Monday, August 5, 2019

HBR's 10 Must Reads On Emotional Intelligence (Summary)

HBR's 10 Must Reads On Emotional Intelligence (With Featured Article "What Makes A Leader?" By Daniel Goleman) (HBR's 10 Must Reads)
Hardcover
           Available Formats :- Kindle / Audiobook / Paperback / MP3 CD



Source: Harvard Business School Publishing
ISBN: 978-1-63369-019-6

©2015 By Harvard Business School Publishing Corporation
Adapted By Permission Of Harvard Business School Publishing Corporation

Key Concepts

  • Awareness and self-control are at the heart of emotional intelligence. Emotional intelligence requires understanding oneself and others and, based on that understanding, making deliberate choices about how to behave and lead.
  • The defining characteristic of a great leader is emotional intelligence. Leaders differ from one another not only in technical expertise but in personality and style. However, highly successful leaders all possess emotional intelligence, the characteristic that sets them apart from other leaders.
  • Emotional intelligence can be learned. Though some individuals are more naturally adept at some or all of the characteristics that constitute emotional intelligence, anyone who wants to become more skilled in this area can do so through awareness and purposeful effort.
  • Good leaders can make bad decisions if they do not practice emotional intelligence. Unconscious cognitive tendencies can lead even the best leader to make a bad decision. Awareness and preventative measures in the face of red flag conditions are manifestations of emotional intelligence and can prevent poor decision making.
  • Mood, fairness, and civility matter. A leader’s mood affects his or her employees’ moods and can have an impact on an entire organization. Organizations that treat employees fairly perform better overall than organizations that do not. Allowing rudeness in the workplace has serious performance and financial consequences.

Introduction

Skill, talent, and experience are all requirements for good leadership. But what distinguishes a great leader from all the others is emotional intelligence—the awareness of and ability to regulate one’s emotions to drive a high-performing organization. Emotional intelligence is rapidly becoming a core leadership competency. HBR’s 10 Must Reads On Emotional Intelligence culls from experts in the field to offer wisdom on a variety of emotional intelligence topics, providing leaders with practical insights about how to enhance their own emotional intelligence and nurture it in others.

What Makes A Good Leader?

By Daniel Goleman

Leaders differ from one another in many ways. Some leadership qualities and skills suit specific situations better than others. However, one characteristic all great leaders have in common is emotional intelligence. Studies have shown that, all other skills and capabilities being equal, a leader with emotional intelligence will be far more successful than his or her counterparts. Emotional intelligence comprises the following components:

  • Self-awareness is foundational to emotional intelligence. It is the source for understanding one’s strengths, weaknesses, attitudes, and relationships toward others—all of which are impacted and influenced by emotional intelligence.
  • Self-regulation is the ability to control one’s actions, impulses, responses, attitudes, and behaviors toward others. Stemming from self-awareness, self-regulation leads to thoughtful, level-headed, and even-tempered attitudes and behaviors in all situations.
  • Motivation to achieve in any circumstance is a key trait of those with emotional intelligence. A strong sense of motivation leads such individuals to keep accurate track of their performance, be optimistic in the face of adversity, and lead others in a team effort toward excellence.
  • Empathy allows people to understand and care about others’ circumstances, thoughts, and feelings. Empathetic leaders are able to inspire trust and confidence in their employees, even in difficult times—which often leads to better outcomes for everyone.
  • Social skill is the ability to find common ground and develop good relationships with others, no matter who they are, and motivate people in a positive direction. Socially skilled individuals are good at persuading others, which is a sign of effective leadership.

While some people are more naturally adept at certain qualities of emotional intelligence, with self-awareness and commitment anyone can become emotionally intelligent.

Primal Leadership: The Hidden Driver Of Great Performance

By Daniel Goleman, Richard Boyatzis, And Annie McKee

Research indicates a leader’s mood has a profound impact on organizational performance. Through the process of mood contagion, employees adopt the prevailing mood of their leaders. Positive, optimistic, and genuine leaders inspire a similar mood in the people they manage—leading to successful short- and long-term business results. Negative, overbearing leaders who inspire stress in their employees may achieve strong short-terms results, but over the long term, organizational performance suffers. Therefore, leaders must not only possess emotional intelligence but also use that intelligence to monitor and adjust their moods.

The following five-step process can help any leader monitor and improve his or her mood to drive organizational effectiveness:

  1. Define the ideal state. The first step to creating an improved mood is identifying what the ideal mood would be.
  2. Recognize the current state. Self-awareness and soliciting feedback from others can help a leader objectively evaluate her or his prevalent mood, as seen through the eyes of employees.
  3. Define a path toward creating the ideal state. Leaders must develop an action plan and take concrete steps toward improving their moods.
  4. Take measures to ensure the change is sustainable. Ongoing, deliberate practice and continually envisioning the desired mood state can help leaders ensure that this state is long-lasting and ingrained.
  5. Seek support. Leaders should enlist others to provide support and feedback toward helping them manage their moods on an ongoing basis.

