I landed a new client this week, referred to me by another of our coaches. The client, John, had recently purchased a franchise for an online business. He reached out to us because he’s having trouble generating revenue. John’s an occupational therapist. This is his first experience as an entrepreneur; however, he has the presence of mind to know that he needs help. As we were getting to know one another over the phone I asked about the training he had received from the franchisor. He provided a brief overview but admitted that he wasn’t comfortable with some aspects of the Brand’s training, especially regarding customer acquisition. That revelation gave me a clear direction for our first meeting. There is obviously a disconnect between John’s desire to have a business and his willingness to follow the franchiser’s model for success. To be helpful, I must understand his rationale for acquiring the franchise compared to his personal strengths and interests.
After reflecting on our conversation, I thought of another friend and former colleague, Susan. I recall that Susan and I left a previous employer at the same time. She immediately signed up for a seminar to help her chart her next career move. One important topic of the seminar was achieving self-awareness. After the seminar, she told me that her biggest revelation was that she was not meant to be in sales, that she should look to further her career in a staff function. That made sense to me. Later, she told me that she had taken a position with a major financial services company as a Financial Advisor, a euphemistic term for sales. Of course, she wasn’t happy in that role and soon moved on.
You’ve probably noticed that people employed in the same occupation have similar personalities and interests. The differences become more evident when one considers vastly different occupations, like engineers and people engaged in the performing arts. Consider the personalities of salespeople as compared to librarians or academics. Or, more to the point of my work, employees compared to entrepreneurs. The most significant attributes of entrepreneurs include creativity, passion, persistence, optimism, and decisiveness. They are also independent, confident, and disciplined. These attributes make sense to me given the risks assumed by entrepreneurs. Any given line of work will have the greatest appeal to a specific type of individual. To the extent that you “know yourself,” you will be in a better position to choose an appropriate career path.
It is said that knowing who you are, self-awareness, is of critical importance for a successful life. So, what does one need to know about oneself to achieve self-awareness? In business, companies begin their strategic planning cycle by conducting a SWOT Analysis. SWOT is an acronym for strengths, weaknesses, opportunities, and threats underlying the planning process. These four areas of interest are evaluated against the competition. They may continue their internal assessment by evaluating their capabilities, i.e. market penetration, distribution network, financial resources, adaptability, intellectual capital, R&D, etc. The evaluation of these attributes and issues will result in strategic options to consider and ultimately a three to five-year plan.
Achieving self-awareness for an individual involves a similar process. Taking stock of one’s skills, strengths, and weaknesses is easily understood. What are you good at doing? Additionally, one should be familiar with their belief system, including values, interests, and the general direction you want to take in life. What is important to you? What motivates you to get out of bed in the morning? Understanding the personality types that give you energy as opposed to those that zap your energy may be important. What situations do you find stressful and try to avoid, compared to those you find exhilarating and attractive? Fortunately, there are diagnostics to help you understand yourself, such as the Myers-Briggs Type Indicator (MBTI), Predictive Index Behavioral Assessment, Birkman, and Minnesota Multiphasic Personality Inventory (MMPI). One of the benefits of these diagnostics is that they provide general guidelines as to occupations that align with your personality and interests. To the extent that you are aligned with your work’s occupational requirements and skill set, you will have a greater likelihood of success and happiness. If you haven’t had an opportunity to take one of these diagnostics, or if significant time has passed since you did, I recommend that you do so. In doing research for this post I found several articles that present thoughtful questions to help you better understand yourself. Links to some useful articles are included hereinbelow.
In “The Art of War,” Sun Tzu restated the already established axiom, “Know yourself, know your enemy, and you shall win a hundred battles without loss.” Socrates said that the unexamined life was not worth living. When asked if he could be more specific, he replied: ‘Know yourself.’
