Author: Tina Gutierrez

Contributed by Kym Huynh, an EO Melbourne member, member of the EO Global Communications Committee, and co-founder of WeTeachMe. Kim is fascinated by entrepreneurs and their journey, so she asks EO members from different chapters to share their experiences. Read his previous posts about what EO members want non-entrepreneurs to know about entrepreneurs and how EO members define the impact of success and core values.

Choose a partner with the opposite skill set

The best business partnerships for me have been with partners who have the complete opposite skills.

I previously owned a construction company. My partners focus on construction, margins, operations and supplier management where I focus on strategy, business development, HR and finance. It works so well. I would never partner with someone who has the same skills as me.

– Ron Lavat, founder of Eo Atlantic Canada, Connolly Owens

There are advantages to depth over width

My business partnership has given me the most powerful gift of deeper experience than breadth.

Because I had someone who relied on me and gave me so much, I had no choice but to jump on the ship whenever I wanted a new experience.

This partnership has taught me that one gets the most out of life when one goes deeper. Learning something from it – resilience and how to live a meaningful life – is invaluable.

ুইYou are the founder of Cordemans, Eo Melbourne, Koh Living

There is no fault. Just learning.

Nick Bell and I have been business partners for 10 years, and friends for a long time. The key to our success is our friendship is stronger than our business partnership.

We disagreed, but:

  1. We are ready to let our decisions not be driven by ego
  2. We are ready to lead others; And
  3. If any of us make a mistake or fail, we consider it part of the journey.

There is no fault, just learning.

There will always be ups and downs. You’re working with someone who knows that “having your back” makes you stronger and stronger, makes you bolder and makes it easier to overcome the inevitable challenges. Business is like a game, and a champion team will always beat a team of champions.

The worst business partnership I’ve ever seen is when greed, ego and jealousy overwhelmed the goal of creating a great business where both partners are successful. The result? A business partner has left because they have decided that the negativity of their lives is not worth a few million dollars.

– Alex Louis, EO Melbourne and founder of AppScore

Walking away was the best thing I ever did

A few years ago, I went against my gut feeling and agreed to a new joint partnership with someone with whom I had a negative experience. On paper, it was a match made in heaven and an easy way between companies from both a commercial and a positional perspective.

This joint venture, and what was sold to me, did not match the reality. So when I was given the chance to move away, I did! And that was the best thing I’ve ever done.

When your gut tells you to leave, do it – no matter how interesting the situation or how many people tell you otherwise.

– Andrea Grisdale, EO Italy, founder and CEO of IC Bellagio

The best partners help each other succeed

Partnership is like marriage; They start with the best intentions, but over time the spark may go off. That’s when things started to break down. Like a good marriage, partnership requires work from both parties.

Whenever I’ve had the experience of breaking up a partnership, it has been a matter of always wanting a party and not taking it. Over time you start to feel accustomed and then you hate the relationship.

The best partnership is where both parties spend time helping each other succeed. It works and takes time, but like all great long-term partnerships, it can be valuable.

– David Fastuka, EO Melbourne, founder of Locomotive

Partnerships must start with aligned values.

The success or failure of a business partnership begins and ends with values.

When there is an alignment of values, there is a strong foundation of trust and respect, an environment with ample opportunity to build deep bonds and, consequently, an resilience to the inevitable storm weather.

When I evaluate a potential business partnership, I ask myself:

  • My potential business partner and I see the world through the same lens?
  • My potential business partner and do I live and feel the same way?
  • Are our methods and decision-making guided by similar values?
  • Do my potential business partners and I live and breathe the same values?
  • What’s the difference between my values ​​and my potential business partners? Can these differences coexist peacefully?
  • What are some things I appreciate and don’t appreciate about my potential business partner? If I dig deeper, what values ​​do they indicate or reveal? What is the difference cogent with my values?

Building a business requires a lot of time and energy. Sharing values ​​is critical, and one forms the basis of what one creates. If I decide to spend a lot of time and energy to ensure that they are not wasted, I will make sure to get the right foundation (value) first and foremost.

– Kym Huynh, EO Melbourne, founder of WeTeachMe

Plan for it to fail – disagreements will get you right

Many business partnerships are formed because your partner is your friend. Because family and kids have been friends before the age of 21, adversity is against the survival of the partnership.

If you both have the same skills, what have you achieved? You have two paychecks to cover instead of one.

What you dream at the age of 21 is completely different from your age of 30 and you have the same obligations as a lifelong partner or child.

I am personally against business partnerships, at any age. It just becomes another obstacle, and you are always compromising, otherwise, you will end up as annoyed and hostile.

