A Change of Venue

Earlier this week I attended the Industrial Asset Management Council (IAMC) spring forum in Charleston, SC.  You have the opportunity to network with key clients and stakeholders.  For me, it offers a way to collect intelligence, connect with contacts and friends, and think about my profession. 

Sometimes a change of venue lets you recharge and just think.  You can silence you Blackberry and/other devices.  One of my favorite ways is to take run in a new venue.

This year I tried something new.  American Electric Power sponsors a fun run. It starts at 6 AM in the morning. You can walk, run or jog. You start off as a group. As a slower runner, I was quickly left behind.  And for those who read my blog, my son is essentially correct. I do not run, I do the “old man jog.”  At this event, I realized exactly how right he was. Fortunately, my simple goal: just go farther and faster than the previous run. 

Charleston Place was the conference hotel.  I started heading south on Meeting Street, ran until I got to the White Point Garden and headed west on Murray Blvd. It was so beautiful early in the morning. The sound of the ocean gently lapping against the shore or flood wall was calming.  The city was waking up, I saw very little traffic. The smell of the ocean was a refreshing change.  The entire run both mornings put me in an excellent frame of mind for the rest of day and evening events.  The run took 45 minutes.  This is an activity I will look forward to at future IAMC forums.

A couple of pictures of my running path not taken at 6 AM.

My Life is Beeps, Buzzes, Vibrations, Etc

My son was here from college.  One night the family was enjoying dinner when I realized how many beeps and buzzes go off. My kids' smart phones beep when they got a text, Twitter or Facebook notification, and vibrate when a phone call comes in. My wife's phone buzzes and beeps when she gets a Facebook notification, a text or an email, and her phone rings when someone calls her.  My personal phone beeps once when I get a text (I do not leave my 3G on all the time) or rings when I get a phone call. My business phone buzzes when I get an email or text and rings when I get a call. 

Well, you get the idea. All these notifications can be very distracting.  And depending on what else is going on, very annoying.  It is even worse when two or more have the same notification sounds.

It is almost comical.  Imagine the constant stream of sounds and noises.  You may experience it with your family. 

Now think about all the sounds we can have at dinner or when we are all in the same room. This does not include our landline. It grows exponentially when my kids have friends over. 

All in the name of connectivity.  So we are all so connected on our devices to a bigger world. Ye we are disconnected at the dinner table or in small interpersonal groups. In fact, when I go to meetings in our office, I do not take my cell phone or iPad in an effort to minimize distractions. 

Unfortunately I do not have an answer.  Except to say I do not think it will get any easier.

You Are Not Alone...

and you do not need to be.  When I had my own business it was a lonely start. Several of my clients were in the immediate area, but my market was outside the region.  What I realize now is I may have a general understanding of several aspects of business, but access to greater expertise in several fields would have been immensely beneficial.

I read this article a while ago.  It offers valuable advice to start-ups and other entrepreneurial ventures.  The article suggests a start-up businessman seek an advisor. This is not to be confused with a mentor. A mentor is someone you would talk to about many different issues. Equally important, a mentor can be the type of business person you aspire to be.

Generally, an advisor brings a skill not possessed by the entrepreneur.  An example is marketing or accounting.  An advisor is compensated in some form, perhaps stock or some other non-cash payment.  The article also suggests an agreement be executed. 

For a start-up business man unable to form a board of directors due to time constraints, this is an excellent alternative.   It is important not to request too much time or involvement from an advisor.  Rather consider an advisor as a check on an activity you may undertake, but is unfamiliar to you.

http://under30ceo.com/how-to-add-an-advisor-to-your-startup/

Never Good News

This is the type of article you like to read.  A scandal is uncovered, people are punished and new standards are implemented.  It shows reporters and others are watching the people we trust.  For an example, see the following article from the Washington Post.

However, a dark side exists.  Sometimes a scandal hits a public agency , non-profit entity or other similar organizations.  The impact can be harsh. Board members get squeamish, and wonder if the same circumstances are in their organization. So administrative staff spend hours doing backfill work and justifications.  Is every “I” dotted and every” “t crossed?  We must be sure.  We must do our due diligence.  We must confirm that our due diligence accurate, timely, and follows accepted practices.

