Tag: reflections

The True Value of Entrepreneurial Competitions

Winning is often celebrated as the ultimate success, but it’s essential to understand that it doesn’t predict long-term success in business.

As the Entrepreneur-in-Residence at Rhodes College we run competitions to bring together our community to launch new ventures, but often we can lose sight of the true value of the work in the context of competition so I wrote this article to be shared with the campus community there, but it offers important lessons on business and competition generally so I wanted to post it here as well.

Entrepreneurial competitions, like an elevator pitch or venture challenge, are not just contests but milestones in a much larger journey.

Winning is often celebrated as the ultimate success, but it’s essential to understand that it doesn’t predict long-term success in business. Conversely, not winning isn’t a forecast of failure. Many businesses that launch come from individuals who will not clinch a prize.

Competition prizes are limited, but your potential is not.

You are limitless!

The purpose of these events extends beyond the immediate excitement. They are not merely contests, but collective endeavors to advance a multitude of ideas. We leverage these opportunities to help as many people as possible to refine their business ideas, articulate their visions, and network with like-minded individuals and mentors. It’s about creating a rally point where resources, feedback, and energy converge to propel everyone forward together – winning is independent of this and the least important outcome of the competition.

Competitions are objective platforms for growth and learning.

They serve as a practical exercise in the real-world dynamics of business pitching and development, offering a safe environment to experiment, learn, and evolve. Winning or not winning, every participant gains valuable insights into their entrepreneurial capabilities and the potential of their ideas.

We see these events as catalysts, not just for individual projects, but for fostering a vibrant entrepreneurial ecosystem. They are about moving together, leveraging our collective strengths, and helping as many ideas as possible to advance and mature.

Remember, the journey of entrepreneurship is not linear.

It’s a path of constant learning, adapting, and persisting. Whether you’re in the spotlight of victory or not, what truly matters is the resilience to continue, the insights gained, the friends and advisors found, and the relentless pursuit of improvement.

Embrace these competitions as opportunities to rally together, support one another, and drive forward the spirit of innovation.

Why losing a business competition competition is good for your startup. https://techcrunch.com/2009/11/28/winners-curse-why-losing-a-b-school-biz-plan-competition-may-be-good-for-your-startup/

Guide to Unlock Your Potential

Embark on the journey of personal and professional development with this guide to unlock your potential. Whether you’re an entrepreneur, a business leader, or a professional aiming to elevate your career, understanding how to fully tap into your capabilities is essential — it is time to unlock your vast and full potential within. This guide provides actionable strategies and insights for achieving transformative growth and success in both your personal life and business endeavors.

Exploring Personal and Business Potential

Maximizing potential means harnessing your innate talents and applying them towards your aspirations. It’s a process of breaking barriers, overcoming challenges, and realizing your true capacity for growth. In the business world, this translates to career advancement, fostering a culture of innovation, and driving continuous improvement.

Strategy Guide to Unlock Your Potential

  • Self-Assessment and Goal Setting: Start with a deep dive into your strengths and weaknesses. Establish clear, attainable goals that reflect your vision for success.
  • Lifelong Learning: Embrace continuous education. Stay updated with industry trends and expand your skill set through courses, workshops, or self-directed learning.
  • Mentorship and Coaching: Leverage the insights and support from mentors or coaches. These relationships can provide personalized advice, foster strategic thinking, and help overcome obstacles.
  • Networking: Cultivate a robust professional network. Engage in partnerships and collaborations that offer fresh perspectives and opportunities for growth.
  • Wellness and Balance: Prioritize your health and well-being to sustain success over time. Achieving a healthy work-life balance boosts productivity and satisfaction.
  • Adaptability and Resilience: Develop the ability to adapt to change and recover from setbacks. These skills are crucial for capitalizing on opportunities and maintaining progress.
  • Strategic Planning: Craft a detailed plan for your personal and business goals. Focus on efficient resource management, task prioritization, and flexible strategies to stay aligned with your objectives.

