Monday Mornings with Madison

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Business Development

March 21, 2016

The Evolution of Business Role Models – Part 2

Issue #419

Certain people rise above regular folks to become so successful, well-known and admired in their field of expertise that they become a household name. They become icons. This is true in every area from aeronautics to haute cuisine. There are few who don’t now the names of the great aviators Charles Lindbergh and Amelia Earheart. And most everyone knows the names of chefs Julia Child, Wolfgang Puck, Gordon Ramsey and Emeril Lagassi. These individuals possess certain qualities, talents and skills that catapulted them into a stardom of sorts. They are the doers, movers and shakers and innovators of the times. We draw inspiration from these icons.

However, even icons change. Today’s leaders have evolved from the strong, authoritarian traditionalists and business tycoons of the 20th century – think Henry Ford, John P. Morgan, John D. Rockefeller, and Walt Disney — into the innovative mavericks and mavens of the 21st century. We are mesmerized by edgy leaders such as Elon Musk, Founder of Tesla Motors and SpaceX, Tony Hseih, Founder of Zappos, Fred Smith, Founder of Federal Express, and Sir Richard Branson, Founder of Virgin Atlantic Airways. So what sets these icons apart from past business role models and what can we learn from them? Continue reading →

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March 14, 2016

The Evolution of Business Role Models – Part 1

Issue #418

Practically every industry these days has icons. It is no longer just about actors and musicians. From inventors to scientists and from business leaders to politicians, every field has its share of celebrities, living and gone. In the world of science, they include Albert Einstein, Niels Bohr, Jane Goodall, Alfred Nobel, Edwin Hubble and Stephen Hawking. Technology has heroes of its own including Tim Berners-Lee (inventor of the World Wide Web), Sergei Brinn, Larry Page, Dave Packard, Bill Hewett, and Jeffrey Katzenberg. Even the world of real estate has icons including Donald Bren, Stephen Ross, Jerry Speyer, Sam Zell, Steve Schwartzman, and, of course, Presidential candidate Donald Trump. And in the category of “captains of industry” are some of the most respected names in business including Bill Gates, Jeff Bezos, Warren Buffet, Rupert Murdoch, Jack Welch, Michael Eisner, Lloyd Blankfein, and Mark Zuckerberg, to name just a few.

To some extent, these idols share many traits and talents that propelled them into prominence. But, in recent years, there has been a fundamental shift in the makeup of these renowned individuals, particularly in the world of business. Qualities and skills once considered exemplary have become passé. Corporate tycoons like Rupert Murdoch and Lloyd Blankfein are giving way to new titans of industry such as Brad Smith, Chairman of the Board of Intuit.  Why?
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March 7, 2016

A Business Bucket List

Issue #417

According to a report investigating 41 countries published by the Bank of Korea in 2008, there were 5,586 companies in existence that were older than 200 years. Of those, 3,146 were located in Japan, 837 in Germany, 222 in the Netherlands and 196 in France. And in the U.S., there are currently only 72 companies operating for more than 200 years. That makes sense given that the U.S. is a much younger nation that those in Asia or Europe. Still, it is a tough pill to swallow that most businesses eventually perish. While no one wishes for their business to go belly-up any time soon, the facts are indisputable. The average life expectancy of a Fortune 500 company today is between 40 and 50 years. And the average life span of a family-owned business in the U.S. is only 24 years.

When people get around to thinking about their own mortality, they often create a “Bucket List” , which helps one pinpoint what matters most and focus on making those things happen. It is a useful, personal exercise. But what about a business? Should a company have a “Bucket List” of things to achieve? If so, what should that Bucket List include? Continue reading →

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February 22, 2016

It’s About Time

Issue #415

Even though time gives the impression of being endless, it is actually the most finite of all resources. Unlike money, which can be saved or lost, time cannot be saved; only lost. It cannot be stretched, stopped, hidden or paused. There is no back-up for lost time. Wasted time is lost forever. Even though the clock’s hands start its daily trek around the dial anew each day, making it seem like we have unlimited time, in truth time that has passed will never return. This is news to no one, and certainly not to any business owner. Most companies are hyper vigilant of employee time to ensure it is not squandered. Rules for the proper use of time take the form of warnings against the various ways in which staff are tempted to waste time. Office socializing. Texting friends. Posting or surfing social media. Tardiness.

