Michelle Duval on Accelerators and BBG

Insites from Jenny Kahn on Michelle Duval’s Research

Hi Geoff, Ivan , Emma and Sam

Congrats on an excellent Gala Event this morning.

Michelle Duval was an informative and inspiring keynote speaker and left the attendees with much to think about regarding the research she has conducted about Entrepreneurs.

A few take-home insights: 

Michelle distinguished between Entrepreneurs and Business Builders and their respective attitudes
-Entrepreneurs : those leaders who start businesses with a view to exiting within 5 yrs
-Business Builders: those leaders who start businesses with view to growing it for 10-15 years

Entrepreneurs’ focus:

24% less on detail
33% more on power
28% less on Procedures
21% more indifferent to rules
34% more on gut feel
41% less on external inputs (except in technology)
40% more initiate to start (critical for early stage success)
44% less structured planning
44% more on $ (love of commercial side of business)

Business Builders’ focus

37% more on structured planning
31% more on procedures

Major differentiator is focus for 1st group on the “Big Picture” . 30% greater focus on this - allowing them to move faster, see opportunities, more rounds of investment, higher revenue, bigger companies. 

Also of note was that it is predicted that 1 billion people plan to start businesses in the next 3 years. 
98% of these will fails and 60% of these will have failed within 3 years. 

44% will be due to poor entrepreneurial leadership and management.

It is clear that one needs different leadership attributes - and attitudes for different phases.

I have attached an article in Harvard Business Review by Rosabeth Moss Kanter which I have used in the past and found helpful for leaders which also focuses on the merits of both big picture and operational thinking.  She refers to “Zooming out” (big picture) and “Zooming in” (operational/ planning/ procedural). These lenses through which leaders view the world can help or hinder their ability to make good strategic decisions. Hope you find it helpful - as I did.

Kind regards,
Jenny Kahn.

(For those readers who want a copy of the article - put your name down in the comments below and I will send you the link)

THE POWER OF BUILDING A NETWORK

              
As technology, artificial intelligence and machine learning  relentlessly drives change, and potentially threaten our livelihoods and jobs - experts are telling us that opportunities are presenting themselves more and more to those that have the strongest advocates, relationships and networks.

Employees are more valuable to employers and have better career options if they have strong relationships and networks. 

Those that are in the gig economy survive and thrive based on the power of their relationships, advocates and networks.

Successful business owners, leaders, entrepreneurs and investors have always known that that quality clients and long term profitability come through referrals. 

They are feeling the effects of faster, dynamic changes to technology and want bigger, stronger networks that drive referrals and profitability. 

Powerful solid networks of advocates that you know like and trust will underwrite your stability and success and is key to avoid becoming just another statistic.

The world is telling us to build our network – but how? 

We are all time poor and traditional, one-dimensional networking (the old “let’s meet over coffee!”) requires a lot of effort and for very little result. So what’s the solution?

www.bbg.business 

Switch from Networking to Relationship Building!

Technology and social media have created the ultimate networking combination; - however the  human touch and  for face to face engagement is the key to creating the ultimate network.

Join us for breakfast at bbg (www.bbg.business) to see how we role.

Developing relationships and advocate takes time. 

It takes time to get to know, like and trust each other. When that happens  - collaboration referrals and advocacy will happen - in abundance! 

What would change if you had a (very) large network of people, advocating for you only a few years from now?

Tired of coffee meetings?

If instead of lots of coffee meetings you choose to grow your new and existing relationships around a ‘hub’; a monthly forum, interesting  mastermind lunches and gala events , attended by a community of other, like-minded people individuals who all have a focus of helping you grow your business with a spirit of generosity ?

Then you could get to know the people you have invited and over time introduce them to other connections in your network, who you might have also met at the ‘hub’. 

You then become the centre (the ‘hub’) of your relationships; meeting people you believe would be worthwhile adding to your growing network and enabling connection s and introductions. All independently of anyone else who is attending.

What could come from being the ‘Hub’ of your own network?

Through the connection of their own strategic partnerships, many corporates and large businesses are creating their own ‘hubs’ to add more value and stay relevant to their clients and customers. This strategy is a multiplier for results because a larger network creates the opportunity for more leverage and opportunities through the demonstration of adding value; not just saying ‘we do a better job for our clients’ (shouldn’t you be doing a better job anyway?). 

By leveraging your time and energy using hubs and events facilitated by BBG, you can collaborate and create your own ‘hub’ connecting and creating opportunities within your network of alliance partners and advocates.

