by Helena Escalante | Collaboration, Creativity, Leadership, Mindset, Opportunity, Planning, Resources, Tools
Estimated reading time: 3 minutes.
TODAY’S IDEA: Win-Win or No Deal
— From The 100 Absolutely Unbreakable Laws of Business Success by Brian Tracy
Following along the same path as yesterday’s post on Thinking “both,” I wanted to focus on its application in business by looking at Bryan Tracy’s Law of Win-Win or No Deal from his book The 100 Absolutely Unbreakable Laws of Business Success. This law states that:
“In a successful negotiation, both parties should be fully satisfied with the result and feel that they have each ‘won’ or no deal should be made at all.”
Tracy says, “Remember, you always reap what you sow. Any settlement or agreement that leaves one party dissatisfied will come back to hurt you later, sometimes in ways that you cannot predict.” And he goes on to tell a story of a tough negotiator who was boasting “about a hard deal he had wrung out of a [distributor] of his company’s products. He had demanded and threatened and negotiated an agreement that paid him considerably more, both in up-front payments and in percentages of sales, than any of the other clients for which this company distributed.”
The author happened to know the people on the other side of the negotiation well, so he asked them to tell the story from their angle. They confirmed the discomfort and toughness of the negotiation and said “they had agreed to pay higher prices and royalties on everything they sold, but they had not agreed to sell any.”
The deal backfired: “the businessman had negotiated a ‘win-lose’ with him winning and the others losing. But those on the losing side had no incentive to fulfill the implied commitment to market the products. They had no incentive to go forward with this person, and no reason to ever want to do business with him again.”
In a zero-sum game, someone always loses. In business it does not have to be that way: aim always for a win-win or no deal. Be clear in your intentions that what you want is the best for both parties. Now, “this doesn’t mean that you [or the other party] have to accept any arrangement that you consider second best.” On the contrary, “when you are determined to achieve a win-win solution to a negotiation, and you are open, receptive, and flexible in your discussions, you will often discover a third alternative that neither party had considered initially but that is superior to what either of you might have thought of on your own.”
ACTION
TODAY: If you are negotiating something today—even if its’ the smallest thing—that’s great! Think win-win, communicate it to the other party, and find out what it is that each of you wants/needs from the deal to consider it successful. Work together to make it happen. If you don’t have any negotiations on your plate now, think about one in the past where you experienced a win-lose (no matter which side you were on). The good thing about hindsight is that it’s always 20/20 and, with that view, you can reconstruct the deal (at least in your mind) to make it a win-win. Learn from it: what would you have changed for the better? How would you have structured the deal differently? Think creatively.
FUTURE: Think win-win from now on professionally and personally. Commit to doing deals where the Law of Win-Win or No Deal applies. Actively seek to find ways to achieve what each party needs and wants out of the situation in a satisfactory way and without feeling that you have to settle for less.
Know someone who could benefit from reading today’s post? Please share it via email, Facebook or Twitter!
by Helena Escalante | Collaboration, Creativity, Goals, Growth, Habits, Leadership, Mindset, Tools
Estimated reading time: 3 minutes, 1 second.
TODAY’S IDEA: Think “both”
— From: Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker (read a sample)
Why does it seem that some people live in a world of abundance and plenty and some others live in a world of scarcity and limitations? While we all live in this physical world, the difference, according to T. Harv Eker, is perspective. He says, “although you may not be able to have ‘everything’ as in all the things in the world, I do think that you can certainly have ‘everything you really want’.”
“Do you want a successful career or a close relationship with your family? Both!
Do you want to focus on business or have fun and play? Both!
Do you want money or meaning in your life? Both!
Do you want to earn a fortune or do the work you love? Both!”
People with a scarcity mindset feel as if they must choose one because they can’t have both. However, people with an abundance mindset think both, and understand that “with a little creativity you can almost always figure out a way to have the best of both worlds.”
And the beauty of both is that it not only applies to the things you want, but also to all areas of life. It’s a win-win for all involved. For example, when you are discussing outcomes with a client or coworker, think in terms of both of you getting what you want, as opposed to a zero sum game. Or, when you are negotiating the sale of your home, think of you as the seller, the buyer, and the real estate agents involved (if any) getting what each one wants. It is indeed possible.