Why It’s So Hard To Be Fair

By Joel Brockner

While leaders might be reluctant to admit it, being fair has often proven to be difficult in the business environment. Sometime unfairness stems from emotional discomfort, sometimes it is financially driven, and sometimes it is simply a by-product of corporate policy.

Businesses will sometimes try to financially compensate for uncomfortable and seemingly unfair practices—for example, by offering robust severance packages rather than engaging the organization in an open discussion about terminations. Ironically, not being fair is often more costly than being fair. For example, wrongful termination lawsuits happen much more often when employees have been left out of the information loop.

Process fairness comes in many forms, ranging from explaining why one person received a promotion over another to why an organization is downsizing. Often, the fairness issue is more a matter of explanation than action. Individuals are far more tolerant of negative impacts when they have a clear understanding of why they happened and have been involved in the decision-making process.

There are three drivers behind process fairness:

  1. Whether or not employees feel their opinions are heard and taken into account.
  2. If employees believe decisions are made consistently and fairly.
  3. How honestly and respectfully managers behave toward employees.

Process fairness is not only the right thing to do, it also drives organizational effectiveness and is financially prudent. Companies should take the following steps to ensure they are successfully practicing process fairness:

  • Address knowledge gaps. Forewarning managers about the emotional impacts of being open and honest with employees during difficult situations and equipping them with the right information can help managers better cope with uncomfortable situations and conversations.
  • Invest in training. Properly training managers in how to implement process fairness helps ensure better results, which often includes improvements to the bottom line.
  • Make process fairness a top priority. Organizational alignment, from top to bottom, is a prerequisite for making process fairness intrinsic to the business.

Why Good Leaders Make Bad Decisions

By Andrew Campbell, Jo Whitehead, And Sydney Finkelstein

Even the best leaders can make bad decisions, and bad information is usually not to blame. There are unconscious cognitive patterns at work that can distort decision making. Leaders with emotional intelligence are aware of these patterns and can take deliberate steps to make good decisions in spite of them.

Pattern recognition is a cognitive process that makes individuals either react to or ignore current information based on familiar patterns from previous life experiences. Emotional tagging is a cognitive process through which an individual ascribes an emotional connection to current information based on previous emotional experiences. That emotional connection inspires action.

The following three red flag conditions can trigger one or more of these cognitive tendencies, leading to diminished decision making:

  1. Inappropriate self-interest. Individuals are emotionally biased toward information they are in some way personally connected to.
  2. Distorting attachments. Personal bonds to people, places, and things can distort judgement.
  3. Misleading memories. Memories individuals have of similar situations can lead them away from making the right decisions based solely on current circumstances.

Fortunately, astute and aware leaders can overcome these red flag conditions simply by involving others in the decision-making process. Leaders can safeguard against bad decision making when cognitive issues come into play through the following three practices:

  1. Bringing new information, experience, or analysis into the situation.
  2. Inviting additional debate and challenge on the issues.
  3. Imposing stronger governance practices.

Building The Emotional Intelligence Of Groups

By Vanessa Urch Druskat And Steven B. Wolff

A substantial amount of the work accomplished in today’s business environment is done so by teams. Therefore, it makes sense that companies should strive to create emotionally intelligent teams. While it might seem logical that staffing a team with emotionally intelligent team members would be enough to ensure an emotionally intelligent team, this is not the case. Emotional intelligence must be built into the group by creating trust among members, as well as promoting a sense of group identity and group efficacy.

Similar to individual emotional intelligence, emotional awareness and regulation are at the foundation of creating an emotionally intelligent team. An emotionally intelligent team puts in place practices that promote mindfulness of individual team members’ emotions as well as the emotions of other groups and people with whom the team interacts. Emotionally intelligent teams also create norms that help them regulate interactions and maintain emotional balance as a group in a variety of circumstances, including successes, challenges, and failures. These norms emphasize and reinforce trust, group identity, and group efficacy.

Teams that are able to become emotionally intelligent as a group are better able to consistently drive high performance. Such teams thrive in organizations that adopt cultures that value their employees’ emotions.

The Price Of Incivility: Lack Of Respect Hurts Morale—And The Bottom Line

By Christine Porath And Christine Pearson

Rudeness in the workplace might not be the first thing leaders think about when they consider employee-based risks to the bottom line, but incivility is in fact on the rise and can be very costly. Those costs come in many forms, including:

  • Reduced creativity, poor performance, and employee attrition.
  • Retaliation in the form of lower productivity or poor product or service quality levels.
  • Loss of business when customers are put off by witnessing rude behavior.
  • Incident management when incivility is reported to Human Resources.

Incivility can range from demeaning, emotional outbursts to subtle teasing. Any level of incivility in the workplace can be destructive and demoralizing. Whether perpetrated by a peer or a leader, it can impact individuals or entire groups and departments. Unfortunately, incivility is often overlooked as a damaging and costly force.

