Hartford Business Journal

www.HartfordBusiness.com February 15, 2016 • Hartford Business Journal 21 BIZ BOOKS Keys that separate 'superbosses' from 'good' ones "S uperbosses — How Exception- al Leaders Master the Flow of Talent" by Sydney Finkelstein (Portfolio/Penguin, $27.95). What's the difference between a good boss and a superboss? Outlook. Good bosses see themselves as professional managers. While they do the management basics well, some- time along their path best practices rather than entrepreneurial curios- ity and intuition shape their actions. Superbosses, on the other hand, do the manage- ment basics well, but view best practices as managing by looking at the rearview mir- ror. Why? Focusing on what worked "codifies the past and reduces openness to new ways of doing things." When it comes to creating opportunities for subordinates, they both have the goal of cre- ating a well-rounded, organiza- tionally experienced individual, but their approaches differ. Good bosses fol- low the lock-step, career ladder approach, which slots employees into various positions over time. Sounds logical. But locking all employees into a specific track doesn't take into account the differences in the individu- als. It also makes coaching them more dif- ficult because one size does not fit all. Superbosses personalize opportuni- ties based upon their knowledge of the subordinate. They share "the workplace experience with their employees" by man- aging-by-walking-around. By taking this getting-to-know-you approach, they are able to designate assignments that will con- stantly challenge the individ- ual. Moving to other positions depends on the individual's ability to meet the challenge. Their knowledge of the individual "establishes a kind of insider sensibility for protégés," which maxi- mizes their talent. Superbosses build teams differently, too. While col- laboration remains the team's founda- tion, superbosses also encourage and value competitiveness within the team. Why? They see collaboration and competitiveness as allies of productivity. While collaboration starts the team on the same page, internal competition allows the team to creatively write new pages that define and refine inno- vative solutions. Finkelstein's numerous examples of super- bosses and their subordinates in various industries show that there's a huge difference between managing talent and growing talent. • • • "Talking to Crazy: How to Deal with the Irrational and Impossible People in Your Life" by Mark Goulston (AMA- COM, $24.95). You've met the bully, the manipulator, the victim, the know-it-all, the backstabber, the whiner, the gossiper, etc. Dealing with these personalities can drive you crazy — unless you employ Goulston's methods for dealing with them. Here are a few: 1. "Keep your own crazy at bay when you're under attack." Becoming defensive only adds fuel to their fire. They win; you lose. Pause before you respond. This frames your awareness of the situation and calms your emotions. By main- taining your poise, you disarm the crazy — yours and theirs. 2. "The belly roll." Don't attempt to take charge of the conversation. Instead, roll- over and let the irrational person lead the conversa- tion. Sounds counterin- tuitive; it's not. "Increasing the person's power less- ens his need to act out." If the person sees you as non-threatening, the attack stops and real conversation starts. 3. "Time travel." You can't change their past or yours. The future beckons. Simply ask- ing "What do you want me to do or not do?" starts a conversation. As it progresses, weave your expectation for her/him into it. 4. "The fishbowl." The eyes are the window to the soul. Look the person in the eye and don't speak. He/she will eventually return eye contact. Maintain that contact. When you see signs that the person wants to listen, restart the conversation. 5. The "Butter up" works well with know-it-alls. Identify the areas where the person excels and play to them. Guide the conversation to how the person could grow those skills. By seeing you as a mentor, the person may be open to taking your advice. The Bottom Line: Learn to manage the crazies in your life, or they'll manage you. n Jim Pawlak is a nationally syndicated book reviewer. Jim Pawlak THE RAINMAKER Resolve to capitalize growth in 2016 By Ken Cook T he New Year is upon us; optimism abounds and there is usually an overrid- ing belief that it will be a strong growth year. And as many of you know, growth can be a stern taskmaster. Growth requires more of everything, including time, resources, energy and especially money. Every business at some point needs money, whether it is in a startup mode, financing growth, or just overcom - ing a rough patch. For startups, the expectation is that the financing is self- funded. Jobs and Wozniak started Apple in a garage; Gates and Allen sold computer software out of their house. The transition from self-funding to using other people's money is usually a function of proven capability matched with opportunity. It's at this juncture that many small business- es either fail or just stall out. Lack of capital is frequently cited as the cause of a business failure in this early stage. If truth be told, it is not the lack of capi- tal that caused the business failure. Rather, it is usually a poorly advised venture or lack of owner skills that precipitates failure. The inability to properly capitalize the business is merely a symptom. To avoid the symptom of poor capital- ization, know who you are and where you are going. Successful business owners have an understanding of financial issues and financial planning. Foundational to this is the business plan and cash flow pro- jections. These two tools reflect historical performance (if it's an existing business), and future projections based on market knowledge. Successful business owners know their markets and their customers. There is no guessing as to why customers buy; there is intimate knowledge of customers sup- ported by strong relationships with those customers. Relationships and knowledge translate into increasing revenues and even more customers. Whether starting out or whether the capi- tal is needed to finance growth, be clear on the requirements. Know what the money is intended for, and more importantly, how the money will make the business more successful. Once you know this, you then can determine how much money you need. So as you look out over the next 11 months, be clear on your goals and expectations. Clar- ity of thinking and planning is a very enticing characteristic for an investor. Every investor knows that their capital is a tool. The investor wants to use the tool wisely. Investors, banks, angels or other sources of capital are not looking to fund just the entrepreneur. They are looking for two things: To fund a viable venture that is poised for growth and to find a venture that is mobilized and driven by a capable entrepreneur. The hope of the investor is that by fund- ing a viable and growing venture, their capital can be used to produce premium returns on the investment. The entrepreneur's job is to prove the case that the premium returns are not only possible, but probable. Cash is king. Proper capitalization can drive growth. The entrepreneur's task is to prove that the growth of the business is attainable, sustainable and profitable. If that can be done, then there are sources of capi- tal that will help that business get to the next level and make the next year very profitable and successful. n Ken Cook is the co-founder of How to Who and co-author of How to WHO: Selling Per- sonified, a book and program on building business through relationships. Learn more at www.howtowho.com. Ken Cook ▶ ▶ The transition from self-funding to using other people's money is usually a function of proven capability matched with opportunity. It's at this juncture that many small businesses either fail or just stall out. ▶ ▶ Good bosses … do the management basics well, [but] sometime along their path best practices rather than entrepreneurial curiosity and intuition shape their actions.

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