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EntreLeadership Book Report

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by

Carlee Ayers-Merritt

on 10 January 2014

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Transcript of EntreLeadership Book Report

Based on the
Webster's Dictionary
definition:
A
leader
is someone who rules, guides, and inspires others
An
entrepreneur
is someone who organizes, operates, and assumes risk for a venture
The Definition
The Author: Dave Ramsey
Founder of the Lampo Group, Inc. dedicated to helping people struggling with financial issues
Host of radio show
The Dave Ramsey Show

Financial author and motivational speaker
Creator of Financial Peace University, a biblically-based training series for adults
What is EntreLeadership?
EntreLeadership
is the process of leading to cause a venture to grow and prosper
An
EntreLeader
is passionately serving, a disciplined risk-taker, courageous while humble, a motivated visionary, driven while loyal, an influential leader
What is a leader?
Qualities of a Leader:
Integrity
Servant
Humble
Visionary
Decisive
Disciplined
Passionate
Loyal
Driven
Listener
THE PROBLEM IS...
People can list these qualities, but don't
apply them toward themselves
The things you want from a leader are the things the people you're leading expect from you.
This is how leaders fail.
What is an Entrepreneur?
Qualities of an Entrepreneur:
Risk-Taker
Visionary
Passionate
Driven
Out of the Box
Determined
Courageous
Motivated
Learner
Leading a company of entrepreneurs...
...is like nailing Jell-O to a tree. It just doesn't work.
EntreLeadership Basics
1.
"The Law of the Lid" by John Maxwell.
YOU
are the problem with your company
You are the one holding back your dreams
You are also the solution
2.
To be a real EntreLeader you have to recognize that you have power and seldom use it.
Anyone can have positional power (the power to fire)
It takes a real leader to have the power of persuasion -- the power to get others to follow you
3.
Whatever is happening at the head of your organization will affect the entire body.
As the "king" of your company, your personal strengths will be your company's strengths
The same follows for your weaknesses
4.
You have to serve someone.
Great leaders are always servant leaders
5.
You have to have passion.
You can't lead without caring deeply.
Elements of Good Decision Making
Deciding to decide right now
is
a decision
Fear
: it
kills
your dreams and
ruins
your future
Set a self-imposed deadline that
you
vow to follow -- this will reduce procrastination
Big decisions should take big time
Options create power -- options make decisions easier to make
Always consider the worst-case scenario
90% of making the right decision is gathering enough information
Start with a Dream, End with a Goal
Dreams vs. Visions
Dreaming is a sign you have hope
If you can't just dream, you have to act upon them
Dreams are essential to winning
Visions are dreams that morph into reality
People without vision simply have jobs
"The most pathetic person in the world is someone who has sight but no vision"
-Helen Keller
Mission Statements
-Further clarification and definition for your dreams and visions and assures you that your goals are aimed at the
right target
Most importantly: it clearly says who you
aren't
Should be segmented into
business
,
family
, and
personal goals
(at your discretion)
Should show:
You or your company's
skills and abilities
You or your company's
personal traits
You or your company's
values, dreams, and passions
Goals That Work
"Goals are just dreams and visions with work clothes on"
-Goals force
practical steps
into your life to make
your dreams come true
-They must be
measurable
and have a
time limit
-Much like your mission statement, your goals should
reflect the areas in your life
-They must be
your own personal goals
-
Must be in writing
Goals Create Unity
-It's easy to inspire other team members to
victory
-Unity
evolves relationships
within companies
-Get people
excited
and
make them want
to be a part of
your goals
-
EVERYONE
should be a part of the goal
The Urgent
and the Important
All time is spent in 1 of 4 quadrants
Quadrant I
Quadrant II
Quadrant III
Quadrant IV
Important and Urgent
The obvious things necessary to stay in business
Important But Not Urgent
Possibly the most important use of time
Eventually will become Quadrant I
Not Important But Urgent
Like checking junk mail
Not Important and Not Urgent
Almost as easy as Quadrant I items
Examples: Twitter, Facebook
"If you take 15 minutes to plan your day on paper every morning, you will add 20% to your productivity"
To-Do List for Today
"A" for what must be done today
"B" for what should be done very soon
"C" for great ideas that should be moved to "A" or "B" soon
1 - Most important single item for today
2 - Next most important
3 - Next and so on
Mark:
Then Mark:
Don't Flop Whoppers
Part-Time? Time to Jump?
The best part-time job is a small-business idea
Whether you're chopping firewood, shoveling snow, or refurbishing golf carts and selling them on eBay -- you have a small business
An extra way to get cash is having a part-time job on the side
"Why flop Whoppers at minimum wage when there are a million small-business ideas you could start with today?"
Do you have a higher calling?
2 Reasons to Work:
To provide food, shelter, etc.
As a higher calling
Working for money should only be temporary while you clean up a mess, hit goal, and/or move toward your passion
While you're working for money, make sure you do that job with passionate excellence -- as if it were your life's calling because you never know who's watching
"Instead of wondering when your next vacation is, maybe you should set up a life you don't need to escape from"
-Seth Godin
Business is way too hard to work at something simply for money -- money is great, but it's an empty goal
Passion Trumps Obstacles and Age
Age, your current position, and even your current level of education are
not obstacles
to those who find their calling
There is
never
a big enough obstacle to keep a person with passion operating in a higher calling from winning
Young Entrepreneurs
Bill Gates
-Began in 1975, when he was 20 years old, and eventually became the world's richest man
Michael Dell
-Began in 1984, when he was 19 years old, created Dell computers in his dorm room
Mark Zuckerberg
-Began in 2004, when he was 20 years old, and created Facebook out of his dorm room at Harvard
Marketing 101
Timing Your Marketing
A great idea timed poorly can die a thousand painful deaths
You can't overlook timing due to excitement about your idea; that is called ignorance
Timing is not just what time of the year you launch
What does the economy look like?
Competitors?
Geopolitical climate?
Product Life Cycle
Introduction - when you just launch your product

