Crap meetings & how to avoid them

Posted on September 29, 2012 by Peter Harrington

Once upon a business life I self-published a ‘book’ for the caravanning market. Knowing little about these boxes on wheels and kidding myself the product was half-decent, I led a telesales department (me) and phoned UK caravan outlets in search of volume purchases.

Remarkably, a Bristol-based company took interest. Excited by the response from the other end of the line I immediately suggested a meeting.

Please note, I didn’t own a car back then, yet the opportunity to hire one, drive the 500+ mile return journey from York and ‘have a meeting’ (all in one day) felt like true entrepreneurial progress.

CaravanPlannerFour long hours on the road was followed by 27 quick minutes of chat with chain-smoking ‘Dave’. And whilst I endured the tasteless and tiered liquid that the machine had dared to label ‘coffee’, Dave flicked through the entire book.

Uncertain how best to progress the meeting I offered random ideas for working together. Being so green in 1990, I took the phrase ‘we’ll get back to you’ as a positive sign.

Of course there was to be no fairytale ending. After waiting several days, I got on the phone. Dave was busy. His PA passed on the inevitable news.

 

Hitchhiking influence

Hitchhiking repeatedly put me in situations where I had to develop rapport with people at very short notice. Without realising, it taught me much about questioning, listening and the rhythms of conversation.

However, in terms of business meetings, the experience of jumping in and out of cars also served to encourage impulsive behaviour and probably created over-confidence. And to be completely honest, the Bristol ‘incident’ was not isolated; I wince at how much money and time I wasted in meetings that I screwed up or should never have gone to in the first place.

Unfortunately, it was another 3 years before I learnt how to handle business meetings properly. By chance, I found myself on a training course that revealed the secrets of how to make the most of the time with other people. What I discovered has stayed with me to this day.

Prepare

Any meeting needs a context and purpose that all parties understand beforehand. If the point of the meeting is unclear or unknown, then you’re likely to be wasting time.

Being objective also helps with wider planning and preparation. Depending on the nature of your meeting, it’s essential that you complete some research so you know something about the people and the organisation; this fact-finding will also help shape questions that you will inevitably ask and ultimately demonstrate you care about those you are meeting.

It goes without saying that you’ll want to turn up on time, take something for notes, look the part and be courteous. But the really important stuff starts with the next bit…

Control and Confidence

My Bristol experience was a disaster because I was out of control throughout the meeting. Lack of preparation and understanding of how to achieve anything worthwhile meant everything ‘happened to me’.

Control is achieved in part through good preparation. But control at the meeting comes from having a flexible structure that also meets the needs of the people you are seeing. Regardless of the type or length of meeting you have, here is a structure that has worked for me for many years:

  • Open
  • Agenda
  • Ask questions
  • Establish needs
  • Propose Solutions
  • Commitment to Action/Close

The ‘Open’ allows you to talk about neutral issues that are nothing to do with the meeting. It relaxes people when they first meet and helps build rapport. Going straight into ‘business’ is insensitive; unless of course you only have 5 minutes together.

The ‘Agenda’ is the point at which you talk about the purpose of the meeting and give it direction. Occasionally the other person might do this for you. Without an agenda, meetings can ramble. Here is an example of a simple agenda statement which you can adapt:

“Many thanks for the meeting today. As you know, I run ABC Ltd and I’m interested to know whether there may be opportunities to work together. Would it be ok if I first asked you some questions to better understand what you do?”

The agenda sets up the opportunity to ask questions which is so important if you are in a meeting to identify as well as resolve a problem. Without asking questions (even if it is to get the other party to confirm the situation for the sake of all round the table) it is all too easy to make assumptions or try and solve the wrong problem. Tips! Open questions reveal more information. Show listening by recording what is being said. A good first question – ‘How much time do you have?’ 

The questions you ask help to ‘establish needs’. Needs are not just related to the specific problem in hand. The ‘needs’ you are seeking to identify concern other peoples’ behaviour and thus help you to decide how best to approach work. For example, if you meet Alan Sugar, you will pick up a completely different set of needs compared to meeting someone who is relaxed and laid back.

