1. I’ve worked for two billionaires. Here’s what I learned from them

    March 29, 2016 by BPIR.com Limited


    Originally posted on LinkedIn by Paul Carrick Brunson

    I have spent decades “being educated” – in college, graduate school, numerous professional certifications, and now a PhD program. All of that schooling and training helped shape the person I am today, but at no point in my life has there been a more profound education than my time working for Enver Yucel and Oprah Winfrey.

    Enver and Oprah are two extraordinary people. And on top of that, they’re both billionaires. On the surface, they appear to be totally different people. They are in different industries, have different family structures, practice different religions, and speak different languages. However, once you get past their written biographies and dig deeper, you will notice they possess many of the same successful habits.

    I had the opportunity to work with both Oprah and Enver for 6 years collectively and those were, hands down, the best professional experiences of my life. I worked my ass off for them and in doing so absorbed everything I could.

    It’s my honor to share with you what I learned from them. Here is Part 1 of the 20 successful habits I learned working for two billionaires:

    1) Invest in Yourself
    This is a very simple concept, but something you would think someone who has “made it” would stop doing. Not at all for these two. I saw them both spend a significant amount of time dedicating their resources to self-development (whether it be a new language, exercise, social media classes, etc). The moment you stop investing in yourself is the moment you have written off future dividends in life.

    2) Be Curious…About Everything
    What the average person sees as mundane or overly complicated is not viewed the same way with a billionaire mindset. I once had a 30 minute conversation with Enver about the height of the curbs in Washington DC versus Istanbul, Turkey. Billionaires are incredibly curious; what the rest of the world thinks is a problem and complains about — that’s what these people go and work on.

    3) Surround Yourself With “Better” People
    I hope this is why they kept me around :-). Seriously, I never knew my bosses to keep anyone less-than-stellar in their inner circle. There were many times I thought to myself, “Damn, they have dream-teams built around them.” Jim Rohn had it right, “You are the average of the 5 people you spend the most time with.”

    4) Never Eat Alone
    The last time I had dinner with Enver, as well as the last time I ate dinner with Oprah, there were easily 15 people at our tables, respectively. Coincidence? While most of us derive our key information from blogs or the newspaper, power players get their information from the source (other power players), directly. However, just because you can’t call up the Obamas and break bread with them doesn’t mean eating with others in your circle doesn’t carry value. In one of my favorite reads of the last few years called Never Eat Alone author Keith Ferrazzi breaks down how you can identify “information brokers” to dine with you. I’ve seen first hand how enormous the benefits are of this strategy.

    5) Take Responsibility For Your Losses
    I was working for Oprah during the time she was taking heat from the media about poor network ratings. I was also working for Enver during the closing of one of his prized divisions. What I witnessed them both do in response was powerful. Opposed to covering the losses up with fancy PR tactics, both stepped to the stage and said in essence “I own it and I’m going to fix it” and dropped the mic. Guess what? They sure did fix things (It’s widely noted Oprah’s network is realizing ratings gold and Enver’s assets have probably doubled since the division closing).

    6) Understand The Power Of “Leverage”
    This is something that was quite a shock to me. From afar, a billionaire appears to be someone who is a master at everything. But, in truth, they’re specialists in one or a few areas and average or subpar at everything else. So, how do they get so much done? Leverage! They do what they do best and get others to do the rest . Here’s a great article on leverage. Keep in mind I see this done with wealthy people and their money all of the time – they use OPM (other people’s money) for most or all of their projects.

    7) Take No Days Off (Completely)
    I recall going on vacation with Enver several times, yachting up and down the southwestern coast of Turkey (also known as the blue voyage). Sounds ballerific, right? No doubt we had a great time, but mixed in with all that swimming and backgammon was discussion of business, discussion of strategy, planning and plotting. The best way I can describe this habit is thinking about your business or your idea like your literal baby. No matter your distance, you don’t stop thinking of him/her (and after just having a second son, I can attest to this).