The benefits of using the guide to unlock your potential are below.

A guide to unlocking your potential.

Benefits from the Guide to Unlock Your Potential

Committing to your personal and business potential can yield remarkable benefits:

  • Elevated Performance: Enhance your productivity by playing to your strengths and addressing weaknesses.
  • Staying Competitive: Keep ahead in a fast-paced market through innovation and continuous learning.
  • Personal Satisfaction: Find fulfillment in achieving your goals and realizing your potential.
  • Business Advancement: Drive growth and success with strategic planning and resilience.

Conclusion

This guide to unlock your potential is just the start. The journey is ongoing and dynamic, demanding dedication and strategic action. By adopting the strategies highlighted in this guide, you embark on a transformative journey towards unparalleled success and fulfillment in all aspects of your life.

Harvard Business Review – The Value of Mentoring

https://hbr.org/2019/02/the-value-of-mentoring

Guide to Conducting a Personal SWAT Analysis

https://bschool.pepperdine.edu/blog/posts/personal-swot-analysis-guide.htm

Add These Growth Oriented Books

Are you ready to add some growth oriented books to your reading list? About this time of year I post up a list of the books I have read in the prior year. Other leaders and personalities post of lists of books and articles that they have taken advantage of such as Ryan Holiday, Tim Ferris, and Oprah. My list is now in it’s third year, and it is just as unique and interesting as the prior years.

What’s new this year over prior lists?

The list this year includes some more fiction to help me increase creativity. Imagination is like a muscle that expands when you use it. Furthermore, I’m starting to go for more seminal works that are more in depth and less books that I would categorize as “popular non-fiction.”

Peaks and Valleys

One thing I have learned more about myself this year by looking back on the prior 3 years is that there are periods of time where I get more reading done. Then, there are the times I get less done. For some reason December, January, and February are very productive months for me annually. All of this makes me wonder if others notice a specific time of year where reading increases or decreases. Let me know.

Stack of Books at Home for Growth Orientation

The Listings

Without further ado, please take a look at my latest book list for growth oriented leaders below. Additionally, if you want to see the prior lists head to my posts entitled Increase Your Quality Inputs and Readers are Leaders.

Growth Oriented Books for Your Reading List:

  • Setting the Table by Danny Meyer
  • Smart Brevity by Jim Vande Hei, Mark Allen, and Roy Schwartz
  • Setting the Table by Danny Meyer 
  • You are a Bad Ass by Jen Sincero
  • Flourish by Martin Seligman
  • Go for No by Richard Fenton and Andrea Waltz
  • As a Man Thinketh by James Allen
  • The Science of Getting Rich by Wallace Wattles
  • A Desolation Called Peace by Arkady Martine
  • The Four Agreements by Don Miguel Ruiz Don Jose Ruiz
  • The Games People Play by Eric Berne
  • The Creature from Jekyll by G. Edward Griffin
  • The Art of Possibility by Rosamund and Benjamin Zander
  • Influence, New and Expanded by Robert Cialdini 
  • Excellent Advice for Living: Wisdom I Wish I’d Known Earlier by Kevin Kelly
  • From Conflict to Courage by Marlene Chism
  • How to Win Friends and Influence People by Dale Carnegie
  • Great CEOs Are Lazy by Jim Schleckser
  • Civil War Stories by Ambrose Bierce 
  • Book Yourself Solid by Michael Port
  • Unwind! 7 Principles for a Stress-Free Life by Michael Olpin & Sam Bracken
  • 21 Success Secrets of Self Made Millionaires by Brian Tracy
  • Titan by Ron Chernow
  • Stillness is the Key by Ryan Holiday
  • Guns, Germs, and Steel by Jared Diamond 
  • Breaking the Habit of Being Yourself by Joe Dispenza
  • In My Own Way – Alan Watts
  • Mastery by Robert Greene
  • Business Secrets of Trappist Monks by August Turak
  • Your Next Five Moves: Master The Art of Business Strategy by Patrick Bet-David
  • Questions are the Answer – Hal Gregerson
  • The Confident Mind by Nate Zinsser

Hopefully this list of growth oriented books serves you well.

