Developing Business Acumen & Business Sense

Are you excited about Mondays? Or, are you exited by the notion that the workweek begins today and you have to plough and slough through today? If you say ‘TGIF’, you may be missing the point. Why suffer?

Aren’t you proud that you have a job? Are you in your profession of choice? Do you mostly enjoy what you do? If you answered ‘no’ to any of these questions, you may have to review your priorities in your life.

Business acumen and business sense are useful skills to possess, whether you are self-employed or running your employer’s business. Whether you are a sales professional, marketer or business development manager you will need to rely on thinking and intuitive abilities in building and sustaining a business. In my research with successful businesspeople and entrepreneurs, I have found these patterns of excellence that can enhance these two competencies.

1)    Why are you in business? (How does it benefit another person?)

2)    You must enjoy doing business or it would be meaningless.

3)    Start a business with an idea, dream or passion, not an economic need.

4)    You can only learn and appreciate business by doing business, and making mistakes (and you certainly will).

5)    Expect to work longer hours in your first year of starting a business (develop a large bank of energy).

6)    Business acumen is a quality you develop on the job, through time.

7)    Develop an appreciation and understanding of finance (read Balance Sheets, Profit & Loss Sheets)

8)    Have a plan, and execute the plan! (‘Screw it. Just do it.’ ~ Sir Richard Branson)

9)    Have a working philosophy (clear credo, values, beliefs and operating principles) of how you work with others, and the type of work you intend to do.

Avoid doing business because it is a beautiful idea. 90 percent of Small Businesses do not make it after the first year, and it gets even harder in the second year. Inspiration must meet perspiration, as stressed by Thomas Edison.

Congratulations to my friend, DESMOND PEH of JUST EDUCATION HOLDINGS for winning Entrepreneur of the Year for 2010! As Chairman and CEO of this valued brand, a chain of 16 tuition centres, he has built a culture of education, personal pursuits and positivism. I cannot express fully how I am proud that we have been friends for years and benefitted from his generous sharing of tacit experiences and wisdom. He was selected by ROTARY-ASME as one, among, 15 business-leaders shortlisted for the award. 

*****

I am excited to announce that my interview with DECA-Ironman, WAYNE KURTZ will appear tomorrow and Wednesday. He, too, built his business while making endless loops on the bicycle track. Talk about clarity of thought! Stay tuned for really good stuff!

Cyclists Who Give Us a Bad Name

This morning, I relented and allowed my circadian rhythm to dictate my time to awake. I was scheduled to meet a rag-tag team of riders at 7.00am. I would then follow the lead for a 60-90K ride. After much preamble and preparation, I found myself at the start-line after 9.30am. I did a 15K loop around the Changi International Airport before I bumped into the trio of enthusiastic riders comprising Clifford, Tee and Matthew. I caught up with them, had a mild chat, mostly being teased by Clifford (mostly because he and Matthew were riding on their spanking new Specialised Transition frame and aero-helmets: very Macca-esque!). We parted ways shortly as the three of them were headed for some emergency breakfast after their near, century-ride.

I continued for another two loops; tough going in because of the strong headwind, and easier on the return leg because of the noticeable tailwind. At the end of my second loop, I emerged damp after a few rogue rain clouds, and merged into a pack of roadies (including furious-pedaling mountain-bikers). This large and motley pack of about 25-30 riders, traveling at moderate pace, was enjoying the sail effect afforded by a tailwind.

One rider – playing shepherd from the back - decided that he would move from the rear, of the left-most lane, to grab a pinch of the right lane. The original, one self-designated, lane for riding became a dictatorial domination of two lanes. I could have overtaken the whole pack if I accelerated for a short distance, but I intuitively chose not to. A fast approaching convertible, realizing how futile it was to patiently and optimistically wait for the relinquishing of this outer lane, decided to go around the pack. This meant that he had to borrow a piece of the opposite lane across the road. In effect, it was not a smart move of the devil-may-care antics of these roadies.

I was shocked by their irresponsible behavior, which demonstrated little regard for motorists and fellow riders. Earlier this week, a lorry hit two military officers; one cyclist died, and another suffered serious injuries; Matthew knew the deceased rider and so did Robson Phan (who I raced the Annual Beer Run with). The irony was, they were both wearing jerseys that promoted safe cycling. It was a sad and tragic start to this year; seems like the verdict is out for cyclist-motorist harmony. This afternoon, my friend, Hui Koon blogged about how errant motorists irk him.

