Skin In the Game
As an owner and entrepreneur, I am constantly trying to juggle the needs of my business against my available resources, such as my time, money and other things I value. As my business grows, I know that I will be required to “spend” more of my resources to achieve my desired end result. I base the “spending” of my resources on my perceived value of what I am trying to accomplish. When resources are limited, however, giving up those things I value becomes a real challenge between doing what I know will be most efficient and effective and get me to my goal faster, or taking a short cut in the hopes that what I save will offset any inconveniences that may arise.
Here is a short story to illustrate my point. Last weekend my dad and I were taking some valuables to a donation site. One of the items was a 7ft pre-lit Christmas tree that was used for only 1 year. The second-hand store would not take the tree since it was past the season and did not want to hold on to it for a year. Understandable.
We didn’t want to return the box to the garage before finishing our errands and I laughed as I said to my dad,” how about we carry it around with us during our errands and possibly someone might take it from the back of the trailer.” We both laughed. Returning from our first stop, the box was still in the trailer. Jokingly, we marked “$49 or best offer” on the box and continued on with the errands. Wouldn’t you know it, when we returned to the car from our second stop the box, tree and all was gone. Just like that!
This is the perfect example of when convenience (the tree was right there in plain sight, easily accessible) meets perceived value (it’s worth at least $49 but we can get it for FREE!) While this example is in the extreme, (and I certainly don’t condone the idea of stealing, but you get the point), in our world today there is so much offered to us for free. Free gifts. Free training. Thirty day free trials. Free shipping. Kids eat free. Free. Free. Free. All in the name of “try me first, I’m bigger, I’m better, I will meet your needs!”
There is much offered out there for free. Webinars, tools, etc. Good tools. Not so good tools. Information galore; good, bad and indifferent. And, while I too, look for free; I am also cognizant of the proverbial sayings…
…You get what you pay for
Nothing good in life is free…
…What you put in is what you get out
What happens if your FREE item isn’t quite what you envisioned or doesn’t work quite the way you wanted, how invested would you be in spending your time and your energy into make changes or improvements in your item to make it meet your expectations and your needs?
I would bet that the person that took our Christmas tree felt he was getting a good deal because he felt there was value in what he got and he didn’t have any “skin in the game,” he didn’t have to spend any of his valuable resources to acquire the item. However, when he plugs the tree in and finds the lights don’t work as expected, he will probably not be spending his time to improve what he has. He will go and seek another opportunity for another FREE tree.
The point here is this, while Free is not always bad, it’s not always good either, especially when it comes to business success. If you are looking to create new and lasting relationships or build something entirely new or create something fresh from something that already exists, you must invest something of personal value and worth, tangible or intangible in the creation. If you have little invested, you have little to lose, and it’s hard to stay motivated and on task if you can’t be bothered to commit-and risk losing- specifically something you value, in the name of the thing that you want. This is where “perceived value” and “skin in the game meet.”
Morale of the story: If you rely on FREE and don’t bother to invest something of yourself in what you expect as an outcome, you will likely experience a delay or possibly not achieve your desired end result.
That being said, ask yourself, “How invested am I in my personal or business success?” In order to achieve your desired end result, are you willing to invest of yourself and your resources to ensure a profitable outcome or are you willing to take chances on what others have to offer for FREE. There are no guarantees in life, but there is a much greater potential for that success when you have “skin in the game.”
Footnote: This Blog Post is the result of a collaborative effort of Coach Gibbs and Coach Sherry. It proves the quote from Brian Tracy, “Teamwork is so important that it is virtually impossible for you to reach the heights of your capabilities or make the money that you want without being very good at it.”
2012 Recipe for Business Success
- 1 cup Multiple Business Tools
- 3 cups Energy and Motivation
- 1/4 cup Desire to Learn
- 1/4 cup Willingness to Take a Risk
- 2 tbsp Focus on Excellence
- 1 cup Mindset of Success
7 Exciting Topics to Explore for Business 2012
Law # 1 The Law of difference. That is having the wisdom to be able to discern difference. What makes you different from everyone else. What problem can you solve?
Law#2 The Law of the Mind. Knowing how to focus the mind, to rule the mind, to make the mind work for you, not let the mind control you. To learn, to be focused, to concentrate, to have a picture in your mind of what you want and go for it, like visualization. See it. Have pictures up on the wall.
Law# 3 The Law of Recognition. The thing you need is there; it’s just a matter of recognizing it. If there’s something missing in your life, there’s more than likely something you’re not seeing. Most of the time it’s right in front of your face but you are so conditioned and so distracted that you don’t see it. I like this one a lot.
Law #4 The Law of 2. One person can change your life in 24 hours. All you need is one person to recognize what is special about you, to take you on as a mentor to you, to enter into a covenant with you. Who is that person?