My Growth Oriented Books

While you are thinking about reading head over to my books page for growth oreinted books that I wrote in 2023. They are short reads but packed with knowledge and actionable insights. Head to the My Books page now to learn more.

An Invitation

Deep down we all know that we can be more, much more.

There is a future picture of ourselves in each of us that is much bigger and more exciting than where we are now. But are we ready to take the courageous path to become that new version of ourselves?

“Wanting what you want” is not only about being free and living life based on great choices and new commitments, it is also about painting a much, much bigger picture for yourself and those you lead, while also getting on the right path that looks scary and full of unknowns.

Most of us are avoiding the courageous pathway to get us to that bigger future. What we are each missing is an invitation to become courageous — to become a new version of ourselves. Sadly, most will never get that invitation. But now I am extending that invitation to you. I’d like to invite you to take the remainder of this year to be much more so that you can swing through to a transformational 2023. I want you to be intellectually excited and emotionally committed to that new big future.

If you are reading this post, please know that I believe in you, perhaps more than you believe in yourself. As a result, I want you to dream of a bigger future for yourself and remember that in life you don’t get what you deserve. You get what you think you deserve. You need to have courage to want what you want and at the same time eliminate lesser goals that are distracting you. I invite you to dream and take the right kind of risks that play to your distinctive strengths and discovery a bigger present.

Keep dreaming because when your future gets bigger, your present gets better.

When 10X Isn’t Enough

Most leaders understand the core elements of personal and professional achievement: write down goals, make a plan of action to achieve the goals, share the goals with a friend or coach, and have a weekly check-in with that friend or coach.  This method has a 76% success rate.  This is a great approach to living and growing.  With a coach there to help you through these steps you could really see an appreciable difference over the course of a lifetime or even over the course of a couple of years in a specific realm of life.  Some coaches go a bit further and go beyond obstacles to help address Beliefs and Inner Conflicts.  These added realms of consideration could get you to a 10 X difference over a lifetime.

When I began thinking about what it would take to be a great coach I had a 10 X mindset.  However, I wasn’t feeling great about it.   Reflecting on my readings of the top coaches, top leaders, and how top athletes of the world operate and applying my learnings to my coaching practice, I sat unsatisfied.  One night my brain kept me up, literally.  I was chewing on this dissatisfaction.  I was hitting back with advice I had already given to countless other people, particularly in the past 2 years of the pandemic: we are entitled to the limits we put on ourselves.  That was the revelation I needed. 10 X growth seems like a lot and most leaders would be very satisfied with 10 X personal and professional growth.  However 10 X isn’t extraordinary.  We are in the age of unicorns and now have decacorns.  We see multi-trillion dollar market caps in public companies built in our lifetimes.  We have several multi-billionaires running multiple companies.  Three of these went to space on their own rocket ships in 2021.  Maybe we are leaving some life on the table with 10 X thinking.  

It is not just about the money and fame.  A life can be unlived in many ways.  However, navigating blindly and with self-imposed limits – in a world where technology, knowledge access, and more allow us to experience and accomplish way more than prior generations – is flat out very hard.  If you are reading this you have come face-to-face with yourself and your own life and even the truth that you may be “leaving life on the table.”   We now understand that there is much more we can do than even our childhood selves could have imagined.  There are way more people that we can help and impact.  There is a bigger legacy or institution that we can leave behind.  There is a daunting personal pursuit that we are avoiding.  

An order of magnitude difference would have been fine, but now you know there is something else.  Deep down you know there is a more courageous path that you are avoiding or have yet to discover.  For those that understand this, 10 X mindsets just will not cut it.

