Ever feel like you’re in a rut a work? Caddy co-workers, your boss never gives you any credit or feedback? You’re not alone. Heaven knows I have been there. So what can you do to remedy the situation? Better yourself. Get out of there!!! We all need to know our strengths and weaknesses- that’s how we grow. What I have found out over the course of my twenty plus years in journalism is, no matter what the industry all leaders use the same strategies to achieve success. I even use them in my daily life as a mom of three.
Self awareness is the greatest tool we have to better ourselves. It’s also the first level of the ‘Opportunity Pyramid’ in my new book, “Opportunity Knocking.” You need to be brutally honest with yourself. NO EXCUSES! If you don’t do that you are not going to build on your strengths and work on your weaknesses. Here’s an excerpt from this level of the Pyramid from Evercore Partner’s Ralph Schlosstein who I focused this level of the pyramid on:
(below is an excerpt of Opportunity Knocking copyright Lori Ann LaRocco)
” Over the course of building a foundation, every good leader employs strategies based on their strengths. Since Schlosstein is in private equity, his strategies are all about identifying the best investments to make. But these strategies can actually be applied to any type of business, since all business owners and even workers want to grow and gain market share:
- Set financial objectives: “You can’t ignore the financial objectives. You have to have your view on your expected return; how much capital, if any, that business will take; and, if you are starting a company, what’s the burn rate until it gets to an income-producing business rather than an income-eating business. You need to have a very disciplined financial perspective.”
- Focus on present market conditions: “You need to carefully assess the market environment in which you are competing. Is there really a need in the marketplace for what you are proposing to do?”
- Look at your company’s skill set: “You have to clearly look at what skill set or talent pool is needed to succeed in a meaningful way in that opportunity. Sometimes you can find the right opportunity but your business may not have the necessary ingredients to successfully capture that opportunity or your business may have some significant competitive disadvantages to be a winner in that market. That is something you cannot ignore. You need to have discipline about carrying forward on the things where you do have a competitive advantage, while ignoring the opportunities in areas where you don’t have a meaningful competitive advantage.”
- Execute: “Figuring out a business strategy is relatively simple compared to making sure that you execute it well. Execution I think is the bigger challenge. The fundamental building block to good execution is a realistic view of what your company is good at.”
You can combine Schlosstein’s four strategies to form a base identity from which your business or your career will grow. Then, once that base is established, you need to grow a culture that will nourish it. According to Schlosstein, this is key to success for companies. Culture is the glue that holds almost all businesses together. Maintaining culture can be difficult if you are growing rapidly or if you expand through a merger. However, companies with weak cultures underachieve or fail.”
Please order a hard copy or Kindle version of my book Opportunity Knocking Lessons from Business Leaders.