Tag Archives: business how-to

THE DIFFERENCES BETWEEN A BOSS AND A LEADER

Being a leader, as well as a boss, is critical to getting your employees to perform at their best. Not sure about that? According to Gallup polls:

  •   Poor leaders in the workplace are the number one reason people quit their jobs.
  •   Poor management can cost a team 50% less productivity than well managed teams.
  •   Poor management can cost a company to make 44% less profits.
  •   75% of employees say dealing with direct supervisors is the most stressful part of work.
  •   Gallop estimates that $960 bil – $1.2 trillion is lost a year due to poor management.

A lot of people think of the Meryl Streep character from The Devil Wears Prada as the token stereo type idea of a boss, right? She’s the real to-the-point, perfectionist, do it or you’re fired type.

There’s a flip-side to that. There’s also the boss that’s what I like to call, the “keeper of the keys,” or the “Charlie Brown”. They can unlock the door every day. They’re reliable, but they’re not a leader. They’re not making the numbers go anywhere. They’re not propelling the business forward. I have a theory on the difference between any manager or boss, and a leader. There’s one thing that happens that changes everything, that most bosses or managers never actually do. They can go far in their career, but they’ll never transcend. They’ll never really know what their full potential is, or how they can add a ton of value to other people’s lives.

The difference between the two is raising your hand and saying, “I’m going to be the leader”.

Something happens in your psyche when you raise your hand and you say, “I’m going be the leader”. At that point, you accept all responsibility. The biggest difference between a boss and a leader is the responsibility part, the owning it. Owning the result until the end. The outcome is yours.

I think the way it was described to me early on in my career by one of my mentors was saying that managers manage things, leaders lead people. You can’t manage people—you can try, but once you get out past a hundred or so employees, it’s really hard because you can’t see them all. You can manage inventory, you can manage resources, you cannot manage people. You’re better off leading them so that they follow you willingly instead of standing on top of them.

When you accept full responsibility, you focus on the results more than the feelings. A lot of times, managers are led by feelings, not results. It’s tricky because it’s easier to create feelings around your comfort zone than it is to create feelings around the actual result. Raising your hand and saying, “Hey, I accept this. I’m going to lead us out of this valley,” is a magical thing in a lot of ways. It is at that point you’re committing to the result.

When you raise your hand, you’re committing to improving all the time. As the leader, you’re saying, “I’m constantly going to get better.”

Jim Collins said, “We found, instead, that they first got the right people on the bus, the wrong people off the bus, and the right people in the right seats. And then they figured out where to drive it.”

Meaning, you really have to understand that there are people out there who just aren’t meant for what you’re trying to do. Don’t spend all your time trying to convince them. Go find people that want to change the world and be a part of what you want to do. If you spend all your time trying to convince somebody who doesn’t believe, it will demotivate you and may ultimately stop you. More than anything, you have to have a sense of who you’re letting on your team.

To break it down, the real difference between a boss and a leader is raising your hand and owning every result that happens—it’s when every customer interaction, every misfire, every bullseye, is on you. The good and the bad. You’re going to manage to the middle. You’re going to be stoic. You’re not going to get too excited or too depressed about anything because you’re constantly moving forward. By raising your hand, you’re saying that you want to be the leader who gets better, who constantly improves. The one who is managing by the results, not by the feelings, and you’re humble enough to tell your team that you’re not perfect, and by doing everything together as a team, you’re stronger and better.

What do you think? Do you think leaders are born or make the choice to be leaders? Have you ever raised your hand? Let us know!

 

Listen to the full episode our new podcast, Chris Collins Unleashed, on Apple PodcastsStitcherGoogle PlayYouTube or chriscollinsunleashed.com.

Think I’m onto something? Disagree entirely? Reach out to me on Twitter at @bulldogcollins. I’d love to know what you think.

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Chris Collins, business leader, business advice, business performance, entrepreneur

HOW TO TELL THE DIFFERENCE BETWEEN A GOOD IDEA AND A GOOD BUSINESS

Lots of people have great ideas – my doorman pitches me a new business every week. But great ideas don’t always translate into a great business. To prove my point think about these stats:

  • In 2013, there were 406,353 startups of new businesses and 400,687 firm closures.
  • Out of these new businesses, only 7 out of 19 survive for more than 2-years (36%)

As part of your entrepreneur’s survival guide, it’s critical to ask yourself questions before you rent office space and start asking friends and family for money you’ll never be able to repay.

First, what is my goal? Sometimes people go into business because they inherited Aunt Ginny’s favorite cookie recipe, but what’s the goal? To make money? For everyone in the world to taste Aunt Ginny’s cookies? Are you willing to do this for free? If you’re interested in making money be very specific. Do you want to make $50,000 a year or $100,000,000?

It’ll serve you well to have a disciplined approach to your profitability, finances, and bookkeeping from the start. Because believe me, there will come a time you’ll need investors, or to borrow money, and you need to be prepared for that. You also want to know every month if you’re winning or losing so you can make informed decisions moving forward.

Next, is there a demand? Doesn’t matter whether YOU love your product, or whether it’s good if no one wants it. So, you need to find out and test the market. Handsome coffee is a great example because whenever there was a cool event they were there with a little kiosk, making coffee and selling bags of coffee. They had something like 80 wholesale accounts before they even opened their doors. It’s possible to test without spending hundreds of thousands of dollars, and anything can be tested.

How committed are you? Are you willing to sleep on your mom’s couch as an adult to make this work? I’m not kidding because the time will come for any entrepreneur when you run out of money, something goes wrong, someone tries to sue you, whatever… Expect things to go wrong and know going into it how you’re going to handle it when that inevitability happens. The time for a gut check is before you go off and spend a bunch of time and money.

Also, the best time to work out an exit strategy is at the beginning. Put it in writing and make it clear what’s going to happen if it doesn’t work out, or things go wrong.

What’s the monetary of the system you’re going into? Most successful businesses have different ways to make money so you need to understand the monetary system, and all the streams of income. For example, if you have a wine store it might end up that your wine club makes more money than bottle sales. Create a consumption plan for your customers because they’re looking to you to guide the experience.

Who, or what, is your potential competition? This can make, or break, a new company because if you don’t know who you’re up against there’s no way you can put the right strategy into place. The last thing you want to do is compete on price with someone who has it locked down. Sometimes you have to take a hard look in the mirror and ask yourself, is my product really better? But better to ask yourself that question before you find yourself competing with Starbucks. Tivo is the perfect example because they had a great product, and was first to market, but they never made any partnerships so when all the companies came out with their own version than they lost their edge, and ultimately all their business.

Finally, what’s the relationship with the customer? At Virgin Airlines, they’re selling an experience—a really great experience. The result of that is the customers grow accustomed to that first-rate experience. They like it, and then they count on it, so when it’s gone they feel a gap.

So early on it really serves you to create a relationship and build a list of raving fans. So, every time you interact with someone they walk away thinking that was really good. Exceed their expectations. Even slight differences can make all the difference in the world.

Think I’m onto something? Disagree entirely? Reach out to me on Twitter at @bulldogcollins. I’d love to know what you think.

Listen to the full episode our new podcast, Chris Collins Unleashed, on Apple PodcastsStitcherGoogle PlayYouTube or chriscollinsunleashed.com.

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