For those that are still skeptical, Eker asks, “what is more important, your arm or your leg? Could it be that both are important?” Let’s go back to perspective: yes, both are important because each—in its own way—plays an important role. Why chose either/or when you can find a way to have both? It may not always be easy, and it may take a while before you get to have both, but keeping your goal in mind will help you get there.
Another very important area to which both applies is money and happiness. They are NOT mutually exclusive. “People who are rich in every sense of the word understand that you have to have both. Just as you have to have both of your arms and your legs, you have to have money and happiness.”
“From now on, when confronted with an either/or alternative, the quintessential question to ask yourself is ‘How can I have both?’ This question will change your life… it will take you to a universe of possibilities and abundance.”
ACTION
TODAY: Think of a way to get both from a project you have to get done or from a situation that you are going through. What can you do? How can you plan for it? Who is involved and who can help you?
TOMORROW: Make a point of thinking both from now on. Be creative and think of ways in which you and all involved in your projects can have what each of you wants/needs. A simple but effective technique is to take a piece of paper and draw 2 vertical lines to have 3 columns. On the left column, write what you want/need. On the right column write the second thing you want/need or what someone else wants/needs. In the middle column write the path that will enable you to get both. Remember that there is no shortage of ideas.
Know someone who could benefit from both reading this and using both in his/her life? Please share this post via email, Facebook or Twitter!
by Helena Escalante | Accountability, Goals, Growth, Leadership, Mindset, Planning, Tools
Estimated reading time: 2 minutes, 29 seconds.
TODAY’S IDEA: How to be wrong
— From: Tribes: We Need You to Lead Us by Seth Godin
The weather forecast is wrong a lot of times, yet we listen to it every single day. Isaac Newton was completely wrong about alchemy, yet he’s regarded as one the most successful physicists. Steve Jobs was wrong about his NEXT computer, and Apple is now one of the most successful companies in the world. And we can find countless other instances where the people and companies are wrong many times, yet they are successful.
Why?
Because, according to Seth Godin in his excellent book Tribes:
“The secret of being wrong isn’t to avoid being wrong!
The secret is being willing to be wrong.
The secret is realizing that wrong isn’t fatal.
The only thing that makes people and organizations great is their willingness to be not great along the way. The desire to fail on the way to reaching a bigger goal is the untold secret to success.”
“The truth is that they appear to risk everything, but in fact, the risk isn’t so bad. The downsides are pretty small because few of us are likely to get burned at the stake.”
Most of us battle an invisible jury in our minds that paralyzes us at the very first thought of a less-than-perfect outcome. If we let this fear stop us, we won’t be able to move forward. There isn’t an easy, failure-free way to move forward, but here are a series of steps that’ll enable you to do so:
- Become aware of your fear of being wrong.
- Recognize that it’s natural for it to appear.
- Thank the fear for trying to protect you.
- Set aside the fear and move forward to your goal, despite the fear.
- Be willing to go wrong and, when it happens, learn, learn, learn and apply those learnings towards the future.
- Rectify, clean up, set up a new path (now you know where NOT to go).
- Keep your goal in mind and keep going.
“The secret of leadership is simple: Do what you believe in. Paint a picture of the future. Go there. People will follow.”
ACTION
TODAY: Is there a project that you’d love to take back on because you stopped cold for fear of going wrong? Think of the worst possible outcome and how to mitigate it. Give it a shot and realize that failure is a natural part of moving forward. Every lesson gets you closer to your goal. Every NO gets you closer to a YES.
FUTURE: Next time you’re about to start a new project, allow additional time for the expected wrong ways that you will find. If you are open and cognizant that being wrong at times is part of any project, you will have less of a hard time recognizing the lessons to be learned and moving forward. Keep in mind that being wrong is simply a detour that opens up a myriad possibilities; it is not a dead end and, never, a final state.
Know someone who needs to be ok with being wrong? Please share this post via email, Facebook or Twitter!
by Helena Escalante | Growth, Habits, Mindset
Estimated reading time: 1 minute, 54 seconds.
