Archive: Mighty Minutes
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Mighty Minute #7: Build A Rockin’ Team
Mighty Minute #6: Find Your Unshakeable Core
Mighty Minute #5: Control Freaks Anonymous
Mighty Minute #4: Are you a leader… or a follower?
Mighty Minute #3: Getting Connected
Mighty Minute #2: The Universe – A Perfect Accountant.
Mighty Minute #1: The world is an imperfect place.
Mighty Minute #7: Build A Rockin’ Team
Today I want to give you 4 secrets to hiring a team that totally ROCKS. Ready? Let’s get started…
As a former control freak (see Mighty Minute #5) I’ll admit that I can’t control people or situations or outcomes. But I can certainly influence them. So when I’m looking to put together a killer team, here’s what I do…
First, I gather a strong group of advisors or mentors. These need to be people whose insight and knowledge I trust implicitly.
Then I ask those with complimentary skill sets to assist in both the hiring of people and the monitoring of their initial work. But please note — I don’t make any of the new hires ‘partners’ until we’ve worked together and solved multiple business challenges together.
Finally, if they don’t work out, I let them go quickly. It’s really that simple.
So how do you find the best people for the job? Here are my 4 steps to a rockin’ team…
1. The Fab Four:
I try to find outstanding people who fit into one or more of these 4 categories:
Visionaries: They’re highly visible and articulate; they “see” the future of your company as well as new markets you should enter. And they’ll wow prospective clients and financiers.
Leaders: This is your executive management; they make their mission everyone else’s. A great leader can inspire and motivate people to do anything.
Implementers: These are the people who make things happen. They build the products/services and market and sell them.
Infrastructure Builders/Supporters: They create the foundation, processes, and procedures to keep the company running smoothly and enable it to grow.
2. Rock The Culture:
The best way to build, support and retain a great team is to encourage a culture that everyone wants to be part of. Your company should have values that everyone agrees to uphold, and they should be posted visibly. All those throughout the organization must be empowered to call out any team member if they’re not honoring the values.
3. Choose Wisely:
Positives to look for in candidates include smarts, GSD (Get Stuff Done) pedigree, commitment, plays well with others and values the team. And don’t forget to follow your gut feeling. If it feels like a bad choice, it probably is.
4. Form an advisory board
Form an advisory board of up to 10 people, including an industry heavyweight, model customer, credibility booster, and several savvy business people with great connections. Oh, and make sure everyone gets stock options or some sort of emotional compensation.
Bottom line? Hire slowly, fire quickly. Be picky about who you hire and you’ll build a ROCKIN’team!
That’s it for today. Until next time, may all your ventures be MIGHTY!
Christine
Mighty Minute #6: Find Your Unshakeable Core
I want to talk about persevering in the face of overwhelming odds.
Sometimes the deck seems stacked against you. Nothing is going the way it was supposed to, everything seems to be falling apart at the seams, and you’re ready to throw in the towel.
So what do you do? You find your unshakeable core.
And here’s how it works…
Soul searching and being accountable to yourself is far more valuable than any kind of business accounting. So first you need the inner strength that comes from believing in yourself, and from knowing that no matter what happens, you’ll still have YOU. You know who you are…and you like yourself.
This can be a challenge. You have to decide what your boundaries are, what you will and won’t put up with. And remember–your inner strength isn’t just a feel-good add-on you dabble in after you’ve secured your bottom line. You need to figure this out BEFORE something bad happens.
In a perfect world, we have teachers and mentors that help us establish what we believe in and what we stand for while we’re still in our teens and twenties–before we get caught up in the fast-paced world of birthing our own businesses and stomping out fires. But that’s not always the way it works.
Still we need that foundation of truth to stand on. Without that foundation, it’s easy to get lost and stay lost. And since getting to know yourself is a lifelong process, doesn’t it makes sense to learn what you can sooner than later?
Don’t forget–the universe has a perfect accounting system. So this week, get off by yourself and do some serious soul searching. Ask yourself these questions:
–What’s my “brand”? Write down 3 adjectives to describe yourself.
–Does my “brand” resonate with me, or is it time to upgrade it?
–What’s my creed? Write down the rules (or code) you live by.
–Does my creed still fit, or is it time to expand it?
Find your unshakeable core and start making deposits into your personal growth account. And when the chips are down, some of the good will be returned to you.
After all, that’s why they call it “goodwill”…
That’s it for today. Until next time, may all your ventures be MIGHTY!
Christine
Mighty Minute #5: Control Freaks Anonymous
Are you ready for another Mighty Minute? I hope so, because this is going to hit home for more than one of you out there, including yours truly. But first, let me stand up and say, “Hello everyone. My name is Christine Comaford-Lynch, and I’m a control freak.”