As your network multiplies, so do your opportunities…You have found and created aligned relationships that give you access to 100’s, if not 1000’s of relationships. What could you achieve if you were the “hub” of that sized network?

We will help you create this.

BBG is about meeting with a group of like minded people - where they connect, collaborate, learn and grow using forums, mastermind lunches and gala dinners .

So if you build a network of advocates, will they refer opportunities to you?

Absolutely! When the culture of generosity and  advocacy is right - magic happens

If people know like and trust you, and you meet with them regularly - to stay front of mind - they will refer you. 

Based on the BBG culture of Generosity, they will want to help you grow.

Be Somebody’s Somebody today

Hey you. Yeah, you.  

This is Dan, and I just want to say I hope everyone has had a great day. 

Here are a couple of thoughts today. I’ve been thinking about some friends going through trying times, some life issues, some challenges, which we all have every day. 

Remember that no matter how good we pretend to be on social media, (Facebook, Instagram, LinkedIn, Snapchat,) we all have challenges and it's our attitude and our response to those challenges that make a difference.

So, my message for today is, Be Somebody’s Somebody. 

I know that sounds redundant. I thought about this and how important it is to be somebody’s somebody today, no matter what challenges you are personally facing. 

Take a look around. See if you have a friend or a family member that needs to be checked on. 

Reach out, encourage them, and remind people how much you appreciate them. 

 It all makes a difference. 

And you could be that one person that they get positive reinforcement and feedback today. 

So anyway, that's all I have for now. I just wanted to jump into your social media stream and let you know you are appreciated. 

 Be that somebody that reaches out and appreciates others today. Have a great day. We'll talk soon.

What is one thing you are going to do - or have done today to be somebody’s somebody?

From Dan Goodwin - who is planning to set up www.bbg.business in Kansas 

                

The power of advocacy

Great Insite by Jason Ross 

Imagine your life in 5 years, sitting at your desk, having come in late and without any intention to stay longer than lunch.

Imagine the clients you have, or the people that you lead.

Imagine these people take your calls or quickly get back to you when you phone or email them. They complete their objectives and work with enthusiasm, pay their invoices on time or listen when you offer advice; the advice you are more than qualified to provide.

These aren't an online collection of pseudo ‘friends’. You have deliberately surrounded yourself with people that make your life easier, not harder in real terms and it didn't happen by accident. A great network doesn't just ‘turn up’.

Imagine that this network of yours, of 50 or even 100 people. People who don't just know what you do for money, but who you are as a person. 

More importantly, what if these great people actually opened doors for you into the relationships they valued. Introduced and referred you to people (and business) just like them; great people. Imagine this and then ask yourself; would I ever want for new clients, business, or career opportunities?

Of course you wouldn't. Abundance would be a word you'd become very familiar with.

Now consider where you are today. You are (hopefully) clear that a strong network of genuine relationships and advocacy is the holy grail of success, in your career or business so you're out networking at an event.

What would you prefer to walk into a room of 100 people and promote yourself, one to one, selling yourself and your wares? Repeating your ‘elevator pitch’ while assessing and being assessed based on the premise of ‘can we do business?’ Politely offering and collecting business cards to be discarded when you get home.

Wash, rinse and repeat. Over and over.

Or would you rather know 10, trusted advocates who know the other 90 people. Advocates who will deliberately and strategically know when to bring you into a conversation and their relationships?

Which would you choose?

Again, the choice is (or should be) obvious, because having people who advocate for you is far more time and energy effective, and advocacy comes with the power of trust. It's the lubricant that smooths the pathway to results and opportunity.

This isn't new. It's common knowledge. Yet, even knowing this most people (rightly or wrongly) still pursue the strategy of self promotion. Investing time and energy in one on one coffee meetings and networking events where they rely on their own efforts and an elevator pitch.

Wash, rinse and repeat.

Advocacy is the key that opens the door to opportunity, but it requires a network founded on a basis of strong relationships. Relationships, that are themselves based on a culture of genuine collaboration between everyone involved, and that requires trust. 

The strength and reach of your personal network (not the business or organisation you work for) is directly related to the opportunity available to you and, the success you will achieve.

It is relevant if you're an employee starting a career or new job, an entrepreneur with a new idea or business owner with a business that is growing or failing. It's relevant if you are in a corporate environment or a not for profit. Everyone needs a network if they want more.

BUT if it's just you searching for great connections, building new relationships, strengthening the trust and making the calls to connect to others, how on earth are you going to manage the time and energy to build strong and genuine relationships with 10 people, let alone 50 or 100?

