Lean Startups & Bartering Relationships (Part2)

In a continuing series on business startups and entrepreneurial ventures, we discuss the relevance of Relationships.

B) Bartering Your Way To Results

Bartering may seem like 'old school', yet it is one of the backbones of business success. The 'Law of Exchange' is as old as trading, sales, and reciprocity. 

One of the considerations of bartering is that it can be informal, and kept 'off the books'. Because, it is an 'exchange' of service-for-service, or product-for-product, or service-for-product, or product-for-service, you can be flexible with how you calculate your 'costs'. You can barter your editing services for a new business website for advice on accounting and submitting tax forms. You can barter a workshop on business writing for a participant's spot in a business seminar. You can trade your coaching services as a personal-trainer for accommodation in a residential-apartment overseas (when you are on vacation or a business trip). Write an feature article for a website, and in turn enjoy shared readership.  

Tied in to this process of bartering, is the Law of Reciprocity (as observed by Robert Cialdini, Ph.D.). You can reap massive benefits by leveraging on professional and personal relationships (more on this later). This may also pave the way for co-branding, partnering, co-sponsorship, and alliances.

Leadership Lessons: Bartering is about exchanging, and not taking advantage of anyone. You can trade products, services, and even opportunities to maximise progress of your business and vocation. Consider how you barter sensibly and with sensitivity. Sometimes, paying for the service or product is much 'cleaner' and without attachments and encumbrances.

If You Like It, Sneeze It!

The power of the Tribe to influence can be enormous. Consider 'word of mouth', that form of communication 'behind your back' that may make or break you.

Reputation is part of your brand. Who you are, is reflected in your character, persona, style and presence. How we communicate ourselves to others, describes our set of beliefs, values, attitudes, perceptions, and judgements. Certainly, our behaviors are a mirror to who we are for they reflect our inner 'self' to an outward audience. For instance, wearing your sponsors is an attempt to promote the 'duality' of relevance for both advocate/ambassador and brand/sponsor. The relationship is one of collaborative partnership and alliance. 

Promoting ultra-triathlons (IUTA) and my sponsor Jabra on a Channel News Asia featurette.

When I went to Kona for the Ironman World Championships, I wore my Jabra colors with pride. I extended my support for the brand and its Bluetooth-enabled devices by wearing their race-attire in several more Ironman races, and my first Boston Marathon (2014). Channel News Asia interviewed me for that landmark event there, and my sponsors picked up on that in my Singapore interview on 'Ironmen and Ultra-Triathlons). I roped in my friends, Triple-Deca Iron-Triathete (that is 226km triathlons X 30 days) Wayne Kurtz from USA, and Singaporean Deca-Iron Triathlete (10 X Ironman over 10 days), Kua Harn Wei, PhD to be part of this experience and interview. I was informed by my friends, neighbours and family of the first telecast and subsequent re-runs. The 'reach' was highly positive, and I earned a sponsorship for this year.

How thoroughly do you think when you post on Social Media? Have you considered the implications and ramifications of your rants and raves? When you 'tick' on a 'LIKE', or make a 'Comment', what are, in effect, wanting to say. Every action has an equal and opposite reaction, when another disagrees with us.

How do you influence for your Tribe? How do you show support for each Friend, Follower, Member, and the like (no pun intended). When a Follower 'Retweets' or 'Favourite' your post, how do you 'return the favour'? Do you read one of their shared 'links'? Do you provide a response or recognition? Giving encouragement to a 'newbie' can be empowering. Sharing a personal tip, nugget of your wisdom, a quotation can translate into future mileage of extended influence. Being charitable, or not as asking for something in return can be a deeply satisfying feeling. 

Leadership Lessons: How do you build you reputation? How does your Tribe spread your influence? How do you live up to your reputation? What are you doing to add value to your Tribe of followers and supporters? How do you apply the Law of Reciprocity?

Sneezing for an author's new e-book

Giving Does Not Mean Giving Up!

After my piece yesterday on ‘giving’, Matthew wrote his feedback on my Comments page. He decided to write his own thoughts about the concept of ‘giving’. I appreciate his honest sharing as we thrive on feedback, especially if it guides us to become better – like refining our swim strokes so as to swim efficiently and faster.

