How to prepare your “elevator pitch”

“An elevator pitch is an overview of an idea for a product, service or project. The name reflects the fact that an elevator pitch should be possible to deliver in the time span of an elevator ride, meaning in a maximum of 30 seconds and in 130 words or fewer.” [from Wikipedia]

It should cover the following information:

• What is the CORE (of your produc, service or project)
• What are the benefites (for the buyer, investor or sponsor)
• Who are you (and why will YOU be successful)

Here are a few more pointers when preparing your pitch, as presented by HBR:

1. Think relevant, not recent. There’s no rule that says you must talk about your resume in reverse chronological order. Mike was a marketing executive who took a sales position abroad for two years. Yet when he returned to marketing, he kept introducing himself as a someone who had just made a career switch, always leading off with an anecdote about his short stint in sales. Instead, Mike should have started with the fact that he was a seasoned marketing professional who had taken a sabbatical but was now back where he belonged — putting his marketing prowess to work and thinking about what drives consumer spending habits.
2. Focus on skills-based versus situation or industry-based qualifications. You don’t have to have a background in finance to be good at finance. Alex was a chemist and researcher who had gone back to business school to get her MBA. She decided she wanted to work in corporate finance for a large pharmaceutical company but she was afraid no one would take her seriously given her background. When I pressed Alex to explain to me why she chose finance, she exclaimed, “That’s the way my brain works.” Her thinking was methodical, mathematical and formulaic — all of which translated to someone who was a natural fit within a corporate finance department. Instead of focusing on the fact that her background was in academia, Alex could emphasize to colleagues and clients that she was a numbers person at her core.
3. Connect the dots — what ties it all together? If you are a chemist turned finance professional or a marketing executive with experience in international sales, you should find a way to bring together the richness of your experiences and show how each one complements the other. For me, personally, I had a significant hurdle to clear with clients as a former Peace Corps volunteer turned investment banker. I explained away the dichotomy of the two by emphasizing to others that I was big picture thinker by nature and a numbers person by training. Banking was a perfect combination of the two — I liked looking at client’s challenges and issues from 30,000 feet and then digging down into the details to come up with creative financing solutions. Whether the client was the mayor of my Peace Corps town in Chile or the CEO of a healthcare company, I could start at a high level and drill down quickly and effectively.

People often think of the elevator pitch as something you use when you’re interviewing for a new job, trying to raise capital for a new venture or trying to lobby for you project. The elevator pitch, however, is no less important once you’ve got the job as it is when you’re looking.

In fact, your 30-second “play” about who you are, how you’re different, and why you’re memorable is arguably more important once you’ve landed that great position or won the support of investors and now interact with senior colleagues and important clients regularly.

Be prepared!!!

Regards,

Austin

Here’s what it takes to be a good CEO

(By JOSE RAMON PIN and GUIDO STEIN, From The New York Times Syndicate — 03.11.2009 09:06)

A lot of managers stretch for the position as the CEO, a position that they view as the peak of their carreer. But before they start climbing for the apex, leaders should ask themselves : Is it really worth it?

To answer this question, Spanish school of management, IESE’s International Research Center on Organization, in cooperation with the PR-agency Burston-Marsteller. The survey, included 1000 spanish managers, had a question searching for the pros and cons of becoming the “top dog”.

Based on the answers, you can identify two main reasons for becoming the CEO – not surprising:

The opportunity of putting your own ideas into action, and the challenge and responsibility that comes with the job.

When it comes to the negative sides, the respondents pointed out two disadvantages: Difficulties combining a private life and carreer, and the fact that executives sometimes have to make decision that are difficult from an interpersonal perspecitve, particularly when it comes to laying off people close to you. In the end, however, many say they think the pros outweigh the cons.

The achievement syndrome:

Potential CEO’s are characterized by what is often referred to as the “achievement syndrome”:

• They accept reasonable challenges, i.e. challenges that are neither easy nor too difficult. Their goals have an acceptable chance of being achieved. They are not interrested in pursuing something that is too easy or totally out of reach.
• They have their own view of reality, which sometimes creates discussion until they get their visions realized.
• The work towards results – medium and long term, not just short term. Short term results are just a means for longer term ends.
• They need indicators telling them whether or not they achieve planned results.
• They want to change the environment in which they operate. This is more about chasing personal interrests: They aim to improve the working conditions of those around them.

The achievement syndrome, which in principle has positive effects, could easily end up becoming a power syndrome, particularly if you lose the broader motivation. When this happens, executives start pursuing their own interrests, and stop caring what is good for the organization.

