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Executive Coaching Means Putting Your Key People on Their A-Game
The last decade has seen a major shift in attitude towards executive coaching. Ten years ago the most likely engagement would have been with a client who was having serious problems. Organizations tended to hire executive coaches when one or more of their people was either having or causing serious problems. Many would wait until things had progressed to such a state that damage control was the only option. In those days, executive coaches were, more often than not, crisis managers. But things have really changed.
Board of Directors - Standard Bearers of Performance
The actions taken by the Board of Directors of an organization sets the standard of excellence for how an organization will operate. Boards are comprised of business and civic leaders and are chosen for specific talents, connections or leadership qualities. The characteristics a leader has shown in other capacities is often what draws a board of directors to ask certain people to join their board. Chief executives and savvy board members understand the importance the composition of a board has on its performance. The Board will usually select from its membership certain members to serve as officers such as, President or Chairman, Vice-President, Secretary, and Treasurer. The Officers selected have legally binding obligations requiring more time than other board positions.
The Board of Directors and Shareholder Value
Corporations operate in a diverse and complex marketplace. They must not become distracted from their principle obligation of protecting and increasing shareholder value. Directors must be competent and willing to react to changes in the market forces driving sales and profits. Corporate board members must also have the confidence in the Chief Executive Officer of the company to carry out the strategies established to deal with the challenges and setbacks that will inevitability come.
The Money Chase: Should You
I attend a fair number of ‘presentation events’ over the course of a year. Mostly they have the same format. A panel of investors has been brought together. Applications for submission have been received from a wide range of start-up companies seeking funding. The applications have been reviewed and a lucky few have been invited to present. The room is packed with investors feeling important and the center of attention, nervous teams going over their last minute check lists and envious audience members. As the program advances, it is clear that many of the presenting teams have not asked a very simple question. Should they be in the Money Chase at all?
The Money Chase: Who They Do Not Invest In
The Money Chase is the graveyard of many a start-up. It can drain the energy and resources out of a new company and leave the founders frustrated and bitter. For many, seeking angel or venture capital investment is the most complex and subtle effort they have ever made. Most money chases fail because the founders do not have an investment quality company. The others fail because they either mismanaged the process or misunderstood how a successful money hunt should be managed. Yet others fail because they are simply not credible as entrepreneurs. This article is about that last group. Experienced angel investors and venture capitalist are always on the lookout for them and seldom take them seriously. Here are some types that they normally see and, for the most part, avoid:
The Money Chase: One Way to Avoid Being ‘Avoided’
There are many more ‘types’ that investors routinely avoid. Angel investors and venture capitalists sit through a lot of presentations in the course of a year and see almost every kind of founder that they want to avoid. Of course, there is a complication. Sometimes the presenters unwittingly give the impression that they fall into one or another of these categories. It is never a tragedy when one of the bad apples is identified and avoided. But it is a tragedy when a legitimate proposal from a competent team is dismissed because they carelessly tagged themselves as one. Investors have to make lots of decisions in relatively short order. It is important not to give the wrong impression in these early meetings. A bit of creative preparation goes a long way towards avoiding such an outcome.
Funding Strategies for New Businesses
After the rush of figuring out a new idea for your business and pulling together a team to run it, one challenge faces all entrepreneurs. They must find the necessary financial resources. For some, the ‘money hunt’ can come to dominate their activities. Others find solutions that allow them to at least launch the business. Many companies founder because the team never figures out how to meet this challenge. How you meet this need is one of the most important steps in determining if your company is at least going to have the chance to succeed.
Angel Investors to Avoid
I want to state at the very beginning that most angel investors I have worked with do not fall into the categories that follow. For the most part, they are honest, professional and dedicated to helping their portfolio companies thrive. To the extent that they have foibles, they are no better or worse than the rest of us. This article is about that small percentage of angel investors that can really give you heartburn and seriously damage your chances of building a successful business. Here are some of the types that you should avoid.
