8
ENTERPRISE
Become the CEO of Your Career and Life
Find out what you like doing best and get someone to pay you for doing it.
KATHERINE WHITEHORN
Enterprise is in a woman's DNA–just look at what we accomplish.
VICKIE L. MILAZZO
Every minute of the day in a woman's life presents bold new ventures, and risks to go along with them. Women understand enterprise. Job, education, household, spouse, lover, kids, friendships—these are separate departments in the enterprise you call life. Who keeps these departments rocking? You.
Let's label them differently: production, research and development, administration, partnerships, human resources, payroll, customer relations. Who keeps this complex enterprise humming? You.
Think about the creative, enterprising strategies you've used to manage it all. Perhaps you didn't realize you were being enterprising. You were simply “getting it all done.” That's CEO language for keeping the lights on, the personnel happy and quality work product churning out on time.
Now let's talk about how you can focus that brilliant enterprising ability to become the CEO of your career and life. Enterprise is a strength. You own it. If you are as enterprising as the CEO of a successful business, you can use your enterprising strength to start a business venture of your own, manage your family, build a corporate career or any combination of achievements.
From an entrepreneurial standpoint, women own a total of 10.1 million businesses, almost 40 percent of all businesses in the United States. If you include those where women are not a majority or equal owner, you up that total to 15 million.
This is amazing when you consider that the average woman will spend 17 years of her life caring for children and an additional 18 years caring for relatives.
On trips to Thailand and Vietnam, where women aren't exactly first-class citizens, I encountered women's enterprising spirit at its rawest and liveliest. Everywhere I looked, women were running businesses. They hawked new and used clothing, lemonade in plastic baggies and everything else you can imagine—including cobras inside bottles of liquor. Women weighing 95 pounds carried wooden yokes with complete soup kitchens balanced on their shoulders: bowls, utensils and food on one side, a charcoal grill holding pots of broth and tea on the other. The grill was hot, and the pots simmered even as the women walked. In Southeast Asia, fast food comes to you.
Enterprise can be any undertaking of a venture and the reward doesn't have to appear in the form of dollars in the bank. But successful CEOs do expect a payoff for every venture.
When you invest your time and energy in a new enterprise, always ask: What's my payoff? Is it monetary? Is it good for my spirit? Will it advance my career? Will it enrich my life or benefit my family?
If you say no to this opportunity, is there a bigger payoff available to you? The profit need not always be in cash, but there needs to be a payoff. Even Mother Theresa enjoyed a payoff from her devotion. Passion for your life and work is the best profit of all.
What payoffs do you receive from your business or career and your relationships? What ultimate reward will come from living your passionate vision? Whether you want to own a Mercedes, stop global warming or both, get emotionally in touch with that payoff.
BE FIRST AT THE RIVER TO GET A DRINK
During a photo safari on Tanzania's Serengeti Plain, I encountered the least enterprising animal on earth, the wildebeest. For three hours I sat on a riverbank watching a herd of thousands build up the courage to drink from the water.
This herd was part of the Great Migration that happens like clockwork every summer. More than a million wildebeests travel northward from the arid Serengeti into the wetlands of Kenya's Masai Mara, a long, dry and arduous journey. Frequently, the only available water is the Grumeti River, which represents both life and death. Unlike some creatures that can take moisture from the grass they eat, wildebeests must drink from the river to live.
The river supports other wildlife, including predators. Crocodiles may lurk just beneath the surface. One day I watched more than a dozen crocodiles feast on an unlucky wildebeest.
Though thirsty from traveling, the wildebeests stand back from the water, sensing potential danger. Inching toward the bank can take hours, as an individual wildebeest steps forward tentatively, sniffs the air, makes the plaintive “gnu” sound, steps back and then cautiously steps forward again. Bunching together, the herd advances gradually, nudging the leaders to the river, whether they want to go or not. It's been a long time since they last drank, and you feel their desperation.
Lions, lazy creatures, but possibly the most enterprising of all, are on watch, conserving energy as they await an opportunity for lunch. Once the herd is stretched thin, they charge and the wildebeest stampede, raising a dust cloud that obscures the view of those closest to the lions. A kill is almost guaranteed.
The day I sat on that riverbank, a young wildebeest finally stepped ahead of the herd and drank while the fearful adults held back. Soon, others began drinking. But instead of lining up along the bank, taking turns, they bunched together fearfully and pushed until the surging masses shoved the young wildebeest farther into the water than it was willing to go. It panicked and in turn panicked the others. They all retreated hastily and returned to the migration. Only the few brave enough to test the leading edge got a drink. The others went thirsty.
There was no danger from predators that day. Only the wildebeests' fear and lack of enterprise kept them from drinking.
The wildebeests reminded me of my fellow nurses at the hospital. We would bunch up at the water cooler gnuing away and generally airing our dissatisfaction with our jobs, but never acting to end the desperation. Complaining was easier.
