Ten Things We Learned from Path to the Entreprenati by Pace Klein

Path to the Entreprenati is a fictional story of a mentor and mentee duo that eloquently ties in a business angle. It takes you to the streets of Lyon and Paris and brings you way back to the time of the Knights Templar. It’s a quick read that’s packed with good advice for anyone who wants to be more than just an entrepreneur.

Here are the top 10 things we learned from the book:

1.    The Entreprenati believe in their ability to forge their own path to bring themselves to success.

You know the famous Henry Ford quote “whether you think you can, or you think you can’t – you’re right.” Entreprenati subscribe to the same belief in business and in life.

2.    The promise of a journey of a thousand miles ends with a single nonstep.

Not making a decision is a decision in and of itself, and the longer you go without taking your first step, the longer you put off reaching your personal success.

3.    Figure out what you suck at early, then be proud of sucking at it.

In other words, know your strengths and weaknesses. Do what is worth your time doing and delegate the rest.

4.    If you think it’s great not to make any mistakes, you’re seriously mistaken.

Mistakes aren’t good and they’re not bad. If you make too many, that’s dangerous. But if you don’t make enough, you’re not taking enough chances.

5.    Don’t let your employees be your own appendages.

If you micro-manage or train your employees to be just like you, your company will be stunted. There’s no growth or imagination when you have a bunch of mini replicas operating the business.

6.    If you want to be on top, head straight to the bottom first.

If you surround yourself with successful entrepreneurial people, you’ll slowly start to become like them. Keep rubbing shoulders with people “above” you and you’ll start to make your way to the top. Just be careful to never be at the very top, lest you find yourself at an educational standstill.

7.    True innovation requires the willingness to experiment in ways that fail more than they succeed.

If you’re not willing to fail then you’re not willing to succeed. It’s as simple as that.

8.    You must remain a child of the universe, for there aren’t any Entreprenati among the grownups.

The secret to life entrepreneurs is to be lifelong learners. It’s important to stay curious and keep questioning.

9.    Every advancement starts with a simple “what if?”

Innovation happens when you’re at a standstill for whatever reason and you ask yourself or your team, “what if we did this?” and “what if we did that?” That’s where the magic happens.

10.  Business books don’t have to read like business books.

It’s possible to read a book that acts like fiction but gives you the tools to become a superb entrepreneur. See for yourself.

What’s your favorite business book? We’re always open to checking out new books.

Getting Past a Deal Impasse

Currently the situation in Washington or with the Minnesota Orchestra is lose-lose.  Since neither party has been investing in a relationship with the other prior to this debacle, how do we now move forward?  If I were an advisor to the principals involved I would suggest the following:

1.  Have a family dinner party with the both sides.

2.  At the party, share the following elements that help close deals, which I have learned from doing deals over the past 25 years: 

Various elements that close deals
90% - Attitude		55% - People
10% - Tactics		37% - Process
		8% - Substance
= Successful outcomes

These elements are also confirmed in Stuart Diamond’s great book called Getting More.

When doing deals, most parties focus on tactics and the substance.  These are the two least effective elements to focus on when closing a deal.   This is further complicated when the parties are working through the press.  Once the press is involved the tactics and substance elements reported are not even accurate and they start to inflame each side’s ego.   This in turn causes an almost complete shut down of possibilities.  

3.  After sharing these elements with the parties, I would have them work together on a quick and simple common challenge (a vanilla  issue we all agree upon) that has nothing to do with the current issue.  This will cause the parties to feel a collective mind shift toward possibility;

4.   Once that exercise is completed I would suggest the following approach:

i.  Focus on Attitude & Process.   These are the elements that can close this deal.

ii.  Use members of the party that do have relationships (i.e., People) to help close this deal!

iii.  Have the following boundaries:

Both parties quit talking to the press;

Leave the past in the past and be present;

Be hard on the problem, not the people;

When talking with each other try to use facts vs. opinion;

Have regularly scheduled meetings every day until the issue is resolved;

Focus on strategies (vs. positions and ideology) to overcome obstacles. 

If Politicians Were Farmers

I was having breakfast with my 85-year-old mother the other day and she said the greatest thing. She paid close attention to both political conventions this year and told me that if these guys were farmers, they’d have no crops to sell.

What she means is that our two presidential candidates (let’s be honest, we really only have two options) are all talk and no do. If they were farmers they wouldn’t get any crops in the ground and we’d all starve to death. And yet they’re going to lead our country. Do we need to do some redesigning here folks?

