Posts Tagged ‘Personal Development’

From Corporate Worker to Entrepreneur: A Major Cultural Shift

Monday, October 15th, 2012

by Dr. Renae Sanders

Research has highlighted numerous reasons small businesses fail. Organizations like SCORE and CreditDonkey.com purport ten primary reasons for failure. They are:

  1. Lack of experience
  2. Insufficient cash
  3. Poor Location
  4. Poor inventory control
  5. Over-investment in fixed assets
  6. Poor credit
  7. Personal use of business funds
  8. Unexpected growth
  9. Competition

10.Low sales

Often lists like those above fail to demonstrate what activities lead to these types of lists. When such research is conducted the activities are bundled into categories. This article focuses on the journey for the career corporate turned Entrepreneur.

Corporate culture

The lingering economic downtown of 2008 sent massive numbers of former corporate types to start up new businesses. These new entrepreneurs were responding to the need to make ends meet or pursue latent dreams prioritized by unexpected layoffs. Far from the characterization of much politicized 47% (victimized, lazy, and mindless), these individuals pursued the American dream.

Corporate employees have the skill to deal with issues facing big companies and they have the big corporate funding to support those efforts along with the corporate resources to needed to execute. One of the first lessons of the new entrepreneur is “I’ve got to do it all”. From ordering paper clips, to writing plans, making sales, to shipping goods and marketing; the new entrepreneur is the nerve center of it all.

This awareness can be quite overwhelming, especially for those organizations lacking the financial resources to hire workers.  Kicking the habits of the corporate culture to the ever changing world of entrepreneurship is major feat. Most corporations, even the nimble ones are slow, compared to the speed with which an entrepreneur changes direction, business model, product or service offering, or competitive position in an effort to survive those first three years and break the $250,000 barrier.

The mind of an entrepreneur is opportunistic. It takes effort and emotional fortitude to move faster, work longer, and push the envelope of personal inertia and see each person as an connection to be cultivated.

Another challenge many former corporate-raised-entrepreneurs armed with great ideas, retirement funds, and passion face includes under estimating how challenging it is switching from a regular payment schedule to an irregular cycle of some money, lots of money, or no money. The psychological adjustment can be quite debilitating from some. However, the lionhearted this change represents an awareness that you are indeed in control of your future. For the faint of heart, the dread of another 15th or 30th passing with no “hit” is analogous to a junky ‘jonesing’ vacillating between horror, debilitating fear, and sleepless nights. The fear often leads to a low confidence and perspective that leads to a self-fulfilling prophesy.

A good business idea is often spawned by observations made while in a current business or industry. However, many business owners newly released from the norms of corporate culture miss having individuals who handle the administrative activities of the company. Gone are the days when the administrative assistant orders ink, paper, paper clips, shipping supplies based a simple comment. Those orders, invoices, surveys, posts are all handled by a much smaller staff or the owner.

At the end of the day, take heart in knowing all is not lost. The paradigm shift can be liberating and lead to a prosperous life. Of course, there are many elements that lead to a success business, all which are more likely to occur with a positive perspective and internal systems that make managing your business activities turnkey rather than dependent on human hands.

Dr.Renae Sanders is the Managing Director at KRS Consulting, LLC, a management consulting firm specializing in organizational development and relationships. Believing people are the link between strategy and success, Dr. Sanders works with organizations, leaders, and managers to strengthen internal practices and relationships. Email info@krsconsult.com to book an engagement or meeting with Dr. Sanders.

Related Articles

How to transition from Corporate Job to Entrepreneurship

Transitions: From Corporate Employee to Entrepreneur

Selling through Presentation

Sunday, December 25th, 2011

by Dr. Wesley Carter
Making presentations can increase the heart rate and anxiety level of even the most tenured executive. In business, the oral communication and the physical document are the two most common components of every presentation. Public speaking terrifies most individuals. Thankfully, there are organizations dedicated exclusively to helping individuals develop their speaking skills. A quick search on the Internet will provide a list of resources.

Presentations should be developed based on the specific audience for the information. In business, presentations are typically geared toward selling an idea, product, service, or concept. Therefore, it is critical that the presenter is very knowledgeable about the respective topic.

The oral portion of a presentation is different than the actual physical document used to convey an idea. Both, the oral and physical presentation must tell a story. And both must contain an introduction, middle, and conclusion. However, the oral presentation actually sells the idea, product, service, or concept. Hence, the importance of making a presentation that is memorable, persuasive, and succinct.