Regards,

Austin

How to build accountability or “Who’s got the monkey”

These key ideas in this post are taken from the Harvard Business Review article “Management Time: Who’s got the Monkey?”  by William Oncken, Jr., and Donald L. Wass

How to identify the situation – “you have the monkey”:

Imagin the situation: You are racing down the hall. An employee stops you and says, “We’ve got a problem.” You assume you should get involved but can’t make an on-the-spot decision. You say, “Let me think about it.” You’ve just allowed a “monkey” to leap from your subordinate’s back to yours. You’re now working for your subordinate. Take on enough monkeys, and you won’t have time to handle your real job: fulfilling your own boss’s mandates and helping peers generate business results. How to avoid accumulating monkeys? Develop your subordinates’ initiative, say Oncken and Wass. For example, when an employee tries to hand you a problem, clarify whether he should: recommend and implement a solution, take action then brief you immediately, or act and report the outcome at a regular update. When you encourage employees to handle their own monkeys, they acquire new skills—and you liberate time to do your own job.

How to return monkeys to their proper owners:

• Make appointments to deal with monkeys.
  Avoid discussing any monkey on an ad hoc basis—for example, when you pass a subordinate in the hallway. You won’t convey the proper seriousness. Instead, acknowledge the problem and schedule an appointment to discuss the issue.

• Specify level of initiative.
  Your employees can exercise five levels of initiative in handling on-the-job problems. From lowest to highest, the levels are:

1. Wait until told what to do.
2. Ask what to do.
3. Recommend an action, then with your approval, implement it.
4. Take independent action but advise you at once.
5. Take independent action and update you through routine procedure.

When an employee brings a problem to you, outlaw use of level 1 or 2. Agree on and assign level 3, 4, or 5 to the monkey. Take no more than 15 minutes to discuss the problem.

• Agree on a status update.
  After deciding how to proceed, agree on a time and place when the employee will give you a progress report.
• Examine your own motives.
  Some managers secretly worry that if they encourage subordinates to take more initiative, they’ll appear less strong, more vulnerable, and less useful. Instead, cultivate an inward sense of security that frees you to relinquish direct control and support employees’ growth.
• Develop employees’ skills.
  Employees try to hand off monkeys when they lack the desire or ability to handle them. Help employees develop needed problem-solving skills. It’s initially more time consuming than tackling problems yourself—but it saves time in the long run.
• Foster trust.
  Developing employees’ initiative requires a trusting relationship between you and your subordinates. If they’re afraid of failing, they’ll keep bringing their monkeys to you rather than working to solve their own problems. To promote trust, reassure them it’s safe to make mistakes.

As I’ve used this framework at work (yes, I have to admit I’ve even used in my personal life), I’ve found it both easy to apply and effective – it requires some effort but mostly simple behavioral change on your part.

However, what I’ve found equally valuable, is that this “process” over time reduces the amount of “monkeys” your employees give you.  At least that is my experience.

Regards,

Austin

7 leadership skills I learned from my kids

A few weeks ago, I started realizing (yes, maybe I am a slow learner), that my relationship with my kids is dyadic in the sense that knowledge sharing and personal development goes both ways.

First of all – I get to try out my leadership skills – because being a parent is definitely a leadership skills. I’ve also come to believe that you can use some of the same tactics on both arenas. I know this sound kind of cynical, however, I take my role as a dad very seriously – and no doubt even more seriously than “just being a boss”. Secondly, I’ve come to believe that observing my kids have made me reflect on who I am as a person. Somtimes I see traits that I recognize as part of my own legacy – that reflect who I am, and some I see traits I don’t assiciate with (maybe will later realize that it IS me – I just haven’t seen it yet). Anyway, I’ve tried to summarize it below:

Always start with a smile

A real smile will get you far. The simplest way to demonstrate a positive attitude is to smile. This expression has so many benefits to both you and others around you. It is a marvellous way to show others that you are feeling good. Seeing someone smile makes others smile too! There is even research that shows positive effects mentally and physically. E.g. according to (Bernstein, et al., 2000) “feedback from facial expression affects emotional expression and behavior”. Put in simple terms, you may actually be able to improve your mood by simply “putting on a smile”! Besides, if a positive attitude doesn’t affect the outcome – well at least you were happy trying.

Be authentic

It is OK to be yourself – first of all you need accept that. Ask yoursel: If you’re not going to be yourself – who are you going to be? My best guess is “a blurred copy of someone else”. Besides, I am convinced no-one is better at being you than you are yourself. However, a small warning may be in order: Do yoursel a favor and don’t make this an excuse for complacency – NOT being self-aware and NOT trying to be the best you that you can  be. Explore who you truly are – then utilise your positive attributes.

