Franchise Your Business
Executives are problem solvers, but details count when solving the short- and long-term problems their businesses face. A miscalculation or slight deviation in navigation could throw a ship hundreds of miles off course within just a few days. However, if executives know in advance what small adjustments to make or what details to focus on, many of their problems could be avoided in the long run.
Lots of failed businesses have one thing in common: They settled for the idea that circumstances were out of their control. In fact, many of us have shared that feeling during the last year and a half. A pandemic, a series of lockdowns, political turmoil — we’ve faced so many circumstances that were out of our hands. But it’s how executives address that problem that can make or break their success in the coming months and years. Here’s how a few companies fared when faced with unprecedented circumstances.
Despite employing some of the world’s highest-paid engineers, Boeing made a miscalculation on the 737 MAX flight-control smoothing system, which cost 346 people their lives. Instead of taking the blame and addressing the issue, Boeing was quick to invalidate the training of the pilots — but it eventually came out that a malfunction of the plane itself led to the tragedy. Since then, the company has ultimately lost tens of billions of dollars, culminating in the largest first-quarter loss in 20 years. It gave Boeing’s competitors a huge advantage.
2. Fry’s electronics
After 36 years of being the best one-stop shop for tech enthusiasts, Fry’s told the public via its website that it was shuttering its doors because of “changes in the retail industry and the challenges posed by the Covid-19 pandemic.” Using a similar business model, Best Buy continues to outperform industry earnings estimates. And that makes sense — the demand for electronics is way up. So, one major retailer has unprecedented sales while the other shuts its doors. Why?
Best Buy showed dexterity when it started competing with Amazon eight years ago — specifically by making its price-match-guarantee policy permanent. The company paved its own way out of Amazon’s shadow to be a true competitor with faster gratification. Best Buy then used that quick-pivoting ability to adapt to an even more challenging environment during lockdown, making its stores pickup centers for the online portal. Meanwhile, Fry’s did not adapt and did not survive.
If Boeing and Fry’s had simply reacted more quickly, would things have gone a lot differently for them? Of course. Pivoting may be a buzzword to some, but it’s also a very real and vital ability. Making quick decisions during tough times can be the difference between a company that survives and one that doesn’t.
3. Wise Acre
Wise Acre Frozen Treats was founded in 2006 by Jim Picariello, whose grand idea had humble beginnings — making organic popsicles in a schoolhouse kitchen. Within just two years, Jim’s popsicles were winning awards, and sales were skyrocketing as consumers sought healthier natural and organic snack alternatives for their families.
By 2008, though, the company was bankrupt. Why? It had grown too fast without securing the capital to properly invest in equipment or infrastructure. Picariello wasn’t responsive enough to the company’s changing circumstances, to the increasingly detrimental impact of its overly ambitious acceleration, so his dream came to an end.
Persevering and adapting when things get tough
If these companies had sufficient capital, would they still be here? What about Century 21, Brooks Brothers, Chuck E Cheese, GNC, Hertz, Gold’s Gym, JCPenney, J. Crew, Pier 1 — all brands experiencing bankruptcy?
If the pandemic has been a symbol of our general inability to make things work in our favor, then why did 80 percent of companies in the S&P 500 report earnings that exceeded analysts’ expectations in both the third and fourth quarters of 2020?
Entrepreneurs, learning to leverage your circumstances and opportunities is one of the most important skills for surviving in business. The biggest problem most companies face is a tendency to believe that they can’t leverage any set of circumstances to their advantage. It’s time to change that mindset.
As a business owner, you will face adversity, but nothing is out of your control. Look at every single obstacle, problem or outright catastrophe as simply an opportunity to lead and shine. Almost any ship captain can navigate when the weather is clear and the port is within sight. Toss the waves a bit and decrease the visibility, and you’ll spot the differences in a heartbeat. Some focus under pressure, and some fold.
