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June 1-June 5, 2020 

 

a look back at this week’s essays… 

 

How to Be Happy With Your Money 

When I had no money, which was the case for the first 30 years of my life, I resented [the notion that money doesn’t buy happiness]. It seemed a glib sentiment expressed condescendingly by those that had to those that had not…. That was then.

 

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Hiring Someone to Grow Your Business:

The 7 Personality Traits of a Superstar Entrepreneurial CEO 

Running an entrepreneurial business is very different from running a mature one. A mature business needs to be managed. An entrepreneurial business needs to be grown.

 

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Black Lives Matter 

Black lives matter. What does that mean?

 

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quick quiz 

 

  1. How much do you remember about this week’s “Words to the Wise”? Use each of these words in a sentence: 

 

*  ephemeral (6/1/20)

*  bromide (6/3/20)

*  insouciant (6/5/20)

 

  1. Fill in the blanks in this week’s quotations: 

 

* “He that is of the opinion that _____ will do everything may well be suspected of doing everything for _____.” – Benjamin Franklin (6/1/20)

 

* “A _____ is one who knows the way, goes the way, and shows the way.” – John C. Maxwell (6/3/20)

 

* “We can no longer ignore the fact that America is not _____.” – Fannie Lou Hamer (6/5/20)

 

  1. Are these statements True or False? 

 

* People who drink and smoke are more likely to have a problem with snoring. (6/1/20)

 

* Since the shelter-in-place strategy was implemented, calls to suicide lines have increased by as much as 1000% in some states. (6/3/20)

 

* Unarmed blacks are killed more often by police than unarmed whites. (6/5/20)

 

 

 

recommended links from this week’s blog 

 

* “Could the CDC Make That Mistake?” – To read the article, click here.

 

* “70 Step Basketball Trick Shot” – I’ve watched a number of these ingenious games… devices? But this has to be the best. Here

 

* The latest issue of Independent Healing Click here to read the June issue.

 

* How to build the perfect squirrel-proof bird feeder…Here

 

* Must Watch: “Woman gives powerful speech to looters on streets of NYC” Here

 

 

Q&A 

 

Your Question: 

 

What is your opinion on contractor vs. employee?

 

My Answer: 

 

With one exception, I don’t have a strong opinion on contractor vs. employee. To me, it’s a payroll and tax consideration.

In the past, I’ve recommended that certain creatives – like copywriters and editors – be put on a contract basis because I felt they’d be more productive if they were paid by the job. I don’t buy into the idea that creatives need to be in physical proximity to one another. I know the theory. I don’t see it working in practice. What I see are people in cubicles that communicate with one another by email or text. The only time they actually get together is for meetings. (I now believe I prefer Zoom meetings to flesh-and-blood meetings.)

As for marketers and their assistants, I suspect that the employee relationship works better because they need to be communicating with one another, often in small, impromptu groups, to keep things moving. This is just a hunch, though.

As for data entry people and other piecemeal workers, freelance, remote contracting seems like it should usually work.

The only group that I think should definitely be employees and also in the office (and early) are the company’s leaders and those that directly report to them.

 

Have a question for me? Submit it on our Contact Us page. 

 

 

For a look back at the stock market, click here

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“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell

 

Hiring Someone to Grow Your Business:

The 7 Personality Traits of a Superstar Entrepreneurial CEO 

So, you want to hire someone to run your business?

Maybe you’re nearing retirement. Or maybe the person running it now is doing a disappointing job.

In my career, I’ve been in this position maybe a hundred times. In fact, I’m waist-deep in it again right now – with three companies simultaneously, with annual revenues ranging from $15 million to $100 million.

It’s not easy.

So much is at stake.

So how do you find the right person? What qualities should you look for in this all-important search?

This is what you will hear from an executive placement expert: “You need someone with experience… someone with good communication skills… someone that can build strong teams. But most important, you need a big thinker – a visionary and a risk taker.”

When I was young, I was vulnerable to that sort of business-school bullshit. It may be appropriate for a billion-dollar business. But if you have a $10 million or $100 million business, “qualifications” like that won’t help you at all.

Running an entrepreneurial business is very different from running a mature one. A mature business needs to be managed. An entrepreneurial business needs to be grown.

In past essays, I’ve explained my theory of “growers” and “tenders.” Tenders have a talent for solving problems and making a business run smoothly. Growers have a talent for growing revenues and profits.

To run your entrepreneurial business, you need a grower – a superstar with the following qualities:

  1. He’s competitive:He doesn’t hate losing… but he loves winning.
  2. She’s Pareto-focused: She understands her priorities and follows the 80/20 principle in pursuing her objectives.
  3. He’s a work horse: If he has to, he will outwork anyone else in the company. It doesn’t matter if it takes 18 hours a day.
  4. She’s knowledgeable: She understands the business inside and out – an understanding that comes from an interest in figuring out how things work. She wants to know what is going on and why.
  5. He’s fearless: He’s not afraid to hurt feelings. He’s not afraid to fire people or to tell them when he thinks they have erred.
  6. She’s open-minded: She’s open to new ideas, but doesn’t accept ideas that don’t make sense to her.
  7. He’s strategically lazy: He always wants to be the smartest person in the room (and the most powerful) but he’s wise enough to understand that if he puts himself in charge of everything he will never achieve anything beyond what he, as one person, can do. Plus, he doesn’t want to work that hard. So he hires the most talented people he can find and gives them the freedom to do what they do best.

So why am I not telling you that you need a “visionary” and a “risk taker”?

 When it comes growing an entrepreneurial business, I can’t think of any quality that matters less than vision.

When you are growing a start-up company, you have no idea how things will develop and what challenges you will face. That’s because markets are dynamic and problems are specific. You can’t vision your company into success. You have to react and respond, test and retest, try and fail until the future of the business makes itself clear.

The best entrepreneurial leaders (i.e., growers) don’t concern themselves with what the business will become in 7 to 10 years. They focus on this year and this month and this week. Long-term for a grower is, at best, two to three years.

As for risk takers…

 That entrepreneurs (and the CEOs that run entrepreneurial companies) must be risk takers may be a bromide that is even more common than visionary. I think it is equally untrue.

I would not hire anyone to run any aspect of my business (except perhaps a sales team) that I would judge as a risk taker. There is so much inherent risk in building any business. The challenge is to make progress without losing all your time, money, and patience – and that requires the ability to make smart, low-risk, high-growth decisions.

So if you are shopping for a CEO, look for the abovementioned 7 traits… and steer clear of risk takers and visionaries.

 

 

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