Now I can understand why, but it also reflects a lack of trust.   And faith.  Sometimes I think it is easier to assume the worst in people and not the best.  That is why these stories are often a double edge sword.  We cheer the exposure of illegal activities and wonder if any organization we are associated with are equally guilty.

http://www.washingtonpost.com/local/dc-politics/head-of-internal-affairs-for-office-of-chief-financial-officer-resigns/2012/10/04/c6179876-0e58-11e2-a310-2363842b7057_story.html

And You Were Worried When the Government Could See What Books You Checked Out at the Library

When the Patriot Act was signed over a decade ago, a significant number of people cautioned about the loss of privacy. We had to balance security vs. loss of privacy. The law enforcement agencies could see what books you checked out at the library. 

Now, the era of big data analysis is upon us.  This will be a controversial issue.  The following article highlights this. In a nutshell, companies are developing a real expertise to know why we purchase what we do.  An example, Target executives say they can tell if a young lady is pregnant by what she purchases. So offers and coupons for baby products stream into the home.  Unfortunately, the young lady may not have told her parents that she is pregnant.  What a way for a parent to find out.

We do not realize how much we do is based on habit or needs.  Several decades ago CBS 60 Minutes ran a story on what a private detective could tell about you by reviewing the checks you write.  The subject was a middle aged man. The segment did cutaways of the private detective commenting  on the checks written and the activities and interests of the control subject. It was amazing and right on target. Without ever meeting the man, the private detective gave a very detailed description. Even down to the man’s concern for his hair.

Now think about this.  The private detective had some level of training that allowed him to develop an impressive profile of the man, down to some amazing miniscule details.  This is not easily taught or replicated. 

Today, we have systems that can analyze our purchases, draw conclusions and send us relevant coupons.  All within a matter of minutes and able to do this analysis on millions of citizens.  When I read a story like this my immediate thought is what is next?  What will private corporations know about me that I may not know about myself?  My only suggestion? Pay cash for every thing.

http://blogs.hbr.org/cs/2012/10/what_should_you_tell_customers.html

Contrary to Popular Belief…

You are not an expert in every subject.  Of course I suspect we all know someone who thinks just the opposite.  And they are so much fun to be around. In Texas we called people like that graduates of Rice University – a two minute expert.  For my friends that graduated from Rice, this is not a cut at Rice or the quality of the education.  But rather a play on the university’s unique name.

I ran across this article last week and really enjoyed it. It is from the Harvard Business Review blog. The author thinks sometimes people stretch too much. They accept jobs they may not enjoy or not succeed at.  Just because you excel at some skill, it does not mean you are equally qualified for another different type of job, even if it is in the same company.  Also important, even though it is not targeted to small business owners and entrepreneurs, the article is surely applicable. 

The basic idea is that you do not know everything and you are not necessarily good at everything.  These are important points to consider. As you read the article note the two questions. 

http://blogs.hbr.org/cs/2012/10/youre_probably_not_very_good_a.html

Back to the Basics

This is an article that definitely applies to the economic development profession.  It is on the Fortune magazine website.  The authors are Dr. Michael Porter and Jan Rivlin.

I do not always agree with Dr. Porter, but this piece is very helpful.  It offers valuable advice to businesses, education institutions, and communities.  However, the most appropriate section of the article follows the heading “Build the Commons and the Business.”

As you read beyond the heading an economic development professional will find Dr. Porter calling for a renewed commitment to the local area.  He suggests companies seek out partners and work to solve challenges.  The examples he offers are geared to education and churning out qualified employees. As economic developers, we should ask how we can help facilitate this process. What resources can an economic developer bring to assist?

Dr. Porter also points out how innovative companies are diligently working to strengthen suppliers and the supplier network.  Again, economic developers should ask how we can help our existing industries do this faster and more efficiently.  As with the previous example, what resources can an economic developer identify to assist?

In my experience working with my existing industry customers, my best way to help is identification and understanding of key resources.  In addition, it is important for me to know exactly who I can connect my existing industry customers with so they do not spend unnecessary time trying to determine the right person. The purpose is to maximize their time. Consequently I spend considerable time networking and probing.  And it is time well spent.

As you read the rest of the article you will find Dr. Porter’s thoughts on entrepreneurship and community. All are noble. However, my purpose was to focus on helping existing industries. 

Link to the site:  http://management.fortune.cnn.com/2012/10/15/porter-rivlin-economy-fix/