(Everyone in unison, “HELLLOOOOO CHRISTIIIINE.”)
Seriously, I’ve been a control freak all my life. The more I tried to hold it all together, the more it fell apart. It’s taken me literally decades to learn what I’m good at and what I stink at. So what’s the verdict?
I’m a builder, not a maintainer.
I’m a marketer, not a manager.
I’m a salesperson, not a bean counter.
Time to face facts: You won’t be good at everything. In fact, at some things you’ll be downright dreadful. But guess what? That’s okay.
Take it from someone who knows. If you don’t do something well, don’t hide it or defend it. It wasn’t until I learned this simple truth that I started recovering from my control addiction. Your time is too valuable to waste doing things you don’t enjoy or aren’t good at. Use your lack of skill as an opportunity to find someone to fill the gap. Bring in the talent that you don’t have. And remember–it’s also okay to have limits. I wish someone would have told me all this before I grabbed the reins as a CEO or a venture capitalist. Sure, I was a star performer, but I burned myself out in the process.
Of course, when I finally did let loose of my iron grip on the reins, I made yet another set of mistakes: I repeatedly hired the wrong business partners and executives. Why? One word: fear. Fear of losing control and trusting others. Fear of failure. And worst of all, fear that I wasn’t doing enough good in the world and that I’d die without having made a significant change.
Needless to say, these ill-fated partnerships didn’t last long. But I learned from my mistakes. The bottom line is to not let your fear or inner critic stop you.
So this week, I want you to write down 3 things that you love and/or excel at in your business, and 3 things that you fall short in or don’t have any interest in. (Be honest with yourself.)
Then look into finding people to fill those gaps.
And if you do try and fail, pick yourself up and keep moving forward! Until next time, may all your ventures be MIGHTY!
Mighty Minute #4: Are you a leader… or a follower?
Are you a leader… or a follower?
High-performance people have an inherent tension: the struggle between the desire to lead and the reluctance to let go of the reins. Heck, let’s admit it: some days it’s nice to just follow.
Why? Because the price of leadership is high: you have to make big decisions, take big risks, and put your neck on the chopping block on a daily basis.
However, the follower pays an equally high price. Sure, it looks easier to follow, but that can be a fallacy. As they say, followers have the same view until they get up front. And what if you don’t like where the dog sled is heading?
But here’s the key: Every company or social group has a cult-ure (some more “culty” than others). And you need to figure out where you belong in the hierarchy–or if you even belong at all.
That’s why, when you join a company, the first thing to do is size up its cult-ure. What are its tribal customs? Its ceremonial costumes? How deep in do you want to go? It’s great to be part of a company whose mission you believe in, but it’s perilous to give total allegiance to your boss simply because he or she is in a position of power.(I still remember my boss for the Domino’s Pizza gig constantly hectoring me to “be more like Doug”. But in reality, “being a better Christine” was my real path to success.)
Be willing to look the part, but don’t buy the whole program if you don’t believe it. And please, please be clear about why you’re making your choices; every compromise has a cost.
The world needs team players and managers both. It just helps to figure out whether you’re the right person in the wrong position. So this week, look deep inside yourself and ask: Am I a leader or a follower? Because one isn’t necessarily better than the other; you just need to be clear on which role fits you better. And remember–you might fit different roles in different cultures.
That’s it for this week. Until next time, may all your Ventures be MIGHTY!
Mighty Minute #3: Getting Connected
So you got a mention in the press? Congratulations!
I remember when I got a gig writing a column for PC Week. A wonderful mentor of mine introduced me to the top brass there, and I offered to help de-mystify new technologies for their corporate audience.
So I wrote up 5 sample columns for free to show them how I might be of service to their readers. I brought benefits, not demands, to the table… and I got the job.
Because of my articles, I started getting hundreds of letters each month. I’d read every word and respond to them as a show of thanks to the editor for hiring me to write those columns.
So what’s my point?
While it’s easy to get carried away by the heady feeling of a magazine profile, a favorable mention of your company, or a microphone stuck under your nose, remember that the media isn’t there to serve you. You’re there to serve them.
Think of the media as an extension of your network. In fact, they will be one of your best resources if you treat the relationship wisely. Find ways to serve them and they may become some of your best friends.
So this week, ask yourself these questions:
1. How can I be a connector?
2. Can I put journalists in touch with helpful sources?
3. Can I put business people in touch with one another?
4. Is there an information gap that I can plug?
And remember — the key here is not to have a Rolodex you can “work”.
I mean, c’mon… do you really want to be one of those insincere types who pull up their Outlook contact notes to ask how somebody’s spouse (fill-in-the-name) is doing when you don’t really care? That’s not what you want.
