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Learning from BAM Failure: Failure is Not the Enemy

by Chris Cloud

We’ve been focused on ‘maximizing BAM success factors‘ recently on The BAM Review blog. However, we believe that ‘utilizing BAM failure’ is just as important – we can learn a lot about success from failure. Business consultant and guest author Chris Cloud introduces this new series on Learning from BAM Failure.

Failure is Not the Enemy

If there’s one thing we know, it’s that we’re going to fail at something.

There’s massive, catastrophic failure, and then there’s micro-failure. People fail classes, fail at sports, fail at dating relationships. There’s ministry failure. There’s failure to live up to our values.

Failure might be small, like a bad kick of the ball when the net was wide open, or it might be as big as going out of business. Sometimes business relationships fail. Sometimes a product launch fails, or your great idea never gets off the ground. Failure is all around us, and it’s definitely a part of life.

There’s a tendency, especially in business, to think of failure as the enemy.

But what if we looked at failure a different way? What if saw it as a necessary element of the growth process?

Choose Your Failure-related Goal

Facebook’s motto during their early days was “move fast and break things.”

As a startup, they knew they had to innovate quickly, and a necessary component of rapid innovation is a high likelihood of failure. They knew they were going to break things. But even when things broke, they knew they didn’t want to be paralyzed by failure, or the fear of failure. They wanted to get up quickly when they hit the dirt, wanted to learn from it, and keep moving onto the next thing.

I’ve been a lifelong snowboarder. As I’ve got ready to hit the slopes around the world, I’ve often overheard beginners brag to each other. They’ll say something like, “I went out yesterday and didn’t fall even once!”

Some people’s goal is not to fall.  Read more

It Starts With You: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 2: Success Starts With You

Why would a series on starting and growing your business begin with a whole post dedicated to you? A good product or service is all it takes, right? While it is important to have a good product or service, the most important factor in the success or failure of your business is YOU.

Most businesses don’t fail because of poor products or fierce competition. They fail when finances are mismanaged, passion is lacking, and expectations are unrealistic. By starting with an in-depth look at yourself – including your passions, strengths, weaknesses, expectations, and financial literacy – you can take the critical first steps to launching a successful business.

Identify and Test Your Assumptions

We all have an idea of what our successful business will look like in the future. At this point, that picture might be a little blurry if your business is only a concept. However, getting a clearer picture of that vision is important for your success. It is going to provide you with a general target for how you grow your business.  Read more

Get Started Growing: Maximizing Startup Success

by Stu Minshew

On the theme of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Previously we’ve covered ‘breaking through your growth ceiling’ for an established business. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 1: Get Started Growing

Starting and growing a business is a calling from the Lord. If you ask anyone who has done it, they will tell you how exhilarating it can be, but also how it sometimes seems overwhelming and impossible. The truth is that it doesn’t have to be this way. Yes, it always requires hustle and flexibility, but taking a few simple actions can equip you to overcome obstacles to starting and growing your business to a level of sustainability.

During this series, we will explore these steps, but before we get to those, we need to discuss a few foundational points.

Foundational Point 1: Startups & Small Businesses Have Different Needs

In 2016, The Bureau of Labor in the United States shows that about 50% of businesses make it five years, while only about 30% make it past the ten year mark. If this is the reality, then starting a business doesn’t look like such a good idea.  Read more

Punching Through Your Growth Ceiling

by Chris Cloud

Continuing on the theme of ‘maximizing BAM success factors’ we have invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Business consultant Chris Cloud shares this mini-series on how to break through your growth ceiling.

 

In the first post we discussed what a growth ceiling is, and how to identify whether or not you are at one. In these second post we’ll cover proven strategies for growing past your ceiling.

The following advice has been gleaned from years of studying how people break past their growth ceiling, from personal experience, and from helping dozens of executive teams identify and break through their ceilings.

Working ON the business, not just IN it

Warren Buffet says his managers should spend 80% of their time working on becoming better leaders and thinking about how they will grow their business. How much time do you spend focused on growing in these areas? Most missional small business owners spend next to zero amount of time working ON the business or on their leadership, because they are too overwhelmed working IN the business. We have to find a way to rise above, if we are ever going to break past our growth ceilings.

We don’t rise to the level of our expectations, we fall to the level of our training. – Archilochus

Reminder: There’s hidden grace available if we’re willing to step out.

Isolate the Problem

Once you have committed time to work ON the business, the first step is to isolate the specific area where you are plateauing.  Read more

Have You Reached a Growth Ceiling?

by Chris Cloud

Continuing on the theme of ‘maximizing BAM success factors’ we have invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Business consultant Chris Cloud shares this mini-series on how to break through your growth ceiling.

 

A former client of mine, a venture capitalist, said he noticed an interesting trend. Each company his firm invested in, their leader would have a personal ceiling where he/she couldn’t grow the company past a certain point. For some it was $3 million in annual revenue, for others it was $300 million, but every single leader had a growth ceiling. That company never grew past a certain level until they brought in an entirely new management team.

From what I’ve observed, each growth phase of a company requires a different way of thinking, so most people can’t adopt new ways of thinking easily as the business or organization grows. All kinds of added responsibilities, dealing with high level investors, more employees, different market strategies, it all requires a different skill set.  Read more

Leadership Character Trait #7: Personal Courage

By Dave Kahle

In a previous post, I wrote that qualities of character in the CEO were a more important indicator of business success than the business model. In this following series of posts, I’m going to share those qualities that I believe mark a great business leader.

Leadership Character Trait #7: Personal Courage

In this series, I have argued that the following character traits are important for a business leader:

An unquenchable work ethic

An ability and propensity to learn

A continuous quest for MORE

Unwavering self-control,

Rock-solid integrity, and

A Pervasive sense of humility.