Angel Investors – The Good, Bad and Very Ugly
There is a tendency among entrepreneurs to chase money wherever they find it. The pressure to find the financial resources so necessary to build a business can be over-mastering. Most of the time the partnerships which form between founders and angel investors are productive but, in a few cases, I have seen it turn very destructive. Companies that should have realized success have been held back by investor partnerships that have severely limited their potential or, in some cases, doomed them to failure.
How to Beat the Odds on Business Angel Investment
For those who still believe angel investing is for them, it can be an extremely rewarding and profitable experience as long as you’re prepared to exercise patience choose your management carefully and, importantly, get involved! That way you can beat the odds against a profitable exit.
Clarity, Consistency and Reliability
I was discussing business relationships over drinks and cigars with a couple of long time friends and associates last evening. The discussion turned to the question of ‘what makes for a good business contact?’ In a relatively short time we agreed on three characteristics that were the ‘first screen’.
Asking to Listen
Curiosity is an amazing trait. In fact, I admit to being intensely curious about curiosity. But then those of you who have read much of my writings will know that I am curious about almost everything. I have been known to go on extended campaigns – questioning everybody who will sit still for it about something or other that vexed me or simply drew my attention.
A Matter of Succession
Nothing that a board of directors does is more important than making sure that their company has the right CEO – well, excepting that it makes sure that the next CEO is being trained to take over the reigns at the appropriate time. Seeing to the personal growth, leadership development and accumulated experience of the heir apparent is a mission-critical function for the board of directors.
Leaving the Rut Means Growing Your Life
An old friend was fond of observing the “a person needs to be repotted every few years”. A bit of living has shown me how much wisdom there is in that simple statement. All of us have the same experience at times. We realize that we have settled into a rut and wonder how we came to be there. Sometimes the realization comes on quickly and at other times it seems that years have passed before we realize. But there comes a time when we begin to sense that we need to break out of patterns that have dominated our lives. It is time to leave the rut behind and strike out in a new direction. We feel the need to be repotted.
Breaking Out of a Rut
When I was learning to fish, my father’s favorite saying was “that fish is not going to come towards you unless you turn the handle”. He usually said that when I was frozen by the shock of having a big fish on the line. Those of you who fish will understand. For those of you who don’t, a fishing reel pulls in line when you rotate the handle. Without that action, it is just a curiosity on your end of the fishing pole. To help it to fulfill its purpose, you need to take extended and purposeful action.
Presentations from the Investor’s Perspective
All investors are bombarded with requests for meetings. Entrepreneurs put a lot of effort into networking and building relationships that will allow them to make a presentation to a possible source of funding. They have honed their elevator speech and given it many times. Mostly the results of these contacts are non-committal or an outright expression of no interest. All investors say no or maybe much more frequently than they say yes. But, there are the times when you say yes and a meeting is scheduled. Here are a few thoughts on how to handle that meeting.
Giving Yourself Permission
This might seem like a strange idea at first – giving yourself permission – but, once you think about it some, you will realize that it really gets to the core of how you live – and decide to live – your life. Begin with this simple idea – you are the gatekeeper of your own possibilities – you determine what is possible for you.
Some Unexpected Benefits of Coaching
Many of my coaching clients first approach me with a specific need. They want to mitigate a particular behavior, break through a barrier or make a change that has long been needed. We do focus our work on that need and, initially, meeting those needs takes up most of our energy. But very soon they come to realize that there are many, unanticipated benefits that flow from working with a first-rate coach. Here are just a few my clients have identified:
Mentors and Qualifications
I’ve done a lot of mentoring in my life and had the benefit of being mentored by some really great human beings – people who took the time and made the efforts to help me slay my demons, learn what I didn’t know, overcome my own limitations, make the best of the opportunities that life was offering me and to be a better and more humane friend to the people I meet along the way. Because I am serious about my contributions to the lives of others, I think about what it means to be a good mentor – and what you should look for in one.
The Importance of Structure in Organizational Change
I asked another question. “Chuck, once you organize and implement a program of change within an organization, how to you assure that it will not just go back to the way it was after you leave?” Those of you who work in this field know how important developing a good response to the question is. Without it, your reputation and the experience of the organization may suffer. Change takes a long time to settle in and become the norm.
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