Leaders and managers play a very important role in eliminating incivility from the workplace through:

  • Modeling civil behavior.
  • Asking subordinates for feedback.
  • Tracking improvements.
  • Hiring the right people.
  • Teaching civility to their teams.
  • Establishing group norms that support civil behavior.
  • Rewarding good behavior and penalizing bad behavior.

Leaders need to be on the watch for rudeness in the workplace and create an environment in which employees feel safe sharing about how they are being treated by others. While exit interviews can be a good resource for uncovering uncivil behavior, they can be even more revealing when feedback is gathered a few months after an employee has left the company. At that later time, former employees tend to be more honest and feel more comfortable sharing negative experiences.

How Resilience Works

By Diane L. Coutu

Resilience often affects whether a business succeeds or fails. It can be very powerful in overcoming even the most dire situations, and is therefore talked about frequently in today’s business world.

As a personal attribute, resilience is based on three characteristics:

  1. The ability to accept reality, for good or for bad.
  2. A strongly held, value-based belief that there is meaning in life, regardless of circumstances.
  3. The ability to improvise in any situation.

Resilience should not be confused with optimism. Though resilient people may frequently display a positive attitude, they are realists and face life honestly. Even in the worst of circumstances and under very adverse conditions, resilient people derive inspiration from deeply held values that allow them to creatively devise solutions and pathways out of difficulty.

Organizations that are resilient face reality head on; they have created a strong set of core values that enable them to weather the winds of change and develop innovative solutions, even in a crisis. Their employees understand these values and are able to apply them creatively to develop solutions to challenges. Organizations will be better served by building this type of resiliency into their operating structures than by simply hiring resilient people.

Both individuals and organizations can become more resilient by understanding the characteristics that lead to resiliency and working to strengthen those characteristics by:

  • Looking at situations realistically rather than through wishful thinking.
  • Developing a core set of guiding and sustainable values that give meaning to every situation and interaction.
  • Exercising opportunities to be creative in a cycle of continuous improvement.

Emotional Agility: How Effective Leaders Manage Their Negative Thoughts And Feelings

By Susan David And Christina Congleton

Even the most successful people can be plagued by negative thoughts, which can derail their progress forward and sap them of energy. When negative thoughts arise, individuals may often:

  • Internalize the thoughts and try to avoid situations that bring them up.
  • Challenge or rationalize the thoughts so they will go away.
  • Force themselves into situations that are counter to their personal values in order to get over the thoughts.

All of these approaches can make the situation worse, increasing rather than decreasing the power of negative thoughts.

While negative thoughts are unavoidable, individuals can use the following techniques to make sure those thoughts are not counterproductive:

  • Recognize the patterns. Simply becoming aware of when a negative thought pattern arises can help defuse its power. Awareness opens the opportunity for resolution.
  • Label thoughts and emotions. By appropriately naming a negative thought or emotion (rather than considering it a personal truth), an individual can gain emotional distance from it and view it more rationally. This is a step toward control.
  • Accept negative thoughts. Instead of resisting a negative thought, an individual can merely accept it and not seek to control it in any way. By taking a self-compassionate approach, an individual is better able to examine the thought objectively and look for potential resolution.
  • Act on personal values. Negative thoughts can be signs that there is a misalignment of personal values. Exploring negative thoughts can be a path toward making life changes that are more in alignment with one’s true desires.

Fear Of Feedback

By Jay M. Jackman And Myra H. Strober

Many people fear feedback, equating it with early childhood experiences of being reprimanded. They will often avoid feedback at all costs. However, feedback— especially constructive feedback—offers individuals the opportunity to learn about themselves and grow.

Often the biggest problem with feedback is not the feedback itself but the person’s attitude toward it. Many times, individuals exhibit maladaptive behaviors, such as procrastination, denial, brooding, jealousy, and self-sabotage, in response to feedback—effectively turning the feedback into a negative, self-fulfilling prophecy.

A simple four-step process can help individuals avoid those maladaptive behaviors and instead embrace feedback as a growth opportunity:

  1. Recognize emotions and responses. Awareness of feelings of fear and an impending maladaptive behavior is the first step toward avoiding that behavior and accepting the feedback with self-honesty.
  2. Get support. When individuals are emotionally vulnerable, support from others can be very helpful. Enlisting the help of trusted friends and colleagues in working through the feedback can help an individual make the necessary changes.
  3. Reframe the feedback. By removing negative connotations and approaching the feedback as a growth opportunity rather than a criticism, an individual is more emotionally prepared to apply the feedback toward positive change.
  4. Break up the task. Even small steps in the right direction are productive. An individual can make better progress by dividing feedback into smaller tasks and setting time frames for completion.

Internalizing and applying feedback is an achievement. Individuals should make the time to reward and incentivize themselves for these constructive accomplishments. Further, the more one seeks out feedback, the less daunting it is.

Individuals can improve their attitude toward feedback, while at the same time growing in their careers, by continually assessing their own progress, looking for external feedback, rationally internalizing the feedback they receive, and then taking action for further improvement—benefiting both themselves and the organizations they work for.

