Why Women Build The Best Businesses
Photo credit: Fortune Live Media on Foter.com / CC BY-NC-ND
Not some of my returns, all of my returns were coming from companies either owned or run by women. – Kevin O’Leary (Mr. Wonderful from Shark Tank)
Investments in companies with at least one female founder performed 63% better than their investments in all-male teams. – VC Firm Report
So the other day I was listening to a podcast with Kevin O ‘Leary on it and he was talking about how all his profits came from his women owned businesses (after they completed an audit of all his businesses).
That was a curious finding.
But what I found even more interesting and fascinating, as he dove in below the surface, was that the WAY women ran their businesses, in terms of how they set goals, was radically different from the way men did.
So what was the difference?
Before I go into that let’s discuss the current political climate.
Just prior to, and now continuing after, the election of Donald Trump as President of the United States, there has been a resurgence in the focus on the empowerment of women. An almost second women’s liberation and women’s rights movement.
Whether it was addressing the pay gap between men and women in comparable jobs.
Or continuing to hammer against the glass ceiling in management, executive roles or business founder funding.
Or pulling back the shades that hide the well-known sexual harassment, casting couches, and even worse treatment that women dealt with in order to progress in their industries (whether media, politics, or business).
This transitioned into a full-fledged and viral response that led to the “Me Too!” sharing that started to take down media moguls, political leaders and the dominoes are continuing to fall.
Now what does this have to do with women and business?
A recent podcast by my sister, Annie Rogaski, had an interesting interview with Unraveling Pink Mona Sabet, Managing Director of Tribal Ventures. They discussed the challenge of the #MeToo movement and acknowledging how men have helped them progress in their careers but also how to address the wrongdoing aspects that often are tied into the good in a single man. Is it wrong to celebrate the man if they have the negative aspects.
As a man looking in, I can’t claim to have a full comprehension of the challenges these women face.
From my perspective being a man, it is hard when there is a lot of push against men these days. Particularly the straight-white-male. Where it isn’t politically correct to be one. So as one, where does that put me? How can I take the realities women face, particularly in business, and help drive solutions – or awareness of how to progress to a better future where everyone wins?
So my feeling is at this point in our world, we’re still dealing with the “cleanse”. Getting the negatives out. And cleaning house. It is kind of like the “tell me about your childhood” question when you go into the therapist’s office. You can’t build until you uncover the issues at the core.
I believe that is happening now.
So where do things go as we emerge from the pain, hurt, and real challenges that go with being a woman in what has often been a man’s world?
It has already started.
First is to recognize that the base level groundwork has already been laid. Women already dominate men in academia – more degrees are going to women than men.
According to data from the Department of Education on college degrees by gender, the US college degree gap favoring women started back in 1978, when for the first time ever, more women than men earned Associate’s degrees. Five years later in 1982, women earned more bachelor’s degrees than men for the first time, and women have increased their share of bachelor’s degrees in every year since then. In another five years by 1987, women earned the majority of master’s degrees for the first time. Finally, within another decade, more women than men earned doctor’s degrees by 2006, and female domination of college degrees at every level was complete. For the current graduating class of 2013, the Department of Education estimates that women will earn 61.6% of all associate’s degrees this year, 56.7% of all bachelor’s degrees, 59.9% of all master’s degrees, and 51.6% of all doctor’s degrees. Overall, 140 women will graduate with a college degree at some level this year for every 100 men. The article is from AEI Ideas and is summarized by Carnegie Foundation..
Its a new work world.
Secondly it is the change in the work environment.
No longer do people work at a company for life. So the need to put up with shit as you climb the ladder takes the pressure off. You have options to address it or go to another company where you are treated better.
There is the gig economy. You can have a side hustle or be a freelancer or startup a company. And then you set the rules. Technology has made much of that possible.
Sexual harassment laws and a public attitude that now supports women who come out of the shadows, are giving more protection to women that previously existed.
Women are different…and in this case better.
And finally, it will be the recognition of what women bring to the workplace…a skillset, mindset, and way of doing things that is different from me. And that can be the base to grow a truly empowered women’s movement in business. One that is based on true competitive advantage rather than coming from a place of being a victim (even when that victim label is often accurate).
So back to the Kevin O’Leary story. What is it that women business owners and managers were doing that was driving profits that Mr. Wonderful was not finding in him men-run businesses?
Goal Setting.
He found his women leaders were doing goal setting differently than men.
Men set aggressive goals but often miss the target.