Leaders need to learn how to be diligent, discerning and decisive (proposed by Gary Yardley & Jan Kelly); certainly, as cyclists on the road we have to exercise these options instead of succumbing to group pressure and behaving inappropriately. Do the right thing! Exercise caution, patience, alertness, concentration and carefulness. I never trust the motorist to give me way – I hope that he/she does – yet, I will make way for their safe passage, in return of my safer return. After being knocked down by a taxi last February, I have become paranoid about oncoming traffic behind me. It is just as well, for I am mindful still that I am sharing/borrowing the road for my recreational needs.

Riders – do share the roads, and please spare yourself from careless and silly behaviors. Be proactive. Take the initiative. Be smart. Be a leader of your own journey.

Success: Book Smart or Street Smart?

Billionaire-TV celebrity, Donald Trump based his award-winning series The Apprentice on the premise of the nature-nurture debate. Will the ultimate apprentice he selects prove that street smartness triumphs over academic intelligence? That’s where the politics plays out in the challenges and dysfunctional team dynamics. Having business acumen and entrepreneurial spirit, is relevant as a staff as it is an entrepreneur.

For new readers directed from REDSPORT.SG, here is an essay that may, perhaps, be useful for undergraduates and working mid-lifers who are seriously contemplating a career change or reconfiguration. When we creatively extract life lessons from abstract topics like sports, we may discover more than meets the eye. Here are some useful lessons that you can use to prepare yourself for your future employ.

1)    Have a plan. Make it clear for you. Make a life-chart that is large, colourful and noticeable. Anthony Robbins wrote his first plan behind a roadmap- a map upon a map! Stick pictures of places you wish to visit, and things you’d like to have. Add a Bucket-List wile you are it.

2)    Write up a SWOT Analysis of your Strengths, Weaknesses, Opportunities and Threats. Update this regularly as you become more knowledgeable and skillful. The idea is to become strong, empowered and re-inventive, so as to stay relevant in the marketplace for as long as you desire.

3)    Build your Personal Branding. What are your values, beliefs, preferences, prejudices and perceptions about people, work and recreation? How do you build your credibility? How do you build your reputation that stands you out, with distinction and your signature moves?

4)    Learn and apply your skills. Develop mastery in some skills. Exceed yourself. Test your skills daily. Take on a measurable challenge. Chinese undergraduates run a marathon to have an edge towards qualifying for the top universities. Train for your job interviews. Answer questions clearly with no hesitation. Learn independence. Learn to assemble a DIY cupboard, replace a light-bulb, wash your sports-gear, sun your shoes (before it pongs) or cook a simple meal for yourself.

5)    Attempt and attain dynamic work-life balance. Eventually, this will make way for work-life choice (a term popularized by ex-GE CEO Jack Welch) as priorities shift and change.

6)    Develop your soft-skills. Be persuasive. Be influential. Lead. Be a leader. Assume responsibly key leadership positions in university or the polytechnic.

7)    Surround yourself with experts. We stand on the shoulders of giants! Learn from the old and young. Be curious. Discover your ignorance and ingenuity. Value discipline. Discipline means doing the chores, and enjoying the process however mundane it may be.

8)    You will make mistakes! Nobody’s perfect. There are enough fallen leaders to remind us of the fallacies of leadership. Value your values. Walk your talk, and be consistent. How you bounce back from failure is your resilience. Snap back, re-focus and get back on track.

9)    Either you lead, or follow. The choice is available at all times. You can be a servant and a leader. Lead and serve. Lead to serve. Be in the service of your team. Serve them well. If you won’t lead, treat people humanely well, at least.

Feel free to comment if you need clarification. Have a good weekend!

When You Need Help, Seek The Experts

‘Who you gonna call? GHOSTBUSTERS!’ ~ Theme song

We don’t have all the answers, thus we ask questions. Questions give us focus and a sense of purpose. Open-ended questions allow us to comprehend. Close-ended questions allow us to verify, validate and consolidate. We may not fully understand many things, although we say we do. What does understanding something mean to you? Does having the head knowledge mean you understand? When you say you know, does that mean you also understand? If you know, can you apply your knowledge (as skills) confidently?

