, honest boss.....well, enjoy...!
Leadership and the 3 P's
Leadership must combine Passion with Patience and Professionalism.
Leading a company must be more than a hobby, and certainly more than fun. Leaders must demonstrate realism, maturity, knowledge, and a little wisdom.
"A distinguishing mark of a ripe human being is his sobriety," the sixth-century monk St. Benedict pointed out. He went on: 'Sober is the one who sees things as they really are, not as he would like them to be.' We can only hope that sobriety is now molding the thinking of future managers.'
BOTTOMLINE: In these times of consolidation, inflation, and scarce funds, nobody should underestimate the importance of combining passion with patience and professionalism."
Leading a company must be more than a hobby, and certainly more than fun. Leaders must demonstrate realism, maturity, knowledge, and a little wisdom.
"A distinguishing mark of a ripe human being is his sobriety," the sixth-century monk St. Benedict pointed out. He went on: 'Sober is the one who sees things as they really are, not as he would like them to be.' We can only hope that sobriety is now molding the thinking of future managers.'
BOTTOMLINE: In these times of consolidation, inflation, and scarce funds, nobody should underestimate the importance of combining passion with patience and professionalism."
Adventures in Entrepreneurship
Anita, over at Small Business Trends, has been blogging about the American Express-sponsored event in Florida on Entrepreneurship.
Anita and Rob May (Business Pundit) had the opportunity to interview entrepreneur and billionaire Sir Richard Branson, (famed CEO of Virgin Atlantic):
Here's a few of his comments/recommendations to entrepreneurs:
Anita and Rob May (Business Pundit) had the opportunity to interview entrepreneur and billionaire Sir Richard Branson, (famed CEO of Virgin Atlantic):
Here's a few of his comments/recommendations to entrepreneurs:
- On Branson's style of management: "I make sure that I spend most of my time out and about and experiencing my businesses...."
- On competition and striving to be the best: "Anyway, there were 12 other airlines and they were all much, much bigger than Virgin Atlantic and we were not out to topple them, we were out to survive. They toppled themselves and every single one of them disappeared. And I think the -- the thing to learn from that is the best -- you know, the best never -- never -- never disappear."
- Branson's views about the Internet: "I think if companies are not embracing it they're making a big mistake."
- On the advantages of choosing entrepreneurship very very young: "One of the advantages of leaving school at 15 or 16 is you don't have a steady relationship. You don't have a mortgage to pay. You've got nothing to lose."
Thursday, October 20, 2005
Seven Purpose Questions
An important element of personal excellence is understanding your purpose.
John Stanko offers these seven questions to help you identify your purpose:
John Stanko offers these seven questions to help you identify your purpose:
- What do you do that brings you the greatest joy?
- What are your gifts and talents?
- What gives you joy and excites your will?
- What would you do with your life if you had all the money you needed?
- What do you do that causes you to forget what time it is and to not notice that you're hungry?
- What compliments have you heard regularly that surprise you?
- What is your life-defining passage of Scripture or wisdom literature?
BOTTOMLINE: "Quality questions lead to a quality life." Take these quality purpose questions and use them to develop and clarify a quality sense of purpose. Then go out, armed with your purpose, to make an impact on your world.
Annual Planning Process - Training Seminar
Six Disciplines Leadership Center of Northwest Ohio will be conducting a half-day training seminar for CEOs, presidents, and leaders of organizations who are about to go through their annual business planning process.
Annual planning meetings should provide an opportunity for you to step back, see where your organization is headed, and adjust that direction if necessary. They should be conducted to keep the emphasis on considering major alternatives and new initiatives and re-examining the ways your organization is currently doing its business.
Unfortunately, many organizations waste this precious opportunity because they don’t have a repeatable framework for the participants to follow each year.
This training session will show you how to apply a practical framework for your annual planning process that focuses on the most important strategic items.
The "How To Conduct an Effective Annual Planning Meeting" training seminar will be held November 15, 2005 8:00AM–12:00 PM at Lourdes College - Franciscan Center - Boardroom.
Cost is $75.00/person (50% discount for 3 or more persons per organization) No charge for undergraduate and graduate students.
TO REGISTER: Call Rebecca Byerly at 419.350.2044 or email Rebecca.
Annual planning meetings should provide an opportunity for you to step back, see where your organization is headed, and adjust that direction if necessary. They should be conducted to keep the emphasis on considering major alternatives and new initiatives and re-examining the ways your organization is currently doing its business.
Unfortunately, many organizations waste this precious opportunity because they don’t have a repeatable framework for the participants to follow each year.
This training session will show you how to apply a practical framework for your annual planning process that focuses on the most important strategic items.
The "How To Conduct an Effective Annual Planning Meeting" training seminar will be held November 15, 2005 8:00AM–12:00 PM at Lourdes College - Franciscan Center - Boardroom.
Cost is $75.00/person (50% discount for 3 or more persons per organization) No charge for undergraduate and graduate students.
TO REGISTER: Call Rebecca Byerly at 419.350.2044 or email Rebecca.