The Young And The Clueless

By Kerry A. Bunker, Kathy E. Kram, And Sharon Ting

Organizations are always on the lookout for young, bright, talented, energetic, promising individuals to bring into the company. Once in, these individuals are often quickly promoted up through the leadership ranks, lest they defect to another company with more opportunities.

But there is a risk in this practice. All too often these individuals do not yet possess the emotional maturity required to lead effectively at higher levels. Simply put, their people skills are not yet developed enough to handle the responsibilities that come with executive positions. This can lead to some critical situations that are costly to both the company and the employee the company has over-promoted.

The solution to this problem is to make emotional competence and emotional maturity top priorities and to embed their development into the organization’s operations. The following five strategies can help ensure an organization develops its promising young leaders into seasoned, accomplished veterans:

  1. Deepen 360-degree feedback by supplementing questionnaires and rating scales with interviews of peers and subordinates, and devoting time to follow-up reviews and conversations.
  2. Interrupt the ascent of young executives by moving them out of their comfort zones and assigning them to roles that extend beyond their career paths. Not to be confused with job rotation, this effort includes removing direct leadership authority.
  3. Act on commitments when destructive behavior emerges, in terms of following through on any consequences or threats. Failure to do so discredits the initiative.
  4. Institutionalize personal development by including emotional competence as a concrete performance measure and defining what is expected of employees.
  5. Cultivate informal networks outside of the organization’s hierarchy to help individuals broaden and deepen their people skills. Mentorships and peer networking are two useful channels.

While delaying a promotion can be frustrating for an upwardly mobile executive, it can be the best thing for both that individual and the company. Effective leaders are emotionally intelligent leaders. It takes time and experience to develop the emotional maturity required to effectively lead at the highest levels.

About The Authors

Richard Boyatzis chairs the department of organizational behavior at the Weatherhead School of Management at Case Western Reserve University.

Joel Brockner is the Phillip Hettleman Professor of Business at Columbia School.

Kerry A. Bunker is a manager of the Awareness Program for Executive Excellence at the Center for Creative Leadership.

Andrew Campbell is a director of Ashridge Strategic Management Centre in London.

Christina Congleton, who was formerly a researcher on mindfulness and the brain at Massachusetts General Hospital, is an associate at Evidence Based Psychology and a certified coach.

Diane L. Coutu is a former senior editor of Harvard Business Review.

Susan David is the CEO of Evidence Based Psychology, a cofounder of the Institute of Coaching, and an instructor in psychology at Harvard University.

Sydney Finklestein is the Steven Roth Professor of Management at the Tuck School of Business at Dartmouth College.

Daniel Goleman cochairs the Consortium for Research on Emotional Intelligence in Organizations at Rutgers University.

Jay M. Jackman is a psychiatrist and human resources consultant in Stanford, California.

Kathy E. Kram is a professor of organizational behavior at the Boston University School of Management.

Annie McKee is on the faculty of the University of Pennsylvania’s Graduate School of Education.

Christine Pearson is a professor of global leadership at Thunderbird School of Global Management.

Christine Porath is an associate professor at Georgetown University’s McDonough School of Business.

Myra H. Strober is a labor economist and professor at Stanford University’s School of Education, and by courtesy at the Stanford Graduate School of Business. She is also a human resources consultant.

Sharon Ting is a manager of the Awareness Program for Executive Excellence at the Center for Creative Leadership.

Vanessa Urch Druskat is an assistant professor of organizational behavior at the Weatherhead School of Management at Case Western Reserve University.

Jo Whitehead is a director of Ashridge Strategic Management Centre in London.

Steven B. Wolff is an assistant professor of management at the School of Management at Marist College.

Amazon.com

In His Defining Work On Emotional Intelligence, Bestselling Author Daniel Goleman Found That It Is Twice As Important As Other Competencies In Determining Outstanding Leadership.

If you read nothing else on emotional intelligence, read these 10 articles by experts in the field. We’ve combed through hundreds of articles in the Harvard Business Review archive and selected the most important ones to help you boost your emotional skills―and your professional success.

This book will inspire you to:

  • Monitor and channel your moods and emotions
  • Make smart, empathetic people decisions
  • Manage conflict and regulate emotions within your team
  • React to tough situations with resilience
  • Better understand your strengths, weaknesses, needs, values, and goals
  • Develop emotional agility

This collection of articles includes: “What Makes a Leader” by Daniel Goleman, “Primal Leadership: The Hidden Driver of Great Performance” by Daniel Goleman, Richard Boyatzis, and Annie McKee, “Why It’s So Hard to Be Fair” by Joel Brockner, “Why Good Leaders Make Bad Decisions” by Andrew Campbell, Jo Whitehead, and Sydney Finkelstein, “Building the Emotional Intelligence of Groups” by Vanessa Urch Druskat and Steve B. Wolff, “The Price of Incivility: Lack of Respect Hurts Morale―and the Bottom Line” by Christine Porath and Christine Pearson, “How Resilience Works” by Diane Coutu, “Emotional Agility: How Effective Leaders Manage Their Negative Thoughts and Feelings” by Susan David and Christina Congleton, “Fear of Feedback” by Jay M. Jackman and Myra H. Strober, and “The Young and the Clueless” by Kerry A. Bunker, Kathy E. Kram, and Sharon Ting.