If you can enter into a business partnership, the most important clause is the “exit” clause. Plan that it will fail, because you will be fine.

– Tony Falkenstein, EO New Zealand, founder and CEO of Just Life Group and CEO of Just Water

Find the silver lining

I inherited the nightmare of a business partner, which inspired me to start my new business.

I learned that there is a silver lining in every cloud. I thank them now for what I have today (even though they don’t know it), and because of the situation, I’ve started to get really emotional about it.

Silver lining or positive look; It allows us to forgive and not feel victimized.

– Founder of Ai-Ling Wong, EO Malaysia and The Decorateur

Expressed opinions Entrepreneur Contributors are their own.

Any leader who reads this probably has the following experience: There is a board room with a long mahogany table, where the C-suite, the VP of marketing, the VP of sales, the CIO and various board members are sitting. Things are happening in this house – difficult choices are being hashed out and strategies for the future are being created

These decisions could be related to new verticals for entry, new business lines and new standard customer profiles (ICPs) for visualization, and all parties present are there to keep their heads together and create the best approach. Marketing VP wants to ensure that this will be the best go-to-market strategy to enter the new vertical / region / business line. Sales VPs want to make sure there is enough interest and potential usage, while thinking about C-Suite ROI, and so on.

Each side must ensure that their path to this unfamiliar terrain is paved with hard ground. This means that they have the resources needed to ensure success, at least as far as their own departments and responsibilities are concerned.

Missing members very often

One category that is often omitted from this exclusive invitation list is security compliance. Companies are tasked with ensuring compliance with external (and sometimes internal) security structures and regulations, a group that is not usually at the forefront when it comes to making high-priority decisions about a company’s future. Indeed, compliance is often seen as a barrier to bypassing – a collection of annoying activities to deal with as effortlessly as possible, but failing to address compliance concerns altogether or doing so at the last minute exposes an organization to risk and despair.

Related: An Entrepreneur’s Guide to Consent

Why is consent important?

In a world where reputation and customer confidence are the key to success, it’s important to make sure that both are primitive. A compliant organization ticket that demonstrates a deep commitment to both maintaining high standards and always-improving its own data and customer protection.

And that’s just one of the reasons why it should be a priority. Properly complied with, it also serves as a powerful business accelerator. Conversely, when it is not considered at an early stage, it will probably become a business blocker.

How?

Imagine that top decision makers have determined that a new geographical area, Australia, probably has a strong interest and need for their services / products. But to do business in this new area, the company must adhere to local security compliance standards. An important consideration is how long it will take to meet the country’s Essential Eight – Australian Signal Directorate (ASD) framework, Prudential Standard CPS 234 or other applicable standards. A game-changer for companies that fail to understand how easily (or not) the applicable frameworks can be met, hoping to quickly pivot regionally.

Another example: A company that makes microchips has decided that it wants to sell in the medical device industry. Does it have to be HIPAA loyal? What about HITRUST; How long will it take to reach these values, if they are really relevant?

Related: Making data security compliance a revenue driver

In some cases, senior management and board of directors may even abandon the plan if the cost (then compliance) to meet compliance standards is going to be higher than the business expects. For example, while the public’s choice to go or not to go may sound like a no-brainer, to do so, the Sorbans-Oxley Act (SOX) -lorded corporate records and reporting mandate must be fulfilled, which are both extremely complex and time-consuming and resource-intensive. Consumer. If companies are far from being able to meet the requirements, they may just delay an IPO.

Consciously or not, when a company takes on new opportunities, it decides to adopt new structures and often new regulations. Along with this new compliance audit comes new controls and other processes. This becomes an embedded decision, and companies must know what resources are needed and how their existing program can be optimized so that they can enter new market / vertical / business lines with less friction.

This is why compliance Of course Stay connected to business decisions and why it is so important that it has a seat at the table. Whether a company wants to enter a region, business or industry line, this is the path to accessibility.

Related: What your company gets wrong about compliance

With compliance as a key component of the decision-making process, companies can move faster while protecting the brand’s reputation and strengthening customer trust. They have a voice that is incredibly audible and worth hearing.

Reconsideration is an inevitable fact of commercial life right now. Instead of being afraid, confront them with confidence, first knowing yourself and then refreshing yourself on some key discussion principle.

Business Review

We do not need to say that the world is changing. The global epidemic, which has been going on for the best part of two years, is serving to change, and its close relative uncertainty lies in the spade. It’s easy to see that as our new reality, our response to the commercial challenge may default as a basic, combative “you vs. mine”. Problems become antagonistic, barriers continue to grow, and our unconscious response is to tie the hatches.