I decided I would no longer stand at the water cooler waiting for a drink. From the beginning, I treated my venture not as a part-time hobby but as an opportunity to quench my thirst for a more exciting and rewarding career. Refusing to hang out with the wildebeests and get eaten by the lions, I staged a friendly corporate takeover and became the CEO of my career and life. That was my payoff.
The lions' enterprising nature enables them to take on a herd of thousands of wildebeests. Their payoff is lunch. No doubt you've successfully managed many tough situations and, like the lion, have enterprise already inside you. Engage that strength to drink deeply of your passionate vision.
SATISFY YOUR THIRST AT THE RIVER OF CHOICE
While every woman is enterprising, not every woman is entrepreneurial, and there's nothing wrong with that. As an entrepreneur, I'm grateful for those enterprising women who work for me. They share many of my strengths, and possess unique strengths of their own, yet have no desire to start their own businesses. They prefer working as a team, possibly taking on leadership roles or interfacing at the front line with customers.
Only you know which river of success is the one for you. As the CEO of your life you must also be the CEO of your career. No matter where you are in life or career, whether you are an employee of a large or midsize company striving to climb the corporate ladder, a budding entrepreneur aspiring to break out on your own and create the next Facebook or a woman who wants to head up a team of volunteers at your child's school, approach your venture with the attitude of an enterprising and entrepreneurial CEO, and your vision will become your reality.
The Corporate Formula
Do you like working with a team? Is your idea of security a steady paycheck with guaranteed benefits? Do you like to put your work aside at the end of the day? If so, the corporate route is for you.
To forge your corporate path, act like a CEO who is plotting the purchase of another company. First, research the top levels of your division to identify positions that match your passionate vision and explore other divisions for jobs of interest. Next, plot a course from that lofty position you aspire to attain back to where you are now, pinpointing one or more positions at every level that will lead to your ideal career. Keep your vision bold, without concern for obstacles.
Study the people who currently hold those positions. How did they get where they are? If possible, get to know them personally. People advance because of relationships, so build relationships at all levels. Be friendly with everyone, but remember that advancement comes from the top down, and a little appropriate sucking up never hurts. Never sabotage managers or coworkers. You'll need them.
When I was working at the hospital as an ICU nurse, Dilbert (from the cartoon of the same name) would have been my best friend. I was young, in my 20s and too smart for my own good. With the exception of one supervisor, who would stand with us at the bedside when we were understaffed, I thought all hospital supervisors were stupid. What did they know about the real world and the front lines of patient care?
I now understand how wrong and immature I was and that even if you really are smarter than your manager, it's just common sense to align yourself with the company and the company's goals.
Engage 100 percent. Clock-watchers who go home exactly at quitting time are never around for promotions. Work as hard as or harder than your boss. If you're the supervisor, work as hard as your employees and as smart as upper management.
Rather than looking only at your advancement, look for ways in which your knowledge and expertise can grow and benefit the company. As a business owner, I appreciate employees who apply enterprise and ingenuity to their jobs. They generally enjoy their jobs more and receive more advancements and pay raises. If your company clearly has no place for you to advance, move on. Don't make yourself and everyone around you miserable.
Investigate the new skills you'll need and learn them. Some skills are developed through education, others through experience. Many of the skills I have now, including the ability to manage downturns in the economy, publish books and apply new technology to our online products came through experience. Business is a big laboratory, and every day is an experiment. On some days we invent new creations; on others we're sweeping up shards of broken beakers. Open up, experiment and learn.
The Entrepreneurial Formula
Are you the rebel—mouthy and opinionated? Do you like the thrill of change? Are you always eager for the next new venture? Is your idea of security to never be the victim of a corporation's downsizing or reengineering? Do you want to find a way to earn a living while having more control over your life? Are you willing to put in fast-paced, 12-hour days, if necessary, to reap those rewards? Are you a fiercely independent risk taker who can handle the uncertainty of being responsible for your own paycheck, even in a recession? If you answered yes, then the entrepreneurial route is right for you.
If you choose the entrepreneurial route, research your industry to identify types of businesses that match your passionate vision. Explore areas that show growth potential and look for a need not presently being filled. Then find a successful company similar to the one you envision owning, study how it started and how it grew, and learn as much as possible about the entrepreneur behind it.
Devour books, publications and online resources related to your business concept. Talk to other entrepreneurs to discover their best practices. Look to successful businesses that are different from your idea. Study strategies that transcend industries and apply them to your business.
A successful entrepreneur is a bold visionary, seeing what others cannot and willing to follow that vision despite naysayers. Many entrepreneurs never finished college, but that hasn't stopped them from owning companies like Facebook or Apple. They relied heavily on their vision, not on MBA programs.
As an entrepreneur-in-training, you'll need to build both basic and advanced leadership skills. Entrepreneurs handle ambiguity with ease, get a thrill out of leading the way into unfamiliar territory and thumb their noses at failure. Fearless pacesetters, they're usually mystified to find themselves weak at or disinterested in operations and management. That's okay. Other people can manage for you, but you must be the guiding force that inspires your managers and staff to follow your vision. As a leader, you focus on the big picture and trust others to focus on the details. People who do it all are self-employed, not entrepreneurial.