We can give without aforethought, lest it be misconstrued as reciprocity. If we expect something in return for every deed we do for somebody, then this may easily be perceived as ‘wanting something in return’. This suggests a ‘hidden agenda’ or ‘assisting with a purpose’. Sure, some believe in this principle, and marketers are exploiting it when they offer freebies. Robert B. Cialdini also expressed this principle in his landmark book.

Generosity is a personal value; it is the opposite of being selfish and holding on to things. Generous people derive pleasure from sharing, helping and giving – they gain when they surrender a small part of themselves. Thus, on this platform (blog) we tend to do active cross-sharing with other resources. We interview people of distinction, review books and films, provide commentaries, and share our perspectives (through Tweets, articles and stories). There is no one right answer to a problem; there might be several. By merging or crossing ideas, we may encourage cross-fertilisation or the emergence of a better, hybrid idea.

While watching the television program called ‘The Doctors’ this morning, I learnt a new acronym for keeping heart disease in check. Dr Vonda Wright, MD wrote in her book, Fitness After 40 her acronym FACE that stands for: Flexibility, Aerobics, Carry a Load/Core, and ‘E’ which you can find out on your own – or even construct your own. The reality is: if you give away everything, the perceived value can also diminish. FREE may be view with suspicion because we believe that it may conceal a ‘catch’. Some have articulated that ‘If it is too good to be true, then it is too good to be true!’ It is merely a caveat, however it is useful to be vigilant when it comes to financial transactions and potential business partnerships.

Leadership Lessons: Feel free to apply the learning on this blog. There are few things that compare with the joy of learning, and a sense of achievement. Do give deeper thought on how you can apply the notion of ‘giving’: Give back, give up, give out (project), give, and forgive. Just give!

What Makes You Think I Owe You?

I was reading, Shade’s blog – he is a secondary school teacher with excellent sleight of hand skills in magic, particularly with playing cards. He wrote a pertinent piece about how young magicians would approach him and insist (if not demand) that he teach them magic methods. I agreed with his observation that these neophytes have little respect for the Art, for I think people have reduced their respect for other people’s time and expertise.

I call this the ‘You owe me’ mindset.

What makes us ‘owe’ you? Isn’t that about obligation? When somebody says ‘much obliged’, it has a different meaning to ‘obligated to you’. Do we need to be obligated to anyone? What about the notions of ‘paying back what I owe you’ and ‘paying the debt’? Why should it be ‘you owe me’?

The attitude employed by those with differing values – mainly, obligation – owes itself to the fact that the perpetrators of obligation have a reciprocal, but imbalanced approach to returning the favour. It is the ‘I help, but you owe me, and need to pack me back in full, and then some’ mindset that rattles the chains of generous persons. Generosity of spirit is about one’s willingness to assist without thought of reciprocity otherwise, generosity has an ulterior motive.

In Guy Kawasaki’s ‘Enchantment’, he suggested that when the Law of Reciprocity (as studied by Robert B. Cialdini, PhD) is applied, no expectation should be considered. If you expect something in return for helping somebody, then it is not true helpfulness or generosity.

Another angle of this ‘con’ is that ‘I am in the know’ therefore you should share. In our magic clubs, this mindset prevails and amateur magicians who have not spent time in the trenches believe that those who came before them are obligated to share everything of value to them – such as secrets. I find this annoying and useless for little is to be gained when information is freely dished about. Unless you pay for something, you won’t fully appreciate its true value.

The same goes for ‘coaches’ who willingly share their skills and applied experience with new endurance athletes. Educators (including coaches and mentors) do not expect anything in the way of payment, but are amply rewarded when students learn and fully apply themselves to building their potential. Teach, or hoard knowledge – there are no two ways to this deal. Dubious teachers will exploit knowledge and information which is not theirs to give. Their claims of expertise and professionalism will implode when their values surface to reveal their true selves. Mind you, it would be nice to reciprocate for these generous teachers and coaches however you do it out of the goodness of your heart. Parasites die when they over-feast on their hosts.

In the professional world, such unfair leverages exist. Arms are twisted into submission because assistance is seen as a ploy, leverage point, pressure point, and the creation of strategic relationships. It all boils down to one’s values. What do you stand for? What do you value in your relationships?  Do you give more than you take?

How about moving from ‘owe’ to ‘give’? Give willingly, or not. If it is not yours to take, stop asking for it!