Law #5 The Law of Place. Where you are is as important as what you are. When you are where you belong, your genius emerges. So it behooves us to consider whether we are where we need to be, and if not, where is that place.
Law #6 The Law of Honor. Your future is determined by who you have chosen to honor. You must have a code of honor. Honor is a seed that will outlast a lifetime.
Law #7 The Law of the Seed. There are many types of seeds in our life. Honor is the seed for access, kindness is a seed, time is a seed, love is a seed, teaching is a seed, giving is a seed.
Skin in the game
What Does Skin In The Game Mean?
A term coined by renowned investor Warren Buffett referring to a situation in which high-ranking insiders use their own money to buy stock in the company they are running.
Investopedia explains Skin In The Game
The idea behind creating this situation is to ensure that corporations are managed by like-minded individuals who share a stake in the company. Executives can talk all they want, but the best vote of confidence is putting one’s own money on the line just like outside investors!
Creating new and lasting relationships. Building something entirely new. Creating something fresh from something that existed. Evolving business to a new place. Changing a culture. True innovation. Standout success. Attaining influence or authority. Building a devoted following. Change of any kind.
There’s one thing that all of these have in common…
You must invest something of personal value and worth.
It might be your ideas, your energy, or your reputation. Maybe it’s something tangible, like money or resources. Perhaps it’s a bit of all of those combined.
But leading – truly leading from within, not just sitting in a position of anointed leadership – requires an element of vulnerability that few are willing to risk. It means betting on your own hand, and being part of the things that you’re asking others to do with or for you.
If you have little invested, you have little to lose. And it’s hard to trust your intentions if you can’t be bothered to commit – and risk losing – something you value in the name of the thing that you want.
Let your team, your volunteers, your customers, peers and colleagues know what you’re willing to put on the line to achieve something. Don’t just work on a project. Don’t just build a plan and execute on it or delegate it. Invest in it. Personally and professionally. Put some skin in the game.
And let them see you do it.
Then watch how the game – and your own perspective – changes dramatically.
Are you truly ready to lead your charge?
Dr. Suess and Masterminds and Mentors
Last week on the Masterminds and Mentors Blog Talk Radio Show we talked about books and had loads of fun. One of Sherry’s favorites is Green Eggs and Ham by Dr. Suess. We also announced our fantastic new 2010 Leadership Boot Camps that will be starting in January of next year. There will be more news to come on our boot camps, but in true Dr.Suess fashion, Sherry thought that our next show announcement needed a little more flair so this is the way she ended last nights show:
Today we talked about books and had lots of fun,
But now the show’s over and we have to run.
Don’t forget to join us next month for a fantastic show,
We’ll tell you how to be Masterminds and how rich you will grow!
Just follow our lead,
And a pile you will make,
Of visions, and goals and lessons to take.
We’ll see you the next time on our BTR show,
Because we wil tape it, so everwhere it can go.
Just listen to Sherry and take a short note,
December the 12th at the 5:30 stroke……….
I hope you can join us for a fantastic show next month as we talk about our 2012 Leadership boot Camp Series. Whahoo!
New for 2012!
Seven – 2 hour and 40 minute work camps created to offer business momentum from the start of the 2012 business year through the start of the next.
Each camp will require you to apply what you learn, so bring a pencil (up to you if you need an eraser!). Be prepared to follow through with what you say you will do, because you will be held accountable.
Earn a stripe for each camp. Participate in all 7 camps and earn your Leadership Business badge.
Be committed to business growth and leadership development.
Be accountable to achieve the results you desire.
Register today for one or all of the Leadership Camps.
Mastercard, Visa and Discover accepted!
1st Camp 1/10/12 – 8:20am
St. PaulArea Association of Realtors
(formerly North Metro RealtorsAssociation)
11450 Robinson Drive, Coon Rapids, MN 55433
See Momentum for additional details!
The time to do it is NOW.
Go ahead, Just do it!
——————————————————————————–
•Blog Talk Radio – Look for the “LIVE” video show 1/5/12 featuring the Boot Camp 5:30PM CST
• Individual Coaching and Business Consulting Available
•Also new in 2012 is Virtual Masterminds and Mentors groups!
4 Steps to Achieve the Success You Desire
The steps to achieve visions or goals are simple. If that is so, then why does it seem that achieving success takes so much longer than anticipated?
The application, consistency and persistency of the following four steps are what it takes to achieve success. The lack of any one or more of these items at any given time, may slow down, stifle or bring to a dead stop – your desired success.
4 steps to achieve success.
1. Ask specifically for what you want and write it down.
2. Eliminate the conditions.
3. Focus on plan A.
4. Just do it!
Step one. Declare specifically your vision or goals and better yet; write them down. Understand the difference between vision and goal setting. Look at your Vision as your road map and your goals as the sign posts along the way. By taking the time to write out and declare verbally your intentions; increased clarity is developed, inspiration and motivation is deepened. Be certain your vision is supported by your values and your personal strengths. For the most well-rounded results, develop goals around your vision in the 5 most important roles in your life; faith, family, friends, financial and personal. This will prevent you from forging ahead in one role in your life while leaving the other roles behind.