Speaking at a Wedding on Lasting Partnership in Love & Business

I was recently asked to speak at the wedding ceremony of two of our founders (in separate businesses) that met in Memphis by participating in our accelerator. They asked me to speak on, and this is a direct quote: “Relating characteristics of 1) creating a great partnership as co-founders to build a successful company to 2) creating a great partnership in life / marriage for a successful relationship.” Here is what their prompt and their love inspired. I have altered the names and some facts to give some privacy to the couple. Enjoy and let me know what you think.

Spoken on the Occassion of Your Wedding

Good afternoon. I am Eric Mathews.  I’m not the best man.  And thankfully so.  Sam you are certainly the best man for putting up with James for these 9 plus years.  Nonetheless, it is a great honor to be here and be asked to speak. 

For those who don’t know me, I’m the first investor for many business partners who come to Memphis, Tennessee to build and launch a new, amazing technology based business.  James and Kimberly entered into our program in separate businesses in 2013 and found way more than business in Memphis – they found each other.  With this in mind, James and Kimberly asked me to speak at their wedding ceremony on how business partnerships and lifelong loving partnerships are, at their core, the same.  

For those gathered here today wondering, the answer is YES.  

I was apprehensive to speak in business terms at a wedding ceremony.  However, given the trust and love I’ve felt from and between James and Kimberly, I got comfortable with the words.  More so I hope their love that inspired these words will inspire each of us to bring more love and care back into our daily lives and to the world of business. James and Kimberly, I’m grateful for the trust you have placed in me here.  

So let’s start at the beginning and the first foundation.  In the first days of our business accelerator program, we have the new business partners review their personality types to better understand one another.  Next, we ask them to answer tough questions openly and honestly with each other.  We also place them into tough and uncomfortable situations where they will have to come together and rise and fall as a team.  This is all done because one the biggest causes of business failure is having a dysfunctional team with poor interpersonal dynamics.  I think we can all identify with the importance.  We all need strong partners that have complementary strengths to account for our weaknesses. We need the strength of honesty, when things are going wrong.  We seek mutual respect to understand that failure is an event and not a person.  We need the personal strength to accept and solve our own problems, our partners problems, and your collective problems without blaming the other person.  We need open communication so that nothing is hidden including unspoken expectations, personal needs, or opportunities for growth.  

All great partnerships require a daily commitment to these relationship principles to be lasting.

This leads to the next foundation that our entrepreneurs learn in Memphis: start with “why.”  Why do we wake up each day? What is our collective purpose and intent?  Purpose drives great entrepreneurship but also great love. You and your partner wake up with a shared purpose to change the world and each other for the better.  Money is not a sufficient motivator in business and marrying for money can lead to far worse.  Money is not sufficient because of the amount of sacrifice needed for mutual success.  You need a purpose around which you wake up everyday and are motivated to help each other succeed as individuals as well as a unit.  You will need to understand and contextualize your purpose so that you can celebrate the small victories, lift each other up in defeat, be excited to discover the unknown together, and to work together to leave the world a better place — these are the true rewards.  

All great partnerships require a daily commitment to purpose to be lasting in the good times and in the harder times.  

Finally, there is a step beyond the foundations of building a great team relationship and defining and living with great purpose.  A great team and a great purpose will get you started, but over time we’ve found that you need something that helps guide you over the long haul.  You need a manner in which you can evaluate whether your partnership is on track or whether you need to course correct.  You need a lens by which you can evaluate tough decisions where perhaps there are no good solutions or the opposite scenario where there are too many good options.  You need a way to evaluate the unexpected together.  We find that the best partners in life and in business mutually hold the same core values and beliefs. These guideposts are unique to each partnership and help all partners make great decisions daily in service of one another and the purpose and intent of their relationship.  

All great partnerships require a daily commitment to core values and beliefs to help them stay on track.  

Kimberly and James, arriving at a business accelerator in Memphis, I think we would all expect to find great business opportunities and great friendships.  However, I don’t think love and marriage would have been an outcome that any of us would have placed bets on in May of 2013. Yet here we are and it is testament to each of you.  You have the kind of love that empowers not only each other, but also empowers those gathered here today who can feel it and be better for it. 