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Sunday, August 4, 2019

The New Experts: Win Today's Newly Empowered Customers At Their 4 Decisive Moments By Robert H Bloom (Summary)

The New Experts: Win Today's Newly Empowered Customers At Their 4 Decisive Moments By Robert H Bloom
Hardcover
     Kindle

The New Experts Delivers a Practical Strategy for Recruiting & Retaining Today's Seller-Agnostic Customers. Who are these new experts? A generation of ruthless customers empowered by three lethal weapons: instant access to information, immense choice, and real-time price comparison. This visionary book by Robert Bloom, a veteran CEO and respected authority on business strategy, tells readers: how to win customers who no longer care where they buy. It explains how to give customers what they want when it matters most to them at their 4 Decisive Moments during the purchase progression: Now-or-Never Moment, Make-or-Break Moment, Keep-or-Lose Moment, Highly profitable Multiplier Moment. The New Experts turns today's most serious business challenge into a business-building advantage by providing a no-or-low-cost solution to reduce costly customer churn and increase profitable customer conversion, retention, and referral. Influential business leaders of businesses of every size and type in Europe, Australia, and the United States are recommending The New Expert.

Editorial Reviews By Amazon

From the Back Cover … The New Experts Delivers a Practical Strategy for Recruiting & Retaining Today's Seller-Agnostic Customers. Who are these new experts? A generation of ruthless customers empowered by three lethal weapons: instant access to information, immense choice, and real-time price comparison. This visionary book by Robert Bloom, a veteran CEO and respected authority on business strategy, tells readers: how to win customers who no longer care where they buy. It explains how to give customers what they want when it matters most to them at their 4 Decisive Moments during the purchase progression: Now-or-Never Moment Make-or-Break Moment Keep-or-Lose Moment Highly profitable Multiplier Moment The New Experts turns today's most serious business challenge into a business-building advantage by providing a no-or-low-cost solution to reduce costly customer churn and increase profitable customer conversion, retention, and referral. Influential business leaders of businesses of every size and type in Europe, Australia, and the United States are recommending The New Expert.

About The Author … Robert H. Bloom is a widely respected authority on business growth and author of The Inside Advantage: The Strategy That Unlocks the Hidden Growth in Your Business (McGraw-Hill, 2007). Bloom advises firms of every type and size on their growth strategies. As U.S. Chairman and CEO of Publicis Worldwide, the centerpiece of the $4.6 billion global marketing services company, he helped craft and implement the growth strategies of some of the world's largest brands, including BMW, L'Oreal, Nestle, Southwest Airlines, and T-Mobile.

Customer Review :-

Mr. Adam C. Franklin


5.0 Out Of 5 Stars Customer Loyalty Is Dead. So True. So Confronting!

January 27, 2013 … Format: Kindle Edition Verified Purchase

Buyers No Longer Care Who They Buy From. And Customer Loyalty Is Dead. So True. So Confronting!

In this book, Bob Bloom reminds us that marketing has changed forever and takes us on the journey of understanding how today's buyers make their decisions. The solution? Turn off your Seller Mind and turn on your Buyer Mind. It's simple but surprisingly difficult.

The 4 Decisive Moments you must address are:
1. Now-or Never Moment (your first fleeting contact, usually via the web)
2. Make-or Break Moment (does your customer buy, or not?)
3. Keep-or Lose Moment (does your customer buy again and again?)
4. Multiplier Moment (does you customer endorse and refer you?)

As marketing manager of a web strategy firm, I was most enamored with the Now Or Never Moment:
These 3 quotes by Bob Bloom really resonated with me:

"There is no better business investment than a well-designed, well-functioning, customer centric website - it can make your business 1st choice at the first point of contact." (page 77)

"Most home pages do not clearly define the single most important benefit the seller is offering, so the buyers finger instantly clicks the seller into oblivion." (page 74)

"You and your entire organization must learn how to win today's Internet-informed buyer, who routinely gets smart online before buying from from a supplier or a store offline." (page 82)

Like in his previous book Inside Advantage, it feels like Bob is consulting directly to you as the reader and sharing his four decades of experience in an independent, unbiased way.

A must read for marketers, advertisers, entrepreneurs and sales professionals!

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Monday, July 8, 2019

One-Hour Plan For Growth 1st Edition By Joe Calhoon (Summary)

One-Hour Plan For Growth 1st Edition By Joe Calhoon
Paperback     Available Formats :- Kindle / Audible Audiobook

A proven system for creating a clear and compelling business growth plan

There are 15 million businesses in the United States, and 13 million of them don't utilize a planning process. Yet having a planning process is the most reliable predictor of whether a business will grow.

The One Hour Plan for Growth provides a proven system for any business to create a clear and compelling business growth plan that fits on a single sheet of paper in about one hour. This book is a quick read, and you and your people stay energized and focused on your top priorities.