Life’s challenges force us to harden up. Relationships, work, children, family and finances all combine to put us under a lot of pressure and the way we are expected to deal with these is to develop resilience and to some extent indifference. We are required to be tough.
To teach our kids to be tough and with each blow life delivers to knock us down, we need to get up, dust ourselves off and pick up where we left off. The more times we start again, the colder and more jaded we become.
What you truly desire. Imagine what you could
Some people believe that showing tough love is an important way to ensure that their children are able to take care of themselves in the future. If you were the recipient of this approach on a regular basis, you might even believe that this has had a positive impact on your life.
Perhaps what’s needed is a shift in attitude. To become stronger and resistant to the tribulations of life, maybe the answer is that we need to become softer not tougher. Maybe what the world needs is more nurture.
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Do something that pushes wordpress magazine themes 2016 your boundaries, something that you wouldn’t ordinarily do. Take a calculated risk and allow yourself to crumble a little.
All parents occasionally pick on their children, but when the so-called jokes become commonplace, this can be a huge problem. You do not need to accept this type of behavior just because your parent has always joked about something such as your height or weight.
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Tips For Increasing Employee Motivation
Without injuring others or placing your own life in danger, it’s healthy to let go sometimes. You don’t have to be irresponsible to release responsibility and embrace freedom for a change. When life is becoming too burdensome and the weight of obligation and duty seems suffocating, do something that allows you to release yourself from what can feel like a prison.
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If you want to take it to the next level and gauge subscriber sentiment, you could generate feedback by adding a simple “Did you find this email useful?” line in your footer that leads subscribers to a survey. Keep it short and concise though; you’re not after War and Peace.
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Did you grow up believing that your parent was physically or emotionally abusive to you because you deserved it? If so, you may still be justifying the terrible behavior of others at your own expense.
Get In Touch With Emotions
Discover how you really feel about things. It’s easier said than done. Instead of maintaining the status quo and keeping the peace.
Instead of following the herd and making the predictable and reliable decisions that you are expected to make, ask yourself.
What you truly desire. Imagine what you could accomplish, if failing wasn’t an option.If there was no fear of being judged and no adverse consequences.
If there was no fear of being judged and no adverse consequences reliable decisions.
Learning to acknowledge and express our emotions freely may seem like weakness in a culture that requires us to be tough, but in actual fact it takes a strength far more valuable and honorable than living in denial.
- Use the “Spaced Repetition” technique
- Try the “Pinch Yourself” hack
- Schedule learning sessions before bedtime
- Study the content, not the language
This technique was introduced by Maneesh Sethi, a frequent traveler who mastered four foreign languages as an adult. His approach was based on the fact that negative stimuli massively boost self-improvement.
Soft is the new hard
When you think that a situation requires you to be tough, to stiffen your upper lip and puff out your chest in the face of something difficult or even traumatic, consider if you have another option. Maybe for a change it’s time to wallow in the tragedy of your experience and really feel what it is to be human. Striving for mental toughness may close you off to a world of emotional development and progress that you may otherwise live through if you let yourself open up for a change.
How you can use this for language learning?
- Get a set of flashcards for memorizing vocabulary or grammar.
- Master the hard pinch (it should be quite hard) to activate your body’s threat response.
- Review a category of flash cards (such as adjectives or group of words). Don’t pinch yourself at this stage.
- Review the same category, now adding the pinch for each vocabulary word. Spend some time studying the card before moving to the next one.
Softening your perspective towards yourself and others; allowing yourself to experience tenderness and nurturing instead may seem counterproductive, but in the long run, may reap more abundant rewards.
Tough is just bravado. Softening up is a new normal you should try.
You may feel sadness more intensely, or anger. Disappointment, fear, grief. The flip side is you may discover joy like you’ve never allowed yourself to feel before. You may laugh harder, feel more inspired, encounter wonder and awe at things you previously took for granted.