You want the kind of relationships where every time you flip through those lists, your eyes fall on a name you cherish, someone who came through for you in a pinch… thanks to that perfect universal accounting system we talked about a few weeks ago.
And it evokes a memory that makes you smile.
That’s all for this week. Until next time, may all your ventures be MIGHTY!
Mighty Minute #2 The Universe – A Perfect Accountant
Dear Office-Politics Reader,
And here’s an important lesson I’ve learned in my many entrepreneurial and intrapreneurial adventures: The universe has a perfect accounting system.
This is something that took me quite a while to figure out. I used to think, “I do so many favors for Suzie-Q, but whenever I ask for something from her, she doesn’t help.”
Then I’d end up feeling bitter or resentful about the situation. And all along, I never realized that I was standing there with a closed fist instead of an open hand.
Now I know that there are larger laws of the universe at work. Because the more often you put your own needs aside and help people get what THEY want, the more often they’ll help YOU in return.
When people ask you for favors, do them if you can. Trust that you’ll get favors in return, but remember–they may not necessarily come from those you’ve helped. They may come from unexpected places.
Strapped for cash? That’s the very moment you should help someone else out with a loan or gift. Trust that it will come back to you. It’s like having a bank account…you make deposits, earn interest, and get more in return. By doing good for others, more people will naturally want to help you.
This is especially true when networking. Don’t just put your blinders on and look for people that can do things for you. Going in with a “lean and hungry” look only oozes desperation. Instead, work on creating a “tribe” of people you truly care about and who care about you. Start by asking people what they’re doing. Help them out to get the good energy moving.
I actually used to write to public figures. I wanted to hear their stories, absorb their wisdom, and see if a “nobody” like me could do something for a “somebody” like them. And guess what happened? I found my greatest mentors that way.
In the end, those relationships will be the ones that matter most, and that will make the journey worthwhile. So this week, I want you to make a list of 5 people you’d like to meet. Then contact them one by one. Tell them you love what they do, that you’re interested in their story, and you’d like to hear more about them. (People love to talk about themselves, so this shouldn’t be a problem.)
Soon, they’ll be asking about you as well. And before you know it, a relationship will be forged. But remember to listen to their stories before you tell them yours. Because networking isn’t just a way to get help or money; it’s a way to build your tribe.
Make Your Venture Mighty!
Until next time,
Christine
Mighty Minute #1 The world is an imperfect place:
Dear Office-Politics Reader,
Mighty Minutes are my way of helping you achieve your dreams faster, easier, and with less effort. Ready? Great! Let’s get started right now with some good news and some bad news…
First the bad news…The world is an imperfect place.
Wow, stunning revelation. Put me right up there with Nostradamus on that one, right?
But here’s the good news…that IS the good news!
Let me explain. Since the world is imperfect, every day new messes are being made…which means new needs are arising…which translates into new products being launched to fulfill these needs.
It’s true — opportunities are all around you. All you have to do is find someone who’s in pain. But remember: it’s not enough to just “diagnose” that pain. People have to perceive it as a problem in search of a cure. Only then will they open their wallets to get that pain removed.
In other words…PROBLEMS + PAIN = PROFIT.
Here’s my secret to creating companies: I’ll either search for a problem to solve, or solve an existing problem that lands in my lap. The key here is to listen, pay attention, and ask pointed questions, like:
1. What’s broken?
2. What needs to be fixed?
3. How will you fix it?
4. What’s missing?
Get to the root of the problem and find that deep, heartfelt need that people will do ANYTHING to solve. Because when you do, the solution will reveal itself…and you’ll have the makings of an on-the-spot company right in the palm of your hand. And that, is where the REAL fun begins.
So this week, I want you to write down these three things on your to-do list:
— Find a problem that needs fixing.
— Dig deep into the problem to find out what the real core need is and the best way to solve it.
— Take the first step to creating that solution.
As you conquer each task, cross it off your list. It will give you a great feeling of accomplishment and encourage you to keep going.
Make Your Venture Mighty!
Until next time,
Christine
Christine Comaford-Lynch is CEO of Mighty Ventures, an innovation accelerator which helps startups and established businesses to gain traction at rapid speed. She has built and sold 5 of her own businesses with an average 700% return on investment, served as a board director or in-the-trenches advisor to 36 startups, and has invested in over 200 startups as a venture capitalist or angel investor. Christine has consulted to the White House (Clinton and Bush), 700 of the Fortune 1000, and hundreds of small businesses. She has repeatedly identified and championed key trends and technologies years before market acceptance. Christine’s popular column on www.BusinessWeek.com/SmallBiz launched in January 2007.
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