However, that’s not how time is lost or wasted the most in business. The biggest source of time waste at companies is when employees are assigned to do work that is not the “best use of their time.” The concept of “best use of your time” is hardly given any consideration by most companies. Employees are often hired and managed with only a murky outline of what they are to do. Certainly no job description can capture every single aspect of what an employee does or how every minute of his time will be spent. A job description only gives a cursory understanding of the major tasks that an employee will handle, not the minutiae, and typically does not determine what percentage of time (throughout a day, week or month) should be spent on each task. And the higher the position, the truer it is. Instead of ensuring staff time is spent on the most beneficial activities to the company, employees – from entry level to top management – dribble time away on tasks that are either best handled by someone else or should be eliminated altogether. That is the ultimate waste of time. So how does a company ensure that all employees are spending the majority of their time doing the things that are “the best use of their time”? Continue reading →

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February 15, 2016

EQ, IQ and SQ: The Leadership Trifecta

Issue #414

John Quincy Adams once said that “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” But the question of what makes a good leader has been dissected for centuries if not millennia. So much has been written about what it takes to be a great leader and how to spot leadership potential in others. Business owners and managers all want to possess and provide the kind of visionary leadership that makes an organization grow and thrive. Much has been said about the intelligence, skills and the emotional traits needed for great leadership.

Initially, leadership qualities were basically divided into two areas: IQ (intelligence quotient) which describes the person’s level of intellect or mental ability; and EQ (emotional quotient) which describes the individual’s degree of emotional maturity and strength. More recently, another silo of qualities has also come to be seen as essential to leadership. This is called SQ or Spiritual Quotient. A person’s spiritual quotient is not related at all to the person’s religion or religious beliefs. The Spiritual Quotient looks at a person’s ability to be creative, insightful, courageous, wise, authentic, compassionate, and peaceful, among a host of other traits.

It is believed that the most successful leaders are those who possess a high degree of IQ, EQ and SQ combined. In the search for visionary leaders, businesses should look for the IQ-EQ-SQ trifecta. So exactly what are the elements of IQ, EQ and SQ and can a person improve their IQ, EQ and SQ? Continue reading →

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February 1, 2016

Understanding Multiple Intelligences, Part 2

Issue #412

Multiple Intelligence Theory, first proposed by Professor Howard Gardner in his book Frames of Mind (1983), stated that people learn, remember, perform, and understand things in different ways. That didn’t sound like a revolutionary concept until he referred to these differences as “intelligences.” But Gardner wasn’t talking about a person’s level of intelligence, like IQ. Rather, he was talking about types of intelligence. Gardner put forth that there are eight types of intelligence, namely: language, logical-mathematical analysis, spatial representation, musical thinking, use of the body to solve problems or to make things, an understanding of other individuals, an understanding of ourselves, and an understanding of the natural world. Each person has different intelligences, and the ways in which those intelligences are used and combined to carry out different tasks, solve diverse problems, and progress in various domains also differs from person to person.

If Gardner’s theory is correct, then it stands to reason that aligning each employee’s individual intelligences with a job that most uses those competencies could help an organization increase productivity, service, profitability and staff satisfaction. For example, logical-mathematical analysis intelligence would be vital to a job as an Accountant or Statistician. While almost every career uses a blend of several intelligences, clearly some intelligences are more critical to performing certain jobs than others. The key would be to hire people whose key intelligences best fit the job. It would ensure that each employee was ‘made’ to do the job they had. Gardner called this “the clearest path to efficiency and engagement in the workplace.” In practical terms, how does a company do that? Continue reading →

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January 25, 2016

Understanding Multiple Intelligences, Part 1

Issue #411

Most any employer can give countless examples of employees who are highly productive in the workplace but who would likely perform poorly on an IQ test. The average entrepreneur himself might be an example of how IQ scores are ineffective indicators of workplace performance and success. It is no wonder, then, that most workplaces pay little attention to “intelligence” as a factor in staff hiring. Virtually no employer asks for a person’s IQ score to determine if the person is qualified for a job. Perhaps that would be different, though, if what was considered intelligence in oneself and others was redefined to recognize that there are many different kinds of intelligence.

In 1983, Multiple Intelligence Theory was first proposed by Professor Howard Gardner in his ground breaking book, Frames of Mind. His work broadened the understanding of human intelligence. According to Gardner, the Hobbs Professor of Cognition and Education at the Harvard Graduate School of Education, people possess different kinds of minds and therefore learn, remember, perform, and understand in different ways. He referred to these as the “intelligences” we possess in order to know the world. According to Gardner’s original list, there were seven intelligences including: language, logical-mathematical analysis, spatial representation, musical thinking, use of the body to solve problems or to make things, an understanding of other individuals, and an understanding of ourselves. Since then, an additional intelligence – naturalist – was added to the list. Gardner indicated that the strength of each intelligence and the ways in which intelligences are invoked and combined to carry out different tasks, solve diverse problems, and progress in various domains differs from person to person.

