Tasha Mazza-Kelton: Knowing Your Weakness Your Biggest Strength

Blog 7: Knowing your weaknesses can be your biggest strength

Pat Spiteri, from the Humber Corporate Education Centre, administered a psychometric assessment for the founders of Golda’s Kitchen, one of the featured companies of the Star’s Business Challenge. The intention was to assess the “human element” of each of the business partners, Fred Pritchard and Howard Goldstein, who work, live and essentially breathe together. The result seems to have been some ruffled feathers. It is a simple fact that some individuals are more self-aware and tend to be more committed to their “personal development”. As an entrepreneur, looking in the mirror and being honest about your natural abilities is critical. You can’t be fantastic at everything, so start by taking a candid look at where your natural talents lie and then build a team around you to compensate for your sub-par areas. One of the most profound business books I have read is called “Now, Discover Your Strengths”, by Marcus Buckingham and Donald O. Clifton. The books centers around the theme that each individual is born with natural talents; for some it could be your ability to win others over or your fascination with new ideas. Either way, the book focuses on the fact that organizations and leaders are better off focusing on developing personal strengths into exceptional skill sets that create an empowering advantage for each individual. By freeing individuals from the notion that they have to work on their “areas of weakness”, it enables them to invest in and commit to igniting their natural abilities. It is a notion quite refreshing from the corporate world, but a philosophy that can provide entrepreneurs with an incredible advantage. So, the next time you hire someone, think about the talents you have in your existing team. Perhaps, you are an incredible communicator and have an eye for the big-picture and vision of your company, but don’t care for the painstaking details. Leverage the awareness of your own limitations and add people to your team that can “fill the gaps”. This often means going against your intuition as we generally like individuals who are similar to us. So think holistically and take a step back to identify where holes may exist within your team. Perhaps hiring the atypical candidate isn’t such a bad idea? So how do you identify what your natural abilities are? There are a number of tools on the market that can help you such as the psychometric assessment that Pritchard and Goldstein took, or you can purchase the book, “Now, Discover Your Strengths” as it includes access to an on-line survey that will outline your natural talents, or you can approach a life coach who has access to similar assessment tools. At the end of the day, the important lesson is not so much in which tools to use, but what you do with the information once you uncover your personal strengths.

Tasha Mazza-Kelton: Building Your Virtual Network

Virtual networks can “fill in” for management teams

Skymeter is a company with big – no wait – huge vision around how urban cities can literally change the lifestyles of its inhabitants.  Imagine, it’s Friday at 5:30PM and you want to drive across downtown Toronto from your office at Eglinton and Yonge to the new King West Liberty Village area. Most people would wait an hour or two until the traffic somewhat dies down, but Skymeter’s vision is to reduce traffic gridlock through a “pay-as-you-drive” concept by installing a small-box that monitors your car’s road usage.  They have the potential to be a global success and part of that is due to the support they are currently receiving from a ground-breaking organization called MaRS.

MaRS is an innovation centre located in the heart of downtown Toronto. It is Ontario’s premier incubator environment for early-stage science and technology companies.  Imagine being a two-person startup bio-tech company with a need for office space, access to R&D labs, an advisory group that can make introductions to the financial community and key management personnel. This is exactly the concept that MaRS was founded on.  I had a chance to speak with Kamal Hassan, CEO of Skymeter, and he mentioned that being at MaRS was one of the greatest advantages they had at this stage of the company’s development -- sharing space with other entrepreneurs, walking down the hall to meet with MaRS’ Venture Group that provides advice and counsel on marketing, operations, strategy, finance and how to manage growth has been a blessing. 

Now, not all early-stage companies are so fortunate to have the opportunity of being in a physical environment of this sort, so how do other entrepreneurs get access to similar resources and expertise without forking out top dollars for it? My advice would be to build a virtual network by engaging a group of 4-6 individuals with varying backgrounds and areas of expertise.  For an early-stage company, a virtual network can be one of the most valuable assets you embrace.  In order to get it off the ground, network with other small business owners or entrepreneurs who are looking at sharing their experiences and daily challenges along with their war stories.  Make sure that you also include someone with legal or financial expertise, perhaps you want a creative person within your group to assist with branding and advertising ideas, or maybe you are anticipating aggressive growth so a professional recruiter to provide insight on hiring and personnel needs would be of value.  Whatever the mix of people, try to envision the areas that you want help or advice on in the coming years so that they are a network you can go to for occasional support. 