Once you understand the problem through asking questions and establishing needs, you are in a better position to propose solutions.  The solution may be a further meeting or it may be time to sell the benefits of your idea/service/product. If you want to persuade others of the value of what you have to offer, make the benefits of your solution tangible, appealing and transparent.

Finally, don’t leave a meeting unless it is clear what is happening next. Gain commitment to action so that the process with which you are involved moves forward. If it’s not clear what’s happening next take responsibility and seek clarity, otherwise the meeting will end up being a complete waste of time.

The structure highlighted above is flexible and appropriate for meetings that last 10 minutes or 3 hours. You can use the structure to control meetings without people feeling controlled and the experience will give you confidence too. Of course, if you are the one having to go to meetings that ramble on inanely, copy the above and send it to the person who is in charge. And if all else fails, just don’t go.

Key Learning Points: Wasting time in meetings is frustrating and costly. Look to make the most of meeting time through planning, preparation and use of a flexible structure that gives you both control and confidence. Practice and learn from experience. 

Posted in Entrepreneurship in Action, How to be more Self-Employable/Employable, Sales and Marketing in Business | Tagged , , , , | 1 Comment

Look after the pounds & the millions will look after themselves

Posted on August 31, 2012 by Peter Harrington

Salespeople regularly offered me lifts back in the eighties. It’s fair to say I enjoyed the banter and their cars went faster too.

London bound, one bright weekday morning, I was hitching a lift onto the M1 when a passing car jammed on its brakes and pulled over ahead of me onto the empty slip road. The smart-suited driver was going my way. Within 2 minutes we were doing 90+ in the outside lane of the motorway.

Achilles heel

Proud of his shiny motor car, my twenty something companion also loved his job in sales. I forget what he sold, but he was quick to share his salary status – £20k plus perks. In 1984, that was moving towards ‘loadsamoney’.

Being 18 and unemployed I distinctly remember being impressed by my flash friend, but it was his brutal honesty that really appealed. Having spent 15 minutes bigging himself up, he then declared in a slightly depressed tone that he was practically broke. He was good at earning money. He was even better at spending the stuff.

Put yourself last

Entrepreneurs who excel at spending money on themselves typically don’t last long in the job. Fast cars, designer labels and posh restaurants undoubtedly make us feel better; but they are all unnecessary costs especially in the early days of running a business.

Richard Branson may now spend every sixth week on his own private island in the Caribbean, but it certainly wasn’t always that way. For several years he lived on an old barge and drove a car that regularly ran out of petrol, such was his desire to keep the money in the business where it was really needed.

It may feel counter intuitive, especially if you’re employing staff, but the secret in the early days is to put yourself last when it comes to spending money. If you look after the goose, the golden eggs stand a much better chance.

Does money motivate?

Stacks of studies have been compiled that examine the question ‘What motivates entrepreneurs?’ If this is an area of particular interest you’ll find lots of scholarly research right here.

But if detailed analysis doesn’t float your boat and you want some quick definitive answers from practising entrepreneurs, then the following short film may appeal. Produced by ‘Tech Cocktail’ the results clearly suggest that successful entrepreneurs are motivated by such things as people, ideas, following dreams, making a difference, creativity and achievement. In the film you’ll find that the ‘money’ word is hardly mentioned.

So when it comes to money, successful entrepreneurs it seems are patient, unselfish and self-disciplined. Moreover, they are motivated by deeper needs and are able to defer reward rather than seek instant gratification (a subject worthy of its own HHGE blog). This attitude of mind makes businesses more sustainable over the long term and ultimately, as a bi-product, also makes the entrepreneur far richer.

Key Learning Points: Careful cost management is essential for any start-up business. Entrepreneurs who are prudent with their own spending in the early days and are motivated by deeper needs, are more likely to be financially successful in the long-term.

 

 

 

 

Posted in Entrepreneurship in Action, Finance in Business, Human Behaviour in Business | Tagged , , | 4 Comments

Give your ambition the greatest chance of success

Posted on August 20, 2012 by Peter Harrington

Reading should never be a guilty pleasure. But it can get that way if work pressures really grip and/or family demands mean those precious grains of free time are lost before sleep.

