If you don’t have money, banks won’t give you money.
Adel Ali, founder ArabicAir
Successful people just drown out all the noise.
Liz Hamren, CEO Ring
An invitation to invest 2 to 22 minutes in your executive education this week.
RIP Steve Mariotti – Network for Teaching Entrepreneurs (NFTE)
The world of entrepreneurship education lost a pioneer/ innovator/maverick this week – and I lost a dear friend. The founder of NFTE, Steve Mariotti (71) brought his unique approach to teaching entrepreneurship to young people and inner-city youth around the globe. Noted Peter Jennings (ABC World News Tonight):
A teacher who wanted to help kids turn away from a world filled with drugs, and the kids themselves who had the guts to reach for a different dream.
Steve’s legacy will live on through NFTE and his books. God bless you Steve for all you’ve given.
Products That Grow (PTG)
Vijay Govindarajan’s latest HBR article has introduced a new business term and insight. Notes’ VG:
Businesses that aim to stay ahead must focus on creating Products That Grow (PTG)—products designed to evolve, adapt, and improve in alignment with customers' changing needs. The PTG concept is already being embraced by industry leaders such as Tesla and John Deere, as well as market disruptors like Fairphone, Moxie, and Deep Optics.
VG’s examples flush out his ideas – and he provides very specific approaches you can take to make your products more adaptable. It’s worth 3-minutes to scan if there are ideas applicable to your products.
Another “Why Didn’t I Think of This” – KIND Bars
If you think only AI-driven tech firms are the future, this Fortune story details how Daniel Lubetzky went from mowing lawns to selling KIND bars for $5 billion – and now the newest Shark Tank judge in the US. A fellow magician, read how he did a mentalist performance at the closing dinner for his transaction – and how his bankers and colleagues were concerned he had actually read their minds in the negotiation (Ha!). It’s a very entertaining and insightful interview – worth 3-minutes.
“Biggest Undoing” – Scaling KIND Bars
For me, here was the biggest insight/warning for entrepreneurs from Daniel’s journey. Per Fortune:
People were encouraging us to launch other products at the beginning because KIND was doing well. Our brokers and our stores wanted us to do more stuff. And the smartest thing I did—and I don’t do too many smart things—was saying no.
I said we’re going to stay focused on this product and fulfill its potential. Because all of us, as entrepreneurs, our greatest strength is that we’re creative and we’re sniffing for opportunities to do more stuff. But that’s also our greatest undoing—we can spread ourselves too thin. I did that at Peaceworks. It was a tiny company trying to do too many things. I needed to commit to really, really staying focused and doing things in a disciplined and strategic way, and it made all the difference.
When Is the Right Time to Reinvent the Business?
It’s an important decision – when to stay “all in” on your strategy, like KIND, and when you need to reinvent the business model. This PwC article addresses this decision point – too early or too late in changing and it can be disastrous. They introduced a BMR Pressure Index and detailed six drivers for making a change. CEOs, your job is strategy – so please “do the work” and up your sophistication in making this crucial decision. Please invest 5-minutes to dig into the ideas.
Transformative Leader Alan Mulally – Nov 6 – 8, Phoenix
When business leaders talk about transformative leadership, one name often stands out: Alan Mulally. He successfully led the turnarounds of two of the most critical industrial organizations in the world—Boeing and Ford Motor Company—through a value creation system and culture he calls “Working Together.” On November 6-8, he's coming to Chief Executive's annual Leadership Conference in Phoenix, and his keynote is set to be nothing short of revelatory. Please join me and 500 other CEOs/CXOs for this conference featuring Fred Reichheld, Carolyn Dewar, Ram Charan (and me).
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Additional Books
Scaling Up Compensation, a quick read helping you get much greater impact and outcomes from one of your largest expenses; and The Greatest Business Decisions of All Time, which provides you with some great ideas to borrow/steal for your own business are available on Amazon.
Planning for 2025 – Get a Coach or Be a Coach
It’s best if the planning session is professionally facilitated according to experienced CEOs. This way they can participate in the process (and not dominate it). Email [email protected] if you’re looking for a facilitator.
And if you’re interested in becoming a coach/facilitator, we’re always looking to add to our 296 experienced partners around the globe. Email [email protected]
Planning to Exit – Critical Whitepaper
Selling your firm, for its maximum value, is the most important negotiation in which a business owner will participate. You are typically negotiating with sophisticated buyers who have done hundreds of acquisitions whereas this is often your first rodeo. And these buyers have a formula for ripping you off – and it works, stealing tens of millions from you. Seeking help, owners discover the big M&A firms, especially those specializing in your industry, are more beholden to the buyers than the sellers (they will tell you otherwise). Email me to get a whitepaper on how to maximize your valuation and avoid the psychological games buyers play [email protected].
TECHNOLOGY:
Scaling Up Scoreboard is AI-enabled and integrated with Salesforce, Slack, and Zapier (allowing it to connect with 1000s of systems). Use Scoreboard to provide your team (working remotely even more important!) with a real-time visual dashboard of cascading priorities and metrics. Get a personalized tour of the Scaling Up Scoreboard to see how you can use it to better implement Scaling Up in your business.
EDUCATION:
Scaling Up Master Business Course
Scaling Up Free Mini Course
COACHING: Unlock Explosive Growth with a Scaling Up Coach
As we enter the fourth quarter, ensure your business thrives amidst economic uncertainties with expert guidance from a Scaling-up Coach. Our proven methodology and proprietary tools will help align your team, translate strategy into action, and drive measurable results. Schedule a complimentary call today to take the first step towards a clear, actionable Q4 strategy. For additional questions, email [email protected] or check our FAQs.
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SCALING UP WORKSHOPS:
Engage your team with interactive Scaling Up workshops. Here's our list of workshops
St. Louis, MO – Oct 31, 2024 (In-Person)
Hong Kong/Singapore – Nov 7, 2024 (Virtual)
Chile – Nov 12, 2024 (Virtual)
Melbourne, Australia – Nov 12, 2024 (In-Person)
United Kingdom – Nov 13, 2024 (Virtual)
Sydney, Australia – Nov 14, 2024 (In-Person)
Ontario, Canada - Nov 14, 2024 (Virtual)
San Francisco, CA – Nov 19, 2024 (Virtual)
Franklin, TN – Dec 5, 2024 (Virtual)
Chile – Dec 10, 2024 (Virtual)
San Antonio, TX – Dec 10, 2024 (In-Person)
Ontario, Canada - Dec 12, 2024 (Virtual)
San Francisco, CA – Dec 18, 2024 (Virtual)
Columbus, OH – Jan 10, 2025 (Virtual)
Washington, DC – Jan 28, 2025 (In-Person)
Sydney, Australia – Feb 20, 2025 (In-Person)
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