On the other hand, you will need to be able to offer something in return of assembling this virtual network.  This is definitely a “give first and take second” situation, so ensure the people you approach see value in working with you to support your corporate objectives and that there is some benefit to their time commitment, otherwise, your virtual network will disappear quickly.  It can even begin with the brutally honest question of “what can I do for you in return for being part of my virtual support system?” 

Regardless of how early you are in your development, think about what your ideal virtual network would consist of – a lawyer, current customer or client, brand coach, or accounting guru?  Now start to approach people you know who fit your criteria or ask around for referrals through your contacts.  You will be amazed that they just might be the management team you were looking for, but can’t quite afford yet.

Tasha Mazza-Kelton is a partner at Torque Inc.

Australian Response to Skymeter

Dear Judy,

What price freedom on the road? The problem has been over 80 years of so called worlds best practice that builds intersections that are designed to slow and stop traffic. If the road infrastructure cannot achieve free and uninterrupted vehicle flows no technology will help! The solution to traffic jams is not the size of the road but the ability of an intersection to work correctly.Traffic lights just stop traffic, roundabouts are for light traffic and freeway intersections are fundamentally flawed. They fail under heavy traffic as they also only work with light traffic.

At www.ubtsc.com.au we have models of intersections that work.They allow all vehicles entering an intersection to exit that intersection left, right or ahead without stopping all day every day without fail. We also have a number of other transportation solutions that are environmentally zero polluting. None of this is worth anything if government at all levels dismisses it as too expensive! Think outside the square for solutions and look for the positives of what this means.Imagine being able to cross town in peak hour traffic without stopping at a single intersection. Regards

Jozef Goj Director & CEO,

UBTSC Pty. Ltd. www.ubtsc.com.au

3418 Singleton Rd., Colo

Heights  NSW  2756

Tasha Mazza-Kelton: Defining an Effective Partnership

Revised Bio:

Tasha Mazza-Kelton is a Partner with Torque Inc. and has an MBA from the Ivey School of Business.  She will be blogging on a weekly basis for the next four months.

Blog 6: What goes into an effective partnership?

In this week’s business challenge feature, Chris and Tal, from Chris & Tal’s Better Foods, seem to have the perfect partnership for their innovative food company.  Chris has a gourmet food background plus an engineering degree and Tal comes with financial experience along with a personal commitment to healthy eating.  For their food business, you could not imagine a better combination.  They compliment each other from a business perspective and are not afraid to share their opposing views so long as it assists in delivering their ultimate goal - a much better final product.

In Chris and Tal’s case, the partnership they have developed has worked to their advantage in every aspect of their business, from using one income to support each other in the start-up days to creating new flavours in the kitchen for next season’s product launch.  The point is if you can find a partnership that enables the people and company to continuously develop and achieve its desired results, then that is a coveted jewel to grasp onto tightly. 

On a personal note, I recently launched a company called Torque Inc. which is a market intelligence firm that is structured as a partnership.  Before I decided to go down this partnership path, I thought in detail about how I and the other two partners complimented one another and what the clear lines of distinction would be in managing the business.  In our case, we collaborate on the strategic direction of the firm, but when it comes to the daily operational details, we have clear roles that we independently manage and own.  In many partnerships, there can be a cross-over of responsibilities or a misalignment of focus when it comes to the functional areas of the business.  Without clear and distinctive roles, making business decisions or rallying employees around a common vision can be challenging.  In our case, we have each managed to find a way to clearly take on one-third of the pie with a communal understanding of what we want for the business.   

For many partnerships, the biggest challenge can be to identify unique areas of responsibility.  Too often, partners have similar skill sets or common business interests, so identifying how a partnership is complimentary in the early stages of a business is critical.  The natural tendency for entrepreneurs is to want to take control of every aspect of the business, but in the long-run that can be detrimental.  So if you are in an early-stage business with a partner (or partners), spend an afternoon to clearly delineate your roles and ensure that each partner’s focus area is clearly defined and independent. 