But understandably, it will not pay the best price or yield the most fruitful and creative long-term partnership. Cooperation and renegotiation are now much needed. And so the question we’re asking our clients is, how do you transition from this “you vs. me” mentality to “you and I vs. problem”? The immediate answer is to be aware of the problem. Only when we are “consciously capable” (in the words of The Gap Partnership) can we change our behavior and move to a more constructive, mutually beneficial place. But where to start?

The first step is to identify the core type of your underlying discussion – your personality, if you will, that shapes your own, unique approach and style.

Business negotiations

Archetypes of discussion

We have identified three types of discussions: The Architect, The Diplomat and The Deal Make

1. Architect

The architect resolves the issue by reshaping, reframing, and approaching it from a different angle. Expressing your architect’s personality means understanding priorities and analyzing the “value” for both sides of the table analytically.

Architects use creativity and mathematical reasoning to create sequential propositions that either create values, or trade long-term, low-value prices with short-term distributive variables to overcome stagnation.

Beware of losses … a strong architect can:

  • Be anal, or extra ready
  • Get caught up in specific issues
  • Underestimate the importance of relationships
  • Separated from the team
  • Contract overcomplicate

2. Diplomat

The diplomat manages the people on the other side of the table. They have a high level of mental intelligence and perception and good instincts. They stroke the arrogance and provide a symbol of success by providing plenty of satisfaction to achieve the contract.

Diplomacy is sensitive to the climate and maintains warmth without being distorted. They have a gift to oil the wheel of discussion and they trade information seamlessly through sophisticated open questions. They fluidly use reciprocity to the point where the other party is not aware that they are in discussion.

Harmful to caution … a strong diplomat can:

  • To be very fair
  • Give away too much information and so energy
  • I want to be liked more than respect
  • Go to “Native” and embed the other party’s perspective
  • Driven by consensus

3. Deal Maker

Deal makers are firm and determined, controlling their thinking and focusing on the potential for a deal. They are key craftsmen, a craftsman who understands the effects of anchoring, actively adopts analytical recipes created during planning, and articulates proposals that inspire acceptance by listening and questioning for priority.

They will have a lot of proposals ready in advance to find a way out of the reluctance and laziness, confusion and stagnation for the deal.

Beware of losses … a powerful deal maker can:

  • Say too much
  • Shut down too soon
  • Will be considered as manipulative and competitive
  • Have an unhelpfully big ego
  • Driven by the need to win

Once you’ve identified which archetype – or a combination of archetypes – best presents your style of discussion, and you’re aware of the strengths as well as the disadvantages, you’re ready to tackle the need for commercial, epidemiological revision.

Business negotiations

Principles of restructuring

Successful reconsideration uses many of these principles.

1. Activation

The first of these is activism – which means thinking ahead, planning and adapting to behavior. Look for any instances that might be set. How did you behave when the change was in your favor and how could your opponent react when the shoe is on the other foot? Be like a diplomat and think about the behaviors you want to display considering the law of reciprocity – and don’t be surprised how your opponent behaves when the balance of power is in your favor in your previous way.

2. Confidence

Second, you need to find the confidence to renegotiate. It has to do with power; When we realize that we are capable of our own power, our self-confidence rises to the top. Since information can carry energy, the more you know about your competitors, your contracts, your market and your economy, the more powerful you will be as a negotiator.

Channel your internal architect and use the research to build perseverance and confidence before reconsidering by gathering information about the situation involved and key stakeholders.

3. Dealing with risk

The third principle revolves around your approach to risk. You can’t prepare for every event but, like an experienced deal maker, you can create a deal that strikes the right balance between security and flexibility.

Think carefully about the risks involved in the structure of the contract and evaluate whether it meets its purpose. If you could predict your current situation, what would you do differently?

Consider everything challenging: rules, procedures, approval levels, and considered variables. Understand that everything is ready for renegotiation, even if the agreement was signed three months ago.

4. Total value

Last but not least is the principle that any redistribution should underpin: Total value. In fact, you will probably return to the table because of one or possibly two variables, but the reality is that all variables are likely to return to the game. The answer to your review may therefore be in a separate area of ​​the price offer, perhaps something that was not even in the original deal.

This is where the architect can shine, go back to the drawing board and launch new value opportunities if appropriate.

Business sales negotiation

Get out

So, when it comes to the inevitability of re-negotiation, resist the urge to retreat and withdraw or avoid and enter. Instead, be aware of the archetype of your discussion. Then use it to your advantage – or at least be aware that it’s a hassle – and follow our simple five-principle guidelines for reviewing for success.