Grow Your Business, Not Your Inbox
As an entrepreneur, you’ll face plenty of logistical hurdles. Quitting your day job, getting funding, finding a location and hiring are just a few of the challenging obstacles you’ll have to overcome.
The good news is that most of them are procedural, and though they may pose difficulties, they can be surmounted by following a logical process and committing yourself to seeing a final solution through.
The more difficult obstacles, however, meaning those most likely to impact your livelihood, are the psychological ones. The reason is that these are internal struggles.
Sometimes spurred by events and sometimes brought up spontaneously, these obstactles interfere with your ability to make decisions, the confidence you have in your own actions, your enjoyment of the work and ultimately your capacity to continue as the head of your organization.
The following psychological hurdles are ones every entrepreneur must someday face, especially in the earliest stages of a startup’s development:
Uncertainty is around every corner, especially when you’re first developing your business. You don’t know if your market research is accurate. You don’t know what competitors might emerge in the coming months. You don’t know if your profitability model will work in real life as efficiently as it seems to on paper.
These uncertainties can get the better of you if you let them, but remember this: Uncertainty exists for everyone, and successful entrepreneurs are willing to embrace it, because they realize that without risk, there can be no reward.
If this isn’t enough to motivate you, understand that the worst-case scenario is never as bad as you imagine: Even if your first business fails, you’ll always have a chance to build something new.
Beyond the uncertainty of your startup’s infancy, be prepared for some inherent instability in your first several months. You’ll have sudden surges of consumer interest, followed by long droughts. You’ll have random, necessary expenses crop up; major team members leave the company; and windfalls that will make all those losses seem insignificant.
To abuse a common cliché, startups are a roller coaster ride, but even if you enjoy that ride, the constant instability can get to you. People crave routines, foundations and reliable structures. Without those, you’ll experience much higher levels of stress, which in turn can make you impatient, overly emotional, and miserable, in general.
Being an entrepreneur means investing yourself in a venture in ways you’ve never experienced. Every decision you make, from naming the company to closing your first client contract, will affect your business’ bottom line. As your business grows, this responsibility will grow.
And, eventually, it won’t be just you on the hook, but your partners, employees and investors, as well. There’s no easy way to overcome this other than by reducing decision fatigue in your daily life and understanding you can recover from a bad decision.
It’s easy to get sucked into the daily work your startup involves, especially when you’re passionate about the industry. It’s your idea — your baby — and it’s natural to want to invest as much time as you can into it.
Unfortunately, that desire sometimes leads to 100-hour weeks, long weekends and sleepless nights, leaving you little room for anything else in life. What’s most dangerous is that this imbalance often sets in without entrepreneurs ever realizing it. So, make sure to prioritize your health, and don’t be afraid to take breaks.
Loneliness is a bigger problem in the entrepreneurial world than most people realize. Entrepreneurs are often depicted as naturally isolated geniuses who function contentedly as introverts when working on a project and then turn into extroverts when it comes time to talk to clients or the press.
In reality, though, every entrepreneur is pulling off a delicate balancing act, bottling up stresses, worries and fears when he or she is around other people. This is a defense mechanism, because telling clients or the press how scared you are could ruin you. Showing your anxieties to your team members could unsettle them and destabilize your company.
So, the only time you get to be your true self is when you’re alone. This is a manageable lifestyle for a few weeks, but after a few months, it starts to interfere with your health. Instead, seek support — from friends, family, mentors, peers and even counselors who are there to help you through difficult times.
Overcoming these hurdles isn’t about ignoring them, pretending they don’t matter or avoiding them when they manifest. They’ll stick with you, whether you like it or not.
What really makes the difference is how you respond to these hurdles. You can overcome them by accepting them, yet not allow them to interfere with your plans or your goals. You can ask for help from those around you. And you can make meaningful changes in your life to compensate for them.
All along, realize that your strongest asset against psychological turmoil is awareness. So, remain cognizant of these potential mental pitfalls, and keep moving forward.