There are clearly ups and downs to any partnership, but defining one that works can be an incredibly powerful advantage as an early-stage business. So tell me, how have you made your partnerships successful and effective?  Did you segment roles based on skill sets, or where your interests lie?  Maybe you decided to focus on external activities such as sales and marketing while your partner is focused on the operational and financial aspects of the business?  Regardless of the structure you chose, here’s your chance to share your stories or lessons learned from the trenches when it comes to your past partnership experiences.

Karen Fraser: Women Like Me looks for more women

Women Like Me: Celebrating Women's Other Passion on Valentine's Day.

The membership drive for Women Like Me, The Women's Business and Networking Directory launches on Valentine's Day February 14^th, publisher Karen Fraser announced today. Why was Valentines Day chosen for the start of the membership drive?

Karen Fraser explains, "For women entrepreneurs their business is a great passion in their life but letting the world know of their great business affair is too expensive for many.  By purchasing a listing in the upcoming 10^th Anniversary Directory, women entrepreneurs can promote the business they love, both locally and nationally, for an entire year.  They can give a Valentine's gift to their business and share the love."   Running a business is much like a great romance.  In the beginning no one understands what you see in it.  You give it all you have; it is on your mind even when you are not working.  It often makes your heart pound and you lose sleep over it. Unlike some relationships, this passionate affair can't be kept a secret if it is to succeed.  But shouting  from the roof tops is not effective promotion for a business.

The Women Like Me Directory connects your business directly with potential clients. The Directory is an "on the desk" network used daily by thousands of women for their work and lifestyle needs. The member's message will be at the customer's fingertips when buying decisions are being made. When the membership drive is completed and the 10^th Edition is ready it will have member's listings from all parts of Canada in over 200 career areas.  Now more than ever, readers will value this network that works on their schedule to meet their needs. The new book will also feature articles on current work and lifestyle issues and inspiring profiles of innovative entrepreneurs from all areas of the country.

The exciting membership benefits include a Networking Rebate, the opportunity to support The Margaret Fund for breast cancer prevention, a monthly interactive newsletter (The Netletter), discounts on new opportunity services and promotion on the Women Like Me site.  Participants will be sent a Promotion and Event Planning Guide to help them make the most of their year in the Women Like Me Directory.

Participating in the 10th Edition of The Women Like Me Directory is easy, effective and affordable.  The listing form is on the Women Like Me web site at www.womenlikeme.ca and it can be submitted by mail, fax or completed online. The listing fees for a year are less than the cost of a Valentine's Day box of chocolates, bouquet of roses or frilly item.  Participation fees ranges from $35.00 for a Basic listing to $50.00 for a Bold listing to $100.00 for a Best listing.  The listing choices can be viewed on a sample page on the site. The first entrepreneur to register for the 10^th edition is Sonya Scarrow, owner of Cobalt Virtual Enterprises.  Her company offers administrative support and secretarial services virtually - over the internet.  She intends to use the Directory to promote her services to clients with international business interests.

"The Directory represents a moment in time reflecting who we are, what we are doing and what we need", states Karen Fraser, "When it started Sonya's career did not exist and the internet was the interest of a few not the emerging business opportunity for many."

About Karen Fraser: Karen Fraser's passion, Women Like Me Inc., was founded 30 years ago.  Its mandate is to promote women's success and style through publications, special events and innovative presentations.  Ms. Fraser is well known as one of Canada's best speakers on entrepreneurship and workplace change.  She has presented to groups from Whitehorse to St. John's and from Grade 6 to the heads of major corporations. She was the host of a TVO programme on Small Business for 3 years and her views on work trends are featured in numerous articles and books such as the current "Surprise You're Wealthy" by Patty Lovett Reid.  For more information click on About/People Have Said at www.womenlikeme.ca.

Contact: Karen Fraser 416 696-7621, kfraser@womenlikeme.ca

Sui Generis Reflects on Importance of Brokers

Judy, re Chris & Tal's Better Foods -- Finding a Broker

Brokers come in all sizes and stripes.  By leveraging the better ones’ relationships within the industry and their ability to impact the sales process at the store level, small and medium sized entrepreneurs such as Chris and Tal are then freed up to expend their energy at more big picture planning and execution. You can however, set goals and objectives for your brokers, much in the same way as you would your own sales force.  I always encourage business owners to take the lead in such discussions and attempt to get something down in writing at contract time with any sales broker:  you could establish revenue and profit targets, on a growing scale that creates incentives for the brokers and their sales force, to keep your products top of mind;  offer cooperative trade funds or promotional offers for the broker and retailers as a means of driving traffic and revenue; and most importantly suggest that you are available to attend meetings with the buyers when discussing opportunities or product ideas.  The business owner, especially Chris in this case who comes complete with a chef’s background, has the greatest ability to brainstorm product ideas directly with the buyer and can better represent the brand equity and promise that the business has created. 