May your commitment to each other, to great purpose, and to your core values and beliefs be your guide forever and always.    

You Can’t Give Something You Don’t Have

It’s hard to learn how to live and lead [a great life] while you are living, let alone consider leaving a legacy.

You know deep down you can be more . . . We all feel that way.  We want to be more so that we have more to give.

And we want to become more in many dimensions of life, because a life can be unlived in so many ways.

What we are each missing is an invitation to take a courageous path.  

And sadly most will never get that invitation.

I’m extending that invitation to you. Build your life, leadership, and legacy, because you can’t give something you don’t have.

Reach out to me anytime to learn more. If you have gotten this far, let’s talk for 30 minutes about life, leadership, and legacy. Let’s talk about your future and how coaching gets you there faster and how it is different than anything else you may have encountered.

Sign Up for Insights

For my colleagues and friends who are looking to grow and lead in new ways, I periodically assemble together a compact email of curated insights, information, new thinking, tools, articles, essays, and more. Sign up here to get both if you are interested. These emails will come occasionally, not often. If you get too many of them or not enough good stuff, please let me know so I can adjust. When you sign up you will get a welcome email with my Life Planning System which is my most requested tool.

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These emails will come occasionally, not often. If you get too many of them or not enough good stuff, please let me know so I can adjust.

To Do More, Become More.

insights, articles, and other reflections that I send to friends and colleagues.

Experts, Leaders, & Mentors Are Not Coaches

It is important that we all understand the difference between Experts, Leaders, Mentors, and Coaches.

Experts: An expert is a person who has a comprehensive and authoritative knowledge of or skill in a particular area.  You usually call upon them when things aren’t going well and you need help solving a problem.  When you bring an expert they start tackling symptoms and technical faults.

Leaders: Certainly the best leaders coach but most guide and direct people without a coaching mindset.  There are leaders that earn the respect and esteem of those they serve (aka Servant Leaders). There are situational leaders who are called to step in to fill a gap and help in a time of need.  There are also the positional leaders who are placed in leadership roles – some, of course, try to earn the respect of those they lead once in those positions, but others may manage and abuse their power and authority, losing the respect of those they lead.  This is not coaching either. 

Mentors: Coaching is often confused with mentoring.  A mentor shares with a mentee (or protege) information about his or her own career path, as well as provides guidance, motivation, emotional support, and role modeling.  A mentor may help with exploring careers, setting goals, developing contacts, and identifying resources. They can take the form of teachers, sponsors, advisors, agents, role models, and confidantes.  Mentors can be more experienced in the arena in which the advice is sought.  

Coaches: A coach does not depend on being an expert or being more experienced – a coach is not passing down their knowledge and that is intentional.  If a coach is working to increase and sustain performance, then that knowledge must be earned by the coachee.  Mastery comes from self-belief.  Coaching requires expertise in only coaching and those coaches who are not formally trained may even have greater coaching skills as they are also built over time going beyond the limits of formal training.  Coaches do not need to be experts because they are awareness raisers for the coachee.  Every time expert input is provided it diminishes the responsibility of the coachee. Coaching is about believing in the potential of the individual and creating self responsibility. It is very hard for those with high expertise to withhold their knowledge sufficiently to coach well.  This is why you can point to many examples where the best players in the world of sports made horrible coaches. Experts tackle symptoms and technical faults, whereas a non-expert will raise self awareness of problems.  Being detached from expertise brings curiosity on the part of the coach to guide coachee into a state of self awareness. Coaching is about optimizing individuality and uniqueness and never to mold opinions and best practices.  Coaching has been defined by some as “partnering in a thought-provoking and creative process to maximize personal and professional potential.”  The best coaches should take a coachee beyond the knowledge and other limitations of the coach.

Schedule you up a free 30 minute coaching call with by clicking here.