Strengthening Our Local Economy: A Primer on Business Basics

“People always overestimate how complex business is.  This isn’t rocket science - we’ve chosen one of the world’s most simple professions.”

-Jack Welch, Former CEO of General Electric

Question for Consideration:  How can a better understanding of business basics us help strengthen our local economy?

Not long ago long I came across a most enlightening book on the fundamentals of sound business practice, The Personal MBA.  It’s author, Josh Kaufman, after five years of comprehensive research, condensed the basics of business into 226 practical concepts essential to operating a successful organization.  It’s an easy read, great for quick reference and a driver of practical application.

The following are just three of the many concepts introduced in the book.

Consideration #1

What are the key elements of a business?  Examine any business.  If you’re a business owner, what components make your enterprise a profitable, viable operation?  Are you an employee; what are the elements of the organization you work for that insure you will have a paycheck week after week, month after month and year after year?  Are you a customer?  What are the key factors that the businesses you purchase your favorite products and services from must successfully manage to continue providing your favorites?  According to The Personal MBA, “Roughly defined, a business is a repeatable process that: 1) creates and delivers something of value... 2) that other people want or need... 3) at a price they’re willing to pay... 4) in a way that satisfies the customer’s needs and expectations... 5) so that the business brings in enough profit to make it worthwhile for the owners to continue operation.”  So what processes must businesses  apply to stay alive?  Again, The Personal MBA states:  “At the core, every business is fundamentally a collection of five interdependent processes, each of which flows into the next: 1) Value Creation - Discovering what people need or want, then creating it. 2) Marketing - Attracting attention and building demand for what you’ve created.  3) Sales - Turning prospective customers into paying customers.  4) Value Delivery - Giving your customers what you’ve promised and ensuring that they’re satisfied. 5) Finance - Bringing in enough money to keep going and make your effort worthwhile.”http://book.personalmba.com/5-parts-of-every-business/

Consideration #2

On a scale of 1 to 10 (1 being minimally valuable and 10 being extremely valuable), how economically valuable are your skills?  If you were asked how your skills create value in the marketplace, how would you respond?  How resilient is your skillset to the ever changing marketplace?  According to The Personal MBA, “Economically valuable skill are directly related to the Five Parts of Every Business.  Not every skill or area of knowledge is economically valuable.  To increase your value, focus on improving skills that are economically valuable”.  http://book.personalmba.com/economically-valuable-skills/ .  Do you know what your skills are and how they create value in the marketplace?

Consideration #3

How can you get more done in less time?  Sounds a bit ironic, however there are ways to accomplish more and get it done in less time without “burn-out” or exhausting your personal energy.  The Personal MBA suggests the following:  “There are only four ways to ‘do’ something: Completion, Deletion, Delegation, and Deferment.  Use all four options when going through your to do list and you’ll get more done.  Completion:  Doing the task.  It’s best for tasks that only you can do particularly well.  Deletion:  Eliminating the task.  It’s effective for anything that’s unimportant or unnecessary.  Delegation:  Assigning the task to someone else.  It’s effective for anything that other person (people) can do 80% as well as you.  Deferment:  Putting the task off until later.  It’s effective for tasks that aren’t critical or time-dependent.”  You’ll be amazed with how much you can accomplish in a given period of time if you will use these four methods of completion to accomplish what’s important to you.http://book.personalmba.com/4-methods-of-completion/  

If you would like to preview any or all of the business concepts included in The Personal MBA click on this link and use any that are helpful to you.

http://book.personalmba.com/.  In addition Josh will be conducting a Master Class of the second half of his book on August 8-9 from 9a.m. to 4p.m. on CreativeLIVE.  His in person Master Class tuition is well over $2,000, but you can access this second half on CreativeLIVE absolutely free on the above dates.  Just click on this link to enroll: http://www.creativelive.com/courses/personal-mba-part-2-josh-kaufman

Whether you’re an employee, business owner, or investor increasing your knowledge and application of sound business practices helps you accomplish your goals and objectives in less time, with greater ease, and less cost.  As an investor you are able to spot promising businesses and startups that are addressing the basics and building resilient, high-growth organizations.  As an employee you increase your productivity and your ability to earn more in less time.  As a business owner you improve your business processes, increase customer satisfaction and your profitability.  You also increase employee engagement and satisfaction and retain your valued employees.  In short you strengthen our local economy.

Your constructive comments, as always, are welcome.  

This blog is sponsored by Partnering Technologies, an Arizona-based Training & Development Company.  Our focus:  Build resilient high-growth companies and create rewarding high-income careers.

A Thriving Local Economy: To Be or Not To Be... It's Our Choice

“If I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning.”  -Mahatma Ghandi

Question for Consideration:  How important is the power of belief to strengthening our local economy?

It’s been said that faith or belief is the moving cause of all action. Very seldom, if at all, do we attempt anything we don’t believe we can accomplish.  When we undertake to accomplish a goal or objective our belief is “I can do this”.  As we work towards the completion of our objective we encounter obstacles that require us to find ways to remove or overcome them.  As we deal with each obstacle we consciously or unconsciously decide if we are able.  At each of these junctures we make the choice whether or not to “keep going” or to “give up”.  If our habitual mindset has been to give up at the first sign of opposition, we will more than likely “give up”.  If our mindset has been “I can”, we will more than likely find a way to accomplish our objective.  The choice is ours; either we can or we can’t!  What we think matters; what we believe is very powerful and determines whether we will act or not.

Many examples of this principle could be given, but the following three provide adequate evidence how the belief that “we can” makes a significant difference.  