These questions may be vexing, yet we ask them to comprehend, appreciate, learn, and understand matters. Our curiosity underlies our ability to examine, investigate, check, research, discover, learn, ponder, and consider. Adventurers are driven by a sense of curiosity and the need to discover. Our maritime forefathers demonstrated that when they set sail for the New World with some getting utterly lost and disorientated. Some were purported to have sailed off the edge of the world!

Experts have more than knowledge. They also possess tacit experience and tacit wisdom. They are regarded as experts because they know more, have expertise, and can make recommendations based on their area of specialty and passion. Experts can help us think and do outside the box. Thus, the roles of coach and mentor have their relevance in both the corporate world as it does with our community, family and our friends.

How open and broad-minded are you to professional advice? How well do you take feedback? When was the last time you sought an expert? Do you have a coach for your endurance sport? Learn and lead. Learn to lead. 

***

Yesterday evening, I decided to go for an easy run, as the sky dimmed prematurely with looming grey clouds. It was raining predictably for a few consecutive evenings. I ran two sets with a 5-minute break between them: 11K at 4:35 pace, and 10K for 4:55 pace. It was faster than I expected; I almost had a PB in training for my 11K, however missed out slightly. Nevertheless, I will aim to hold my 21K at about 4:30 pace, consistently for a PB at the Singapore 70.3 in March. That’s the plan, man!

I was running with another runner, and we kept each other company for about 8K. I overtook him twice, and he overtook me once when I took a drink at the 17K mark. Whoever he is, thanks buddy for the race-like conditions. My Facebook posting of my training session drew many useful comments – thank you, my friends! With my new age group, my qualifying time for the Boston Marathon will be 3:30. Looks like my goal is several minutes within reach (3:37:06 at Berlin in September on a cold and rainy day), although I would love to still achieve a 3:20 within a year. I will surround myself with experts, and back to planning my performance goals with my Coach! The Hong Kong Marathon awaits me after Chinese New Year.

7 Ways to Lead With Your Time Instead of Time Management!

Stop wasting time with time management workshops! There are numerous ways to spend your time wisely. Seriously, time cannot be saved, stored or retrieved although our language describes it as ‘save time’, ‘invest in the time’, ‘make time’ and ‘buy time’. Instead, we ‘kill time’, ‘pass time’, have ‘time-out’ and ‘lose time’.

I have been intrigued and excited by the many executives I have met over the years who seem to use their time well. The ones that amaze me most are those who can fulfill more results in each day. It is not that they have more time (24 hours is maximum), but how they utilize each packet of time. Time can be measured in discrete quantities from seconds (beating a PB), to minutes (length of an interval training set), to hours (total time spent weekly preparing for a marathon). Writing a proposal or preparing for a business presentation may take a few days (so does completing ultra-endurances like the Quadruple Ironman or Deca-Ironman).

We can model the good practices of these time-travelers:

1)    Make a daily and weekly list, and refer to it occasionally.

2)    Tick away as quickly as you complete the tasks you aim to accomplish.

3)    Challenge yourself to do more, without exhausting yourself.

4)    Check for signs of burnout.

5)    Attain an active balance of the physical-mental-emotional, with personal and professional lives.

6)    Be decisive on how you use your time. Hesitation builds delay, and consumes time.

7)    Have productive conversations. If you aren’t enjoying it, you are wasting somebody’s time.

10 Ways to Generate An Optimal Working State

Leaders need energy to lead well. Energy is the source of life. Our body produces and harnesses it. When we are fresh and energized, we can do much more than when we are fatigued and drained. Here are some ways to stay energetic and alert for the stresses and challenges of this new, year. For more tips on prolonged energy generation and sustaining it, stay tuned for the tacit wisdom of our endurance athletes featured on this blog (marathoners, ultra-marathoners, triathletes, Ironman, ultra-Ironman, and long-distance swimmers, podium-finishers). Lead energetically, enthusiastically and with purpose!

1)    Spend less time at the keyboard. Sit on a Medi-Ball (or Swiss ball) instead of a chair. Your heightened posture expands your ribcage.

2)    Stand up and stretch whenever you can.

3)    Take a brisk walk. Do MBWA (Management By Walking Around) at the office! Have short, mobile meetings – meetings on the run!

4)    Drink water at regular intervals. Exercise stimulates thirst, although thirst is not a good indicator of dehydration.

5)    Sleep adequately (6-7.5 hours at least). It diminishes your stress and lowers your heart rate.

6)    Take deep breathes, when you feel sleepy or tired.