[Image from here]

Failure: It’s an asset, not a setback

Image from http://bit.ly/UpcFbW

The difference between all of us and the late Steve Jobs is that he looked at failure as an asset; most everyone else views it as a setback. Even worse, some of us let failures define us (i.e., “I am a failure”).

When you consider failure a form of education, your greatest ideas will come to fruition. Jobs went through failure after failure before we all came to depend on his iPhone or iPod. It was with each failure that he analyzed what went wrong, and only then was he able to find out what consumers really needed and desired.

When you look at failure as an asset, it won’t dampen your desire to succeed. Instead, you will grow from it. The truth is simple: If you want success, you must value your failures. In fact the greatest failure of all is not to learn from your failures.

Are You A Linchpin?

I highly suggest you read the book Linchpin: Are You Indispensable? by Seth Godin. 

And let me tell you something: you want to be a Linchpin. In a nut shell, if you are great at what you do … you will become an artist. Artists are unique and cannot easily be replaced, copied or outsourced.   

In the book, Godin says it’s time we stop mindlessly complying with the system – or being a cog – and start creating our own maps (ways of doing things and uniquely solving problems). We all have art to create, and the longer we spend our time solely following other peoples’ rules, the bigger of a hole we’re digging for ourselves. If your entire job can be penned out in a manual, you are replaceable. If you ever catch yourself saying, “not my job,” you are not a linchpin. If you do everything your boss tells you, no less and no more, you’ll be one of the first to go when the company downsizes. 

If you make some decisions without asking for permission, use your creativity while producing, and ship assignments only you are capable of doing, then you are indispensable. You must become indispensable to thrive in the new economy.  

This book is required reading for anyone that wants to succeed in todays ever-changing workforce. It’s thoughtful, it holds your hand through the steps of becoming indispensable, and it’s reassuring.  Seth says, “You have brilliance in you, your contribution is valuable, and the art you create is precious.” 

Now it’s time to start creating the Linchpin within you.

[Photo from sethgodin.com]

Lessons We’ve Learned From Years of Managing Contracts

1. You must actively manage your deals and relationships. Keep in touch with your contacts; make sure contracts are up-to-date. You never want a client to bring it to your attention that a contract has expired.

2. Share the lessons you learned with each deal. Remember why deals went sour or why they succeeded, then share the love with others … perhaps they’ve learned lessons that you’ve yet to stumble upon.

3. Use a process. This way you’ll never miss anything you need to cover. Whether you want it laid out in a mind map or a thorough checklist, a process is the framework of a successful negotiation.

4. Know the essence of what you want when you do your deals. Understand the essence of your goals. For example, we might have a goal of not wanting to have exclusivity in the agreement. The essence of this goal is flexibility. Understanding this creates bigger boundaries for creativity for both parties. Understanding that you might be okay with a very narrow and limited exclusivity (if it gives the other side more incentive to market your service) still gives you flexibility.

5. The value of your business is the sum total of its deals. Make good deals, have a good business. Enough said.

What have you learned from your time managing contracts? Are there any learned lessons we should add onto our list?

[Photo from this website]

Ten Things We’ve Learned from Hugh MacLeod

Hugh has taught us a lot, and we want to spread the love:

1. Drawings don’t have to make sense

2. Having a dream is the first step to success

3. World domination requires an evil plan. If you don’t have one, don’t plan on dominating

4. Nonsense is cooler than sense

5. Mediocrity is for the birds

6. Being called crazy is a compliment

7. Anyone can become an entrepreneur

8. Simplicity is always key

9. Sharing is cooler than reading

10. Even people who doodle on business cards can become successful

Why is Hugh MacLeod relevant to us at WieseLaw Firm? Because he rocks, and was recently named Babson College’s official cartoonist. His purposeful art says far more in a handful of words than most books do, making him the perfect fit for Babson. We’re stoked to see more of what this new marriage comes up with. And if it’s anything like the piece displayed on this article, it will be good. (Hint, it says, “quit your yappin’ and go create something.”)

Need we say more?

[Awesome illustration above from http://gapingvoid.com/]

The Role of the Right-Brainers

Deal People -- We need to think beyond our transactions!