Women set more achievable goals and nearly always hit their target.
Now you might say that setting achievable goals doesn’t drive the company forward enough. That it accepts “good enough” and that complacency might set in.
What achievable goals are better goals.
And like when I’ve trained my kids or dogs (no, I’m not equating them) I’ve had a similar quandary. Should I reinforce “close”? With dog training when you’re trying to train them to do something you can use “click training” where when they move toward achieving the correct result, you click the clicker and give them a treat. And over time you move the bar so that you reward them only as they move in the right direction. And eventually they achieve the correct action fully and you reward them for it.
With goal setting by setting achievable goals, you develop a success mentality. This is different from just giving everyone a trophy that they haven’t earned. They are earning it. And you will move the bar so they achieve progressively more and more toward the company’s shared vision.
Morale boost.
The unintended consequences of taking this approach is people don’t feel defeated. Often the case when goals (or bonuses or commission structures) aren’t achievable. And because they are more positive, morale is better. And turnover of staff is significantly reduced.
And anyone in business knows that turnover is a killer of productivity, profitability, and the long term viability of a company.
Where we go from here.
So what can you do as a man? Find go-getter women who want to achieve, and put them in positions of power so they can drive results. Or invest in women founders and women-managed businesses. Or just help them by clearing roadblocks. Sow that good Karma.
What if you’re a woman? As I always tell my daughter, you can achieve anything you put your mind to and are willing to put in the work towards. At 10 years old she recently passed the million word level in school in her book reading and is #1 in reading in 5th grade in her school. She is a fast and voracious reader. And as I tell her, “Readers are Leaders”. So as a woman, don’t let anyone hold you back. You do have options. Whether that is by leveraging women’s organizations (like The Club) or developing your own women support group. Or accepting the help and guidance of men who want to see you succeed, or connecting with investors who just want a better return on their investments. You have what it takes.
If you benefited from my rant, please share this with your friends, coworkers, or someone you think would get something from this (or on Facebook, LinkedIn, Twitter).
Want to learn more about career, business or life topics? Check out my free reports and subscribe to my weekly e-newsletter.
Thank you.
Other posts you might like…
Uncovering Women’s Awesomeness (And Lessons In Advancing Your Career and Business Results)
Are They Conspiring Against You? 10 Career-Killing Landmines They’ll Never Tell You
Why, Like Trump, You Need Your Own 100 Day Plan
Whether you’re on the pro or con side of the Donald Trump presidency, you can’t deny that he has achieved more of his agenda more quickly than any president in recent history (and maybe all time).
And he isn’t getting stuck in the mud of the bureaucracy in the process.
He is taking focused and specific actions that are in his realm of authority (whether he’s pushing the envelope of that authority is certainly up for debate). This allows him to move quickly rather than spending a lot of time waiting for others (i.e. Congress) to move on things.
What this means is he’s making change happen quickly and getting results quickly.
And that is something that is highly noticed and often well rewarded in business.
And if you’re an employee, you want to be able to demonstrate that you’re actively driving business results (and yes, you can do that in any position from the front desk to the corner office).
Or if you’re starting a new job it is even more critical to make that big, positive splash in the first 30-60-90 days. And having a good 100 day plan is critical to that success.
The 100 Day Plan
The 100 day plan isn’t a new concept. It is often used both for those implementing the plan as well as those on the outside evaluating an administration’s success.
It is common in evaluating political administrations as they come into office.
And it is common for leadership transitions in business.
Change is often both exciting and scary.
And people like to make assessments of a situation quickly. The 100 day plan is a way to do that.
But it isn’t just Presidents and CEO’s who can implement a good 100 day plan. You can too.
Whether you are a middle manager looking to transform a workgroup or project team to achieve your annual big goal (and get that raise or bonus).
Or you are a project coordinator or telecom construction manager or site acquisition specialist looking to make your mark.
Take these concepts and make them your own.
By implementing these you’ll rocket your career forward and be that “go-to” person everyone wants on their team (and that means future job opportunities where you set the terms, not them).
So back to the Trump example, let’s see what he did and how you can use the same concepts to replicate that success in your job situation.
The Grand Vision
Nothing great starts without a compelling vision. Something visible, interesting, maybe somewhat controversial.
For Trump it was “The Wall”.
He told everyone what he was going to do…Build a Wall (and it would be huuuge). And Mexico would pay for it.
You don’t get bigger and more audacious than that.
So what is your grand vision? Or one you can pull from the company goals?