Given this, it stands to reason that cultivating a more intelligent workforce could increase an organization’s productivity, service, profitability and staff satisfaction. After all, if a person’s intelligences have such a profound impact in how the person remembers, performs and understands tasks, it stands to reason that people with certain intelligences would be more suited for occupations that require those intelligences. While almost every career uses a blend of several intelligences, some intelligences are more important than others depending on the job. The idea then would be to hire people whose key intelligences best fit the job. So what are the eight intelligences and what occupations best align with each? Continue reading →

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January 18, 2016

Be a Better Writer in 2016 – Part 3

Issue #410

If you think bad writing is only a problem for recent immigrants (for whom English is a second language) and grade school children, think again. A parking lot sign read: “Customer Parking Only. All Others Will Be Toad.” (It should read Towed.) Another neon sign at a car dealership read: “We Bye Used Cars.” (Well, if business is good, perhaps do they say ‘bye’ to a lot of cars. But the sign probably should read: “Buy”.) And a Days Inn roadside sign advertised “Free Wife Available”. It should say “Wifi”. (Hopefully, they aren’t giving away free wives.) While amusing, consider that companies paid money to have these signs professionally printed. No one at the company or at the sign printer caught the mistakes. Many people surely read these signs and yet the signs weren’t removed or corrected, which suggests that perhaps no one caught these mistakes. These signs point to the trouble many people have writing well. Social media, newspapers, signage, advertisements, email solicitations and other written and published works are littered with examples of bad writing.

Why are such writing mistakes so common? One reason words or phrases are mixed up is because they sound eerily similar. Other times, the word is being mispronounced, misspelled or misused. Libary instead of Library. Granite instead of granted. Pacifically instead of specifically. Strickly instead of strictly. Supposably instead of supposedly. Some even quote expressions or common phrases incorrectly, such as “for all intensive purposes” instead of “for all intents and purposes.” Sometimes, it is not a case of mistaking one word for the other, but rather not knowing when to use each, such as in who versus whom. (More about that later.)

The real problem is that, when words are misused or mixed-up, it completely changes the meaning of what is being expressed. Communication depends on vocabulary. The larger a person’s vocabulary, the better that person is able to express a precise thought. It’s not enough to have heard a word. The word must be used in the correct context. Here are some of the most commonly misused, abused and confused words in English.
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December 21, 2015

Retargeting: Digital Ads that Hit the Bulls-Eye

Issue #406

Have you ever done a search for a product or service and then seen ads for companies that deliver that product or service later on websites that have nothing to do with that product or service? For example, you might have done a search for lenders that handle commercial property loans and mezzanine financing. You clicked on the websites of a few of those lenders. Then later — hours, days or even weeks later — you did a totally unrelated search for hotels in Dallas for an upcoming conference and you saw an ad for a lender you perused earlier offering mezzanine financing on the hotel aggregator’s website. At first, you thought “coincidence.” Then you saw a similar ad for another lender when you searched for an upscale restaurant to dine at with your spouse and clicked on the Opentable.com site to make a reservation. You thought, “Strange.” Then you saw yet another ad for a commercial real estate lender when you checked accuweather.com for the weather forecast for your golf outing on Sunday. At that point, you felt like “Big Brother was watching.” How could such diverse and unrelated websites know you were looking for a commercial real estate lender? How could those lenders know to advertise on sites that you frequent? The answer is retargeting.

Behavioral retargeting (also known as behavioral remarketing, or simply, remarketing or retargeting) is a form of online targeted advertising in which online advertising is targeted to consumers based on their previous Internet actions, in situations where these actions did not result in a sale or conversion. This type of online advertising has been around for a few years and is highly effective and yet not widely used. That makes it a great tool for businesses that want to stand out in the crowd. Continue reading →

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December 7, 2015

How Business Sense and Scents Add Up to Dollars and Cents

Issue #404

Almost no one would argue that vision and hearing play a big role in one’s career and professional success. Any person without the ability to either see or hear surely has a harder time dealing with phone calls, reading and responding to emails, interacting with clients, driving to meetings, visiting job sites, reviewing product quality, etc. Vision and hearing are fundamental sense for most jobs.

What about the sense of smell? Most people don’t put much importance on their ability to smell or think they use it much at work. While it is vitally important for a chef, fragrance chemist, sommelier, or florist to be able to smell with discernment, the sense of smell is not considered as important to the majority of business people in most industries. Yet, aromas are powerful influencers of human behavior and people can distinguish between smells with greater specificity than they realize. So just how important is the ability to smell to career success and how much does scent impact business?
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