The Heart Of Business

By Craig S. Galati

They say that in business you get what you earn. While I agree, I also think what you get is dependent upon how much you risk. Business is like a crap shoot, but with more data to help you understand the odds. But just like a professional gambler, the successful businessmen look for the best risks to take, hedge their bets, and go out on limbs by betting on the long-shot occasionally.

A true entrepreneur is one who is not afraid to take risks; she is confident in her talents and abilities and knows that she can recover if the risk goes sideways. If you were to study some of the greatest entrepreneurs of our time, you will find that in their careers, they faced incredible adversity and even bankruptcy because of the risks they took; but they persevered based on their abilities and confidence. They moved on to the next great idea until something clicked.

You will find something else if you study their careers. They did not move from idea to idea willy-nilly. They worked on things that they were passionate about and that stirred their souls.

I can hear you now, “Craig, we can’t take risks, we’re doing fine and making money!”

Tell that to the photo-film industry, travel agents, and any retailer who didn’t embrace online sales early enough to remain vital.

Here are a few thoughts to guide your entrepreneurial spirit:

Don’t just stick to your knitting. Stick to what you do well and to that which you are passionate. But don’t get too comfortable with the way you work. Be open to new processes, new ways of thinking, and new customers. If you sit stagnant, some day they’ll be digging your business from the La Brea tar pits.

Don’t just innovate. Simply improving your current business practices and services are not enough to catapult your company ahead of your competition. While innovating within your core service area is important and should not be ignored, the greatest breakthroughs are achieved through daring moves. Try something exciting and forward thinking. Look at your business in both the present and future states at all times. Experiment for tomorrow as you innovate today.

Don’t be afraid. You are smart, you are talented, and you should be confident in your abilities. Take some small risks to prove this to yourself. Learn to rely on your intuition and passion.

Follow the trends. Follow the trends, but not the fashion. Look at things that may seem deviant today for the clues for tomorrow. I read an article several years ago where the author stated that all things deviant become mainstream eventually (think rock-n-roll, rap, tatoos, gambling)¹. How did these deviant things become mainstream today in our society? There may be a clue to the future hidden here.

Think of the opportunities that can move your business forward in leaps and bounds … and don’t rest on your laurels.

I’d like to hear from you:

• Have you taken a big risk in business that has paid off?

• What innovations, trends, or deviants can you identify that could benefit your business tomorrow?

• What keeps you from taking risks?

Until next time …

Craig

[1] Deviants, Inc., Ryan Mathews and Watts Wacker, FAST COMPANY Magazine, February 2002

By Craig S. Galati

Look around your organization. Do you have the person who never makes a mistake and never does anything wrong? He is probably the same person whose car is always breaking down and can never get to a meeting on time. But it’s not his fault. He is just unlucky.

Look around your organization, find this person, and kindly ask him to go to work for someone else.

I’m sure this sounds harsh, but our organizations need responsible individuals — the kind that take responsibility for their actions, don’t blame their misfortunes on others, and don’t make excuses for everything in their lives.

If I wanted to, I could find an external reason or excuse for everything that didn’t turn out my way.

I remember back in little league when the umpire called me out on an outside pitch with runners in scoring position with the game on the line. Of course I couldn’t hit the previous two pitches because the sun was in my eyes.

I remember when we didn’t get the contract because one of our competitors brought donuts to the interview. It couldn’t have been because we didn’t have a well crafted work plan to present.

I remember when I couldn’t get my assignment done because my supervisor asked me to do another task. Of course, it couldn’t be that I mismanaged my time and got caught up searching on the Internet.

Sometimes life does throw us a curve or someone puts up a roadblock that is difficult to overcome.  But blaming someone or making up an excuse doesn’t change a thing except in a negative fashion.  Responsible people really resent those who always make excuses!  In fact, everyone has to deal with these situations — so why do some people still get the job done?

Here are a few things to think about:

Look at yourself critically:  It can be difficult, but to really assess the situation, you’ll need to be honest with yourself.  Did you contribute to the problem?  How?

Take responsibility for your actions:  Blaming others does not change the facts and it doesn’t absolve you of your responsibility.  In fact, the contrary is true.  Once you get the reputation of blaming things on others, people will start to see you as irresponsible–and who wants to work with an irresponsible person?  If you contributed to the situation, look at it as a learning experience.  How can you avoid this in the future?

Determine what is in your control: When we take on any task or try to do most things in life, there are items which are squarely in our control and there are items which are not. Quit worrying about the things that you cannot control.

Back to my interview example. My firm had complete control over what we presented, how thoroughly we researched the assignment, and how well we crafted an approach to the project. We did not have control over how our approach would be received by others or what other factors (in this case, donuts) would influence the selection committee. We should have focused more on our offer and that is the learning experience we took away from this interview.

Earlier in my career, I spent a tremendous amount of time worrying about things that I could not control, and in doing so I gave less time to the really important things which I could control. Focus on what you can control and let go of the things you can’t.

I’d like to hear from you:

• Do you take time to reflect upon your contributions to situations? 

• How much time do you waste worrying about things that are not in your control?

• Do you have any tips to help others realize that they are responsible?

• Do you have any tips to help others learn to focus on what they can control instead of dwelling on what they can’t control?

Until next week …

Craig