Making a Partnership Work
Businesses can’t grow without strategic partnerships. When thoughtfully selected, the right partner can enhance a company’s client base, capabilities, market presence, and overall brand. When selected poorly, the wrong partner can result in wasted time, energy, and resources, with nothing to show for your efforts, and can potentially harm your company or reputation.
Want Credibility? Be Your Own Client. Would You Hire Yourself?
No one would buy a luxury home from a builder living in a shack, or trust a wealth manager that was financially irresponsible. When we evaluate the skills of web designers or graphic artists, we ask to see a portfolio of work, and we visit their sites.
Our own actions give us credibility, or they discredit us. There is no in-between.
Would you hire yourself?
Every Day is Independence Day for Entrepreneurs
Entrepreneurship is as American as apple pie, baseball, and SpongeBob Squarepants. The essence behind entrepreneurship is the freedom to live a professional life that has the most meaning to you – to not be defined by someone else’s value system, personal vision & goals, and decisions. But with that freedom comes tremendous accountability, responsibility, and risk.
As SpongeBob and Patrick so eloquently discussed, entrepreneurship has unlimited possibilities. With entrepreneurship, we are limited only by our own vision (and money – but we can often find it if we look in the right places). However, entrepreneurship does bring its own pain and suffering with it, so to answer Patrick’s question, yes entrepreneurship can hurt at times.
Eight Lessons for Success (And Some Other Insights) by Barbara Corcoran
I had the privilege of speaking at the National Women Business Owners Corporation (NWBOC – www.nwboc.org) conference last week in Palm Beach, Florida. One of the highlights of the conference (where 200 women business owners came together to learn, share, and connect) was keynote Barbara Corcoran. Barbara is one of the most successful entrepreneurs in the country. She took a $1,000 loan to start her real estate company, The Corcoran Group, which she grew into a $5 billion business. She sold the firm for $66 million in 2001.
Barbara is also a host and investor on ABC’s Shark Tank. During the last three seasons, she has bought 11 new businesses. She is also the author of three best-selling books, and is a regular small business and real estate contributor on all of the major networks.
Like all great entrepreneurs, Barbara’s journey to success has been filled with wonderful lessons. I have summarized them here for you.
Recognizing the Positive Leadership of Carnival Cruise Lines CEO Gerry Cahill
The disaster of the failed Carnival Triumph cruise ship has captivated all of us over the last week.
As a frequent cruiser who has cruised Carnival and other lines, I cringed upon seeing the pictures and videos of the squalor and disgusting conditions aboard ship. I sympathized with the passengers who entrusted their safety to Carnival, yet found themselves living a week-long, potentially life-endangering nightmare. Throughout the course of the week, I kept asking myself how well I would cope with being trapped on board with my family.
Fortunately, the nightmare has ended, now that the ship has docked in Mobile Alabama, with all passengers and crew members safe (albeit hungry and dirty).
Throughout this disaster, I’ve been watching how CEO Gerry Cahill has conducted himself. Personally, I think he has done an exceptional job – especially compared to Former BP CEO Tony Hayward during the 2010 oil spill disaster that claimed 11 lives and has spewed 100 million gallons of toxic oil into the Gulf of Mexico. – and here’s why:
When Your Bedroom Becomes Your Boardroom: (Happily) Working With Your Spouse
Spouses that choose to work together embark on a very unique journey. This arrangement is not a conventional marriage. Two of the hardest things a person can attempt is to build a successful business and a successful marriage. 90 percent of all businesses fail within the first 5 years. The divorce rate (in the U.S.) is now higher than 50 percent. Combine these two endeavors, and you face a lot of risk. There is a lot at stake at home and at work if things get rocky. The levels of expectations for one another are much higher than in a typical business partnership or typical marriage. Consideration must extend much further than, “I have this great business idea, can you help me?”
As a follow up to my January 10, 2013 segment on Washington Business Report (http://www.wjla.com/articles/2013/02/washington-business-report-feb-10-2013-85006.html) on working with your spouse, I’ve interviewed several other business owners who have braved this model to learn what makes it work, and how to avoid trouble in paradise. Rather than giving a simple bulleted list of strategies such as “schedule a date night” or “agree not to talk about marriage at home,” I’m sharing a more detailed behind-the-scenes glimpse of the complexities of this arrangement. If you are currently working with your spouse, or thinking about it, this is an important column for you.
Accountability and Goal-Setting (Follow-up to WBR Segment 1/13/2013)
My January small business segment on ABC’s Washington Business Report with Rebecca Cooper-Dupin focused on accountability and goal-setting strategies to start 2013 strong. Accompanying me was my accountability partner and personal financial advisor, Anne McCabe Triana, owner of CAM Private Wealth (http://www.camprivatewealth.com). I’ve expanded on those strategies here, incorporating many great ideas from other small business owners.
Time Management Strategies for the Holiday Season (12.16.12 WBR TV Segment Follow-Up)
My December small business segment on ABC’s Washington Business Report focused on general, personal, and professional time management strategies. I have many more strategies than I could cover; I’ve included all of them here.
Five Ways To Make The Most of Your Holiday Downtime
How we can make the most of our holiday downtime – you know those pockets of time when office productivity is low, laziness is high, and we’re all pressing the reset button to move into the new year? I came across an article by Kevin Daum (http://www.kevindaum.com), a best-selling author, Inc columnist, Inc 500 entrepreneur, and fellow Entrepreneurs Organization (http://www.eonetwork.org) member that answered this question.
I’ve taken 2 of his suggestions and mixed them with 3 of mine. Whether you’re the reflective, spiritual, meditative type, the hyper-focused Type-A type, or somewhere in between, there should be something for everyone on this list.
Growing Into the Title of CEO Starts Today – Four Reasons Why It Must.
As a small business owner, nothing communicates confidence to prospective customers, employees, and partners more than your title as CEO.
In just three letters, the title communicates self-confidence, leadership, vision, strategy, and credibility.