Believe

Believe in yourself, believe in others, believe that what they tell you is the truth. At least acknowledge that what they are telling you is the truth to them. Belief is the strong cousin of determination, but as always – balancing it with adult realism doesn’t hurt either.

Feel

Allow your feelings to surface. If you’re mad – be mad – but then get it over with and get over it. Don’t hold a grudge and keep it burning at a low rate, just to take it out of your bag in your next confrontation.

Be resillient

Everything does not always go as planned. In fact, in my experience NOTHING goes exatly according to plan – ever. But, that’s not really a problem – is it. The important thing is how you cope with that. Of course we all try our best to get in control, use our experience and try to manage plans so . It is important to move on and bounce back – if you fail – try again. One thing some of the most successful people have in common is that they have failed several times – often miserably. Fail fast – fail often…

Laugh

Laugh a lot! Laugh at the situation – laugh at yourself – then laugh at others. Laughing has some of the same positive effects as smiling. It is also contagious and helps bonding in more ways than I dare to imagine.

Say I’m sorry

Don’t be afraid to say what you mean, but beware that you may hurt people around you. And when you realise this – admit it to yourself – then apologize.

These were some initial thoughts on what I think I’ve learned – so far. Please note – this is definitely not finished – it is at best work in progress…

Austin

Positive thinking – in practice

Think Positively. Yes, Even in This Economy

With the economy in the state it’s in, encouraging your employees to think positively may make you look foolish and insensitive. Yet, focusing your employees on what they can do rather than what they cannot do will lead to better attitudes and results. Here are three ways to promote positivity in your people:

1. Treat employees as contributors, not costs.

Emphasize each employee’s role in contributing to the business. The minute you start talking about people as costs, negativity will take over.

2. Never sugarcoat reality.

Don’t hold back information. Talk frankly with employees about the economic realities your company is facing, while you also explain what they can do to help.

3. Challenge your people.

Slow economies provide time to reflect on and re-think your business. Ask your people to come up with ideas for improving processes, systems, and products.

Source: HBR

Regards,
Kevin

The fragrance always remains on the hand that gives the flower.

“The fragrance always remains on the hand that gives the flower.” ~ Mahatma Gandhi

” I have found that among its other benefits, giving liberates the soul of the giver.” ~ Maya Angelou

“Think of giving not as a duty but as a privilege.” ~ John D. Rockefeller Jr.

“We make a living by what we get, but we make a life by what we give.” ~ Winston Churchill

Yesterday is history, tomorrow is mystery, today is a gift, that’s why they call it present

Yesterday is history, tomorrow is mystery, today is a gift, that’s why they call it present!

A lot of  quotes touch upon this subject. This is my favourite. It is poetic, gets the message across nicely and  links by association two words that are not really related, but the relation still rings true…

Case In Point: Carpe diem – no-one will cease the day for you!

Networking – Who do you need in your network?

Although I’m not particularly fond of the idea, building a good network is somewhat similar to baking. It consists of ingredients and a processe. Dissimlar to baking, however, the process is more long running and is never really finished. In that sense building and maintaning is much more like gardening – you plant – you water – you weed – you . Please be advised that the metaphors are NOT based on my competences as at baking or gardening – some would say – to the contrary. Still I believe they are good and valid in this context…

Here are the ingredients for making a tasty (or should I say flourishing) network:

Those similar to you

I’ve found this is seldom a problem. Similarly minded people or people with similar interrests or backgrounds tend to flock together in communities. They often have similar competence, values or ideas and you need them to stay in touch with your field of expertise – the market place – what is going on in your field. They give you more and better of what you have.

However, one ingredient is usually not enough – it could be down-right dangerous. You need something to balance it with.

Those dissimilar to you

This one is less intuitive. You need them because they think differently – act differently. They challenge your thinking patterns. They complete your view of the world and yourself. Here you find the ones that – they are the ones you need to

The Mavens

Those persons with a gift for finding and disseminating deep knowledge – they “connect us with new knowledge”

The Connectors

Those with active networks – those people with a special gift for bringing the worlds together – they “connect us with the world” You need them both to learn from them when it comes to networking – and you can benefit from their network

The Salesmen

They are the “persuaders”, charismatic people with powerful negotiation skills. Can help you convince or influence a person or an audience.

(yes, you’re absolutely right – the last three are from “The Tipping Point” by Malcolm Gladwell…)

Successful people

You need to have some successful people – just watching how they operate may give you a tip or two. Their success may also, of course, rub off on you – and you’re blessed. Of course I didn’t say what I mean by success – that would be up to how you define it for yourself…

And last but not least – the most important piece of advice would be:

Please dont be a jerk to anyone you (think you) don’t need…

Not just to avoid making them upset in case you would need them anyone – just because it isn’t nice…

Rgds,

Kevin

What’s your story, TWO minute manager?

