According to the Small Business Administration (SBA), about 33 percent of all businesses will fail during their first two years. This is why it’s important that business owners are guided by principles to reach company goals every day. We asked the experts to share the business philosophy they live by that helps them stay focused as decision makers.
Here are the top 30 best business philosophies from the pros.
‘Your level of self-awareness is the number one predictor of your business success.’
Only 10 percent to 15 percent of leaders are self-aware, but 95 percent believe that they are. If you don’t understand your blind spots, patterns, emotions and how those affect others, you’ll make many mistakes, lose clients and have poor employee retention. Self-aware leaders deal with conflict much better and enter into difficult conversations on a regular basis. They let their ego cloud their decisions much less often. They seek to understand first by listening vs. trying to tell others why they are right. Self-aware leaders are vulnerable, and they share with others, which builds deep relationships much quicker.
Here is one I really liked:
3. ‘The single biggest problem in communication is the illusion that it took place.’ — George Bernard Shaw
Every month, Dr. JP Pawliw-Fry surveys more than 30,000 people in the workplace through the Kellogg School of Management’s Executive Education program to narrow in on the traits and qualities that differentiate the top from the poor performers. He found the best leaders never avoid the hard part of a conversation. Most of us will omit the last 8 percent of a difficult discussion, assuming the other person understood what was implied. This creates tension and frustration when nothing changes since the two didn’t fully understand each other. For everyone to work at maximum efficiency, it’s crucial to finish up that last 8 percent of the tough conversations.
We live in a culture that doesn’t want to deal with pain (hurt, failure, short comings, etc.) so it matastisides into blame and hate. It’s so much easier to cause pain than deal with pain.
It takes real courage and accountability to deal with your own pain.
360-degree feedback programs have received a lot of negative (and justified) attention over the last few years. Even Dilbert has parodied the process.
Recently, a client said, “I can’t wait to do another 360 degree review that tells me what I already knew and provides me with very little meaningful insights.”
However, 360-degree feedback done right can be a very valuable process that significantly influences teams and organizations. It provides an outside perspective into an individual’s (often unconscious) habits and behaviors that sabotage their success.
These are areas such as an inability to compromise, conflict avoidance, micromanaging, poor communication or collaboration, etc.
Why Should You Do a 360-Degree Review?
According to Dr. Tasha Eurich
, while most people believe they are self-aware, only 10% to 15% are. Self-awareness is very rare quality for a person to have. So most people walk around not understanding the true impact they are having in their organization.
There are three main reasons for this:
- While it’s easy to see what’s wrong with everyone else around us, it’s hard to see similar things in ourselves. The way our brain is wired makes it extremely difficult to self-examine ourselves to see our unconscious thoughts, feelings and behaviors.
- The human mind is not rational, but driven by emotions. We make up stories in the absence of hard data (i.e. 1+1=2). Our mind is also wired to reward us for making quick meaning of situations through chemical releases such as oxytocin.
- The more experienced and senior a person’s role is in an organization, the more likely they are to overestimate their skills, abilities, and competencies. One study of 3600 senior leaders found that they overvalued their capabilities in 19 out of 20 areas.
Therefore, receiving external feedback is extremely important in helping people understand what they are doing, thinking and feeling and the effect it has on those around them. Armed with this information, individuals have a much higher chance of creating critical behavioral changes.
Unfortunately, the 360-degree process is broken today and needs to be changed.
Led a fantastic and courageous global team at Google through team building workshop that builds deep and trusted connections to increase performance and innovation.
It fantastic and I showed them the business ROI along with it (not some woo-woo thing). We broke off into groups after the presentation and played by game, Cards Against Mundanity.
It was amazing to see people open and share their breakdowns, values, deeply held beliefs and life lessons.
I can already see they have huge opportunities to increase performance and innovation (and they will achieve it together). I’ll be excited to see how things progress over the next 90 days.
We form our own reality from the BS stories we make up.
We’re conspiracy theorists and a huge ball of emotions.
Once you embrace that truth, it’s way easier to live your life.
Unless something is 1+1=2 it’s a story!
Let it go.
Example: Leader of a group asks a question. You answer it. The person across from you rolls their eyes. You think (one) that person doesn’t like me, (two) they don’t like what I’m saying and/or (three) something about me bothers them. Well, all you know is they rolled their eyes. That’s it. You filled in the rest of the information. They could have remembered something they didn’t do. Got a text from a sick kid. Had a client yell at them.
It’s all a story you created in your mind. That’s your reality now unless you address it with that person.
It’s only TRUE because you MADE IT TRUE!
Here is what you do to resolve the story and write a new ending:
You address that privately with them by saying, “The story in my head is that….” That’s it. That disarms them immediately because of how you led into the conversation.
That’s “Why Your Stories Are Holding Back From Career Success!”
PS: Want to clear out the BS stories that are holding you back? Contact me for coaching options (including a free 20 mins where I’ll help you solve your biggest challenge).