It is also a good idea, if they are your principle broker, to encourage their participation in any internal trade planning.  They may offer insight and experience that could drive trade and retail initiatives.  By treating them as you would your own sales force (really an extension of your company), they become more engaged, attentive and incentivised to drive mutual business growth.

Cheers, Carol

Caroline Kalaydjian
Business Architect

Sui Generis Consult Tel: (416) 525-1777 Blog:  www.busbuzz.wordpress.com
E-Mail:  suigeneris@cogeco.ca

The Hard Facts: Only Half Survive

From Gary Harpst & Six Disciplines:

We are currently experiencing the largest entrepreneurial surge that the United States has ever seen. According to U.S. Small Business Administration projections, nearly 672,000 small businesses were created in 2005. However, less than half of these businesses will survive at least four years. In order for these businesses to thrive, and survive, they must be on the forefront of innovation and effectiveness.

Enter the Six Disciplines Corporation, which helps struggling small and mid-sized businesses achieve new levels of success by implementing into their daily business routine six steps that integrate the business-building elements of strategy, planning, organizing, executing, measuring and learning, while offering a systematic way for these businesses to continually improve and achieve lasting business excellence.

CEO and founder of the Six Disciplines Corporation, Gary Harpst, details this program in his new book Six Disciplines for Excellence: Building Small Businesses that Learn, Lead and Last (Synergy Books, April 2007), which reveals the six fundamental business disciplines specifically designed to help small and mid-sized businesses move beyond momentary success to enduring excellence. The book also explains how the Six Disciplines program, which is the first sustainable program for business excellence that is optimized for small and mid-sized businesses, has improved functionality, morale and all-around profitability within the companies they've worked with. Readers of Six Disciplines for Excellence will learn how to:

-Help their employees execute more consistently toward their company's strategy

-Stay aligned with the organization's goals

-Continually improve business processes - with the goal of achieving lasting excellence

-Eliminate the barriers that prevent organizations from effectively executing their strategy, while creating a new culture of effective work habits and focused business processes

For more information about Harpst and Six Disciples for Excellence, visit www.sixdisciplines.com.

Geoffrey Claydon Tells You How to Meet w/out Meeting: eRoom

I want to share my excitement with you about the new service that Web communications Inc. is now providing. The industry standard for document management is Documentum.  A component of this application is eRoom which allows a collaborative group in various locations to store and modify files which the team can access individually at their convenience.  The main advantage of eRoom is having a single current version of any type of file available for each team member to view and edit and to understand all of the activities associated with this team function.  Each time a change is made a version number is created and tracked and an activity report is generated.  This repository resides in a Documentum environment available through an on-line service from SVM solutions.

This product is usually a part of an enterprise installation of an Electronic Data Management System and not available to functional groups within an organization or to smaller companies.  This is an ideal interface between client and head office or participants in a remote collaborative team or between various company locations.  Security is extremely high and access can be restricted down to the individual file level.  Daily activity reports can be provided to track progress and show participation.  The uses for eRoom are practically endless. It is ideal for any situation that involves project information and files being shared and worked on by more than one person.  The monthly cost of using this service online is a mere $33 per user. Divide that into the cost of having a project meeting! Please click on the following flash tour link for a full explanation of the eRoom product in a full Documentum environment. Flash Tour.  The solution offered is a sub-set of the enterprise installation shown in this video.

Web communications Inc. will implement this solution to enable your collaborative group to use this tool to its absolute maximum. We would be pleased to provide you with a demonstration of this world-class product.  Please do not hesitate to contact us for more information or to arrange a demonstration. Regards,

Geoffrey Claydon

416 907 9976

The Business Architect Tackles the Issues

I think this group of entrepreneurs should be applauded for having created product or service solutions that permit them to carve a niche within their respective markets.  Providing a solution, and one that rises above the product and service parity evident in today’s marketplace, is what separates those businesses that can create sustainable, profitable growth and those that quickly slide from the growth stage to maturity.  New product and service solutions are generated when you can gain insight into the purchasing decision tree of the buyer in question, whether that buyer is making decisions on behalf of a retail entity or is the actual consumer.  Not only are you competing for the share of the wallet, but if you are dealing on a business to business level (as Chris & Tal’s Betterfoods are), the retail buyer’s available buying budget. 