Most big companies these days have a performance review process. As part of that process people are expected to set goals for themselves (or their bosses do it for them). In most cases these goals are designed to align with the company’s strategic goals. Whether that is delivering a big project (in my wireless telecom project that could be delivering the Plan of Execution (POE) – that is often another version of the client’s 100 day and annual plan).
So first you need to find out what are the important objectives for your company. And then ask and brainstorm how you can influence those results from your role and your team’s role.
Once you come up with that big goal or plan (in my telecom development world it could be “Start Construction within a Week of Site Acquisition Complete”). Those in telecom know that doesn’t typically happen. PO’s, landlord access issues, weather, materials. You name it, there are things that can derail you.
But this is a Grand Vision you and your team can very much understand. And then everyone on the team can bring ideas and implement things in their area of responsibility to make this happen.
But great things can’t happen without…
Work With High Achievers
Trump didn’t do the standard politician thing of appointing bureaucrats to pay off political favors and do his bidding while screwing over the country.
No, he brought in top performers. Doers. Transformative Leaders. People with the same vision and implementation style (do it now and break the rules instead of just melting into the toxic beltway bubble).
It is the same with great companies.
You don’t achieve awesome results by micromanaging everyone. There just isn’t enough time in the day to do that.
You need highly motivated people driven for success.
Not all “A” players. But definitely a lot of “A” and “B” players who are motivated to succeed.
I’ve worked with a lot of these people over the years and have found you can accomplish so much more with good people who are compelled by a Grand Vision and their own desire to succeed and grow in their career.
They make things happen. They develop trust. And team members start having an almost psychic connection with each other where they complete each others’ sentences and just know what needs to be done.
You need to work with high achievers. And if you aren’t with them, you know who they are and where they are. Connect with them and start preparing to make your next move in their direction. Good people want to work with other good people. It makes everyone better. You need to be thinking that way.
Which takes us next to the…
Create an Implementation Plan
No grand goal is complete without the key 30-60-90 day steps or milestones to get your grand objective accomplished. Trump used his knowledge of business, real estate deals, and project management (he’s known for getting projects done ahead of schedule and under budget) to lay out an aggressive but achievable plan.
You need to break down your plan in the same way. What are the intermediate steps or objectives that will get you there?
Lay out those building blocks. Look at the things that are limiting factors in your success.
Is it certain people you need on the team? Or certain skillsets? Or training? Or a re-engineered process?
Look at the details and your Implementation Plan will be your roadmap to success.
But that roadmap is worthless without…
Action, Action, Action
You need to hit the ground running. The greatest plans are worthless if you aren’t willing to put in the action and hours to turn your vision into reality.
Trump is known for an incredible work ethic. He works all the time and never lets up. He’s passionate about his work and will not let laziness stand in his way.
And you need to do the same. Whether it is the start of a new year, the start of a new project, or starting a new job, or you’re in a turnaround situation.
And with the new smartphone age of super short attention spans, you really need to show incredible progress in the first 30 days of a new initiative or opportunity.
So bring that implementation plan, cue up your actions on Sundays so come Monday morning you’re hitting the ground and ticking off those actions and getting results quickly each week and over the first 30 days.
But what happens when you face others who are not on board?
Dealing Swiftly With Naysayers
Trump is known for his work on “The Apprentice” and his catch phrase, “You’re Fired!”
In his first days in the White House he demonstrated this by immediately firing the interim Attorney General who was actively undermining his position (by telling the bureaucrats under her to not follow Trump’s executive order that set certain immigration guidelines she didn’t agree with).
As with the AG, anyone who undermines his work, will likely be fired immediately and replaced with people who will commit to the vision.
And similarly, if you’re in a leadership position or a turnaround situation you need to be aware of who’s in and who’s out as well. And you’ll need to make appropriate changes quickly if you want to avoid the “naysayers” sinking your ship.
One of Trump’s biggest challenges is he’s bucking the system. And a lot of the bureaucrats who didn’t vote for him are vehemently opposed to him and his agenda. As such, they’ve they’ve undermined his initiatives by leading information to media (who are very willing to spread an anti-Trump message).
I’m sure that will lead to some action (like Reagan’s firing of the air traffic controllers) to send a message that will begin the transformation. Will it be a big impact in the VA? Or something similar? We’ll have to wait and see.
You may have to do the same. Gossip and negativity spreads like wildfire and can kill momentum. So you need to bring along those that support you, convince those that are on the fence, and replace those who actively oppose you (yes, you need some who will challenge you but support the final decision, but once that decision is made you can’t have people undermining that decision).