Where are you going to find the time when you're already working hard in your job or business, have a family, a social life or contribute to your community?

The answer; it depends.

It depends firstly on your desire to (incrementally) alter your short term focused strategy of wash, rinse and repeat (which only leads to more wash, rinse and repeat) into a long term one that provides an abundance of opportunity.

Secondly, it depends on if you're prepared to actually be deliberate with your time and energy; which is always required, regardless of the endeavor.

Finally and most importantly, it depends on your ability to create leverage or "personal scale", because if everything was down to you being the ‘magic’ that strength and reach is immediately going to be limited.

The Power of BBG

Great post by Toni Fitzgerald 

I remember when I first started working.   Anything my boss asked me  "could I do xx'  I always enthusiastically said 'yes!'   Even if I didn't have the foggiest clue what he was even talking about.  My first task simply became ringing around my friends and colleagues looking for help, from someone who did know.    Often, none of my inner circle could help, but were more than happy to introduce me to a friend, or friend of a friend, and voila… I could get the task done.

It was experiences like this over those first working years that taught me the power of networking and collaborating and of having a group of people willing to help out, without them needing to line their own pockets.

Being a part of Business Builders Group (BBG) from the very beginning, I have seen this in action again and again.  And the absolute highlight for me has been in extending the tentacles of a network across international borders.

Recently a Sydney based friend of mine needed to make a high profile connection in Singapore… and just did not have a starting point.  He was arriving in town with a vague plan.  I looked on the BBG website and found, yes, there was already a chapter established in that country!  

Using Referron, I referred my friend to the  leader of that chapter Mr Allen Pathmarajah, who helped him connect with the right people. The problem was solved, and a strong appropriate friend and business connection was established.

"The gentleman I met through BBG is just the perfect connection, he has a wealth of experience and an entirely appropriate background to guide and further  assist and connect me"   I was told upon my friend's return to Sydney.

Start with Who

Michel Bachmann

Exploring new ways of inter-being.

https://medium.com/@michelbachmann/start-with-who-15b8857ed718

In one of the most popular TED Talks, Simon Sinek encourages people to “Start with Why”. That is, leaders should focus on articulating their organization’s purpose to move people into action.

I disagree. At least when it comes to communities.

My experience with building community across a variety of organizations such as Impact Hub, WWF and The League of Intrapreneurs has taught me that the Who is more important than the Why, especially in the beginning.

Here’s why:

1. You attract who you are

Most communities I’ve experienced are a mirror of their founders. For instance, the first Hub in Berlin was founded by a group of coaches and facilitators. Their vision was to create a diverse community of entrepreneurs, creatives and other people dedicated to building a radically better world.

In the end, however, the community was mostly comprised of coaches and fell apart as it couldn’t live up to its vision. 

Why? 

Because coaches attract coaches, not entrepreneurs. And much of the energy was spent discussing what should be rather than creating what could be. At least that was my perception of it at the time. The lesson I took for founding the Hub in Zürich is to start by building a nucleus of people that is a microcosm of the desired future from the beginning: the seed that contains the DNA for everything that is yet to come.

Consequently, we started by inviting a hand-picked group of people to our first co-creation events and asked them to become founding members. We then created a special program for social entrepreneurs since we quickly learned that they wouldn’t be able to join otherwise. And we wanted them to be at our core. This became the nucleus for attracting the 1000+ members that make up Impact Hub Zürich today. Of course there were many steps in between and we made plenty of mistakes on the way. But that’s a story for another article.

The Why sets the ambition. The Who defines the potential to deliver on this ambition.

2. It’s all about people

People often join a community because they resonate with its vision. But they will stay (or not) because of its people. I have seen many communities fail that had a beautiful Why but didn’t tend to the Who.

For example, most initiatives I know that set out to create a Teal-inspired collective haven’t gone anywhere. Many start out with a beautiful narrative of changing the world with an invitation for anyone to join — and then get stuck in endless discussions until people leave. A grand vision creates grand expectations. And if the experience doesn’t live up to those expectations, resentment, cynicism and mistrust build up and the community will disintegrate. Ultimately, it’s the quality of people and the relationships between them that keep a community together. Human connection (or lack thereof) will trump a strong mission statement any time.

A community that does this really well is Enspiral. The community is based in New Zealand and has created a new kind of collective that allows a diverse set of professionals and companies to do meaningful work together and create shared value. A key practice that binds the community together is an annual retreat where every member is invited to participate and deepen their relationship with one another. This ensures that human connections are kept intact as the community grows.

The Why is a good story. The Who is the lived experience.