Everyone has heard or read about the “One minute manager“, the classic managment “telltale” book by Blanchard & Johnson’s published in the late 80′s. In this post I’m trying to advocate for the “TWO minute manager”, not to be taken literally, however, it suggests that it’s not as easy as it sounds – and an important tool for getting your point across is using the format of “The One minute manager”.

Undeniably, one of the most important tasks of leadership is making sure that everyone in your organization knows the direction and priorities so people further down the hierarechy knows what to decide when faced with everyday decision in the work environment. You may argue this is why you have a vision and a strategy document in the first place, however, I have found that communicating the strategy is not as easy as it sounds.  Another way of disseminating your intentional message throughout the organisation is running a thorough “strategy process” involving all levels of the organization. Although, I am a believer in engaging everyone in this process is both costly and time consuming – and still in order to have an effect, the process would have to be repeated frequently.

For those involved in the process of generating, comprehension of the strategy is not an issue, – although I’ve found that even in this case oppinions differ somewhat – and undeniably the situation is even more challenging when it comes to those that were not connected to your strategy process.

But how do you get the attention of your audience, and how do you get your message across, where we’re increasingly bombarded with messages in a torrent of information?

This, of couse, whe the blessing of communcation comes in. From experience, I’ve found that telling a good story or anecdote is a very effective way to show people what is important and establish trust that you believe in the strategy – show your passion – share your stories.

For a pleasant read and a good strating point to understand how you can create your stories please see “Made-to-stick“- (see also my shameless praise of this book in my review)

In your quest to create your story:

• Say WHY the goal is so important for the team or organization and PLEASE say something about HOW you’re going to get there
• A good leadership story has to appeal to heart and mind and must contain the following ingredients:

1. The story refers to something you’ve experience and what you learned from it
2. The story strikes a cord with the audience on an emotional level because it is relevant to them and they can relate to it
3. The story inspires people becase you pour your enthusiasm and authenticity into it
4. The story shows the tention between the goal and the motstanden you will face when you’re going to reach your destination
5. The story is illustrated by a vivid example
6. The store contains important insight.

And last, but not least… it is like everything else: It’s hard work! After all it is not a “fairytale”…

Good luck!

Kevin…

[Caption]

If you want to steal a star performer – it had better be a woman

A star performer in one company will of course be successful if you persuade him to come work for you, right?  Wrong!!!

When stars are transplanted, switching from one environment to another, their performance actually falls. The same goes for their new company’s market value, according to Boris Groysberg. (link). This way everyone loses – the former employer loses a star performer, the new company doesn’t get what it thought it would and the owners lose money on their investment. At least this is the case if the star performer is a guy.

According to Groysberg’s research, however, the story is somewhat different if the talented person is a woman. Statistcally women maintain their stardom. In addition the market seems to picked up on this – so the new employer’s share price holds steady.

Groysberg tries to explain this by providing two major reasons for the discrepancy:

• Unlike men, high-performing women build their success on portable, external relationships—with clients and other outside contacts.
• Women considering job changes weigh more factors then men do, especially cultural fit, values, and managerial style.

These strategies enable women to transition more successfully to new companies. And that has crucial implications for all professionals. By understanding successful women’s career strategies, women and men can strengthen their ability to be successful in any setting.

To help employees shine in any organization Groysberg recommends these strategies:

Strategy 1: Build an external network. Most male stars depend on the internal networks – the “boys club” – which helps them and which they cultivate . Women often lack access to those crucial networks, for these reasons:

• Uneasy in-house bonds. Women face less-than-wholehearted acceptance in male-dominated workplaces. They also avoid forging close relationships with men for fear of giving the appearance of impropriety.
• Poor internal mentorship. Women receive inadequate access to internal mentors. Thus they miss out on a vital service mentoring provides: access to an internal network of relationships.
• Neglectful colleagues. The locker-room and sports-bar cultures characterizing mostly male workforces prevent females from forging strong bonds with males. To counter these barriers, star women cultivate relationships with external constituencies, such as customers and former mentors, that are not dependent on their current company. When they change jobs, the external relationships that promote their success are not affected.

Strategy 2: Scrutinize prospective employers. Unlike men, who focus largely on compensation, women weigh broader considerations when thinking about a job change, favoring work cultures that emphasize:

• Receptivity to female talent
• Openness to individual styles, personalities, and approaches to work

In short:

• If you’re looking for a star performer – consider gender (or at least style)
• In order to increase your long-term market value – apply these strategies so you don’t depend on your current employer to be successful

I would love to hear your oppinions or experience on this matter.

Best regards,
Kevin