7)    Exercise regularly. Cross-train. Do activities that you enjoy.

8)    Stay positive with self-encouragement. Enhance your Positive Mental Attitude (PMA). Enjoy your race finishes, race-medals and finisher-tees.

9)    Surround yourself with enthusiastic and energetic people.

10) Eat regular well-balanced meals. Avoid foods that cause you allergies. Raw foods are a great complement to our nutrition.

Entrepreneurs and the Entrepreneurial Spirit

Two nights ago, I watched Singapore Talking on television. The focus of the discussion between the host and two entrepreneurs was on entrepreneurs and the entrepreneur spirit. I found the debate interesting as the host and audience asked questions that, evidently, professed their relative lack of experience running their own business. However, it was then purity of questions that elicited honest responses from the two guests.

There are distinct differences in being self-employed, running a small business, starting a new business, and being an entrepreneur. Entrepreneur simply means ‘first to enter’, or the person who takes a plunge into a business venture, which can be in retail, services, or manufacturing. In other words, an entrepreneur is a leader, not a follower or imitator. Can entrepreneurial spirit be taught? Can we educate a population of entrepreneurs that reflect the likes of a Sim Wong Hoo (Creative Technologies) or a Sir Richard Branson?

In my experience as owner for a small business I started a decade ago, I believe that entrepreneurial qualities can be taught, heightened and developed. However, it is more than starting a new business, or acquiring a franchise, or being self-employed as a freelance professional. Attending an institution that professes to teach entrepreneurs may be a relevant start, but it takes more than that. It requires a compelling vision, a comprehensive business plan, market analysis, sheer hard work, skills enhancement, and a stubbornness to see a plan through to fruition, and more. It demands drastic changes in lifestyle, buckets of self-belief, a strong support group, and the intelligence to adapt, adopt and be adept.

When I left my last career, I had only $3,000 in my bank account, a plan that took seven years to thoroughly prepare for, and my intuition that nudged me at the right timing. Based on tacit wisdom I gleaned from my mentors and my own tacit experience, I took my leap of faith. Starting a business is simple, but sustaining it is not easy. Staying busy and profitable is an on-going challenge, however you learn heaps when you surround yourself with experts. You then pass your goodwill forward by helping other neophytes in the business. You hope that your business vision and culture is realized in some form that evolves into something larger (like a cause). But, more on that later!

If you are curious about your developing your business acumen, begin now by meeting entrepreneurs, business-people and freelance professional. Find out how they moved from survive to strive to thrive. Step forward!

***

This evening I met up with Kua Harn Wei at Ya Kun, Funan Centre. John Cooke could not attend our arranged meeting as JJ was unwell, and Harn Wei and I shot the breeze about triathlon matters. As coincidence would have it, Harn Wei’s friend Andreas Karall dropped by; his Austrian friend was a former-2nd in the Double-Ironman World Championships (23:09:51), 20th overall in Ironman Malaysia in 2008 (seconds behind Tobias Frenz), Kona finisher (11:11:13), and 1st in the Double-Ironman World Cup 2008. Andy has also done a 2:41 marathon, and run splits in the 10K and 21K that will make us blush. Harn Wei and Andy are amazing ultra-triathletes, mainly for their mental patience and tenacity. They are body-strong as they are headstrong, in a good sense of course. Harn Wei and I chatted about how to train for an ultra-Ironman, including strategies like sleep deprivation. A double-Ironman attempt and completion is on my cards.

Photo-credits: http://www.multisport.com

52 Weekly Lists To Make Your Year

As an addendum to my Lust-For-Life List, aka your Bucket List, I am proposing doing a weekly list of goals to achieve. Going beyond tasks, this list is about encouraging you to take up some short-term or new challenges. With 52 such lists (sounds like a pack of cards), you can track your achievements and accomplishments, however small you think it is. Incremental gains add up to become significant progress. Every workout strengthens your body and adds to your fitness. Every new initiative considered and executed may yield new results and outcomes. Start the new year with new starts.

This evening, as strongly recommended and urged by Hui Koon, I attended our Triathlon Family Monday night swims. Although it lasted for an hour, it was well attended by about 20 people including my regular swim buddies Hui Koon, Danny, Richard, Julian and Desmond. The former two improved their swimming prowess significantly since they joined this weekly training session. Ably led by swim coach, Dion this free session is a good way of spicing up your swim training with the guided swim sets involving fins and paddles. Although it lasted only an hour for the first session of the year, I felt less fatigued and I could maintain reasonable form for most of the way. Two-hour long swim workouts tax my upper body unbearably, and I sink into bad form.