Consideration #1

On May 6, 1954, Roger Bannister ran the first sub 4 minute mile in recorded history.  Up to that time only a handful of people considered this humanly possible.  The overwhelming belief of “it’s impossibile” was the limiting factor.  Yet despite this generally accepted mindset of “impossible”, Bannister and the handful who believed refused to be buried by the opinions of the numerous nay-sayers.  In reflecting on the event some 50 years later, Bannister commented that the obstacle to running the sub 4 minute mile was more or less a matter of believing "it couldn't be done".  Until he and others believed it possible and took action to accomplish this objective, the “belief” that it was impossible made it so.  Once it was believed possible and acted upon, the barrier vanished and the sub 4 minute mile became a reality and soon a benchmark for others.  The ‘thinking” or power of belief and acting on that belief made the difference.

Consideration #2

The Middle East has long been a region of unrest between the Arab and Jewish peoples.  The prevailing belief is it is impossible for these two peoples to live together in peace.  However, Stef Wertheimer, self-made industrialist and billionaire, brought together a significant number of these two peoples through his businesses and entrepreneurial efforts.  The mainstream media would have us believe this is an “impossibility”, but Stef Wertheimer made it a reality.  Arabs and Jews working together to accomplish a common purpose... successful businesses and prosperity for their families.  Wertheimer’s belief that “I can” bring peace to a troubled region through my business ventures was confirmed when he acted on that belief. (http://www.roberttercek.com/2010/11/meetings-with-remarkable-people-my-conversation-with-stef-wertheimer-in-tel-aviv/)

Consideration #3

One of my favorite poets is Edgar Guest.  He had the rare gift of being able to express the basic wisdom of life in simple, easy to understand verse.  The following poem, It Couldn’t Be Done, reflects how the power of belief and acting on it is vital to winning against overwhelming odds.

It Couldn’t Be Done

by Edgar Guest

Somebody said that it couldn’t be done

But he with a chuckle replied

That “maybe it couldn’t,” but he would be one

Who wouldn’t say so till he’d tried.

So he buckled right in with the trace of a grin

On his face.  If he worried he hid it.

He started to sing as he tackled the thing

That couldn’t be done, and he did it!

Somebody scoffed, “Oh, you’ll never do that;

At least no one has ever done it;”

But he took off his coat and he took off his hat

And the first thing we knew he’d begun it.

With the lift of his chin and a bit of a grin,

Without any doubting or quiddit,

He started to sing as he tackled the thing

That couldn’t be done, and he did it!

There are thousands to tell you it cannot be done,

There are thousands to prophesy failure,

There are thousands to point out to you one by one,

The dangers that wait to assail you.

But just buckle in with a bit of grin,

Just take off your coat and go to it;

Just start in to sing as you tackle the thing

That “cannot be done,” and you’ll do it.

http://www.poetryfoundation.org/poem/173579

As you consider the importance of the power of belief, what are some of the ways we can apply it to strengthen our local economy within the next 12 months?

 

How can it increase the focus of our efforts?

 

In what ways does it help us engage and overcome the obstacles we encounter as we work toward this important goal?  

As always, your constructive comments are welcomed.

This blog is sponsored by Partnering Technologies, an Arizona-based Training & Development Company focused on building resilient, high-growth companies and creating rewarding, high-paying careers.

Strengthening Our Local Economy: A 12 Month Focus on Economic Prosperity

QUESTION:

“How Can We Build A More Prosperous Local Economy for the Taylor and Snowflake Communities within the next 12 Months?”

Welcome to "Key Resources"!

Our purpose is to  provide residents of our communities and others interested in the well-being of our local economy a 24/7 online platform to answer the above question.  This blog complements the dedicated efforts of others who have invested considerable time, energy, and in some cases financial means to improving our ailing local economy.  Furthermore, it encourages others who have been on the sidelines to take an active part by voicing their constructive ideas/opinions and applying their talents, abilities and influence to building a more resilient economy.

Most of what we accomplish in life is determined by our attitudes.  Henry Ford made this simple but pointed observation, "Whether you think you can or can't, you're right!"  This basic truth has far reaching consequences in our individual and community lives.  It either opens the door of opportunity to what is possible for us to accomplish or forever locks that door with the chains of doubt, fear and the limiting mentality of "impossible".  All things being equal, the “I Can” attitude will make a positive difference every time.

It seems reasonable to begin answering the above question by reviewing what we have accomplished in the past when we as individuals or our communities have faced and overcome overwhelming odds.  As you think back on such accomplishments, ask yourself, "what are the strengths that were demonstrated and how can those strengths be used to build our economy?  I'm satisfied that by so doing our memories will be refreshed and hidden possibilities will be revealed of how these strengths can be used as "key resources" in overcoming the obstacles holding us back from a thriving local economy.

Partnering Technologies, an Arizona-based Training & Development Company, is sponsoring a 12 month project to strengthen our local economy.  

Over the next several weeks they will conduct online surveys to better understand what residents and other interested individuals consider important to the success of this project.

As mentioned above, this blog will serve as a platform for your constructive comments.  Whether you contribute as an individual, business representative, or public official your comments, ideas and opinions are valued and appreciated. In addition, online events will be conducted over the next 12 months to help accomplish the objectives of this timely project.

You’re invited to participate in these surveys, online events, and this blog.

 

John Wooden, the legendary Wizard of Westwood and only coach in NCAA Division I Basketball history to win 10 National Championships in 12 consecutive seasons offered this timely advice, "Don't let what you cannot do interfere with what you can do."

I'm confident this is something "we can do".

Let's begin a community conversation today that generates positive action and significantly strengthens of our local economy.  Let’s seize opportunities to build a more prosperous economy for Taylor and Snowflake.

Thanks for your time, consideration, and contribution.

Jim Sanderson

P.S.  Subscribe to “Key resources” Blog today.

This blog is sponsored by Partnering Technologies, an Arizona-based Training & Development Company focused on building resilient high-growth companies and high-paying careers.