Change and uncertainty? Bring them. We are ready.

The most powerful way to overcome negative thinking and limited beliefs

Apple PodcastSpotify podcast

Life is a rollercoaster ride, going through the stages of feeling good and then when your mood and your thoughts can really sink.

Sometimes we are not even aware of the limited beliefs and negative thoughts that we bubble under the surface, but they still hold us back every day and even lead us to subversion without even realizing it.

Many of us struggle with what’s going on inside our heads and it may feel like a lonely place, but when we talk about it, we see that we’re not alone, weird or crazy.

So in this episode, I want to share with you some of the key things I have done over the last 15 years that have helped me overcome my limited beliefs and my negative thoughts whenever I find myself drowning in that.

I hope this episode will help you understand that if you are struggling with these types of negative thoughts then you are not alone and you can do something to regain your control and your power.

What helps you overcome your stress, anxiety and limited beliefs? Share in the comments below and let’s do this important conversation together.

As the second quarter begins, many of us begin to feel anxious and frustrated that we are falling short of the goals we set for ourselves in January.

If you feel that you are not where you want to be this year, I have created a brand new workshop where I will show you what you need to get back on track and make huge progress this year.

Click below to save your free space and join me Thursday, April 7 at 12pm PT / 3pm ET / 8pm UK.

Mike Cross, a member of EO Louisiana, owner and visionary of MKG Marketing, is an agency specializing in digital marketing for the cyber security and data management business. We asked Mike how he changed from CEO to owner / viewer. Here’s what he had to say.

Early entrepreneurs wear lots of hats. As the business grows, you will learn to hire the right people in the right seats, gradually relinquishing responsibility to ensure you make the most of your time to the maximum and best use.

But how do you make the final transition from CEO to owner / viewer?

A few years ago, when my digital marketing agency started to grow, I finally stopped doing it Literally Everything To run a business. I was still more responsible than I should have been reasonably. But I wasn’t doing it anymore Everything

At the time, a teammate asked me, “Do you like what you’re doing now? You don’t do ‘marketing’ anymore.”

It was true. When he first joined MKG, I was selling, working as an account manager, marketing strategist, sending invoices, collecting payments, sweeping the floor সাম a little bit of everything.

At the time, my answer was simple: yes, I like running a business. I like working on it, and not “on it” as much as I once did.

His question brought another question to my mind. Did I miss being a marketing practitioner? Working directly with clients on a daily basis?

Of course I did.

It’s fun to be in the trenches with clients. Solve their problems. Engage in hands-on marketing tactics against their competition. Win together.

But my business partner and I have decided that we want to create an infinite business that will save our useful and biological lives. We acknowledge that in order to do this, our roles and responsibilities as owners will change

We must live by our values: people first, transparency, big picture and one standard.

Every day, I am going to do more work in the business instead of managing the day to day responsibilities of the business. But, what does it mean to work in “business” and how is it different from being a CEO?

Develop your entrepreneurial role

In my previous seat as CEO, several key departments gave me the ladder:

  • Sale
  • Financing
  • The overall outlook of the business

With so much responsibility, the vision rarely gets the attention it needs.

Now that sales and money “money” won’t stop with me anymore, I can focus on the business perspective. To take the overall vision of the business forward, I have become a glorious gardener.

My dream as a company dreamer is to plant seeds. To me, a seed is an opportunity.

Here’s what I mean: Instead of working directly with clients or paying invoices, I need to plant seeds for my current role — that is, to nurture opportunities — that will become seedlings for our company and eventually grow into big, strong trees. .

To build our endless business, I am planting the seeds of opportunity in four important places:

  1. Think of the next generation of our teammates.
  2. With amazing people who like to work here already.
  3. Past, present and future clients who will benefit by hiring us to solve their marketing problems.
  4. In our industry, so that we can take a leadership role, we can change for the better.

These responsibilities are important to me because each one is a deliberate act that shows the people involved that I care for them. That they are important to me.

How to plant opportunities

Inside Hyper Sales Growth, Sales Instructor Jack Deli teaches the importance of keeping in touch with a “bench” of talented individuals who, if given the opportunity, work for your company.

Each month, I connect with about a dozen people via text, phone, email, or LinkedIn.

These are the people I think very much and believe in the success of our company. And I’m careful enough to ask them what’s going on in their lives every 30 days.

Again there is that word: care.

Why do I care to plant the seeds of opportunity?

Taking care of peers — past, present and future, as well as clients who trust us to solve their problems, and we think a lot about industry professionals by planting seeds is my “why”.