And the good 100 day plan you have will help you through that.
Reflection and Revision and Repeat
Like every great plan, it is often obsolete on Day 1.
Things change, often rapidly. And you need to be prepared with contingency plans. Backups to backups. And be willing to adjust your approach as new information presents itself.
The great leader will be able to roll with change and still align it to his master plan.
And you need to do the same. Flexibility is critical when you’re dealing with people and implementing rapid change. But if you can be flexible, you can get a lot accomplished.
Document, document, document.
Documentation provides clarity.
As you’re setting expectations with your team, being clear on what you want from them and how you’re holding them accountable is critical. Too often we do that after the fact or are not clear ourselves and expect everyone to figure it out themselves. Not a recipe for success.
That can be preparing a more formalized Project Plan that lays out your expectations for each person’s contribution. Or it can be job descriptions and definitions of success for each role that will help ensure the vision is achieved and the results flow.
And you also need to document your successes. And this can also then help you so you can…
Reward Success
So you laid out a great plan, implemented it, and saw success.
But did you forget to acknowledge and reward those who supported your vision and implemented their part successfully?
And it isn’t just about money (although that is important to hiring and keeping great people too).
Life is too short not to share success with others. And no grand plan is achievable without the contributions of your team members, vendors, clients, etc.
So make sure you’re providing regular and specific acknowledgement of the performers. And share those successes with the group and show how their contributions are getting everyone close to the goal.
This reinforces a positive feedback loop that reinforces success and energizes the team.
Implement Now!
So what are you waiting for? Why are you still here? Go make 2017 awesome. Get started today. Start putting together your 100 Day Plan.
Need strategic guidance on your own 100 Day Plan?
Then contact me and see whether it might make sense to work together in some form (finding you that next opportunity or career coaching or strategic opportunity evaluation).
Regardless of how you move forward, make sure you do move forward. Life is too short not to. And you’ll find the ride is awesome!
500,000 Unemployed People Voting For Donald Trump?
They’re hiding in the shadows. Scared. Embarrassed.
Are they illegal aliens sneaking across the border in waves? Is the Trump Wall going to solve the problem?
Is that why they’re voting for Trump?
Actually No.
It is a different demographic. People hiding in the shadows for another reason. Hidden by government numbers that don’t count them.
They’re the ’99ers.
No, not the ’49ers. This isn’t about kneeling during the National Anthem.
No. This is about those who have been unemployed for over 99 weeks.
While Over Half A Million People Have Been Unemployed For 2 Years Or More, the statistics don’t show that. And the government doesn’t want you to know that for sure.
They’re selling the shell game that draws you in with a rosy 5% unemployment rate that economists consider “Full Employment”. But dig under the hood and it isn’t really what you see on TV.
Try selling that to the ’99ers. Or to those who are now underemployed just to make ends meet. They’re not buying.
The real story is this…
The data show that from 1967 until the Great Recession, people unemployed for at least 99 weeks never exceeded 5.6 percent of the total number of unemployed Americans. The 5.6 percent high was set in 1985. But currently, these 99ers represent 8.1 percent of the jobless, down from 14.5 percent in 2012.
So what is really happening is people are still not able to find jobs or find jobs at a level they had before layoffs hit.
And that is where Trump’s message hits home,
“Make America Great Again.”
People know they are hurting. They don’t feel like anyone really cares. They’re tired of the establishment games of telling people they’ll help them then ignoring them after they’re elected. Or politicians and their cronies making trade deals that are killing industries that supported their towns for generations.
Whether that is steel, or coal mining, or drilling for oil or fracking. Or even at the state level. Like California, where the regulations are so restrictive and the taxes so high, that anyone who isn’t tied to the state for another reason, will move out of state (or out of the country) just to stay in business and stay competitive.
So people are fed up.
They aren’t going to take it any more. And so they’re registering to vote for the first time in years. They’re ignored in the polls because they’re busy scrapping and trying to put food on the table.
And will the half million 99ers vote for Trump? When no blog votes 100% in lockstep. But when you consider what they’re feeling and saying, I think that wave is coming.
The Huffington Post Article shares one family’s story…
After they lost their home in 2011, Zapasnik and her husband moved to a campground in Roebuck, South Carolina. He found work in a school cafeteria and as a custodian. She said that work pays much less than he used to earn.