Growth - the product takes off and sales begin to grow

Maturity - once the product matures in the marketplace

Decline - nothing lasts forever (mortality of your product)
Marketing Stew
Ingredient 1: Passion
Passion makes the sale
You will only sacrifice when you passionately believe in the outcome
Ingredient 2: Activity
More activity is insurance against failure
"The only people who never fail are those who never try" -Ilka Chase
Ingredient 3: Scarcity
When you create the perception that your product is scarce or rare, you've added value
Prelaunches (like what Apple does) helps a lot
Ingredient 4: Urgency
If you product is scarce it conveys urgency to the customer to "act now!"
"Without a sense of urgency, desire loses its value" -Jim Rohn
Ingredient 5: The Momentum Theory
Focused Intensity over Time multiplied by God equals Unstoppable Momentum
Selling Properly
Every Step in the Experience Is a Sale
"Nothing happens until someone sells something"
-Henry Ford
Ultimately everyone is in sales and, when done, properly selling
should not be manipulative or pushy
Not only should you, as an EntreLeader, be
convinced
that you are always selling, but your whole company should be convinced they're in sales as well
The Steps
Step 1
Step 2
Step 3
Step 4
Qualification
Qualified buyers is the most overlooked and ignored step in the buying process

Trying to convince an unqualified buyer is frustrating and ultimately maddening to both you and the buyer

This is how you waste your time, money, and energy

Don't teach your team to pressure people. Teach them to serve people.
Building Rapport
This gives the buyer a chance to trust you, your company, your idea, and/or your product

The packaging of your product and graphics are what build rapport

Your first impression is the most important
Education/Information
A great salesperson
pulls
a customer rather than pushing them

You must have product knowledge in order to sell -- buyers want to know that you know what you're talking about

Be proud and passionate about the product and know the competition
Closing the Sale
The Assumptive Close - you're gathering information throughout assuming the customer is buying
The Alternative Close - you present two options to the buyer, both involving buying
The Calender Close - you present two days/dates that you might do and give them the option
The Integrity Close - you let the prospect experience the product in hopes they will do business with you
Managing
Your
Team

Turnover is Bad for Business
-Losing a team member means they were probably
never meant to be there
in the first place

-When someone leaves it stops not only their work, but yours as well since you must now hire someone to replace them

-
Always
take time for interviews: the more thorough the interview, the less likely it is you will have to hire someone to replace them
Reprimands:
Be short and to the point.
It should be
uncomfortable
for everyone -- you
shouldn't
like reprimanding
Attack the problem using a compliment sandwich
Be private
Be gentle -- brutally clear
with kindness
"Have the courage to do the right thing, the right way, at the right time, and you will be on your way to becoming an EntreLeader"
Components to a Good Hire
1. Advertise and Get Referrals
Put
too much
information in the ad so people rule themselves out of the job
2. The 30-Minute Drive-By Interview
Just
get to know them
in the first interview and let them get to know you
3. Resume and References
The resume will start conversation and tell you what training they have
Check their references to
check for stupidity
-- those who get bad comments or put down people without telling them can be weeded out
4. Do They Light Up?
You should see their
passion
for the job or whatever they're doing
Communication and Management by Walking Around
If you want to create a company that is fun to work for, where productivity and creativity are high, and that you are actually glad to lead, you must create a
culture of communication
MBWA
The best type of communication is face-to-face -- seeing body language, touch, tone, and eye contact
make communication complete
“The greatest problem in communication is the illusion that it has been accomplished” - George Bernard Shaw
Leading for Loyalty and Unity
Cynical businesses have ruined the loyalty felt within an organization -- you must show your loyalty to your team members for them to be loyal to you
Pairing team members is what creates synergy and enhances performance among one another
People don't naturally unify, they must be led to do so
Five Enemies of Unity
1. Poor Communication
2. Lack of Shared Purpose
3. Gossip
4. Unresolved Disagreements
5. Sanctioned Incompetence
When the right hand doesn't know what the left hand is doing, disunity, anger, and frustration will fill your company
If the team doesn't share the goals of leadership and of each other, there isn't unity
It will destroy all the things you try to create within your company
Gossip pushes people apart; you can't trust a gossip
Conflicts that remain unresolved grow until they kill unity
These problems remain unsolved when the EntreLeader doesn't know about them
Why should I work hard if he doesn't have to?
EntreLeaders
are not just created -- they are chosen.

The challenge to be an
EntreLeader
everyday means to ensure quality leadership skills along with the passion of an entrepreneur.

TAKE THE CHALLENGE
By Carlee Ayers-Merritt
Full transcript