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?
Posted by kboon on January 26, 2010 under Stories |
Had the pleasure of listening to a talk by Ali Asoria, the CEO of Well.ca.
Ali started Well.ca back in September 2007 in the back of his dad’s pharmacy, and within two short years the business has grown to be the top online health and beauty store in Canada. They made Profit Magazines “Hot 50” as one of the fastest growing companies in Canada in September 2009.
What’s the secret to their success? Here is a quote from their website.
What makes us different?
“Our company is made up of kind, friendly people that want to go the extra mile for you. With customer care at the core of our business, we strive to give you the best shopping experience possible!”
The answer is Customer Service. Ali explained how the customer is at the core of their business philosophy. Every interaction is an opportunity to provide exceptional customer service; even to the point where they include a hand written note on every order.
When they hire new staff, they want to find the most friendly people and create as Ali says, “a local store feel”. They are not afraid to admit when they’ve made mistakes and they take the time to talk to their customers.
Obviously there are other factors which enhance the customer experience. Some you can see on their website, which is well designed with easy navigation, fast checkout and the incentive of free shipping.
But there is something more to Well.ca.
When you visit their website you get the real sense that they’re interested in you. They want your business and they want to connect. There are profiles of their employees, team photos and they are connected on Facebook and Twitter. They are blogging and creating a two-way conversation with chat and a prominent 1-800 number.
When people ask me, how do I do use social media for my business?
Well.ca actually has the answer! Create a quality website, be friendly, approachable and take care of your customers! Engage in a dialogue and be there to assist and support.
Ali closed his talk with two comments that I thought were most enlightening.
“We don’t spend on marketing” and,
“We are a technology company“. (they are not a drugstore)
Perhaps ideas for future discussion.
In my next post I will talk about Haiti, the fund raising efforts and the ability of communities to make a difference.
Posted by kboon on January 25, 2010 under Stories |
Last week I had the opportunity to attend the first Guelph Technology event hosted by Linamar. There were a few hundred participants representing various industries from manufacturing, government, entrepreneurs and a growing number of technology companies. Jim Estill, the founder of EMJ & Synnex was the keynote speaker and there were several breakout sessions throughout the day.
There were two speakers with insights that I thought could benefit every business owner or entrepreneur. One with traditional business background, and the other on the leading edge of newer technologies. Both demonstrated (in different ways) how they have used technology to increase productivity, communicate more effectively and increase revenues.
Phil Greenway from Greenway Home Products (GHP) described some of the changes within the past 50 years of his career. GHP develops, manufactures and distributes a broad line of water, heat and home products. They have a dealer base across North America and manufacturing locations around the world.
Phil spoke about business in 60’s and 70’s, before computers and fax machines. He described his early experiences of setting up a global business, describing his travels to Western and Eastern Europe (before the fall of the Berlin wall). With no computers or cell phones, contact with home office was often scattered, and it could take days or weeks at a time before he could connect.
In the 80’s computers were introduced and by the 90’s bar-codes, EDP technology and supply change management streamlined the whole inventory and manufacturing process. Communication became instantaneous and global markets opened around the world.
Productivity has been one of the main benefits of technology for Greenway, where at one time it required 4 employees to generate $1 million in revenue. Today it takes 1 employee to create that same $1 million.
Phil finished his talk by describing how Communication, through video conferencing, with tools like Skype have saved tens of thousands of dollars in travel & phone costs. Being able to track inventories online has changed how Greenway distributes and manufactures product.
Although privately owned Greenway and its various companies are worth millions. Their success has been due to their ability to change with the times and adapt technology to their business model.
In part 2, I will talk about Ali Asoria and the success of Well.ca.
Follow me on Twitter or contact me through eLead.
Posted by kboon on January 22, 2010 under Stories |
My site is officially 2 weeks old and I’m excited about the response and feedback that I have received from many of you. I want to give you an idea of what is coming.
My passion is to share ideas that add to our knowledge and help us improve our life (or business) in some way. I am particularly passionate about technology and our ability as human beings to create wealth. Whether we have our own business or work for someone else, we all have our dreams and goals. There is a drive within each of us that wants to create a better live, not only for ourselves but for those we care about.
In my travels I meet many brilliant people, innovators, entrepreneurs and socially conscious individuals who make a difference. When I talk or listen to these people I’m always fascinated by their stories. I want to understand what makes them tick and how do they feel about life. If they have a successful business I want to know, what is that golden nugget, or idea or philosphy that allowed their business to succeed.
These are the stories I want to tell; stories of people using technology, automation, social media; building relationships, communities and establishing trust; with products that are innovative and exciting; with business models that are simple and effective; and with leadership qualities of inspiration, empowerment and drive to make a difference.
If you have your own stories feel free to comment or connect with me on Twitter.
This is part 2 of some insights from Kevin O’Leary’s (Dragons Den on CBC) talk back in March in Waterloo Ontario.