I care about planting because I believe that in order to build an endless business that will save my useful and biological life, we need to create something truly great. Not good or good enough. Great

To be great, I have to plant a lot of seeds. And I have to take care of them seedlings and finally, the strong trees that became the pillars of our company. That will take time. Thanks to that, I have a lot since we’re building one Infinite Business

When considering how to transform your role as CEO into a dreamer, start by asking yourself a simple question: What seeds will you plant today?

Expressed opinions Entrepreneur Contributors are their own.

Over the past month, people around the world have watched in horror as Russia invaded and invaded Ukraine, horrific bombings of civilians and thousands of women and children fleeing across the border into Poland and Hungary. Especially in the United States, where divisions of opinion are not so common, there is almost universal support for Ukraine because it has faced Russia in this conflict. And with that support, of course, came the condemnation of Putin, Russia, and even Russian brands and citizens. Most major US brands, including Starbucks, McDonald’s, Apple and Amazon, have simply shut down and sold operations in Russia, prompting a backlash against all Russian products and even people of Russian descent.

But for companies – especially technology companies that have enough engineering staff hired from Eastern Europe – this anti-Russian attitude is the result of some dangerous workplace conflicts. It is not uncommon for Silicon Valley startups and large tech behemoths to have a team of developers from both Ukrainian and Russian in the same project or segment. And in some cases, speculation about someone’s ethnic background is causing rifts, suspicions, and unrest in the workplace among workers.

Related: 5 ‘Cs’ method of conflict resolution in the workplace

Same old story, new ethnic group: grouped, problem outside the group

People are predictable. Twenty years ago, terrorists from the Middle East attacked the Twin Towers in New York City, killing thousands. And over the next several years, people in the Middle East have been harassed in their workplaces, communities and societies around the world. There are countless examples in the workplace of workers being called terrorists and Middle Easterners being physically and verbally abused solely on the basis of their national origin.

With the Russian war against Ukraine, which has already killed thousands of people, it can be assumed that anyone who sees or hears Russian is bound to face similar harassment and aggression. People are scared and angry about Putin’s war crimes and the killing of innocent civilians. When people are angry and scared, they subconsciously react negatively to someone associated with the group which causes them fear, even if the association is vague.

Just like 20 years ago, it is important for all of us to ensure security, respect and goodwill towards those of Russian descent or those who appear to be of Russian descent. This means that we remind our colleagues and the community that the Russians are not the cause of the war in the world, and that even the Russians in Russia have no organization to stop this war. People of Russian descent are just as powerless as any other community to stop the war with Ukraine and should be treated with their sensitivity and respect.

Related: Mental and financial costs of workplace bias

So what should be done to nurture a productive workplace relationship and a healthy culture between a company leader or CHRO staff who are feeling or practicing bias against peers of Russian descent? Here are some steps to take.

Understand the importance of in-group / out-group dynamics

First, it is important to recognize that mobility between group and out-group in the workplace is a huge driver of culture. 2020 Workplace Culture Report My company has created analyzed data from 40,000 employees. The results conclude that in-group / out-group mobility is the biggest cause of workplace culture problems. Employees who reported experiencing being a member of the outgroup received less sympathy and respect from their coworkers. What constitutes a group or out group may vary depending on the company, the makeup of the employees or even what is happening in the news. You don’t have to get rid of them completely. But acknowledging their impact on culture, and finding ways to deal with that impact, will help you determine who is present or who is out at any given time.

Related: Ukraine crisis hits home for Silicon Valley, and Tech Axis not wasting time: ‘They’re thinking like a startup, allowing them to move faster’

Start and continue the conversation on respect and empathy

Continue to engage and educate your employees about bias and harassment throughout the year using microlearning techniques, discuss it during all hand meetings and share real stories and experiences. And continue that conversation. If the last 24 months have taught us anything, it will always be global events that threaten communities, workplaces and cultures. So it is best to have constant conversation and training to build empathy and respect as a skill.

Related: 4 Tips Welcome to help employees at all levels of life

Lead with empathy

More than anything else, business leaders should lead with empathy and understand that workers are differently affected by the war in Ukraine. Some people’s friends and family may be in danger. Some may have friends and family in Russia. Others may be concerned about the potential of WWIII. Everyone has their own perspectives and concerns, and it is up to business leaders to model empathy and support for everyone.

Reach easily

Contact your staff. By asking how they feel and what you can do to help, you will make your employees feel listened to, supported and respected. Public leaders are doing better now. This is a task that must continue as the last political / global moment when new parties are taken out of the group.

Related: What you can do to help Ukraine: A list of top-rated relief agencies and additional resources