Motivation Archives - Page 5 of 6

Don’t be this person.

Posted on October 19, 2009 by Steve Sammartino

I had this discussion yesterday. I walked past a hole in the wall cafe. (Tiny cafe which serves take away and stand up coffee in inner city area)

Friend: Wasn’t Joey going to open a business like that?

Me: Yeh, I remember him talking about it before I had even seen one of these in the city.

Friend: What happened to it?

Me: I don’t know, I guess he just didn’t get around to it in the end. Got distracted.

Friend: That’s a shame, looks like a good little business model. What’s he doing now?

Me: He’s in the same job.

Friend: Oh. Ok.

We keep walking …

Don’t be Joey. It at least try and fail. The old job will be waiting for you if you have to return.

Startup negotiating tactic

Posted on October 12, 2009 by Steve Sammartino

A simple way to keep a fair and reasonable percentage in your startup when getting funding is this.

Argue you require a sufficient percentage to keep you motivated.

Tell them you need enough stake to bring out your best performance. That they are investing in your performance and that this is part of the human make up. Then remind them that you are human.

Incentives

Posted on August 11, 2009 by Steve Sammartino

One of my favourite business phrases is this:

Incentives shape behaviour.

Incentives shape the behaviour of all the people involved in our business value chain. And these incentives we create are also holistic in the sense that they go well beyond money. But before we go designing some kind of incentive program, we are better off thinking about what’s in it for all the people involved. People including but not limited to:

Our Employees

Our Shareholders

Our Suppliers

Our Retailers

Our Customers

Our Community

Our Government

Let’s focus for a few moments on our suppliers. Our usual predisposition here with suppliers is to get the best deal possible. The cheapest supply price. To negotiate hard. And if we do this we’ll make more profit. The flip side of course is that our supplier makes less profit. Maybe we’ll be one of their least profitable customers? In this case what kind of service are we going to get? How will they help us if things are urgent? Will they be as reliable as we need them to be? What will they tell the industry about us as a customer of theirs? In fact negotiating the best deal may just give us a disadvantage which is greater than the price benefits. It’s not such a great incentive for our suppliers and may lead to breakages in our business value chain. It’s smart to leave something in it for the other guy.

As Startups we should ask ourselves the following question….

Are we creating a system in which the people above will have an incentive to help us succeed, or will they simply be indifferent?

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Shiny new business

Posted on July 22, 2009 by Steve Sammartino

Have you ever had a new girlfriend? You can’t stop thinking about her. You want to make it work. So you start putting in an extra effort to give this relationship the best chance of success. You start buying new clothes, ensuring you look your best, maybe even start going to the gym everyday. In this situation everything matters. You want to spend every waking moment with her, because it is so enjoyable, so much fun, the future looks so bright, the whole thing is so new. At this time we can’t imagine the joy of being involved in this thing ever diminishing.

Eventually, the emotions driven by newness wear off. It doesn’t necessarily mean we love our new girlfriend less, we might even love her more. It’s just a different set of emotions. And this new set of emotions often mean we, are less enthusiastic to prove ourselves, and or make it work – she moves from a chase, to a catch.

Photo by Sami

A new startup isn’t much different. Just re-read the above two paragraphs and think back to when you got going on your latest startup. It was a lot like the new girl friend. It was love. The emotions and behaviour have a strong analogy. What matters as entrepreneurs, is having the ability to keep up the momentum when the newness wears off. And there is nothing more certain than this. It will become less fun, less exciting and more arduous. It’s especially evident when we need to undertake administrative tasks with our start up – or keep door knocking after many rejections. It’s our ability to stay focused on ‘old projects’ that will determine our ultimate success.

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Door knocking – Duncan Bannatyne

Posted on July 16, 2009 by Steve Sammartino

This a true story about how UK entrepreneur Duncan Bannatyne got his start in business. He now has a net worth estimated at £320 and is the 167th richest person in Great Britain.

Bannatyne was told by his mother that, due to the family’s lack of money, he could not have a bicycle. To amend the problem he asked the local newsagents if he could have a paper round job and was told he could have one if he could get a list of one hundred interested people. Duncan painstakingly knocked on many doors and with extreme determination eventually had a list of one hundred customers. Armed with this list, young Bannatyne received the job and eventually a brand new bike.

Startup blog says: there is a strong relationship between being able to knock on doors and becoming successful entrepreneurs.

Entrepreneurs must change

Posted on July 15, 2009 by Steve Sammartino

I am a fan of the rock band Talking Heads. Not only their music, but their lyrics. Some of which I find incredibly provocative to this day. Actually – most of them are ahead of their time and almost only starting to make sense to me now almost 30 years on.

One song called Seen & not seen is almost spooky. At no time in history have we been able to transform ourselves like we can now. Both socially and intellectually. As entrepreneurs – that’s our journey. Becoming an entrepreneur is all about social and economic evolution as a person. it’s about unlearning the lessons of school and previous jobs we’ve held. But more so it’s about having a vision and transforming our mind, and maybe, just maybe our physical disposition.

Read these lyrics – and just think about it. I’m not trying to be weird – rather to open your mind.

He would see faces in movies, on t.v., in magazines and in books….
He thought that some of these faces might be right for him….and
Through the years, by keeping an ideal facial structure fixed in his
Mind….or somewhere in the back of his mind….that he might, by
Force of will, cause his face to approach those of his ideal….the
Change would be very subtle….it might take ten years or so….
Gradually his face would change its shape….a more hooked nose…
Wider, thinner lips….beady eyes….a larger forehead.

He imagined that this was an ability he shared with most other
People….they had also molded their faced according to some
Ideal….maybe they imagined that their new face would better
Suit their personality….or maybe they imagined that their
Personality would be forced to change to fit the new appearance….

this is why first impressions are often correct…
Although some people might have made mistakes….they may have
Arrived at an appearance that bears no relationship to them….
They may have picked an ideal appearance based on some childish
Whim, or momentary impulse….some may have gotten half-way
There, and then changed their minds.

This song is worth a listen to as well if you can find it on itunes or the net.

Direction evidence

Posted on June 30, 2009 by Steve Sammartino

Talking to my business partner today he made a simple statement:

‘Your task list and calendar should reflect your overall goals’

And it’s statement worth assessing in a methodical fashion. We should think about where we want to be in 5 years, and see if any of the tasks we are doing today are moving us closer to our goals. Our entire day doesn’t have to be filled with task that lead to achieving long term objectives, but there should be ‘direction evidence’. If there isn’t any directional evidence of where we and any business we are involved in wants to be – then quite simply, we need to review our task list and make sure things are aligned.