Hartford Business Journal

www.HartfordBusiness.com February 29, 2016 • Hartford Business Journal 21 BIZ BOOKS Tips for turning employees into job-owner entrepreneurs "T hink Like an Entrepreneur, Act Like a CEO — 50 Indispensable Tips to Help You Stay Afloat, Bounce Back and Get Ahead at Work" by Beverly E. Jones (Career Press, $15.99). Way too many workers think of them- selves as employees rather than the job-own- er/entrepreneur of "Me Inc." Employees cede control over what they do and how they do it to the employer. They see themselves as gears in the machine of business. Job- owner entrepreneurs, on the other hand, constantly look for ways to build their skills and brand by managing up (i.e. bosses), down (subordi- nates) and sideways (peers). While recognizing the collec- tive strategy of the organiza- tion, they believe in their vision of what they need to contribute and accomplish. Here are some of Jones's brand-building tips: "Think like an entrepreneur wherever you are." Focus on the customer — without satisfied customers, no business grows. They spread the word; they actually name and affirm your brand. As Me Inc., you must know your customers; there's no one-size-fits-all approach to working with them. Always ask yourself how you could bet- ter serve them. By meeting their needs, you'll meet yours. Positive interaction also creates allies needed to promote ideas. "Talk back to the voice in your head." Everyone has a cautionary voice in their head. When that voice becomes loud, you become worried about what could go wrong. When worry translates to action, you play not to lose, rather than playing to win. Reframe worry to a positive by changing outlook from "I'm not sure" to "Today, I will take the next step toward my goal." "Measuring progress makes your goals more powerful." Awareness of what's been done brings focus to what remains to be done. Develop a "Fitbit" mentality for tasks by measuring activities most likely to contribute to achieving your goal. The more steps you take, the more likely you'll reach your goal. Also measure the non-contributors. When you recognize they're not moving you forward, take action to minimize their negative effects. Jones's underlying theme: Always choose optimism. • • • "Leading through Language: Choos- ing Words that Influence and Inspire" by Bart Egnal (John Wiley & Sons, $28). Blue-sky thinking. Core competencies. Leverage. Synergies. We have to avoid blue- sky thinking by focusing on core competen- cies to leverage synergies. You've heard such corporate-speak in numerous meetings and presentations. Does it actually explain what's happened or what must be done? "No" argues Egnal: "Jargon, buzzwords and corporate-speak usually exist because of a dearth of clear, powerful thinking." Egnal believes real words convey real meaning and inspire people with a call to action. Winston Churchill: "We shall fight on the beach- es, we shall fight on the land- ing grounds … we will never surrender." Could there be any doubt what those words meant to friend or foe? To be effective, leader- ship must create believers. It must inform and inspire. It must get people thinking about what must be done and their role in the doing. Leadership communication begins with conveying vision with urgency, excitement, confidence and passion. Example: "Together, we can make our company the industry leader, and we'll do it by becoming the first choice of ... . The path requires hard work and difficult choices. The talent we have will make it happen." Part of the "hard work" involves recog- nizing that leadership language must be tai- lored to his/her audience. That doesn't mean dumbing down the message. It does mean putting some thought into the words you choose. It should be personal, too; using we, us, our, etc. shows actions require collaboration and teamwork. Speaking from a shared perspective ensures understanding. Key takeaway: "Replace jargon with substance." n Jim Pawlak is a nationally syndicated book reviewer. Jim Pawlak EXPERTS CORNER Don't bring a business plan to investors By Anthony Price T he rules for business constantly are changed by innovators who have bright ideas and fresh solutions for nagging prob- lems — often before industries, the public, and laws can catch up. Innovators and investors are lurk- ing for the next big opportunity. Uber harnessed the power of a hungry, on-call workforce into a mobile-phone app sensation, bypass- ing the traditional taxi model. Uber, a private company, is valued at over $60 billion. Starting in Hart- ford in 1981, Alan Lazowski and his child- hood friends improved parking and built the global company Laz Parking, the third largest parking company in America. What may have worked yesterday is usual- ly the starting point for entrepreneurs to ask, "Is there a better way?" When an entrepreneur finds a novel solution to a problem, it's time to create a business around that solution. In the past, the voluminous business plan was the first tangible document that entrepreneurs would share with outsiders. If you wanted to open up the bank vault to get money, bankers demanded to see your business plan before they would take your business seriously. Business plans became popular with mili- tary contractors such as Dupont and GM dur- ing World War II. But the business plan fell out of favor a long time ago with funders and pro- fessionals who create businesses. "In many circles, it's a fairly antiquated term," says Bill Kenney, CEO of Test My Pitch. Investors want a document that is a quick read and answers salient questions. Using Microsoft Power- Point, presentations morphed into what is now called the pitch deck. Kenney states, "It's not your granddad's business plan." He sees over 100 pitch decks a year. Evan Baehr and Evan Loomis are entrepre- neurs and authors of the book, "Get Backed." Their book condenses the building blocks of a pitch deck into 10 sections: overview, oppor- tunity, problem, solution, traction, customer or market, competition, business model, team and use of funds. The pitch deck is presented in 11 to 12 succinct pages designed to get attention and save time for the readers, who are often the investors in the room. The transition from business plan to pitch deck is complete. Loomis says, "Business plans are not that bad, but what is happening is a major shift. You're not going to get funded with a business plan. Investors won't take you seri- ously if you give that to them. It's not a funding document — 20 years ago, it was a legit docu- ment. If you're knocking on doors for investors' money, don't bring a business plan." Pitch decks have the advantage over a business plan because they can be updated quickly and are concise. According to Loom- is, once you create one, the second and third are really easy. He has personally created about 50 decks. Loomis states, "Investors have insane ADD [Attention Deficit Disorder] because they are hit up every day." So, a pitch deck will help you get to the point, fast. The pitch deck is practical because at some point you will have to pitch your idea to an audi- ence, whether that be family, friends or angel investors. Kenney states, "The pitch is one moment of how you can connect and build rela- tionships." His tips for a successful pitch are: 1. Know your audience; 2. Have something worth talking about — from the audience perspective; 3. Communicate simply and directly. "Get Backed" offers insight into the inves- tors mindset with the three questions they ask themselves during a pitch: 1. Do I like you? 2. Do I trust you? 3. Do I want to do busi- ness with you? During your pitch, Loomis observes, "The best investor meetings are great conversations, not pitches. Better to be interrupted than to finish your sentence." While the business plan may live on with bankers, universities, the Small Business Administration and other service providers, it is no longer the be-all for business. Times change, and you should too. Put the pitch deck into your lexicon and create one. n Anthony Price is the CEO of LootScout, which counsels small businesses how to raise capital. You can reach him at Antho- ny@LootScout.com. Anthony Price ▶ ▶ While the business plan may live on with bankers, universities, the Small Business Administration and other service providers, it is no longer the be-all for business. ▶ ▶ Job-owner entrepreneurs … constantly look for ways to build their skills and brand by managing up (i.e. bosses), down (subordinates) and sideways (peers).

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