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Paper Napkin Wisdom - Podcast and Blog for Entrepreneurs, Leaders and Difference-Makers

I've asked 1000s of the worlds top Entrepreneurs, Leaders, and Difference-Makers to share with me their most important pearl of wisdom on a simple paper napkin. Then I ask them to have a conversation about why they shared that Paper Napkin Wisdom with me and what it meant to them and for them in their life. Visit http://www.papernapkinwisdom.com for full show notes and archives. Learn their exceptional Stories of Drive, Impact, Balance and Leadership shared by CEOs, founders, authors, speakers, mentors, and teachers. They share successes and failures alike, paying forward their learning experiences to all of us.
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Now displaying: May, 2015
May 24, 2015

Warren Rustand - Paper Napkin WisdomWarren Rustand has created, led and grown many successful private, public and not-for-profit entities. He is currently the CEO of Providence Service Corp and has a long and distinguished career serving a Chief Executive or in senior-level leadership positions with numerous other organizations. Warren is a frequent speaker on leadership, business, families, and personal development, and contributes to Paper Napkin Wisdom with the following: "One's success in life is relevant only to one's own capacity."

In Warren's experience, it is human nature - and certainly the nature of the entrepreneur - to measure one's self against others. On the contrary, true success can only really be defined through our own capability, potential, and skills (those that have been given to us and those we have developed over time). The only success that is relevant, therefore, is that which can be measured against this personal capacity or potential.

Supplemental to this idea of personal capacity is the notion that rather than comparing ourselves to others who might have more of something or be better at something, we should look to those who may be less fortunate. Not only does this allow us to recognize how fortunate we actually are, but it also enables us to mentor, support, and assist others on their own path of personal development.

Warren's experience has taught him that the greatest journey in life is self-mastery: the idea that we can control our appetites, passions, desires, and abilities and channel them in constructive ways. Rather than getting caught up in ancillary activities, we can concentrate on true progress through the following five steps:

·         1. Commit to a higher level of personal discipline

·         2. Have a purpose every day

·         3. Make intentional decisions

·         4. Make conscious choices

·         5. Answer the call to serve

Warren teaches that if we make progress with these steps each day, we become closer and closer to self mastery, which can ultimately lead to greater individual freedom. These steps are integrated and should be worked on together (rather than one at a time); they also require a significant level of proactivity, rather than simply reacting to everything around us. 

This means recognizing the three areas in which we have control every single day: our mind, our energy, and our time. By Warren's estimation, if we can manage those three consistently well, we will come close to finding success measured against our personal capacity. Warren's own personal habit is to ask himself "Why am I alive today?" Such a simple question allows him not only to discover his purpose(s) for the day, but also to schedule around that purpose in a proactive, highly defined way.

Another exercise that Warren employs is a daily, 30-minute reflection to focus the mind, split into three ten minute segments: 1) think great, positive thoughts, 2) read great, positive thoughts (i.e. not the newspaper!), and 3) write in a personal journal about the positive aspects of your life. As with great athletes and other competitors, never allow a negative thought to enter your mind as you prepare to master your personal energy. This will ultimately allow you to be the best entrepreneur, parent, sibling, etc, you can be, measured against your own personal capacity. 

May 22, 2015

Mark Moses is one of the world's foremost coaches of entrepreneurs. After starting his first business at age 19, he went on to build and sell two firms during his entrepreneurial career and now focuses on helping entrepreneurs increase profitability and accelerate growth. In his Paper Napkin, Mark shares: "If you can't define it, you can't measure it. If you can't measure it, you can't manage it."

Whether your goal is business, personal, or other, it must be explicitly defined before you're able to truly achieve it. Ask yourself the following questions: Where do you want to be three years from now? What will it take to guarantee that happens (and how will you measure it)? What stands in the way of making that happen?

Now ask those same questions for the next year; for the next quarter. Are the goals related and are they equally measureable? This state of constant definition and perpetual measuring is the most concrete method to managing your objectives. Leave the mentality of "concept" behind and instead embrace detailed, specific objectives.

Most entrepreneurs understand where they want to be, but struggle to identify the processes, tactics, and activities that will guarantee the end goal. Common examples of concepts without specifics are: hire better sales people, improve culture, improve efficiency, deliver better service. How can you focus on something important if it is not specific enough to create tasks?

Conversely, if the goal is to grow revenue, define that growth: "from X to Y in Z timeframe". Define the initial steps it will require to achieve that goal: hire X amount of salespeople". Clearly outline the measurements along the way: X number of calls/visits per salesperson, etc". Creating such a specific and measureable plan will bring your daily, weekly, and quarterly activities into sharper relief.

A common overlooked factor of this process is that the measurements must be leading, rather than lagging. Because entrepreneurs tend to focus wholly on the "what" and frequently ignore the "how", it is more important than ever to have a system of leading indicators to hold your team - and yourself - accountable. Businesses that have embraced this philosophy average a CAGR of 50% growth in revenue per year. At the very least, you will be empowered to dramatically enhance your ability to achieve much higher or more meaningful growth rates.

Accountability is another critical element of this process. Your ability to install these improvements in process, systems, management and leadership increases, as does the engagement of your key players. Hold an annual planning session and obtain that consensus/buy-in from your team on not only your objectives, but the measurements you will use to track progress. Follow through with accountability assignments and continue with quarterly planning and weekly check-ins, thus removing the possibility of becoming distracted by micro-level issues or "emergencies".

 

Weekly progress reports are also important to allow for mid-course corrections. The corrections are "bite-size" when identified weekly, as opposed to massive when delayed until a quarterly or annual session. You have thus empowered your key players (and the organization) to truly focus on achieving long-term goals. 

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