Like holidays, books provide an escape. And whilst the odd trashy novel smuggled its way into my luggage this summer, the two most valued literary companions tackled completely different subjects.

Patterns of Innovation

Whether you want to start a new enterprise, develop a product or work to resolve a global problem, a different kind of thinking is required to give your ambition the greatest chance of success.

Forward focus is important. However, in this highly connected and complex world sustainable innovation is most likely when the creative mind is open to understanding and engaging the deeper and broader issues.

Being a master of quick-fix failure I knew Steven Johnson’s book ‘Where good ideas come from – The Seven Patterns of Innovation’ (see him talk on TED) would be an invaluable holiday read. All 246 pages were devoured in 4 days.

The Adjacent Possible

From Darwin’s Paradox to Willis Carrier’s invention for air conditioning, Johnson cleverly reveals the generative order of forces that underpin sustainable innovation. Central to his evolutionary science-based thesis is the term ‘Adjacent Possible’ and the fact that all new innovation builds and scaffolds on the past much like a coral reef or burgeoning fractal pattern.

The Burgeoning Fractal

Throughout, Johnson also refers to the Internet (and its founder Tim Berners-Lee) and highlights how the explosion of web innovation is built on one man’s original desire for greater connectivity and sharing of ideas.

Adapt

To accompany Johnson’s masterpiece I also re-read ‘Adapt – Why Success always Starts with Failure’ by the Economist Tim Harford. I first referred to this work in the Blog piece ‘Start now and Value the Journey’ and I can’t recommend his writing highly enough especially if you are seeking direction for a new project.

Like Johnson, Harford uses rich and varied source material to support his argument (from military campaigns to third world aid). The thrust of the book is the value of ‘trial and error’ as a way of getting things done; as opposed to the norm – top-down central governance that operates through a rigid hierarchy.

Woven expertly into the text is the work of a Russian engineer, Peter Palchinsky, and the 3 principles he adopted for getting things done and solving problems:

  1. Seek out new ideas and try new things
  2. When trying something new, do it on a scale where failure is survivable
  3. Seek out feedback & learn from your mistakes as you go along

Ultimately, Harford’s book turns to the reader and uses a Billy Joel inspired musical to demonstrate why people struggle with failure (3rd principle) and why we don’t seek feedback and thus learn from our mistakes and adapt. Humans, he rightly argues, have difficulty holding apparently contradictory thoughts (cognitive dissonance) which means we deny failure has happened and thus don’t learn from the experience. The trick is always to confront mistakes (however difficult it may seem) and extract the lessons.

Step Away

Finally, an underpinning message within both texts is that innovation and success through trial and error requires the creative mind to regularly abandon its absolute focus. New environments are needed to stimulate and nurture thoughts and hunches over time.

Hobbies, time spent chatting with friends and colleagues as well as walks with others are all encouraged. Interestingly, Steve Jobs was a big fan of walking and Jon Steele (Perfect Pitch) highly recommends getting away from the subject at hand when thinking creatively.

Whatever you choose to do, you will probably find that the scale of your achievable ambition is proportional to the networks of people you create and the interests and hobbies you nurture. Likewise, the scale of your achievable ambition is likely to be proportional to the time you are able to put aside for reading.

Key Learning Points: Innovation has greatest chance of success when thinking is based on sound structures; yet the mind must also be open to hard work, failure and a desire to understand the connected issues. Reading is essential.    


 

 

Posted in Entrepreneurship in Action, Human Behaviour in Business | Tagged , , , , , , , , , | 3 Comments

How to find new ideas to start & grow a business

Posted on July 1, 2012 by Peter Harrington

If you read last month’s ‘How to Profit from the Alternative Rhythms of Time‘, you’ll be aware I recommended the ‘Springwise‘ website. It’s the place to get your daily fix of innovative and entrepreneurial ideas.

It’s a brilliant site. You can sign up to receive daily news, browse thousands of new ideas (all carefully split into distinct sectors) and even submit your own proposal as a business start-up. Just a few hours of research should pay real dividends and will also connect you with a new community of like-minded people.

The power of Social Media

Like many new finds, I discovered Springwise through Twitter. This now famous social media channel is a rich source of new ideas and information. For me, Twitter is great for promotion, but it’s even better for discovering things because you quickly find yourself in places you never even knew existed.