Before making a presentation, gain as much knowledge about your audience as possible. Will your audience consist of experts or will your presentation be their first introduction to the topic? If your audience consists of experts on the topic, your oral presentation can be presented at a high level with details included the Appendix, should you need to explain a concept in more detail. However, if your audience is not very knowledgeable of your topic, your presentation should be designed to teach and sell.

Know your topic! Nothing is more ineffective than listening to a presentation made by an individual with little or no knowledge of the topic being presented. Reading to the audience is a presentation no-no. Skilled presenters practice their presentations, and some even choreograph their gestures for emphasis, until they are smooth and natural. The tempo of the presentation should be conversational. Beware of rushing through the presentation.

At the beginning, the presenter should introduce themselves and the topic. Experienced presentations speak clearly, making frequent eye contact with the audience. Attire should be neat and professional to minimize distractions.

Generally, presenters should plan to spend about one minute per presentation slide. Upon the conclusion of the presentation, the key points should be reiterated. The presenter should invite questions. It is wise to repeat the question before responding because the audience may have difficulty hearing the individual posing the question.

The physical presentation typically consists of slides produced on a computer. There are several presentation tools available. It does not matter which tool presenters use as long as it produces professional presentations that can be accessed easily using the hardware that will be available at the presentation site. Design themes and templates should chosen to align with the presentation topic.

The slide layout is absolutely critical. Slides should be consistent and easy to follow. Dark words on a light background are easier to read from different vantage points in the audience. Punctuation, fancy fonts, and words spelled using all capital letters, tend to detract from the presentation. Presentation experts recommend that each slide consist of no more than five bullets, no more than two different fonts, and less than 35 words. However, this is a guide rather than a rule.

Slide transitions and animation should be kept to a minimum. Presentations that include numerous slide transitions and lots of animation are clear indicators that the presenter is a novice. When an audience is presented with heavy animation, it can be a like a dog chasing a squirrel, the audience becomes preoccupied anticipating the next transition. The topic of the presentation gets lost in the animation theatrics.

Just like the oral presentation, slides should be organized with an introduction, middle, and conclusion. Spell-check is a presenter’s friend. Typos can destroy the effectiveness of any presentation. Slides should include page numbers.

Finally, skilled presenters generally arrange for a trusted individual to review the slides before actually making the presentation. Another set of eyes will often uncover errors or inconsistencies missed by the creator of the presentation. A carefully prepared presentation is a valuable sales tool.

WESLEY CARTER DM, authors an advice column that leverages leadership and management strategies to solve common business problems. Carter holds a Doctor of Management (DM) degree with an emphasis in Organizational Leadership, an MBA, and a B.A. in Management. Carter is a partner at KRS Consulting, LLC in Charlotte, NC. If you have a question, email wesley@krsconsult.com. All submissions become the property of Wesley Carter. Call (704) 992-1211 or email to book an engagement. This article originally appeared in “The Charlotte Post”.

The Beauty of Failure

Sunday, December 25th, 2011

By Dr. Wesley Carter
So, you did not get that new job or you did not qualify for a new business loan. Maybe you failed to win a huge contract. Congratulations are due for either of the situations mentioned. It may be too soon to see the value of failure. But, if you remain vigilant, the value of failure will reveal itself.

Top selling business books contain page upon page on the merits of success. Winners are interviewed and held up for all to admire, but, what about the merits of failure? Failure is a powerful and valuable tool. Failure enables transformations and provides a contrast for success. The lessons learned from failure are responsible for many, if not most, wins. There are six critical reasons to appreciate failure.

Teacher: Failure teaches you what will and will not be accepted in a given situation.
Failure also shows you, who you really are. This knowledge equips you with a mental rearview mirror to assist you toward making better decisions in the future. Successful people perceive failure is a lesson rather than a destination.

Resilience: Most people can persevere and survive in the face of great success. Winners persevere in the face of failure. In fact, failure provides an opportunity to test your resiliency skills

What is Your Change Capacity?

Friday, December 23rd, 2011

by Dr. Wesley Carter
Kevin is a professional, driven, efficient, change agent. Kevin is intent on achieving his personal best in everything he does. Yet, he continues to feel frustrated at the end of every day because he did not successfully complete all of the items on his ‘to do’ list. Perhaps Kevin is too ambitious. Or maybe he is too hard on himself. Kevin’s experience is not unique.