  • Covers the six essential elements of the dynamic business growth plan: Vision, Mission, Values, Objectives, Strategies, and Priorities
  • Previously the top-rated speaker for Stephen Covey's organization, the author is now a successful speaker and consultant with some of the world's finest small and mid-sized companies

The book delivers a proven planning process that engages employees, develops leadership capacity, improves performance, and accelerates growth.

Editorial Reviews

From The Back Cover

Praise for The 1 Hour Plan For Growth

"We have used Joe's system for the past five years in our business and it has helped us nearly double our sales. We have also developed more effective leaders, created more jobs, and served more satisfied customers. The One-Hour Plan for Growth provides a practical way for any team to grow a business."
—Sid Miedema, CEO, Miedema Companies

"The One Hour Plan for Growth clarifies the most important difference between a professional and an amateur. The 'pro' keeps score! Creating a business growth plan with measureable outcomes is one of the most important elements of business success. This approach makes that easy."
—Richard M. Schulze, founder and Chairman, Best Buy

"This book will help you engage people's best efforts at the deepest level—their heart and soul."
—Horst Schulze, Founding President, Ritz-Carlton Hotel Company and West Paces Hotel Group

"Our team started using this planning process in 2003. This approach is, without question, the simplest way for any business to develop a vision, mission, values, and strategic plan. The One Hour Plan for Growth removes the excuses—now any business can confidently develop and execute their plan for growth and success."
—Minaz Abji, Executive Vice President, Host Hotels & Resorts

"Joe Calhoon's back-to-basics approach is energizing and effective. Whether your goal is to provide greater value for customers or boost your bottom line, this book shows how to harness the power within—of words, ideas, values, assets, and relationships."
—Stephen M. R. Covey, author of the New York Times and #1 Wall Street Journal bestseller The Speed of Trust

"Joe Calhoon makes complex things simple. Simple is good. Planning channels passion into performance."
—Bob Buford, founder, Leadership Network, and author of Halftime and Beyond Halftime

About The Author

Joe Calhoon is a business strategist, author, and keynote speaker. In the past twenty-five years, he has worked with more than 500 organizations to develop leaders, improve organizational performance, and achieve business growth. For advanced planning tools, go to www.1Hour2Plan.com.

To book Joe Calhoon for a speaking or consulting engagement, visit www.JoeCalhoon.com

Reader’s Review: - Mike R Johnson … 5.0 Out Of 5 Stars

This Book Is My Top Go To Book For Building My Business And The Business Owners I Work With.

September 19, 2015 … Format: Paperback Verified Purchase

I recommend this book to every business owner I know! It needs to be on your shelf as one of the go to books you will use repeatedly because a business plan is not something you write once. It is something that great owners that build great companies go to repeatedly. The brilliance of Joe's book is he makes the complicated simple. I have been working with business owners for 30 years through banks and consulting companies and I know the reason most owners Do not have a plan is because it has been made too complicated. Mr Calhoon gets right to the Core issues every business needs to build a solid organization. He makes Mission simple, Vision simple, Values simple with examples to follow. Then who is going to do WHAT by WHEN. In addition, never forget to celebrate with your team when your goals are accomplished. Joe gives clear ways to get all your team involved and hold each other accountable to get the goals done. Maybe most important, is he has a great process to help your crew set the values that your team will live by, as the way you treat each other, your clients and vendors. These are central to building leaders. Thanks Joe for your book and what it has meant to my company and me.

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Friday, July 5, 2019

How To Be A Capitalist Without Any Capital: The Four Rules You Must Break To Get Rich By Nathan Latka (Summary)

How To Be A Capitalist Without Any Capital: The Four Rules You Must Break To Get Rich By Nathan Latka
Hardcover
           Available Formats :- Kindle / Audible Audiobook / Paperback

You don't need to be university educated, have money, be creative, or even have an idea to get rich. You just need to be willing to break the rules.

How to be a Capitalist Without Any Capital will teach you how to be a modern opportunist - investor, entrepreneur, or side hustler - by breaking these four golden rules of the old guard:

1. Focus on one skill: Wrong. Don't cultivate one great skill to get ahead. In today's business world, success goes to the multitaskers.

2. Be unique: Wrong. The way to get rich is not by launching a new idea but by aggressively copying others and then adding your own twist.

3. Focus on one goal: Wrong. Focus instead on creating a system to produce the outcome you want, not just once, but over and over again.

4. Appeal to the masses: Wrong. The masses are broke ($4k average net worth in America?). Let others cut a trail through the jungle so you can peacefully walk in and capitalize on their hard work.

By rejecting these defunct rules and following Nathan Latka's unconventional path, you can copy other people's ideas shamelessly, bootstrap a start-up with almost no funding, invest in small local businesses for huge payoffs, and reap all the benefits.