3. Values > Purpose

It’s important to be aligned around a shared purpose. However, it’s even more important to have a set of shared values, especially when things go wrong. In times of darkness, it’s good to ask the question: Why do we exist? What is is the purpose that brought us together and how do we see our “raison d’être” today? The critical question, however, is the following: Who are we in this? What is it that we truly value and will defend with all our power?

For instance, when the Hub network was going through its global re-branding to Impact Hub some years ago, the conversation between founders was fairly aggressive and brought up a lot of tensions. Many people were upset and threatened to leave the network. The quality of the conversation shifted to a generative dialogue only when the community remembered and consequently acted from its core values: trust, courage and collaboration. Ultimately, the tensions were resolved and the network grew stronger than ever before. It’s what we stand for in moments of crisis that defines us.

A community that demonstrates the primacy of values over purpose is Burning Man. There are few people who can say what the purpose of Burning Man is. But almost all of its members know or are at least aware of the 10 Principles that guide how 70'000+ people come together for the week-long festival in the desert of Nevada each year. Being a “Burner” is not so much defined by having a shared vision but rather by embodying the values that the community stands for.

The Why adapts as the world changes. The Who takes a stand to change the world.

4. Boundaries matter

Many communities struggle with the question of whether to be open or closed. Most want to be inclusive and yet feel the need for some kind of boundary to protect what has been created. In other words, there’s a tension between diversity and coherence. Defining the Who can help mitigate this tension. It articulates who the community is for and what the criteria are to join.

For example, the League of Intrapreneurs only accepts people who are driving change from within powerful institutions. And it will not tolerate people who act against their core values: showing up as fully human, contributing as co-creators and practicing transparency among others. That is, the open vs closed dilemma can be transcended by defining clear criteria for the Who. That way, rather than being exclusive, the community becomes selective and sets a permeable boundary for people to join. The key is to be transparent about the criteria and then applying them rigorously.

A good example is the Ecstatic Dance community. It’s a free dance form that has become a world-wide movement that is open for anyone to join as long as they respect the guidelines on the dance floor: no talking, keeping the space safe and zero intoxication. It’s important to remove anyone from the community who is not respecting the guidelines. Otherwise it undermines the clarity of the Who and the experience of everyone involved.

The Why is an open invitation. The Who sets a healthy boundary.

The Golden Spiral

Based on these insights, I suggest evolving Simon Sinek’s Golden Circle around Why/How/What by placing the Who at its core and depicting it as a spiral rather than concentric circles to reflect its dynamic nature:

In other words, when you set out to give birth to a co-creative community, I would always start with the Who and then work my way outwards:

1. WHO are we and what do we stand for?

• Articulate who you are and who you want to become
• Invite a nucleus of people who embody the desired future
• Inquire what creates value for you and how you want to be together
• Define a coherent set of shared values & principles
• Identify who is missing and how to weave them in

2. WHY do we exist and what is our ambition?

• Presence the bigger context you are in
• Explore what connects everyone
• Inquire what wants to be born through you
• Crystallize the world you want to build together
• Define what success looks like

3. HOW do we work together to realize our ambition?

• Clarify the needs to realize your ambition
• Surface everyone’s gifts and connect with needs
• Identify what’s missing and how to fill the gaps
• Create a mechanism to honor everyone’s contribution
• Agree on roles, rhythms and rules for working together

4. WHAT’s our concrete offering to the world?

• Articulate your unique value proposition
• Define the concrete offerings you want to make
• Clarify the give/get relationship
• Build prototypes and test with actual users
• Evaluate success and adapt quickly

This is not a linear process, of course. You will continue to get back to the Who, Why, How and What at a deeper level to connect the different elements into a coherent whole. Hence the depiction as a spiral rather than a circle. And to be fair to Simon Sinek: Much of what he writes in “Start with Why” I would place within the Who. Or put differently: the deeper you go into the Why, the more you get into the Who. So you could argue it’s merely a more nuanced model. 

The boundaries are fluid.

Last but not least, it’s important to note that the more inwards you go, the harder it is to change things.

 The What changes on a regular basis as you respond to shifting needs.

 The How changes every so often as you learn to work together more effectively. 

The Why usually only changes when there is a bigger shift, internally or externally, and you need to rethink your reason for being.

 To change the Who is the most difficult of all and requires a deeply transformative experience, often accompanied with plenty of drama and angry people leaving the community. 

That’s why it’s wise to take the Who very seriously and dedicate a lot of attention to its cultivation from the beginning.

It is said you are the average of the five people you spend the most time with.  

Choose wisely