Posted by kboon on April 6, 2010 under General | 
This is part 2 of some insights from Kevin O’Leary’s (Dragons Den on CBC) talk back in March in Waterloo Ontario.
Part 1 is here.
Someone asked Kevin, what are the common characteristics or traits you see in successful businesses? He listed several ideas. First, being able to tell your story (or idea) in 90 seconds or less. The second, was confidence and a persons ability to sell. The third response intrigued me. He said successful businesses have what he described as “an aura” about them. He said he couldn’t explain it. You feel it when you are in the room with them. He didn’t know if it was good karma from a past life, but what he did know, it was intuition or a feeling he had. There is a confidence. You want to do business with them. In his case you want to give them money.
I’m paraphasing here because I can’t recall word-for-word his exact response.
His response was at the heart of what I feel is the challenge that many businesses face.
What is an Aura?
So what is this aura that O’Leary refers to? I’ll have to admit that I have spent most of my adult life trying to figure this out. What does it take to create a successful business or a better career?
Some people seem to create success so effortlessly, while others struggle and sometimes never get there? We’ve all met that business entrepreneur, sales person, author or musician who seems to start with the same level of knowledge as you or I, but when it comes down to their craft, they’re a natural. They have a special talent. Money flows to them. People want to be around them. Business opportunities come to them.
Is this the aura that O’Leary describes?
Is aura something that comes naturally or can it be learned?
My feeling is both can happen. Some people truly have the gift. For others it takes effort and time to learn. I’ve seen this phenomenon on Twitter where a person builds their website, their profile and their network. They work very hard over a period of time and then there is a point where something kicks in. Opportunities start flowing to them, their business starts to grow. The work over time seems effortless and I’m sure that people looking from the outside think that its easy for them.
Being aware of my own aura has been critical for me in starting my business.
For me it comes down to understanding 4 factors:
- Having a clear vision of my goals and where I want to be with my business. (Both short & long term)
- Becoming aware of my own patterns of thought or limiting beliefs. Are their any judgements I hold about others or about myself that limit my success?
- Letting go of resistant thoughts or beliefs that might be holding me back.
- Focusing once again on my vision, goals and where I am going.
For example, if I’m looking for new clients or opportunities and constantly seem to come up against people saying no, then what I’ve learned there is something off in my aura. There is something about my beliefs or some resistance thought I’m putting out there. This aligns with the ideas around the law of attraction or the Secret.
In my experience, your thoughts do create your reality.
When you change the thought, your aura lifts slightly and opportunities begin to show up.
This is a topic I want to explore in more detail because I feel it is critical for entrepreneurs or small business owners to understand the underlying “aura” or image that they present to customers.
Would love to hear your experiences.
Posted by kboon on April 5, 2010 under General |
Recently I had the opportunity to see Kevin O’Leary. Kevin is a venture capitalist and one of stars of the CBC show the Dragons Den. He also is a star of a new show in the US called Shark Tank.
O’Leary gave the audience a snapshot of his world view, based on his experience in the world of venture capital investing, his global travels and his personal perspective of life.
His predictions for North America and Europe were pretty bleak.
Is our Purpose in Life to Work 18 Hours a Day?
He told the story of an Engineer, living in Cairo who works 18 hours a day, sleeps by his desk and earns $32,000 per year. He said workers in the developing world (like this engineer) are hungry for change and are willing to go to great lengths to create wealth and improve their lives.
He described the staggering economic growth rates and small debt loads in countries like China and India, comparing them to the mediocre growth rates and soaring debt loads of the US, Canada and Europe. He said, the most recent recession that devastated most of the developed world, was just a small blip on China’s radar.
Globalization is the New Reality
His message was not really news. We all know that globalization has taken hold. The developing world is taking off. Developed economies (especially the US) are burdened by heavy debt and are losing their power and influence. Competion, on a global scale is intense. Over the coming decades, the dynamics of our global economy will play out in such a way that the share of power will shift.
Most of O’Leary’s observations are ideas that I agree with.
Can we Really Compete by Working Harder?
What I disagree with are some of his proposed solutions and his thoughts on financial capital being the main mantra of business. He said we need to work harder than ever before and take a competitive mindset. He told the audience that if you are an entrepreneur and not prepared to sacrifice everything (and for O’Leary that includes friends and family) then be prepared to fail. Although he had a lot of fans cheering his message, you could feel a relative silence from the audience; a general feeling of apprehension. His message to me felt cold and out of touch.
He went on to predict the decline of the middle classes in Canada and throughout the developed world over the coming decades.
My question:
Does Kevin O’Leary have a real handle on todays business reality?
Is it true, our world is in decline?
Could it be there is something else emerging?
Financial Capital versus Human Capital?
O’Leary says, capital always pursues the highest return with the lowest risk. If you look at the realities of the corporate world this true. Corporations have moved manufacturing and services facilities to the developing world to find greater efficiency and improve profitablity. Hence we are seeing the challenges of plant closures and downsizing that has plagued North America.
The primary focus for corporations is on financial capital. This philosophy goes all the way back to the industrial revolution where the needs of money and profit are placed above people and the human element.
Small Business and the Importance of Human Capital
As a small business owner I see something else emerging. There is becoming a greater focus on human capital. A growing number of people are taking the entrepreneurial leap, realizing that corporate profit taking and cost cutting does not have their best interests in mind.
You can’t plan your future or a retirement plan when your job is at risk.
There is an empowerment taking place where entrepreneurs and small business owners are harnessing technology, and looking for ways to provide a better lifestyle and greater financial security.
Most traditional businesses are focused entirely on profits and have the competitive pressures to keep costs low. However there are a growing number of companies who have set an equal priority on the human element, building organizations that provide empowering job opportunities for employees. This is an important shift for companies and I predict that more will want to make this change over the coming decades.
The reason being, if you want to keep jobs in your country and compete with China and India, then competition on price no longer works. The focus for a business needs to be about something else.
How important is human capital in your business or career?
This is part 2 of some insights from Kevin O’Leary’s (Dragons Den on CBC) talk back in March in Waterloo Ontario.
