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Walt Disney, Bill Gates, Ann Wintour: entrepreneurs who failed then inspired us to do better
That’s the basic principle of a television show called Shark Tank, which has just started airing in Australia and has been running in the US since 2009. The Sharks comprise of four entrepreneurs, with a combined wealth of somewhere in the billions of dollars who must judge the business presentations of ‘wanna-be’ entrepreneurs.
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As I made a personal call to each employee this week, I was pleasantly surprised by their reaction. Most were not disappointed that I was selling as they saw this as a natural progression in my career. They were disappointed that they would no longer be working for me. This made me think, what did I do right that made them feel this way, and can I do it again as I build a new staff at my next business.
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Next week I will be 44. I don't feel old. I feel mentally sharp and physically fit. I juggle many things as a business owner, a mom a weekend athlete ( I just ran a half marathon two months ago). I just don't feel old. I have spent 15 years in corporate, owned and grown a business, beginning a new business. I feel I am finally hitting my stride in my career and can be seen as an expert in my field.
I have been here many times and each and every time, I fall in love all over again.
New York has been kind to me. The weather, which is reasonably mild for this time of year, has been easy to accommodate with a few layers of clothing. The restaurants new and old have been phenomenal and the people have been friendly. What more can a girl ask at this time of year?
What's next for 2015
Internationally, we are in a fast-growth phases and this holiday has been spent working out how we will accomodate the extra sales and at the same time keep moving forward, leveraging our unique positioning.
We now have three inside sales executives in the company, with that set to double by the end of the first quarter next year. This investment has paid dividends as it allows marketing managers to focus on their jobs and not be tied down by talking to prospects that are warm and not hot. They no longer put together the proposals or the contracts, which are all done by our well trained inside sales executives.
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The next 12-months is going to be incredibly different for people who work at Marketing Eye. After years of working hard at establishing a product and service that is unsurpassed by industry standards, driven by technology, systems and processes, we are now working tirelessly on how to build the right culture going forward.
There have been many hit and misses and lots of unnecessary frustration, but finally I think as a team we have hit the nail on the headand I am about to test it to the enth degree.
Flat Organizational Structure
Weaning employees off hierarchy-driven decision making has been a test of both patience and perseverance. Gen-Y's have been told that they need leadership in order to be successful, yet some of the most successful companies in the world, like Google, are saying quite the opposite. Their investment in a flat organizational structure has not only shown dividends on the balance sheet, but it has created a workplace and culture that the world-over admires and respects.
For smaller companies that have an established organizational structure, driven largely by an entrepreneur, it is more difficult to adapt to a flat organizational structure with the primary reason being that both parties; the entrepreneur and the employees, find it difficult to let go.
I have been travelling the world growing "my small business" and have found that it is almost impossible to be the leader I would have hoped to be, living the life I do. I certainly am no role model in this department, nor do I follow the many books I have bought over time on"how to be a good leader" no matter how much I try but ultimately fail in my pursuit.
If nothing changes, nothing changes
We learn most from failures, and it is with these experiences that we equip ourselves to adapt our ways to do things better and hopefully learn from our lessons.
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Same bed, but it feels a little bigger now
"Same bed, but it feels a bit bigger now" is the lyrics in the famous Bruno Mars song "When I was your man". An apt description of Marketing Eye's business expansion into the US market. It's the same company, but it's a bit bigger now.
What started out as a step to expand the international footprint of our brand, has taken on a whole new dimension. Australia and America have long been tied and now more so than ever. The ebbs of the economy has led to an opportunity for Australian companies that are geared for expansion to leverage the strength of the Australian dollar, and affordable set up costs in the US market without breaking the bank. The downside, is US dollars are not worth as much, as the dollar loses its grip on parity.
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What makes an outstanding employee?
As a person who has employed hundreds of people in my career, I am always amazed at how some people stand out from the crowd, while other's don't.
In today's work environment where work-life balance seems to take precedence, and the millennials and gen-y are looking for more than their predecessors who were mainly happy to be gainfully employed and on a career path that funded their lifestyle - it appears that fewer employees are seeking to be outstanding. They are looking for more than just to be an outstanding employee, but rather a career that is fulfilling, balanced and with the right perks to help them get the outcomes financially they are looking for in their lifetime.
Now, this is not a bad thing. As you get older, you realize that you only live once. This new way of thinking and the younger generation putting life first and career second, can only benefit generations to come.
Where the real problem lies in the blurred line between how to advance your career or how best to maintain your status quo in the workplace.
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Something was brought to my attention yesterday by two people; I am not patient. I want everything there and then, and in that lies what is possibly one of my biggest failures.
I admire people who 'wait it out' and watch, carefully understanding a situation in its entirety before making a decision. Having patience often means that you have the choice of a small reward in the short-term, or a more valuable reward in the long-term, with human nature being that most of us prefer a short-term reward over a long-term reward, despite the latter reaping greater benefits.
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When I look out at some of my friends, no matter how successful they are, they still have things in their lives that they want to improve or put more effort into. Relationships usually being the staple amongst those who realize that no amount of business success will ever supercede what you can achieve personally.
I have had an amazing month in so many ways and personally, I have grown more than I could ever imagine.
I won't deny that I want it all, but I have become more realistic in realizing that that is not possible. You can't have it all - at the same time. It's impossible and those who say that you can, are either living a short-lived fantasy or are hiding what is really going on behind closed doors.
Business has always been a challenge for me. I am not a natural people person and stress overtakes me more times than I care to admit. I worry about and analyze things that don't deserve the effort that I put into it.
I procrastinate, often leave great ideas unfulfilled and sometimes need to have a better poker face.