Special report entreleadership
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Transcript of Special report entreleadership
DAVE RAMSEYENTRELEADERSHIP
20 Years of Practical Business Wisdom from the Trenches
Qualities of a Leader
Integrity Passionate
Servant Loyal
Humble Listener
Visionary Influential
Decisive Driven
Disciplined Charismatic
Qualities of an Entrepreneur
Risk Taker Out of the Box
Visionary Determined
Passionate Courageous
Driven Motivated
Work Ethic Learner
Creative Maverick
Qualities of Entre Leader
Passionately servingMavericks who have integrityDisciplined risk takersCourageous while humbleMotivated visionariesDriven while loyalInfluential learners
Lots of OptionsA powerful element of good decision making is to have lots and lots
of options. Options are power and therefore options remove fear.
If you have only one vendor that can supply you a key component
to your business, you will and should have fear. Eventually, you
will be held up on price, quality or delivery. They own you because
you have no options. The more options you have and explore the
better the quality if the decision you will make. When you are
trapped, you feel trapped, because you are.
Worst Case ScenarioAnother part of looking at your options is to consider the
absolute worst – case scenario. It gives you so much power
if you accept the absolute worst case scenario. It may be
the loss of money, or even the closing down of the part of the
business, or embarrassment in the market. But you seldom
will die from your worst case scenario.
Teach Your TeamThe first mistake of a small business that has hired a few
people is the team, and the owner, both make the mistake of
giving the owner the title of “chief fireman.” The owner’s job
is to put out all fires by himself – to make all the decisions.
This exhausts the owner and creates a work – flow
bottleneck.
Pour Your Customer Through a Funnel
A great way to build a loyal and continuously growing customer
base is to build a line of products and services using the funnel
approach. This is simply having some inexpensive or free and
quick ways to interact with your company. The quicker and
cheaper the product or service, the more people you will draw.
The more money and time you ask of your customers, the fewer
will follow you down the funnel. But remember, the greater the
number that enter at the top, the more will come out the bottom.
Time to Jump
When is it time to quit your day job so you can devote all
your energies to your new small business? Most people get
so excited that they tend to want to quit too soon. Wait until
the boat pulls up to the dock before you jump in. If you quit
your day job before you get your small business net income
up high enough, you will miss the boat and become all wet.
Be Generous
Being generous is the hallmark of people who live successful
lives and who operate business with soul. If your exclusive
reason for operating your business is personal gain, you will
find yourself empty because you are shallow. Some of the
greatest joys of becoming successful are associated with
acts of generosity to your team, customers, and your
community.
Communication is the Map to the Party
Your business is a party. You have invited your team to the
party. If you give really good directions everyone will have a
great time at the party. Communication in a business is the
map to the party. If you have a great map, expect to have a
great party.
Share the Dream – Tell the Story
Your team can’t manage their time toward building your
dream if you don’t tell them what the dream is.
Communication moves the ball, for the whole team, from
dreams all the way into time management, which means
productivity. Leadership has to repeatedly share the dreams,
visions, mission statements, and goals with their team.
As a leader, you must learn to tell the story of your company
and its history. As you tell the story of struggle and victories
to your team over and over, you are accomplishing many
things, such as teaching the team how you reacted rightly or
wrongly in a given situation in the old days. You also let
them know they are part of something that is bigger than
them. If your team members know they are participating in
a big deal it gives them energy and creativity.
Contracts
Contracts are not a guarantee of people performing or doing
what they say. Contracts do not have mystical powers that
make people who have no integrity keep their word. Contracts
do not have mystical powers to make people competent who
aren’t. People who are crooks will crook you even if you have a
contract. In business, lower your expectations of the power a
contract actually has.
Conclusions:
The sense of entrepreneurship is the thrill of
stepping out to create where no man has
gone before. The exciting unknown is the
essence of business and in that sense, all
business is small business.
An Entre Leader makes sure he loves his
product and loves his customer and wants to
see them married. Doing so removes the
frenetic attention to the transaction just for the
sake of money, and the EntreLeader sees
business as more relational than transactional.
Business is not really that hard. You are, however,
required to do the basics or you will not win.
Budget and do the accounting, stay out of debt,
don’t buy what is not needed to make a profit, save
cash, and always be generous. When you do
these basics with a steady hand and increasing
sophistication you will find yourself running a
stable and satisfying operation.
Chaos that is unhealthy and breeds failure happens
in companies that don’t make communication a big
deal. Your team, by definition, can’t be called a
team unless they have a shared dream, vision,
mission and goals. The only way these things
become shared is with intentional, quality, constant
communication. Seth Godin says, “ A crown is a
tribe without a leader, without communication.”
.
Few companies have unity and loyalty that when
your company does, it automatically stands out in
the marketplace. Great talent stands in line to join
your team. Great customer service is a natural
occurrence in a company that has these values.
This type of culture is tremendously satisfying to
lead. You will not have all perfect days, but you will
enjoy a richness of soul in your business that few
ever experienced.
.
Doing business is not complicated, but you have to pay attention to the details.
.
The EntreLeader understands that running a business
successfully is very hands on and mechanical.
Sometimes, the handling of areas of the business like
contracts, vendors, and collections can make or break
your success. Be intentional about the statement you
are making to your team, your competitors, your
customers, and the community through your actions in
these areas. Entreleaders are always considering the
unintended consequences of how day to day activities
are handled.