Most busy professionals are on a never ending journey to improve personal efficiency in the hopes of carving out personal time or increasing productivity. Upon discovering new or more innovative strategies professionals must choose whether to change their current practices. Without change, improvement cannot occur. And without improvement, professionals become stagnant and lose their competitive edge.

Before embarking on any change effort, it is important to evaluate your palate for change. Do you typically act on your intentions? Are you able to observe others and imagine yourself performing similar activities? Do you initiate effort and maintain the level of commitment required to complete an action to your standards?

High self-efficacy, your confidence in your capability to execute some action, is a key component of successful change. There are four components of self efficacy; intention, vicarious experience, volition, and faith. Intention is a strong indicator of whether an activity is acted upon. Vicarious experience refers to the capacity to identify and observe how others whether similar changes. This information serves to confirm or dispute the practicality of our intentions.

Volition refers to the power of will. In fact, when we will ourselves to execute some action, we are acting of our own volition. Volition is a combination of initiative, motivation, and commitment. Faith refers to our confidence in our ability to accomplish some objective. Without faith, our efforts will be halfhearted and unproductive. Faith gives us the strength to raise our emotional arousal to the level necessary to sustain our commitment.

While it is impossible to prepare for every change that we encounter, it is totally possible to control how we experience and respond to every change. To do so, we need to make a conscious decision to take 100% ownership of how we navigate change. By owning our power to navigate change we become emboldened to actually achieve our objectives.

High performing professionals never stop driving to self-actualize personally and professionally. Like Kevin, we should all hold ourselves accountable for achieving our personal best. Are you satisfied with your productivity? If not, change.

Dr. Wesley Carter authors a weekly business column in The Charlotte Post newspaper. Carter holds a Doctor of Management (DM) degree from the University of Phoenix with an emphasis in Organizational Leadership, an MBA from the Babcock Graduate School of Management at Wake Forest University, and a B.A in Management from the University of North Carolina at Charlotte. This information may not be copied or shared without permission from Dr. Wesley Carter. If you have a question, email wesley@krsconsult.com or call (704) 992-1211.

What Stands in the Way of Inclusion?

Sunday, February 6th, 2011

by Renae Sanders

Over that last three years, thanks to the political environment (in part), we have heard and discussed more issues related to diversity and inclusion. More news reports, documentaries, and television shows seek to show us different aspects of our society’s struggle with social justice issues, cultural relations, generations, sexual orientation, religion, immigration, and what it means to be a part of a global community.

What stands in the way of our progress toward inclusion? Are we a tolerant people?

I am certain those who seek inclusion would want the “perceived exclusionists” to do more than merely tolerate their presence at work, in schools, on playgrounds, as neighbors, as patrons, or as fellow human beings.  Author, Iyanla Vanzant once stated, “We all just want to heard, valued, respected.” Surely, tolerance is not the answer!

In my experience, dominant group members believe change comes too fast and are frustrated by calls for even more change; conversely, subordinated groups continue to experience change as too slow. What informs our beliefs about this movement is our perception of the level of change. Its undeniable, things have and continue to change. But until we fully realize just how interdependent we all are, we will continue to struggle with inclusion. We still have a long way to go and yet, ‘we are the change we seek’.  The work of inclusion starts with each one of us.

By focusing only on our diversity, especially the visual facets, we often fail to see our just how much we have in common with each other. According to Novations Group, Inc., diversity is any dimension that can be used to differentiate groups and people from one another. Inclusion is when we feel a sense of belonging or connectedness and feeling valued for who we are as individuals or as members of a group.

The work of inclusion is like the layers of an onion, once you have one breakthrough; you realize there is more interpersonal work to do.

Related reading

Johnson, K.R. (1999). How did you get to be Mexican? A white/brown man’s search for identity. The Diversity Factor, 7(2), p. 22-27.

Miller, F. A. and Katz, J. H. (2002). The Inclusion Breakthrough: Unleashing the Real Power of Diversity. San Francisco: Berrett-Koehler Publishers

Recommended sites

DivesityInc.com

Renae Sanders is the Managing Director at KRS Consulting, LLC, a management consulting firm specializing in organizational relationships. Believing people are the link between strategy and success, Renae works with organizations, leaders, and managers to strengthen internal relationships. You can reach her at info@krsconsult.com.