To that list, I am adding the seventh and final: personal courage.

I don’t mean to imply that this is the full portrait of a successful business leader. There are dozens of other attributes that will enhance his or her’s ability to work with others and be successful. But, these seven traits mark the essence of a business leader’s character: Without a significant dose of each, his/her career will be somewhat stunted and fall short of the heights to which it could reach.

Understanding Courage

The Oxford Dictionary defines courage as the ability to do something that frightens one. Wikipedia adds this:

Courage (also called bravery or valour) is the choice and willingness to confront agony pain, danger, uncertainty or intimidation. Physical courage is courage in the face of physical pain, hardship, death or threat of death, while moral courage is the ability to act rightly in the face of popular opposition, shame, scandal, discouragement, or personal loss.

While few business leaders face threats that call for physical courage, they need moral courage to accomplish anything of substance.

Starting a business enterprise almost always requires the entrepreneur or leader to face personal loss. Typically, it is the income associated with the job they are leaving to start a business, and often they must use their homes as collateral to acquire that first business loan. The prospect of personal loss is very real, lingering just over the horizon.  Read more

Leadership Character Trait #6: A Pervasive Sense of Humility

By Dave Kahle

In a previous post, I wrote that qualities of character in the CEO were a more important indicator of business success than the business model. In this following series of posts, I’m going to share those qualities that I believe mark a great business leader.

Leadership Character Trait #6: A Pervasive Sense of Humility

I have already argued for the following essential character traits for a business leader: an unquenchable work ethic, an ability and propensity to learn and a continuous quest for MOREunwavering self-control, and rock-solid integrity. To that list I’m adding a pervasive sense of humility.

On the surface, it seems like an unlikely candidate for a leader. However, once understood, it becomes a bedrock trait and a powerful asset in the psyche of an effective business leader.

First, let’s understand it

Humility is often defined as the quality of being humble. The dictionary defines ‘humble’ as “showing a modest estimate of one’s own importance.” Synonyms include ‘meek,’ ‘deferential,’ and ‘respectful’.

It is often confused with a sense of weakness and obsequiousness, which is overly self-deprecating. There is nothing weak about humility. In fact, it takes far more strength to exhibit humility than it does to default to its opposite: Pride.  Read more

Leadership Character Trait #5: Rock-solid Integrity

By Dave Kahle

In a previous post, I wrote that qualities of character in the CEO were a more important indicator of business success than the business model. In this following series of posts, I’m going to share those qualities that I believe mark a great business leader.

Leadership Character Trait #5: Rock-solid Integrity

In my last few posts, I have argued for these character traits: an unquenchable work ethic, an ability and propensity to learn and a continuous quest for MORE, and unwavering self-control. To that list, I’m adding rock-solid integrity.

Understanding integrity

Integrity is often misunderstood. Many people consider it synonymous with honesty. While honesty is a component of integrity, it’s much narrower and finds its definition almost exclusively in communications with other people. One is honest with others and to other people. Integrity is larger and encompasses more of life.

Here’s the definition for the Oxford Dictionary: integrity: adherence to moral and ethical principles; soundness of moral character; honesty.

While we all understand honesty, it is the ‘adherence to moral and ethical principles’ that draws our attention. You cannot claim to have integrity unless you have a set of moral and ethical principles to which you adhere. Notice that there are two parts to this. First, you must have a set of moral or ethical principles. Then, it’s not enough to have them, you must consistently act on them.  Read more

Leadership Character Trait #4: An Unwavering Self-control

By Dave Kahle

In a previous post, I wrote that qualities of character in the CEO were a more important indicator of business success than the business model. In this following series of posts, I’m going to share those qualities that I believe mark a great business leader.

Leadership Character Trait #4: An Unwavering Self-control

Previously, I argued for these qualities: an unquenchable work ethic, an ability and propensity to learn and a continuous quest for MORE. To that list, I’m adding Unwavering self-control.

Specifically, that means that one exhibits the ability to control emotions, and to moderate words and actions. It has both a positive and a negative element to it. Let’s unpack this.

When it comes to controlling emotions, it means that you don’t let a flash of negative emotions erupt and produce negative results. For example, one of your customers may make a disparaging remark about your company, or one of your employees is late for the third time this week. Your natural tendency is to get irritated and defensive and let that emotion out in a way that may damage the relationship permanently. That’s a lack of self-control. On the other hand, if you catch yourself, take a deep breath, and choose your words and your reaction mind-fully, you are acting with self-control.

Not only do we need to control our negative emotions, but we need to proactively and intentionally spread positive emotions. The classic book, The One Minute Manager, builds the case for walking around, finding something that your employees are doing well, and praising them for it. In other words, intentionally and willfully developing the habit of praising specific actions and thereby spreading positive emotions.  Read more

Leadership Character Trait #3: A Continuous Quest for More

By Dave Kahle

In a previous post, I wrote that qualities of character in the CEO were a more important indicator of business success than the business model. In this following series of posts, I’m going to share those qualities that I believe mark a great business leader.

Leadership Character Trait #3: A Continuous Quest for More

Here’s my nomination for a character trait that fuels business success: A continuous quest for MORE.

Let’s define MORE. I’m not talking about greed here, although money is a part of it.

MORE refers to the concept that, in every aspect of one’s life and business, there are greater heights to be experienced, greater accomplishments to achieve, greater impact to be had, greater knowledge to be obtained, greater wisdom to be acquired, greater good to be done, and, yes, more money to be made, more customers to acquire, more revenue to realize, more markets to penetrate, more employees to hire, more influence to extend.

Regardless of where you are at, there is always MORE.

For a person with this character trait, the status quo is never acceptable. The status quo is only today’s version, and this moment’s situation. It’s a temporary circumstance which can be made better. After all, there is always MORE.  Read more