For the record, other websites providing ideas, inspiration and advice include smarta.com and coolbusinessideas.com. One of the things I liked about Smarta is the advice on the Home page which emphasises the need to be market focused when starting a new business.

Why didn’t I think of that?

When reviewing the recommended ‘idea sources’ don’t be put off by the apparent brilliance of others or believe that you don’t have the skills to think in such an innovative way.

By the time any of us leave full time education, we’ve typically grown accustomed to a linear/vertical way of thinking. This is because we learn subjects in silos. As such, thinking across subjects (horizontal), making new connections and seeing new ideas does not necessarily come easy. However, things can improve if this thinking flaw is understood and you’re prepared to look for inspiration or undertake basic research in less familiar places.

Apple founder Steve Jobs is perhaps one of the greatest ‘idea minds’ that has ever lived. Whilst he dropped out of Reed College as a teenager, he hung around the campus in Portland. He then chose to drop into lessons that appealed to him and his way of thinking. In the highly readable official biography and address to Stanford University he talks about this part of his life and in particular his attendance at a Calligraphy course – just because it fascinated him. Years later, what he learnt about Calligraphy and fonts became a cornerstone of the Apple Mac revolution.

By looking around and seeing links between subjects, Steve Jobs saw opportunities, new ideas and thus gaps in the market. Jobs looked for the ‘intersection’ of subjects. For example, when PCs were mass produced in ugly metal boxes he recognised the need for something different. He saw the opportunity to intertwine technology and the liberal arts and beautiful computers resulted. Later, with iTunes, he fused music with technology.

Ideas through people

Meeting and networking with people is often a great way to source/nurture new ideas. A group of individuals (with different talents) that works well together is able to look at an issue from more than one perspective and can then harvest and refine ideas more quickly. It’s of little surprise that many new team-based businesses are seeded in university or college life.

In fact education is like hitchhiking in that it provides an opportunity to meet new people from all kinds of different backgrounds. For me, travelling for over 10 years as a hitchhiker made it possible to learn from so many different perspectives. Critically, it helped me to understand that my take on an issue or way of seeing the world was often only shared by a minority.

Tip! Just because you might think an idea is good, share and test it with others before you put too much energy and time into it.

The whole subject of how and where ideas are developed will continue to fascinate me. Only last week a lecturer from the University of Bristol recommended that I buy the book ‘Where good ideas come from‘ by Steven Johnson. So I did.

Whilst I’ve not yet finished it yet, it’s a great read because it examines the intersection of subjects and explores how environments influence innovation. Doubtless I will review it in full soon on this blog, but if you want a taste of what Stephen is saying, have a look at him explaining his thinking on this TED film.

Key Learning Points: Use freely available sources to nurture thinking and develop new ideas. Explore different perspectives, use lateral thinking and meet people. Look for the intersection between subjects for real business opportunities.    

Posted in Entrepreneurship in Action, How to be more Self-Employable/Employable | Tagged , , , | 2 Comments

How to profit from the alternative rhythms of time

Posted on May 28, 2012 by Peter Harrington

Our planet hosts 4 billion people who scrape by on less than $2 a day.

Yet, perverse as it may sound, twenty four hours in a day is just not enough time for many people who work in industrialised economies. Lack of time rather than lack of money is an increasingly common complaint amongst the 100,000 million people who earn $20,000 or more annually.

The phrase ‘time poor’ has become familiar and topical in western society. To emphasise its relevance, the film ‘In Time’ was released in 2011. In the movie, which stars Justin Timberlake, time replaces money as the unit of currency. Run out of time and you die.

Doug Richards offers £1 million

Whilst thought provoking, the film also reminded me of a story told by ex Dragon ‘Doug Richards’ at a seminar I recently attended. Mr Richards explained how he happily agreed to give someone a million pounds; but on one condition! The recipient would give Doug 10 years of his life. The Merchant of Venice is alive and well.

But seriously, all these points demonstrate that time is precious and indicators suggest its value, like gold, will continue to rise. Therefore we should use time wisely. So how is this achieved especially if you want to start and grow a business?