    8) Focus On Experiences vs. Material Possessions
    When you have money, your toys are big. However, the vast majority of money I saw spent on their “leisure” was on actual experiences versus the typical car, jewelry, and clothes we’re familiar with seeing in music videos and gossip blogs. I recall one time at dinner with Oprah, I spotted a table of about 20 girls off to the side. I later found out Ms. Winfrey was treating some of her graduating girls from her school in South Africa to dinner in NYC. Experiences create memories, and memories are priceless.

    9) Take Enormous Risks
    This is another one of those successful habits every entrepreneur can attest to. A matter of fact, Entreprenuer.com created a great infographic outlining commonalities of the world’s billionaires and one of the most prominent was this characteristic: billionaires are not adverse to risk. What intrigues me even more about Enver and Oprah was that even at their high financial status and success level, they still possessed a willingness to risk their most precious asset (their name and legacy) on new and bolder projects. If you’re not taking risks, you’re not making moves!

    10) Don’t Go At It Alone
    Nothing great in life is achieved alone. Especially in business, success isn’t a solo act. This character trait is akin to “surrounding yourself with better people.” It takes teamwork to make the dream work.

    What I witnessed from working for Enver and Oprah were characteristics and successful habits that not only apply to business “wins,” but also translate to general life success. I sincerely hope the tips I’ve shared here will inspire you to create (or maintain) great habits for your success.

  2. Are you too goal focused?

    March 6, 2016 by BPIR.com Limited


    Originally posted on JohnShackleton blog by John Shackleton

    I’ve been a goal setter for more than 30 years. Like many of you I’ve always had a major goal that drives me, something I’m passionate about and dedicated to achieving. At times I’ve focused on the financial side of my life, other times it’s been the physical side. Sometimes it’s been my swimming, sometimes my business, sometimes my health and sometimes my relationships.

    Recently however I’ve changed things a little!!!

    Now, don’t worry, I’m not suggesting there’s something wrong with having goals. I think it’s really important that we know where we’re going in life, because if we don’t, we probably won’t like where we end up!

    However I do believe that some of us occasionally approach goal setting in a way that has the potential to harm us.

    If you’re a dedicated goal setter then you may have experienced a time when you’ve become obsessive. So inspired by, and focused on, your goal that it becomes all consuming and takes over your life. Some of the athletes I’ve worked with have become so obsessive about winning that they neglect the people or the things that also matter to them. Some of them focus so hard on their goal that they become completely out of balance and are extremely difficult to live with.

    Some of the business and sales people I’ve worked with have also taken a similar route, becoming so fixated on achieving their own goal that they lose sight of everything else around them. Goal obsessive business people often forget the needs of their clients because they are striving to achieve something within their own business. Goal obsessive sales people can become so inward facing and so ego driven that they aren’t nice to be around and can end up repelling prospects rather than attracting them.

    What happens when we become goal obsessed is that we live our lives in the future rather than in the present. We think thoughts like:

    ‘Life will be great when …….?I’ll be happy when …….?Things will be perfect when …….’

    Goal obsession is all about the destination rather than the journey. We become rooted in the future and forget to enjoy the present. If you think about it, all goals are about creating happiness for ourselves. We believe that when we’ve earned the money, bought the car, won the race, regained our fitness or found that special partner then we’ll be happy

    Unfortunately happiness doesn’t happen in the future, Happiness is a NOW thing. When you’ve finally earned the money and bought the new car, you may be happy but only FOR A SHORT WHILE. Within a few weeks that happiness will fade and the new car will be just like the old one. Full of used coffee cups, needing a service and expensive to fill with fuel. Even though it’s a great thing to achieve, in the long run buying a new car won’t make you happy!