Step Two. Eliminate the conditions. There is never enough time in the day. There is never enough money. There is always a holiday or some sensational event coming around the corner. Conditions are a set up for failure, a reason to procrastinate and conditions can often be limiting beliefs or fear based. It seems here in Minnesota, our summers are too short. Work weeks are shortened; weekends are packed with vacations and other fun activities. Holidays, especially during the late fall and winter months are often used as an excuse for why we don’t accomplish what we need to accomplish. Allowing conditions to get in the way of moving forward is the perfect recipe for limiting success. BIG MISTAKE. Forging ahead with a plan in-spite of the “conditions” is a much better approach to staying in front of the curve ball and offering less chance for losing momentum. Expect conditions and plan in advance a strategy to overcome the delays.
Step Three. Do away with Plan B! Focus. Focus. Focus. Do not become an expert in distraction. Having a fall-back Plan B automatically suggests failure to your primary focus or Plan A. You can’t have one foot in the door and one foot out the door. That lacks focus. You can’t take your eye off the ball without getting smacked in the head. You must have focus. Unless you have a proven record of success, you must remain focused on a primary Plan A. Don’t get this confused with a second stream of income. Focus may not be compromised as long as the second stream of income compliments or supports your Plan A. Plan in advance for those days where a lack of motivation or inspiration is not readily available. Know where to turn, what to do or who to talk too in an effort to regain your focus on Plan A.
Step Four. This step seems the most simple, yet is often the most difficult. Step four – Just do it! Roll up your sleeves and get it done. Take action every day. Accomplish at least 3 action items per day. Small steps, large steps, large and small steps. Just implement. Don’t let what you don’t know, prevent you from just doing. There is truth in the saying, doing something is better than doing nothing. When you are overwhelmed, remind yourself that you can only eat an elephant one bite at a time. Just do it. One action at a time. Be grateful for what you have. Be grateful for the mistakes you make. The more grateful you are, the more you will be allowed. Think with a creative spirit as opposed to a competitive spirit. No one can do the job the way you can. There is only one YOU to do YOUR job! Just do it!
Those days where success seems impossible these 4 simple steps when practiced consistently and persistently, will turn your thinking to I’m possible!
4Success C’s
C Counseling Defined as professional guidance of the individual by utilizing psychological methods especially in collecting case history data, using various techniques of the personal interview, and testing interests and aptitudes.
C Consulting Defined as providing professional or expert advice.
C Coaching Defined as a professional or assists you in discovering your ah-ah moments and direction through a series of well-timed and well-formed questions.
C Coach Gibbs Way Defined as a professional who provides tools and direction to assist you in implementing change or taking action where there was otherwise little, half-hearted or no effort. The Coach Gibbs way includes creative ideas, process, action planning, commitment and accountability. Simply put, the Coach Gibbs way helps you to get the job done!
For the “C” that works best for you, see mastermindsandmentors.com!
SCHOLARSHIP SCAVENGER HUNT – WIN $840 group fee – FREE!
All entrants win a free 30 minute coaching consultation!
Steps you must take to register:
- Go to website www.mastermindsandmentors.com
- Find phrase;”…skin in the game.” Note the page and location of your where you found the phrase.
- Email to the coach you interacted with at the MSC Expo:
- the phrase…”skin in the game”.
- the page from the website you located the phrase.
- a sentence or two of why you would appreciate a scholarship to participate in a Masterminds and Mentors group.
- your contact information, name, phone numbers, email address, website.
___coach Sherry – 612.209.5534 coachsherry@mastermindsandmentors.com
___coach Teri – 763.300.6148 coachteri@mastermindsandmentors.com
___coach Gibbs – 0763.442.1980 coachgibbs@mastermindsandmentors.com
ü Be sure to enter in to the drawing no later than 10pm on 09/11/11.
ü Drawing will be held on 9/12/11.
ü The winner will be notified via email by 09/13/11.
All entries will be added to the membership list to receive future newsletters and group announcements.
Plan B
Plan B
Wikipedia: Plan B is a popular term used to mean a reserved, secondary plan, in case a first plan fails.
- Having a Plan B automatically implies failure of Plan A
- One foot in the door, one foot out of the door suggests the lack of commitment
- When focusing on Plan B; Plan A is compromised by a lack of focus
- Plan B can quickly allow us to become an expert in distraction
Masterminds and Mentorshelps to develop the clarity and the focus needed to pursue and achieve
what is important to your vision and dream.
Join a well facilitated group by one of the
Masterminds and Mentors Coaches.
See the website for more detail or call Coach Gibbs
to see how you may benefit.
The time to do it is NOW!