Above all, you must grow your enterprise and make a profit. People who say, “I love it so much I'd do it for free,” have never owned a business. Most entrepreneurs are willing to sacrifice and do what it takes to succeed, but they fully expect to make money. There is nothing noble about being poor or failing financially.
Whichever route you choose—the corporate ladder, your own ladder or simply applying enterprise to your life—my strategies for acting like a CEO guarantee wicked success.
VENTURE OUT FROM A SOLID FOUNDATION
I started my business in my small condo. Every morning I hauled out my files and modest equipment and turned my home into a workspace. Every evening I packed it all away again to make room for eating, sleeping, and living. Within those modest surroundings I was constructing a foundation for my enterprise.
Today the Institute's foundation is not a room in my condo, but 8,200 square feet of office space supported by a team of 23 enterprising staffers. To grow my company I had to build a team that was as good as, or better than, me.
The foundation you build today will support your corporate career or entrepreneurial enterprise as you drive onward and upward. How do you make your foundation solid—indestructible, unshakable and enduring? With a Strategic Life Plan.
Fortify Your Enterprise with a Strategic Life Plan
Consider the Golden Gate Bridge, the Brooklyn Bridge or London's Tower Bridge. How did the architects dare to create such astonishing visions? They didn't just look out at the future location, point a finger and say, “Pour the concrete right about there.” Of course not.
Yet how often do we look out at the perilous waters of life, point a finger and say, “I'll just pour some concrete right there?” An architect knows that failing to plan is planning to fail.
As CEO, you need a Strategic Life Plan that projects your passionate vision. Include the goals, or Big Things, you defined in Chapter 3, plus strategies and target dates. This is your blueprint for building your bridge to astonishing success.
My first strategic plan was conceived in my mind, but only came fully to life when I committed it to paper. That single page included my goals and the strategies to achieve them, with a target date attached. Every time I made a business decision, I consulted my plan. I reviewed and updated it frequently. It became my friendly nudge, my board of directors and my business manager.
Today my company's strategic plan is 65 pages, because this level of planning is necessary to run my company, but it started with a simple plan.
One woman entrepreneur shares:
The best advice I never took was to write a strategic plan. I thought I knew better, that I could grow my business without it. Eight months into starting my part-time business, I was floundering. I finally sat down and wrote a strategic plan and posted it where I could see it every day. My business began to flourish and within a month I was wondering why I had not done this sooner. Within four months of writing that strategic plan, I quit my regular job and focused on my business. I was amazed by my success and now know that I should have followed that advice from day one.
Envision a Bold Enterprise
If anyone had asked me 29 years ago whether I could manage a multimillion-dollar company, I would have laughed. My vision was smaller then. But that smaller vision got me to the bigger vision today.
Don't hesitate to commit a plan to paper because it seems daunting; just start small. Starting small is better than not starting at all. Begin your plan by focusing on the passionate vision you developed in Chapters 1 and 2.
Describe the corporate, entrepreneurial or personal enterprise you will undertake to live your vision, and then answer the question: What will this venture do for me?
Anchor Your Enterprise
The stability of your foundation comes from three cornerstones of balance: your values, your strengths and the way you handle challenges. How will yours anchor your enterprise?
- Define your core values. This is not difficult, but it's somewhat magical, because your values will guide your decisions like a sage whispering in your ear.
One of my company's core values is building lifelong relationships with our clients. Clients include our internal staff. If we don't serve each other, we can't possibly serve our external clients. This core value is the reason downsizing could not be my first reaction to the economic recession.
Your values will shape your future as they have previously influenced your past, and will help keep your Strategic Life Plan on target. Write them down.
- Assess your strengths. Think about the knowledge, skills and experience your enterprise will draw on. List all your strengths that you will apply to your enterprise.
- Appraise your challenges. Whatever your enterprise, you'll have challenges. These may involve market penetration, profitability, expertise, competition or getting along with your supervisor.
Challenges change as your enterprise changes. My first challenge was getting clients to recognize the need for a new type of consulting service. As my company grew, a new challenge surfaced: my lack of experience as a manager. That challenge led me to seek the right executives to support my vision. Without addressing that weakness, I might never have achieved big.
What challenges will you face in pursuing your enterprise? How will they impact your goals and strategies?
Shape Your Enterprise
Imagine your enterprise as it exists in your ideal future. Think large as you review the Big Things and action steps you wrote in Chapter 3.
- Does your Big Thing match your enterprise or some part of your enterprise? If not, choose a Big Thing that does match your enterprise. Write this Big Thing on the “Goal/Big Thing” line on the Strategic Life Plan form on the next page.
- What strategies will you use to accomplish your Big Thing? Do these match the action steps you wrote in Chapter 3? Develop your strategies and write them on your plan.
- Add target dates for completion.
- Constantly assess where you are in your plan and how the plan is measuring up to your passionate vision. Update it regularly.
- Repeat this process for all the Big Things you'll do to make your enterprise a reality.