Although Zapasnik thinks of herself as having been unemployed since 2008, she doesn’t count as a 99er anymore by the government’s standards. In South Carolina, she’s had some part-time work as an office temp thanks to an AARP program for people older than 55. She has also received a few offers for home health care positions, though she doesn’t want to go back to that type of work.
She said she’s currently unemployed, applying for jobs online but only occasionally receiving a response, usually a form letter saying her name will be kept on file. She said she doesn’t believe the official statistics reflecting a better economy.
“I don’t care what the government says,” Zapasnik said. “They’re lying.”
Republican presidential nominee Donald Trump loves to cast doubt on the government’s unemployment statistics. Zapasnik isn’t much of a Trump supporter but wouldn’t rule out voting for him. She said she hasn’t voted since casting a ballot for Ross Perot in 1992.
“To tell you the truth, we don’t really have anybody to choose from,” she said.
And the wave continues while the “Weekend at Bernie’s” crowd of Hillary Clinton political operatives scramble to make Hillary believable as a viable candidate and in collusion with the media, carefully craft messages that she’s leading in the polls and attempt to scuttle the opposition’s energy.
But Trump continues to pull mammoth crowds while Hillary struggles to fill a cafe.
And so they prop up the lies, hoping that the American Public will buy them one more time.
But we’re on to them now. It isn’t going to work this time. It will be a landslide. But not the one they were hoping for.
It will be a Trump-nado!
And he will put good, hard-working, blue collar people back to work. He will revive this nation. And the wave that thought they were voting for prosperity with Obama’s “Change” message will turn into real, positive change under a Trump Presidency.
And America will be great again.
Muhammad Ali vs Donald Trump – Who Is the Greatest?
[youtube]https://www.youtube.com/watch?v=EYoh62jUFpk[/youtube]
Mohammad Ali passed away yesterday.
Ali was known for a brash, in-your-face, over-the-top persona. He was probably not just the greatest and most well known boxer of all time. He was definitely the greatest boxer-marketer that we have seen.
With Ali’s passing we’re seeing an almost eerie similarity in the rise of Donald Trump.
They’re both humble.
“It’s hard to be humble when you’re as great as I am.” – Ali
” I will build a great wall — and nobody builds walls better than me, believe me.” – Trump
They’re average Americans.
“I’m young; I’m handsome; I’m fast. I can’t possibly be beat.” – Ali
“I’m really rich” – Trump
Kind of laid back slackers. Not too sure of themselves.
“Float like a butterfly, sting like a bee. His hands can’t hit what his eyes can’t see. Now you see me, now you don’t. George thinks he will, but I know he won’t.” – Ali
“We will have so much winning if I get elected that you may get bored with winning.” – Trump
They’re scared of the competition.
“If you even dream of beating me you’d better wake up and apologize.” – Ali
“I don’t know if Hillary will be able to run, she is a walking time bomb!” – Trump
They’re boring and struggle with marketing themselves and their causes.
“Braggin’ is when a person says something and can’t do it. I do what I say.” – Ali
“The final key to the way I promote is bravado. I play to people’s fantasies. People may not always think big themselves, but they can still get very excited by those who do. That’s why a little hyperbole never hurts.” – Trump
Both Ali and Trump had their passionate followers. And they also had very vocal haters. Both made controversial statements on a regular basis. Both were adept at manipulating the media to market themselves and stay in the spotlight.
If Ali had grown up in today’s world I have no doubt that he would have been as much a Twitter beast as Trump is.
So now lets take this to you.
How are you marketing yourself or your business?
Are you differentiating yourself from your competition? If you’re an employee, what are you doing to set yourself apart so when layoffs come, or opportunities for advancement present themselves, will you be able to benefit from that ever-present change?
Or are you just plugging along in your job. Head down. Doing the same thing day in and day out. Not driving to a new breakthrough. Not creating greatness. Not being that go-to person that everyone relies on – not making yourself indispensable.
Or you’re a business owner. And people look at you and your competitors and just think of you both as one and the same. What have you done to break that mold of average? What have you done not just to get 5% or 10% better, but Apple better. Leapfrogging the competition and leaving them in your dust? And have you marketed that? Kept in the limelight enough so that your clients would think of going nowhere else but to you for solving their most pressing problems?
So are you constantly reinforcing that you’re the best?
“I am the greatest!” – Ali
Or are you creating a cause that people can get behind? Like Trump’s presidential bid slogan.
“Make America Great Again” – Trump
Market On!
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