    I’ll always remember the summer of my 21st year. It was after University and before my first job and I spent the entire 3 months as a garbage collector emptying household rubbish bins to earn enough money to buy my first car. By the end of the summer I’d achieved my goal but I remember very little about buying, owning or driving that car. What I do remember though is the fantastic time I had doing all the hard work and making big sacrifices so that I could achieve my dream. I vividly remember the massive sense of achievement I got every Friday paying my wages into my bank account and watching the total grow. It’s the journey that makes us happy not the destination because happiness only happens in the NOW.

    At that time I was task or action obsessive rather than goal obsessive. I had a goal but I was completely focused on doing the day-to-day work necessary for the achievement of the goal and constantly thinking about my financial progress. Psychologically there’s a huge difference between the two approaches but let’s think of it this way: Goal obsession is focused in the FUTURE whereas action obsession is focused in the NOW.

    I know from past experience that when I’m goal focused I live my life in the future and become difficult to deal with. Focusing on the future makes me turn inward and I stop considering others and how I can help them. However, when I become action or task focused, I am always trying to do the best job I can for others and so I’m more considerate of their needs.

    What about you? Are there times when you’ve become goal obsessed, focused on the future and not IN THE NOW? Do you find yourself looking inward all the time, ignoring the needs of others, focused on yourself and your own achievements? When you experience this situation what do you do about it?

    As Deepak Chopra says, we need to have goals but once we’ve set them we need to lose our attachment to them and turn our attention onto the activities that will create them. The key for me is once I’ve set the goal I immediately create the action plan for its achievement. I ask myself the question ‘what consistent activity do I need to do every day in order to achieve my goal?’ I then focus all my attention on the activity, only occasionally looking up to see if I’m making the progress towards the goal.

    Try it – it could bring you more happiness and it might make you easier to live with too!

  3. How to Thrive on Stress

    January 26, 2016 by BPIR.com Limited


    Originally posted on LinkedIn by Jo Marchant

    We all know that being stressed at work is bad for us. Quite apart from making us aggravated and miserable, stress chips away at our physical health, increasing the risk of chronic conditions from eczema to stroke. But scientists are discovering that stress isn’t always damaging: in the right circumstances it gives us a boost that improves both our mental performance and our physical health. What’s more, by changing how we think about stressful events – an exam or work presentation, say – we can shift our physiology from a harmful state to a helpful one.

    Feeling afraid or stressed has a dramatic impact on the body. If you face a threat, whether it’s a hungry lion or angry boss, your heart beats faster. You breathe more heavily, and your pupils dilate. Blood is diverted away from non-urgent areas such as the gut and sexual organs and towards the limbs and brain. Digestion slows, and fat and glucose are released into the bloodstream to fuel your next move.

    This fight-or-flight response is controlled by stress hormones released into the blood stream, including adrenaline and cortisol, as well as the sympathetic nervous system, which connects the brain to the body’s major organ systems. It has evolved to help us survive in emergencies, and in most animals it switches off as soon as the threat has passed. But humans have the ability to worry all the time, even about things that have already happened or may never happen at all.

    Such chronic anxiety leaves us on constant alert, and over time this can damage the body, increasing the risk of high blood pressure and heart disease, for example. Stress also triggers an immune response called inflammation, which acts as the body’s first line of defense against infection and injury. That’s great in an emergency but if switched on all the time it can eat away at healthy tissues, exacerbating conditions from diabetes to dementia. Inflammation is even thought to accelerate cellular aging by wearing down the ends of our chromosomes.

    The good news is that stressful events don’t harm us directly. What does the damage is our psychological response to those events, and this we have some control over. In my book, Cure: a journey into the science of mind over body, I investigated the scientific evidence behind a range of stress-busting techniques. For example, mindfulness meditation aims to help us distance ourselves from our worries. We’re encouraged to recognize that negative thoughts are fleeting and don’t represent reality. Trials show that mindfulness training reduces stress and anxiety, protects against depression, and improves quality of life. There’s some evidence that this in turn has physical health benefits, such as easing pain and auto-immune disease, and reducing our susceptibility to infections from the common cold to HIV.

