Hartford Business Journal

www.HartfordBusiness.com June 5, 2017 • Hartford Business Journal 25 BIZ BOOKS Keys to not letting a business run your life "K illing It! — An Entrepreneur's Guide to Keeping Your Head Without Losing Your Heart" by Sheryl O'Loughlin (Harper Busi- ness, $27.99). O'Loughlin, a been-there-grown-that (Clif Bar, Plum Organics and REBBL) entrepre- neur and former executive director of Stan- ford University's Center for Entrepreneurial Studies, begins her lessons-learned- the-hard-way tale with the major entrepreneurial pitfall: the inability to dis- tinguish between intensity (good because it drives you forward) and obsession (bad because it holds you back). She sees obsession as intensity on steroids, which results in roid rage — you care so much about the business that it defines you. The obsessed are on 24/7/365 and replay events (especially any missteps) over and over and over. For them, good things never happen as often or as fast as they expect. With a "glass always half empty" view, obsessives slip into self-dissat- isfaction. "They hide hardship behind images of being in total control." Their discontent at work affects (alienates?) those closest to them; friends disappear, too. Thus, begins their spiral into depression and unleashes personal demons — anorexia was the one O'Loughlin conquered. To stay intense without crossing the line into obses- sion, you need to change the focus of your self-talk. Instead of focusing on the state of the business, think in personal terms: "Am I having fun?" "Am I living up to the values that are most impor- tant to me?" "Am I really building strong bonds with those around me?" "Am I taking care of my health?" Here are some of the other les- sons wannabe entrepreneurs need to learn: Starting a business isn't a way to solve any employment problem. Without real love for the endeavor's purpose, an entrepreneur won't have the commitment needed to drive themselves and the business forward. Any business builds around solving a customer's problem — better, faster, less expensive, etc. While you own the business, and make all the decisions, you're not really in charge; the customer is, and what competi- tors do affects your business, too. You'd better know the ins and outs of the market before you enter it. And even when you "know," remember that there's always more to learn. Your team needs to share the vision of the brand from the consumer's viewpoint. At Clif Bar, company camping and skiing trips connected employees to what its con- sumers did. With that connection, employees stay engaged. Entrepreneurs reinforce the engagement by getting to know employees. When people know the boss cares about them as individuals, they see themselves and their jobs as important. While, it's often easy for the owner to forget about "management by walking around" because of thoughts about what needs to be done and when, employees will notice the absence of connection. Entrepreneurs need a peer-support net- work. The ability to share experiences with other business owners helps answer ques- tions and provides different perspectives (particularly if those owners are in a dif- ferent market). Many entrepreneurs believe they don't have the time to build a peer net- work. They forget that they don't know what they don't know and waste time trying to figure some things out alone. Finding a peer group isn't that difficult; there are trade and professional associations, user groups and LinkedIn groups just a few mouse-clicks away. I received the heads-up on this book from an author in my network. Relationships with family and friends need nurturing, too. Those in your personal life can be cheerleaders and sounding boards. Because they have a personal stake, they'll also call you out — like O'Loughlin's friend did about anorexia. Enjoying time with them allows you to relax and reminds you that it's not all about you. When calling or meeting with a friend, O'Loughlin always makes it a point to schedule the next time; once it's in her calendar, it's pretty much set in stone. The bottom line: Self-worth isn't defined by the status of your business. n Jim Pawlak is a nationally syndicated book reviewer. Jim Pawlak THE RAINMAKER Qualities that make a good banker standout By Ken Cook W hen it comes to banks, businesses have a sort of love/hate relationship. The banker is usually there when you don't need them, but too frequently not able to help when you do need them. I'd like you to meet Sal Cabibo. Sal is a relationship manager with Wells Fargo Bank. He works with small- to middle-market com- panies in the Tucson area, primarily those companies with revenues up to $20 million per year. Sal meets and exceeds his goals every year. There are thou- sands of bankers across the country whose job description would match Sal's, at least on paper. Sal, though, is the banker that defies expecta- tions. He delivers on the things that a busi- ness owner hopes for and expects from their banker. In order, those things are under- standing, empathy, trust and then solutions. Sal seeks first to understand. His approach to everything begins with the per- son. He's not focused on whether there is a deal, or even the possibility of a deal in the offing. Sal just wants to get to know you and to understand who you are and what your business is all about. Sal recognizes that in terms of products and services, banks all sell basically the same stuff. Sure, there may be some varia- tions in strength of offering and terms from bank to bank, but in essence, money and money management don't change a lot from institution to institution. Sal also recognizes that money for a busi- ness owner is a very personal thing. In order for a customer to open up so Sal can under- stand their business, that customer needs to share a lot of personal financial information. As Sal shared with me, learning about this information plays into the heart of what he really sells — honesty, integrity and charac- ter. That's why Sal begins every encounter by listening and seeking to understand. Understanding leads to the second expec- tation everyone should have of their banker — empathy. According to Merriam-Webster, empathy is the feeling that you understand and share another person's experiences, emotions and feelings. When one seeks first to under- stand, the opportunity to empathize builds. Sal understands entrepreneurs, having worked with them for almost 30 years. His experiences have enabled him to appreciate the trials and tribulations of what business owners go through on a daily basis. That's why he is so well matched to the market he serves. He can empathize with a customer's situation because he's been there before. He knows the facts of the situation, and he feels the emotion of the situation. This is critically important. Empathy opens the door for building trust. Trust is the third expectation. When there is trust, customers are more open to sharing not only their cur- rent situation, but also their future goals and desires. Not just the business and financial goals, but the personal desires. The personal motivations that drive them to do what they do. That leads to the fourth expectation — solutions. I said earlier that most banks sell basically the same thing. Sal has at his disposal, through Wells Fargo, almost any kind of financial solution a customer might need or desire. He selfishly leverages these resources and solutions, approaching each customer situation from a team perspective. From a position of trust, Sal introduces specific resources and solutions when and where they are needed. For example, the line of credit is established now because forecasts indicate the customer's industry will prob- ably experience a downturn sometime in the next two to three years. Or, for the expanding customer, Sal sets up the construction and/ or equipment loans early in the process. The customer has at least financial peace of mind as they contemplate their next big step. Sal described his approach very succinct- ly. Most salespeople see a need and sell a solu- tion — a transactional approach. Sal builds a relationship first. From a relationship built on trust, Sal is in a position to solve problems, be they immediate or anticipated. He finds solu- tions in anticipation of needs rather than pan- icked reactions. For the customer, this describes the love side of the banker relationship. Sal's there before you need him. He's also there when the unexpected hits. n Ken Cook is the co-author of "How to WHO: Selling Personified," a book about building business through relationships. Ken Cook ▶ ▶ Without real love for the endeavor's purpose, an entrepreneur won't have the commitment needed to drive themselves and the business forward. ▶ ▶ The banker is usually there when you don't need them, but too frequently not able to help when you do need them.

• Cover