I think what most entrepreneurs may not realize is that today’s retail buyers face tremendous head office pressure to deliver on a number of key performance indicators (financial measurements), as well as staying abreast of the latest, greatest market initiatives.  Operational scorecarding and benchmarking assumes a good deal of meeting time.  When they do come across new products or services solutions, they want to be first to market, enjoy exclusive rights, and have you assume some of the risk in doing so.  They have become risk averse, only willing to test so many new ideas.  So, if you can create product/service solutions that help them deliver their own goals, offer new ideas that allow them to gain an edge on their competitors, then not only will you have their ear, but your number just maybe the first they call when they are looking to spend their buying budget.  Having worked on the corporate side before starting my own business advisory firm focused on creating opportunities and value, I learned through trial and error, that value, and how each target customer defines it, is essential when you are trying to move to a selling model based on long-term strategic relationships.  When both parties win, growth can be sustainable and profitable.  It’s what I promise my customers, and I’m sure what they commit to theirs. If anyone is interested in exploring this further, they can reach me at (416) 525-1777, suigeneris@cogeco.ca or join my blog at www.busbuzz.wordpress.com.

Cheers, Caroline Kalaydjian
Business Architect

Sui Generis Consult Tel: (416) 525-1777 Blog:  www.busbuzz.wordpress.com
E-Mail:  suigeneris@cogeco.ca

Tasha Mazza-Kelton: Making Luck Happen

Blog 5: Count on Luck as part of your Business Strategy

When I think of how one of the Business Challengers, LifeCapture, came to be, it seems to be wildly unconventional.  The five partners crossed paths from various personal and professional walks of life to create a dynamic and complimentary team.  However, as you speak with more small businesses, you realize that one of the proven things they have in common is raw luck.  We have all heard that phrase “success is half skill and half luck” and that is a key ingredient for many entrepreneurial companies.

Whether it is finding employees, new customers or even identifying opportunities for partnerships, there is often a serendipitous nature to how they evolve.  We have all been there, at a holiday party and you connect with a friend’s spouse who is just the vendor you have been looking for or you run into an old classmate at your local coffee shop who owns a company that you have been dying to get into but have been turned down time and again.  It isn’t until you have these coincidental encounters that you realize, somehow “luck” just seems to show up at all the right times.

I had the chance of speaking with Tal from Chris & Tal’s Better Foods this week and when I asked him about the kind of luck he had early-on with their business, he had a classic story of how he ran into the event manager of the LCBO at a food event which turned into a follow-up discussion on how they could collaborate on future in-store events (www.betterfoods.ca).  Low and behold, it turned out to be a great partnership opportunity, or you could call it one of their many serendipitous encounters.  At the time, it didn’t matter what you called it, but it was a highlight event that enabled them to move the business forward.

At the end of the day, being in the right place at the right time with the right people, can afford a small business owner opportunities that would have seemed impossible to achieve.  So, put yourself out there and make an effort to check out networking events, join your industry association, or even volunteer.  NOTE: An important caveat to this advice is that you only get out of the networking events, what you put into it.  So standing in a corner alone or volunteering for an association committee but not attending meetings will not get you the desired results you are looking to achieve.  Be active in your networking opportunities, introduce yourself to someone new, spark up a conversation with the guest speaker, do whatever it takes to put yourself out there and I guarantee you will get something back in return.

The world is smaller than we all know and the chance of crossing paths with someone who has a common connection is more common than you realize.  Here is a list of some worthy places to look for general networking opportunities that I have found useful over the years:

·         Toronto Board of Trade (www.bot.com)

·         Women’s Executive Network (www.wxnetwork.com)

·         Specific functional or industry associations (i.e. Canadian Marketing Association, www.the-cma.org)

So now I turn the question to you.  Where do you find great networking opportunities?  What groups are you involved with that have assisted you in the “luck” department?