Entrepreneurial Action

There’s a saying, ‘If you want something done, ask a busy person’. For me, there’s truth here. Entrepreneurs are busy people with little spare time, yet somehow they get much done.

On his Blog ‘Entrepreneurs-Journey.com‘, Aziz Ali offers productivity tips for the time-poor entrepreneur. The article talks about prioritising, using lists and arranging thoughts on folded paper. Mr Ali’s points are not groundbreaking but they make sense; however, you need to be very disciplined and organised to profit from his reasoning and I’m not sure that many entrepreneurs necessarily ‘think’ this way.

Entrepreneurial Thinking

One of the joys of self-employment is the freedom of choice. Unlike other working worlds, people don’t tell you what to do and when to do it. This luxury has very important implications for time use. For example, I travel to London a lot but unlike most commuters I don’t have to be at a desk by 9am. Therefore the train I typically catch leaves Yorkshire just after 7.30am and arrives before 10am. My carriage is near empty when I board and thus the coffee (trolley service) is sipped & slurped  with a smile.  I forget how many times my wireless connected laptop has worked for the entire journey, on a table all to myself.

And when London bound last month, the ensuing Tube journey to Aldgate was slick and also void of people. To top it all, it wasn’t difficult getting the best seat, much needed good coffee and free Wi-Fi in the capital’s highly recommended Alchemist Bar and Restaurant on Houndsditch.

Fittingly, it was whilst sitting in the peace of the Alchemist Bar that I first recognised the patterns and started to mix together the elements that formed this article.

It’s a Cosine!

In a recent HHGE article I wrote about ‘The Physics of Entrepreneurship’ and specifically the value and relevance of the formula: Momentum = Mass * Velocity. Sat in that bar I started to sense that entrepreneurship might have another link; this time with mathematics. And later that same day when sharing ideas, my friend Andre Mostert immediately latched onto the synergies with the Sine and Cosine graphs.

The diagram below shows the graph of the Sine and Cosine functions. The accompanying text explains their relevance.

Andre highlighted that mainstream life (rush hours etc.) is represented by the red Sine curve which is the very popular yet hugely congested ‘rat-race’ line. This video shows exactly why I seek to avoid it.

The blue Cosine curve exists as an alternative rhythm in a slightly later time-space. Free from the shackles of convention, the entrepreneur is able to take advantage and ‘surf this wave’ much like I did (and do) on my London trips. As a result, time is used in a much more productive and enjoyable manner.

Hitchhiking can also be looked at as an alternative rhythm. Crowded bus stops and train stations are mainstream functions; the hitchhiker travels independently along a very different yet largely parallel route.

Profiting from Time

The luxury of choice actually empowers people who run businesses to make the most of their time. This freedom means there is time to think, learn and discover better ways to do stuff.

Here are just 5 of the very best things I have discovered and learnt from as a result of having more time:

  1. The TED website – Expert speakers & brilliant presentations. All Free!
  2. Springwise – Get your daily fix of highly innovative and entrepreneurial ideas.
  3. Five people & one Guitar – phenomenal teamwork & uplifting entertainment
  4. Go Self Employed – Be inspired by leading author Steve Strauss
  5. Twig – Entrepreneurs create free Science Films to educate & inspire anyone

Having more time meant I was also fortunate enough to attend the World Entrepreneurship Forum which took place in Singapore in 2011. At the event I met many inspirational people with vast experience and a wide variety of perspectives, but who shared a common desire are to use entrepreneurship as a driver to solve global problems. This year the same event is in Lyon at the end of October and my ticket is already booked.

We may feel we are increasingly short of time but with careful thought we can solve many of these problems for ourselves as well as others. What is far more significant is how we explain and find answers to the fact that 4 billion people live on less than $2 a day.

As ever, feedback and thought about the points raised in this article are very much welcomed. How does the socially conscious entrepreneur use his/her time to best effect?

Key Learning Points: Use smart thinking to avoid the congested mainstream and make the most of your time. Freedom to think and being able to continually learn ultimately gives you time to help solve much bigger problems.

Posted in Entrepreneurship in Action, Human Behaviour in Business, Teaching Entrepreneurship & Business | Tagged , , , , | 2 Comments