    I was surprised to discover, however, that not all fight-or-flight is the same, and sometimes it can actually be good for us. Psychologist Wendy Mendes of the University of California, San Francisco, uses the example of a skier who unexpectedly comes across a steep icy trail; it’s her only way down the mountain. Her heart rate will rise, but depending on how experienced she is, she might feel either fear or exhilaration. And those have different physiological effects.

    Psychologists call these contrasting states “challenge” and “threat”. “Challenge” is the mindset of a hunter closing in for kill, or a fighter who knows she’s going to win. To put that in a work setting, imagine giving a talk or going into a job interview where you’re confident of success and keen to show off your talents. Your sympathetic nervous system goes into overdrive, causing your peripheral blood vessels to dilate. This allows your heart to work more efficiently, pumping oxygenated blood to the limbs and brain. People experiencing this type of response perform better than normal, not just physically but mentally too.

    Fear, on the other hand, causes the body to go into damage control mode as it prepares for defeat. You’re being hunted and there’s no escape, or fighting a stronger adversary. At work, going into that presentation or job interview, you feel underprepared. Instead of focusing on the potential rewards, you’re terrified of embarrassing yourself or losing out.

    In this state, psychologists have found that the sympathetic nervous system activates to a lesser extent. Instead of dilating, your peripheral blood vessels constrict and your heart beats less efficiently, meaning less blood is pumped around the body. From an evolutionary perspective this makes sense: it minimizes blood flow if you’re caught or injured. But it also impairs performance and strains the cardiovascular system, because the heart is forced to work harder to push blood around the body. A threat response also triggers inflammation, as the immune system prepares for injury and infection.

    When it comes to longer-term health, challenge responses are generally positive, while threat responses are damaging. Mendes has found that people who experience a challenge response bounce back to normal fairly quickly. Mild to moderate bursts of such “positive’ stress, with time to relax in between, are thought to provide a useful workout for the cardiovascular and immune system.

    But people in a threat state take longer to recover, physically and mentally. They worry more about how they performed, and remain more vigilant for future threat. Their blood pressure stays high. Over time, the extra strain on the heart can lead to hypertension, while high levels of stress hormones contribute to chronic inflammation.

    Crucially, it turns out that thinking differently about stressful events – focusing on what we have to gain rather than what we might lose, for example – can help us to shift from a threat state to a challenge state. In fact, Mendes has found that a change as simple as how we interpret our physical response to stress can have dramatic results.

    In one study, she subjected volunteers to a stressful public speaking task. She told one group that if they experienced physical symptoms of anxiety during the test, such as a racing heart, this was a good sign. It meant that oxygenated blood was being delivered to their brain and muscles, she explained, and this would help them to perform better. Just knowing this shifted these volunteers towards a challenge response – with greater vasodilatation and cardiac output, compared to those who were advised instead to ignore the source of their stress, or who received no instructions at all.

    In another study, Mendes found that reframing the body’s responses in this way didn’t just shift volunteers’ physiology, it improved their performance too. She asked students preparing for the Graduate Record Exam (a high-stakes test required for admission into graduate school) to sit a fake test in the lab. Compared to a control group, those advised to interpret their stress as positive had physiological benefits as in the other study. But they also scored higher – not just in the fake test but in the real GRE, which they sat weeks later.

    Changing your outlook isn’t a magical solution to all work stress. If you’re overworked, badly treated, or doing a job you don’t enjoy, consider what you might do to change that. Meanwhile employers have a responsibility to treat their workers well. But all jobs worth doing will challenge and stretch you, and you have more control than you think about how you respond. With even a small shift in attitude, you can start to perform better under pressure. And that may improve your long-term health too.

  4. Business Development Sectors Failing to Use Employee Feedback to Drive Strategic Change

    January 14, 2016 by BPIR.com Limited


    Originally posted on CXM

    Organisations see the importance of listening to employees, but are failing to collect feedback often enough and are only using it tactically, rather than strategically. These are the headline findings of recent pan-European research carried out by enterprise feedback management software provider Questback.