RedSports is looking for interns to report on local sports stories. Do spread this request generously. Editor, Les Tan has featured some of stories in the past year, including our interview with Dr Ben Tan, and currently, with Dr Kua Harn Wei. Part 1-3 of Harn Wei’s interview has been featured in the past week. Give it a read if you missed it. I will update you about an exciting new endurance soon.

Resolute Resolutions: Keeping Clear Orientations of Outcomes

2 January 2011, Sunday.

Day 2 of this brand-new year; I slept in a little and missed my personal start-off time for my first bike ride of the year. I, eventually, rode easy (with many others who may be working off the post-New Year feasting guilt) for about two hours; head-winds were committed to motivate me to work harder than I intended though. Yesterday morning, I did a swim-run brick session with friends from Triathlon Family and that I enjoyed that. Tomorrow, I take the plunge into an area of weakness and immerse myself in new discovery and adventure.

Mel, finally, worked out the kinks in our home wireless system. We got a new modem-router and configured/reconfigured (took many attempts) before we got lift-off. I am, now, happily uploading applications for my iPad – my new tool for business presentations. It is high time I fully integrated and applied my working knowledge of Social Media 2.0.

2011 will be a year of business expansion, active collaboration, and purposeful charity work. I will spend most of this week meeting existing business associates, new project partners, and interns (a form of mentoring for new entrants to the working world). For my personal development, I will be focused on enhancing my business acumen, active networking, developing my market niche and personal mastery. My three key orientations, that focuses on IQ, EQ and AQ will be:

1)    Head (learn and lead with purpose; develop skills of distinction and signature moves)

2)    Heart (be more people-orientated; fully engage and be engaged with others; really connect on a physical and emotional level)

3)    Hands (develop a stronger sense of charity and altruism; learn new skills using my hands)

What will be your mental orientations? What will you be doing to develop your sense of purpose? How will you connect with your colleagues, business partners, customers and family?

Brand New Swim Start to A New Year

New Years’ Day: This morning, about 18 people turned up for our fortnightly open-water swim at Tanjong Beach, Sentosa Island. Since it was the first day of 2011, so it was an encouraging turnout since we expected many to comply with the late-night revelry. Why wake up early to swim and run when you could have slept in? Sleeping-in can be a luxury for athletes-in-training! The logic of the endurance athlete leaves much to be desired, at times, when we choose tougher choices (adapted from Carly Fiorina’s book on her days at Hewlett-Packard).

Led by our amiable leader, Matthew we elected to either swim 4 or 6 laps of the slightly choppy lagoon; our fearless and friendly leader in the saline pond has been instrumental in sustaining the longevity of these swims in recent years. As it was a high tide of about 2.9 metres, each lap was about 400 metres. For those in this group new to triathlons, and attempting their first biathlon (Singapore Biathlon) in February, it was a useful session to familiarize oneself to open-water swimming. I benefitted much from this group swimming sessions, over the years, as I built my confidence through each race and practice sessions. After each lap, Matt offered quick pointers to our new swimmers.

After the swim, we changed into our running shoes and ran about 4.5K. Many of us commented positively the colourful K-Swiss K-Ona worn by Gary, our American expatriate friend; his model has colours of the German flag. Sin Guan and I ran it reasonably fast, mainly to test our running legs after our respective marathons about three weeks ago. We crossed the end line at about 22 minutes with Richard Leong snapping a photograph of us. John ‘Cookie’ Cooke from Perth came in a strong third (he did a 11:37 in his sixth Ironman at IMWA three weeks ago) with Matt following up on this swim-run brick session. After everyone safely returned from the run, we took a well-deserved group picture.

After washing up, we adjourned to Vivo City for our post-training feed; it is important to nourish our body within an hour of physical activity so as to allow it to repair itself. We indulged in conversation, mostly orientated around which races and training sessions to consider for this year. Ironman China was an event some were seriously interested in considering, although some of us were uncomfortable with first-time races and their likely disappointments.

One key, take-away lesson was: There are no easy Ironman races, let alone endurance races. The easiest Ironman is the one we pop into the DVD player. Have a good year, everyone!


Photo-Credits: Happy group photographs by professional photographer and designer, Richard Leong