Six Disciplines Leadership Centers to Exhibit at ICF
Attention all business coaches!
Six Disciplines Leadership Centers will be exhibiting at the 10th Annual International Coach Federation (ICF) Conference in San Jose, CA, November 10-12.
At the Conference, we'll be talking to participants about the business opportunity of a Six Disciplines Leadership Center, which are now launching throughout the U.S.
Six Disciplines Leadership Centers are a new class of small business coaching franchise operations that transforms coaching to the next level. Six Disciplines integrates a systematic business-building methodology, practical Internet technologies, and local business coaching and strategic advisory services, to help the best performing organizations to achieve lasting business excellence.
Come by Booth 174 - we're looking foward to meeting with you!
Wednesday, October 19, 2005
VC Fundraising Still Strong
Venture capital fundraising for the first three quarters of 2005 is already ahead of total fundraising for all of 2004 according to a new study released by the National Venture Capital Association.
In just the first three quarters of 2005 there has been well over $17 billion raised for venture capital and $54 billion for buyout and mezzanine financing.
Accodring to Dr. Jeff Cornwall at The Entrepreneurial Mind, "the money flow has slowed down a bit since Sarbanes-Oxley has all but shut down the IPO market for small to mid-sized firms. However, the funds have had an overhang of cash for almost a year, so their coffers are getting really full of cash."
"What this means to entrepreneurs looking for funding is that the already cash rich venture capitalists have even more money to invest. That makes money more plentiful and terms a little more favorable for ventures looking for equity financing."
BOTTOMLINE: Its is more likely that a VC looks to fund a top-performing organization -- one that has a strong leadership team, attracts and retains quality people, is disciplined in their approach to planning and execution, uses technology strategically, and effectively engages trusted outside advisors.
In just the first three quarters of 2005 there has been well over $17 billion raised for venture capital and $54 billion for buyout and mezzanine financing.
Accodring to Dr. Jeff Cornwall at The Entrepreneurial Mind, "the money flow has slowed down a bit since Sarbanes-Oxley has all but shut down the IPO market for small to mid-sized firms. However, the funds have had an overhang of cash for almost a year, so their coffers are getting really full of cash."
"What this means to entrepreneurs looking for funding is that the already cash rich venture capitalists have even more money to invest. That makes money more plentiful and terms a little more favorable for ventures looking for equity financing."
BOTTOMLINE: Its is more likely that a VC looks to fund a top-performing organization -- one that has a strong leadership team, attracts and retains quality people, is disciplined in their approach to planning and execution, uses technology strategically, and effectively engages trusted outside advisors.
The Be Excellent™ Blog - Explained
Dave Gray, the CEO at XPlane, focuses a lot on clarity, writing and graphic explanations of business processes.
Here he talks about writing things down, which helps most people to solidify their approach, to articulate their rationale, and to ensure clarity.
He also offers this:
"This is also one of the reasons having a blog can make you a better manager. By writing down your management philosophies and recording your best management conversations you can make your blog a database of best practices and ideas."
Perhaps THAT'S what the Be Excellent™ blog is all about?
(Thanks Dave for the explanation!)
Here he talks about writing things down, which helps most people to solidify their approach, to articulate their rationale, and to ensure clarity.
He also offers this:
"This is also one of the reasons having a blog can make you a better manager. By writing down your management philosophies and recording your best management conversations you can make your blog a database of best practices and ideas."
Perhaps THAT'S what the Be Excellent™ blog is all about?
(Thanks Dave for the explanation!)
Tuesday, October 18, 2005
The 10 Faces of Innovation
"Innovation is all about the roles people can play, the hats they can put on."
At Ideo, they've developed 10 people-centric tools, talents, or personas for innovation.
The 10 personas are explained here.
Perhaps most importantly, the first three roles in The Ten Faces of Innovation are about learning. Because one crucial ingredient in a culture of innovation is being able to LEARN faster that the competition.
To which, Fast Company Magazine offers the following:
How to accelerate the learning in your organization?
At Ideo, they've developed 10 people-centric tools, talents, or personas for innovation.
The 10 personas are explained here.
Perhaps most importantly, the first three roles in The Ten Faces of Innovation are about learning. Because one crucial ingredient in a culture of innovation is being able to LEARN faster that the competition.
To which, Fast Company Magazine offers the following:
How to accelerate the learning in your organization?
- Tap into the power of The Anthropologist, and gather first-hand insights from the field about how people REALLY use your company's offerings. Watch for places where customers stumble, where they hesitate in confusion, ESPECIALLY where they swear in frustration over the status quo. Use that "ground truth" from the field to inform the next iteration of your products and services.
- Rely on The Experimenter to increase your organization's rate of enlightened trial and error. If you learn from each experiment, and run those experiments quicker and cheaper than others in your industry, you can accumulate more insights and convert them into value at a faster pace.
- Encourage The Cross-Pollinators on your team, who look far afield--to different divisions,different industries, even different countries--for ideas, and then translate that new-found knowledge for application to your unique circumstances.
BOTTOMLINE: Flexibility is the new strength. Find a way to learn faster.
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