    70% of respondents said that employee feedback contributes to the delivery of business development strategy and 82% believe the content of staff surveys is aligned with corporate priorities. At a time when most business development sectors face continual business change, the insight staff provide is increasingly valuable, as recognised by the fact that 96% discuss it at senior management meetings.

    However, the vast majority (90%) still carry out employee surveys annually (48%) or every two years (42%). This is far too infrequent given the fast-moving nature of business development, and the desire of staff to give and receive more regular feedback. This is contributing to a realisation that simply running surveys annually is no longer frequent enough – 25% of managers surveyed felt that current timescales were insufficient, with a further 5% unsure on frequency.

    Once it is collected, feedback is being used tactically, rather than to support strategic business goals.

    81% used employee insight to improve the working environment, with 73% seeing it as a way to encourage dialogue between managers and employees. Under half (45%) used feedback to ensure that employees are aligned to strategic priorities and goals and just 48% applied staff feedback to improve business development processes.

    “When it comes to employee feedback, our research uncovered a gap between theory and practice,” said Frank Møllerop, Questback CEO. “On the positive side, senior management say they want to use the insight staff provide strategically – yet this is not translating into regular, integrated programmes that embed feedback into business decision making. Too many companies are stuck in annual survey cycles, rather than opening the two way, continuous dialogue with staff that is necessary in today’s business world. Now is the time to change if they want to bridge this gap and reap the rewards of listening to staff, and acting on their feedback.”

    The tactical emphasis of many organisations was backed up by the other types of surveys they are carrying out with staff. The most popular areas were collecting feedback around training evaluation (64%) and exit surveys (60%). Very few are monitoring the entire employee lifecycle, with just 18% conducting onboarding surveys and only 4% asking for feedback when there are major changes in the employee journey, such as around promotion, changing team, or being assigned a new manager.

    Organisations are beginning to take a more holistic view of employee feedback, with nearly two thirds (65%) able to link data from different surveys together. This will make it easier to gain a complete picture of what their staff are saying, and shows a marked improvement on research carried out by Questback in 2014. This found that just 36% of companies were able to integrate employee and customer feedback, with many blaming technical issues for holding back their plans.

    Questback surveyed 2,000 senior managers involved with employee feedback from organisations across the United Kingdom, Norway, Germany, Denmark, Finland and Sweden. The online research was carried out in the second half of 2015.

    A full management report detailing the findings can be downloaded here.

  5. Why You Should NOT Leave Your Job to Become an Entrepreneur

    December 8, 2015 by BPIR.com Limited


    Originally posted on LinkedIn by Sallie Krawcheck

    I went to a recent Ellevate Network event, at which we hosted a pretty prominent entrepreneur, who runs a VC-funded start-up that’s gaining some real traction. In other words, she’s “living the dream.” Someone in the audience asked her whether it was fun to be an entrepreneur.

    She paused.

    Her answer? “No. Not really.”

    I can relate. In addition to owning the Ellevate Network, I’ve recently announced a Series A raise for a new business, Ellevest. This is a to-be-launched digital investment platform for women. These after a career at big companies. And not a handful of days goes by that someone doesn’t ask me “Aren’t you having so much fun?”

    The truth is that being an entrepreneur is harder than running Merrill Lynch. (And I’m not just saying that; I actually ran Merrill Lynch.) It’s the hardest thing I’ve ever done.

    Sure, it’s great not to have to attend the Operational Risk Committee meeting and sit through the page-by-page review of the 226-page deck. I can’t tell you how great.

    But for those of you thinking of leaving your big-company job to be an entrepreneur, here’s why you shouldn’t:

    Raising money can be humbling. Really humbling. None of us likes being told our baby is ugly…..again and again and again. “But, hey, keep in touch.”