Editorial Reviews

Review

"Nathan challenges the old-school business rules most entrepreneurs take for gospel and teaches--with pictures as proof--how he used a totally different set of rules to build a fortune. Refreshing to see an author who is actually doing what he writes, and then sharing his real tactics. No BS 'theory,' this book is for people who take action."  --Tucker Max, CEO of Book in a Box and author of I Hope They Serve Beer in Hell

"Just finished. That was damn good. I usually zip through books, but this one just kept sucking me in. I like that it was full of real stories with screenshots." --Andrew Warner, creator of Mixergy

"I’m still in the glass-eating phase of my career, so I’m eager to copy others’ maps. This book is giving me loads of new ideas." --Sean Langhi, first-time founder

About The Author

Nathan Latka is the principal of Latka Capital; executive producer and host of The Top Entrepreneurs podcast; and CEO at two companies he's recently purchased. He is also the star of the hit reality show Latka's Money (more than one million viewers tune in every episode) and CNBC's Million Dollar Roadtrip. He is the founder of the software company Heyo. This is his first book (and we had to pay him a lot to reveal it all!).

Excerpt. © Reprinted By Permission. All Rights Reserved.

Introduction

As I began writing this book, my mom called. “You’re making so much money,” she said. “It’s going to cause havoc if you happen to die, God forbid, and you don’t have a plan for your assets.” It’s funny. Three years ago she was skeptical when I chose to drop out of school. Her message changed from “Stay in school!” to “Get a will!” More on me later. . . .
Let’s talk about you first.

You know those people whose lives you just can’t figure out? They travel the world whenever they want. They barely work. They’re always with their family, or conquering the kind of grand life adventure you’ve reserved for . . . someday. Somehow, they’re happy with their life as it is—not just hiding behind a “perfect life” façade on social media.

There’s the kid from your college dorm who dropped out and has since raised $1M in start-up funding. The dad you see at your son’s soccer games, or at your gym, who drives a Range Rover and is always around in the middle of the week when most parents are working. Your neighbor who quit her corporate job and now has her own business that you hear is making her $10K or $20K a month.

You know these people are average at best. They’re not super talented or smart, but they’re living like kings and queens and you’re dumbfounded.

What they know that you don’t is how to be a capitalist without any capital. There are four golden rules that the business world has sold us to keep us from being successful. Those rules must be broken. And the people you’re thinking about have mastered breaking those rules. It’s easy to dismiss the superrich as trust-fund babies, or to assume their spouse is the breadwinner. Or we think maybe they’re not rich at all and just racking up credit card debt. These scenarios will be true for some people, but I’m not talking about them.

I’m talking about the people who are wealthy by their own doing. Their families have nothing to do with their fat bank accounts. You can’t stand their weekday Instagram posts from their sailboat, or the sight of them on another overseas vacation, but as much as they annoy you, you’re also dying to know how they do it. How are these people so successful—and free— while you’re withering away underneath fluorescent lights at your desk job 50+ hours a week?

It’s because they’re part of the “New Rich,” as Tim Ferriss calls the segment of the population who have figured out how to maximize everything in their life—even if it’s not much—so it becomes an asset that works for them. The New Rich are resourceful with their time, their money, and their energy. They get what they want when they want it. They travel however much they want. They have blank calendars. And they have very, very few expenses.

Tim Ferriss introduced us to the New Rich over a decade ago in his book The 4-Hour Workweek, but a lot has changed since then. Today my peers and I are getting rich not just by starting companies from scratch, but by leveraging gold mines like Instagram and Airbnb that didn’t exist in the early 2000s. We drive wealth by taking advantage of new tools quickly and figur- ing out how to get those tools to work for us so we can work less.

When an average person sees a new rich person, they assume that new rich person has some magical quality. It’s not magic. The average person just doesn’t understand how the rich person got so rich, so they explain it away as “magical.” A magician practices a series of “moves” or “tactics” behind a curtain so that when the trick is put together, the average viewer misses the sleight of hand. If you saw the magician practicing behind the curtain, you’d think, “I can pull that trick off, too!” Building wealth is the same.

These magicians practice behind the curtain, but I’m holding back nothing in this book. I’ve been a wealth magician for the past decade, and despite my lawyer’s recommendations, I’m sharing everything in this book so you can pull off your own “wealth magic.” You’ll see my tax returns, my
profit and loss statements, my email negotiations when buying and selling companies. I’m sharing it all so you can study and get a very real sense of how I’ve built my empire. I’ll take you behind the curtain of the New Rich so you can become part of the inner sanctum.

The lifestyle you want is not out of your reach—you just don’t know the moves yet. This book will lead you through those moves, starting with some I began making at the age of nineteen. You’ll learn how to replicate the inner workings of more than twenty revenue streams I now have at twenty-nine years old.

If you’re ready to join the New Rich, read on, my new wealth magicians! 
 