Articles of interest:
https://learnoutlive.com/sun-tzu-didnt-invent-know-yourself-know-your-enemy/
https://www.essentiallifeskills.net/knowyourself.html
https://www.prolificliving.com/get-to-know-yourself/
https://www.aconsciousrethink.com/7419/get-to-know-yourself-better/
https://www.aconsciousrethink.com/7419/get-to-know-yourself-better/
https://www.wikihow.com/Get-to-Know-Yourself
https://www.theschooloflife.com/thebookoflife/know-yourself/
https://studentaffairs.duke.edu/career/know-yourself
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Convergence occurred when I remembered a conversation the prior week with another consultant, Faith. She had told me about an adverse situation created when a patient received a new heart, but the system hadn’t been updated to reflect the candidate’s eligibility for a transplant. That breakdown in the process created a question as to who’s responsible for the $1.4 million approximate costs of the procedure. Faith explained that this glitch was an administrative error as the candidate still needed the heart and was qualified to receive the transplant, however, an updated authorization wasn’t secured. I can only imagine how bad the situation could have been if the patient had died, prevented from receiving the transplant due to an administrative mistake. It occurred to me that the system has a fundamental flaw that can be mitigated with a technical solution. Faith continued by providing an overview of additional risk and complexity created by Federal Agencies and Laws regulating the Health Care Industry.
Last week, one of my clients filed for Chapter 11 Reorganization. Now, two of my clients are in Chapter 11, working to find a path back to solvency. In April, I was engaged by a new client to help them find a way out of Chapter 11. In the case of the two former clients, I can honestly say that I wasn’t responsible for the circumstances leading to their demise. In other words, I didn’t place any executives who caused these problems, and I haven’t been involved in consulting projects that resulted in adverse consequences. To the contrary, I placed an executive to help one client navigate through Chapter 11. Regarding the other client, I placed an executive to help them avoid business failure. Regrettably, Senior Executives sometimes fail to heed sound advice. In each of these situations, failure was predictable. Management failed to adequately penetrate their home markets before moving into new territory.
I’ve witnessed the results of many crazy decisions during my career. Some noteworthy situations include an ice cream brand selling franchises beyond their distribution capabilities. Or a California-based brand that tried to move into the Southeast with a single location. I’ve seen Southeastern brands sell franchises on the West Coast, thousands of miles beyond their management reach and distribution network. A Northern barbecue chain leap-frogged into Georgia with a few restaurants placed across the state. That decision was funny, in a sad way, as barbecue has a distinct regional appeal. Another brand added drive-throughs to dogs with the hope of turning them into profitable restaurants. Sadly, they created dogs with a drive-through. From my perspective, the most egregious yet consistent mistake is the urge for start-ups to enter new markets before adequately penetrating their home base. To be sure, many of those mistakes were made by rookies, entrepreneurs lacking experience or solid advice. However, these mistakes continue to be made by experienced leaders who should know better.
I can speak with authority on this subject as I spent most of my career working on retail expansion. I began my career as a financial analyst assigned to the new store development group. In this role, I performed analytical work on capital expenditures for new stores and other investments. I learned how to evaluate the prospects for a new store, and the penetration required to optimize the return from a larger market, i.e. city, SMSA, or region. I became a strategic analyst and planner shaping retail store development strategy for several national brands. Finally, I held general management positions where I was accountable for return on investment. In fact, one of my first assignments as a senior executive was to identify and prioritize markets for focused development. As a result, I am confident in my ability to build a retail brand, especially, food-service brands. I appreciate the value of achieving significant market share before developing new markets. Believe me, engaging in the development of a new market, before adequately developing a home market can be fatal to a business, especially so for a start-up.
So, if significant penetration of a home market is fundamental for success, why does management continue to violate this well-established rule? Over the years, I have asked this question of countless CEOs, CFOs, and Chief Development Officers. The only consistent response is “sometimes, management becomes so enamored of expansion that sound business practices are ignored.” Imagine, human emotions getting the better of Senior Executives. Who knew? The only solution is to hire accomplished retail development executives, among others, who won’t hesitate to tell the “Emperor that he has no clothes.”
As the primary business reason for our meeting was to discuss his presentation, we got right into that topic. Paul wanted to know how to position his talk as the audience wouldn’t be his typical prospects. I told him that there were two main points to consider. First, the members want to learn about him. They want to know his background and how he came to be involved in his current situation. Secondly, they want to know about his employer and the product he’s selling. I said, “keep the discussion at 40,000 feet.” They don’t need to get into the details, they just need enough information to make good referrals. Also, I told him that I had adopted the 
Having heard of Paul’s recent successes, I reminded him that we are prepared to leverage his efforts through our social media and public relations platform. He said he had forgotten about those benefits. So, I spent the next few minutes reminding him about our capabilities. He was sold. My thoughts moved to other possible referrals. By the end of our conversation, I had a long list of connections to make on his behalf.