    B2B sales are humbling….and take longer than you can imagine. No, your phone calls aren’t returned as quickly as when you worked in your big company job. You expect that. The more interesting insight to me has been how often people try to be nice and end up stringing you along. They don’t recognize that a “fast no” is ok; it’s the “slow no” that kills you.

    And even a “slow yes” can put you out of business. I worked with one guy at a big bank who loved a start-up so much…and encouraged them so much…that the start-up ran out of money and shut its doors as all of the approvals for doing business with them were working their way through the system.

    So sometimes a “fast no” can even trump a “slow yes.”

    Hiring people is hard. Hiring people is always hard. But at a start-up, the stakes are so much higher. That’s in part because there are simply fewer people, so one has to be more thoughtful about making sure there aren’t any holes in the start-up team’s skillsets (and that includes filling in the founder’s “flat sides”). That’s why, for me, team diversity is so important.

    And is it just me?? Because I’ve found, amongst entrepreneurs, some of the most talented people I’ve ever worked with, by good measure; they love the rush of entrepreneurialism and would never thrive in the constraints of a big company.

    And then there have been some others. I’ve come across a couple of screamers. By that I mean, people who scream. At work. A lot. The screamers are filtered out of big companies pretty quickly. So watch for people who’ve bounced around a lot, and particularly watch for people who receive less-than-effusive recommendations. And always, always do back-channel reference checks.

    Hiring people is hard, Part 2. If you come from a corporate background, many of your contacts won’t fit your job descriptions and needs: the jobs pay less cash than what big company folks are making, the jobs may be broader than what they are doing , and parts of the jobs can be more junior.

    (An example: I’m copyediting and have been building earnings models. Not something I would have thought I would be doing at this stage of my career. I happen to love both of those things and find them relaxing. But that may be a personal quirk.)

    I had this issue at Ellevest. As we began to hire, you would have thought I would have known a lot of Chief Investment Officers….and I do. But it took me the better part of a year to find our Chief Investment Officer because I wanted one who had the experience and analytical grounding….but then was able to, and wanted to, approach the puzzle of women and investing in a creative way.

    Office space. When I speak to young-entrepreneur-hopefuls, I hear what they think the office environment will be like. Start with a bit of time in a shared workspace; then move into your own offices with exposed brick walls, a foosball table and beer on tap; and then you’re a billionaire.

    For some, perhaps. Right now, at my start-up, we’re in a space that’s so small I can’t get out of my chair without slamming into the back of our lead designer. At some point, we may fuse into the same person.

    And everybody’s a critic. If your idea is truly innovative, you’re going to hear from the naysayers. After all, if it were such a good idea, someone would have already done it, right??

    Oh, and it’s terrifying. Something I never thought about in my big-company job: cash flow. When your business has billions of dollars in revenue, you can make a lot of mistakes and still have a viable business. But in a start-up, make a few hiring mistakes (it takes several months to find the right person, a couple of months to figure out they’re not the right person, a couple of more months when you try to coach them and give them the opportunity to become the right person, then another couple of months after you part ways to find the next right person)….oh, and the work they’re supposed to be doing doesn’t get done in that period of time….well, do that a few times and you’re out of money.

    Being an entrepreneur is the only time in my career that I’ve lost sleep (and I was on Wall Street during the financial crisis.)

    There is a lot of paperwork…and taxes….and regulations…. I can’t tell you the number of people who tell me they slipped up on some of the paperwork needed for their company. It’s one of the no-fun parts of being an entrepreneur that nobody talks about.

    You can’t coast. You know those days at the office when you used to come in and didn’t really do that much? You don’t have those days as entrepreneur. If you don’t do much, then not much happens. And remember what I said about cash flow? Yeah….that.

    This last paragraph is the one in which I am supposed to say that, even with all of this, I wouldn’t trade being an entrepreneur for anything. And, for me, that’s right. But the failure rate for entrepreneurs is high, so I had to be very, very honest with myself about my, and my family’s, willingness to take on this professional risk.