My Story And Why You Need This Book  

There are a few things you should know about me:
 
» I’m a college dropout.
» I started my first company in my Virginia Tech dorm room when I was twenty. Within four years I hired forty people and grew the company to $5M in sales and a $10.5M valuation.
» I walked away from a $6.5M acquisition offer for that company when I was twenty-three.
» I don’t have a résumé.
» I bought my first piece of real estate on my own when I was twenty-four.
» I bought my first company when I was twenty-six.
» Today, at twenty-nine years old, I run my own private equity firm, buying and selling companies.
» I use patterns and data to drive my decisions.
 
That last detail is probably the reason I’ve gotten this far, and it’s how I’m going to help you get here, too. I’m not going to waste your time with small talk and rah-rah positivity. If you’re familiar with my podcast, The Top Entrepreneurs, you already know this about me. I have interviewed more than five hundred of the world’s top thinkers, disrupters, and CEOs in search of patterns that anyone can apply to gain wealth, work less, and get what they want out of life. I get to the data and I get to the numbers so you and I can learn from the real stuff. In fact, I pressure these CEOs so hard, they share secret strategies they wish they didn’t share, and threaten to sue after their episode goes live. Their fault! (Your gain!) An unfortunate side effect is that I’m the most sued podcaster—you should see my wall of cease and desist letters (a beautiful thing! I always win these contests!).

This book is a natural extension of my podcast. I will present the secrets of the New Rich and feature real stories from twenty-year-old dorm-room CEOs, Airbnb millionaires, filthy rich software founders, and financial technology billionaires—all of whom are building their wealth every day, right now. We’ll get their stories, but just as important, we’ll look at the real numbers behind their businesses so we can understand how they make it work.

Then there are the patterns. In all my time talking to top entrepreneurs, I’ve noticed that their execution plans follow similar patterns that counter conventional business wisdom. These patterns directly correlate to wealth, freedom, and a lot of winning—and they’ll surprise the hell out of you. Once you learn about them in the chapters ahead, you’ll realize building wealth is so easy it’s unbelievable, and you’ll join those rich friends whose success baffled you just a few months earlier.

My obsession with numbers is so fierce that it’s the reason I dropped out of college. That, and the money-smart mindset my mom has instilled in me since before my memories kicked in. She swears that during a car ride when I was five years old I asked her why we never went out to dinner anymore. She explained that she and my dad had to make choices. They’d recently decided to move our family into a new, big house in the country. Since making that choice, they had to choose not to spend money on other things, like eating out.

I sat quietly in the back seat for a long time. Then I said, “So, Mom, can I choose to get into my piggy bank and take us out to Pizza Hut tonight?” She didn’t take me up on it. Instead, she and Dad chose to take us out to dinner that evening, but the lesson was clear.

I have no memory of this conversation, but when I hear the story it says so much about how my parents raised me to think like an entrepreneur. Mom wasn’t talking about the family budget that day—not exactly. Her bigger point was that you have to make choices based on the life you want to live now—and the life you want to live in the future. It’s all about opportunity cost. Sometimes that means less pizza in exchange for the big coun- try house (except when your five-year-old breaks your resolve in a two-minute conversation). Other times it means following your gut when you see a big opportunity in front of you, even if it goes against everything you’re told you’re “supposed to be doing” with your life.
That’s where I found myself when I decided to drop out of college. I stayed until my junior year, but I’ll never forget the moment I realized school wasn’t for me. It was during a statistics course very early on in my time at Virginia Tech. I should have loved this class, but the teacher was so boring and I had other things on my mind.

The midterm that semester was my wake-up call. I’d stayed up the night before preselling a Facebook fan page product I’d just launched. I was very tired, but I’d sent out $1,400 in sales proposals that night, so I had no regrets. I had set up a ping on my phone so it would make a sound every time a new PayPal sale came in. My phone was across the room during the test, but I heard it ping twice in the two-hour exam period. I was selling my product at $700 a pop, so I made $1,400 before the exam was done. I failed it, but that failure turned into unstoppable momentum to keep growing my business.

I realized I was a capitalist the moment I got those failed test scores. I thought, If I can fail this exam and make $1,400 while doing it, school is just not my thing. I stuck with it a couple more years but I knew I had to get out and build my company. If you’re a student reading this, keep going. It gets even better . . .

When I finally did decide to leave school, one of the first things I did was call Mom. I thought she’d be livid with me for wanting to quit—especially after she’d worked three jobs to pay her own way through college. Now my parents were paying my tuition, and there I was, throwing it away. But she wasn’t angry at all. She just told me it was my choice, but I should think about my options. It was the only time in my life when my parents would pay for me to go to college (I was fortunate and thankful), so she suggested I finish my degree in case one of my business ventures failed down the line.

She had a point, but I knew I’d never push myself to be successful if I had that safety net under me. I told her I just had to go.

Mom said she knew she’d raised three stubborn, ambitious kids, so she wasn’t going to stand in the way of what we wanted to do. She just pushed me to consider my choices before jumping.
All I could think about were the numbers. I knew I could go way bigger than $1,400 in an afternoon if I put more time and energy into my business. Forget the rules, or what anyone said I should be doing with my life at twenty years old (thanks, Mom, for not being one of those people). I saw my opportunity and I was going for it.

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