This means looking at the world of interaction and influence, and looking at the world beyond common left-brain skills (like accounting and law, for example). Daniel Pink, super blogger and author of some outstanding books, has given us a key to the world of interaction. Specifically, A Whole New Mind: Why Right-Brainers Will Rule The Future. In it, Pink introduces readers to six right-brain senses we need to supplement our left-brain senses with in order to successfully differentiate ourselves. They are the following:

· Design

· Story

· Symphony

· Empathy

· Play

· Meaning

Once we adopt these senses and the accompanying mindset of interaction (in addition to the left-brain skills), we will provide our clients with a differentiated value.

So go out there and master storytelling, bring design to your practice, and place a real importance on laughing and playing. If you haven’t yet read A Whole New Mind, I highly suggest it. It is a life changer.

You can find it here.

[Photo Credit: Mercedes Benz ad from here].

The Power of Entrepreneurial Thinking Everywhere

Oftentimes people think you have to be a certain type of person in order to become an entrepreneur. I’m here to say they’re all wrong. Being a good entrepreneur requires a specific mindset, and one that anyone can take on.

In this day in age we need entrepreneurial mindsets to be able to create and innovate in situations of great ambiguity. Here at the law studio we use a framework called ET & A (Entrepreneurial Thought & Action), developed by Babson’s College President Len Schlesinger, in its simple form:

The 4 questions you answer are:

Who am I?

What do I know?

Who do I know?

What am I willing to lose?

Once you have answered those questions, the proper entrepreneurial mindset will be yours. Just remember – the next key element is action.

(Photo -- from here).

Deal Day Questions

There are a lot of unknowns in the deal world, but one thing is crystal clear to us: you need to ask the right questions. In September we wrote about some good questions to ask your opponent while at the negotiation table, but those aren’t the questions we’re talking about now. What we’re interested in are the three questions you need to ask yourself before you make a decision on your deal.

BE SURE TO ASK YOURSELF:

1. Is this deal worth my time and effort?

2. What are the key terms in the deal?

3. Can we be successful with those exact terms?

If the answer to numbers one or three are “no” or “maybe,” run far, far away. If the answers are a solid “yes,” then you’re golden.

What questions do you ask yourself before you make your final decision?

Finding Your True North

A compass is an instrument for finding direction. One of the most powerful assets in our lives is that only you can be you. Your core challenge in life is to find your true north – your authentic self – using that magnet within you that is called your soul. And, upon such discovery, to focus your being toward advancing the human condition.


In the deal world, your compass should be filled out as follows:

North = Knowing what you want (the essence – it's more than time and money)

East = Knowing who you know that can help you with this particular deal

West= Knowing what resources you have to work with

South = Knowing who or how you can fairly share the risk

Have you ever used a deal compass like this? Has it proved helpful?

[Photo Credit: http://www.nateriggs.com/]

Deal Cartographer

It's sad but true -- deal world is full of ambiguity. We have tools at our fingertips that we can use to navigate this unknown terrain, however.

When making a deal in a landscape of ambiguity, it's imperative to use at least two tools (deal map and compass) and one strategy (relationship building). Today we'll discuss the first tool:

The Deal Map: Be sure that you can visualize your deal. One way to create a deal map is to draw a picture of your desired destination, then fill the map in backwards as you go through negotiations. The visual landscape of your desire mixed with what is actually happening will form the landscape. When you take a look at it, you'll recognize bridges, barriers and gaps to your desired destination. With each deal you'll get better, and more effective strategies and tactics will come to mind. Eventually, you'll become a deal cartographer. If you can draw your deal, you'll fully understand it.

With a Deal Map you can navigate your way through all obstacles by turning them into opportunities, and you'll therefore find yourself where you want to be. If you don't like where you're headed, reroute. Here's an example of a simple Deal Map we created at WieseLaw.

Next week we'll discuss the second essential tool for a successful negotiation, The Compass. Stay tuned! Meantime, make sure you strategize your next deal by creating a Deal Map of your own.

Photo from webresourcesdepot.com

Filter Your Opportunities

Those of us who are lucky enough to have jobs are typically time-starved. When this occurs we aren’t reflecting on what we’re doing, and reflection is invaluable because from that comes excellence, creativity and innovation.

We believe doing less, better is the wise approach. Our ability to say “no,” has increased the quality of what we’ve said “yes” to. We need to have discipline over our time, and one good way to battle our time poverty is through creating an opportunity filter. Look at each of your opportunities carefully and make sure what you’re doing is your best option.

Here’s the opportunity filter we use at WieseLaw. Before you jump on another opportunity, be sure to adopt a filter of your own.

What are the elements of your filter?

Photo from greenfield-services.ca