TODAY’S IDEA: Start at the epicenter
— From REWORK: Change the way you work forever by Jason Fried and David Heinemeier Hansson
When we’re starting a new business or a new project, we sometimes get muddled in the details and forget to focus on the core, or what Fried and Hansson call the epicenter. “There are forces pulling you in a variety of directions. There’s the stuff you could do, the stuff you want to do, and the stuff you have to do. The stuff you have to do is where you should begin. Start at the epicenter.”
Focusing on what’s important is always at stake, yet this is such a simple idea that sometimes we forget about it and we need someone to point out the obvious. The authors give the example of a hot dog stand: “you could worry about the condiments, the cart, the name, the decoration. But the first thing you should worry about is the hot dog. The hot dogs are the epicenter… a hot dog stand isn’t a hot dog stand without the hot dogs.” You could take away the toppings and still have a hot dog stand (despite many people not liking your plain hot dogs), but you cannot take away the hot dogs.
“Which part of your equation can’t be removed?”
The best way to find out your epicenter is to ask “If I took this away, would what I’m selling [or working on] still exist?” Keep asking and removing things (figuratively) until you cannot remove anymore. “When you find [the epicenter] you’ll know. Then focus all your energy on making it the best it can be. Everything else you do depends on that foundation.”
ACTION
TODAY: Think of a project you are starting or have recently started. Where have you gone off on a rabbit trail? Get yourself back on track: figure out your epicenter and focus on strengthening it, as everything else depends on it.
FUTURE: Whenever you start new projects add “search for the epicenter” during your initial phases to your checklist. Review it often as your project grows and expands. Focus always on the epicenter as the basis: always keep your epicenter strong, and—very important—share the epicenter with your team(s) so that they can focus on it and contribute to strengthen it.
Help someone find their epicenter by sharing this post via email, Facebook or Twitter!
by Helena Escalante | Accountability, Collaboration, Goals, Growth, Leadership, Mindset, Tools
Estimated reading time: 2 minutes, 49 seconds.
TODAY’S IDEA: No bad teams, only bad leaders
— From Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink and Leif Babin
Leaders make all the difference. That is why we see companies and organizations get in trouble or get out of it when a new leader comes in. And it runs the gamut from the leader of a nation to the leader of a children’s game. Whoever is at the helm sets the stage to foster radical change or fully preserving the status quo, and everything in between of such a wide spectrum.
Jocko Willink and Leif Babin, former U.S. Navy SEALs and experts in leadership, say that there are no bad teams, only bad leaders. “Leadership is the single greatest factor in any team’s performance. Whether a team succeeds or fails is all up to the leader. The leader’s attitude sets the tone for the entire team. The leader drives performance—or doesn’t. And this applies not just to the most senior leader of an overall team, but to the junior leaders of teams within the team.”
In Extreme Ownership, Willink and Babin emphasize that “leaders must accept total responsibility, own problems that inhibit performance, and develop solutions to those problems.” Only in this way will the team members see that the role they play and the efforts they contribute can improve the team’s work and bring about the highest performance.
Further, the leaders must be aware that in terms of setting and enforcing standards and expectations, “it’s not what you preach, it’s what you tolerate.” This is important because “no matter what has been said or written, if substandard performance is accepted, and no one is held accountable—if there are no consequences—that poor performance becomes the new standard.”
By accepting total responsibility and accountability, leaders set an example of excellence, high standards and performance that leads the team to become the best version of itself.
Likewise, at a personal level, you have what you tolerate. If you tolerate lateness or being out of shape, then that is what you have. If you tolerate love and good will that is what you have. The way you lead yourself is also the way you lead the various teams in your life. Take extreme ownership of your personal and professional life and lead yourself to becoming the very best YOU that you can be.
ACTION
TODAY: Think of the two most important projects that you lead right now: one at a professional level and one at a personal level. What are you tolerating? What can you improve as a leader? How can you take extreme ownership of both projects? Take at least one step today towards improving your leadership (even if that step is just writing down your thoughts to put them into action later).
FUTURE: Make a list of all the projects that you lead in your life (both personal and professional). What are you tolerating in each? Count both the good and the not-so-good standards and behaviors you tolerate. How can you take extreme ownership and improve your various teams so that they can reach their goals and excel at what they do? Share the concepts of extreme ownership and the importance of being a good leader who sets and enforces standards with them, so that they can be empowered by those principles as well!
Know someone who should enforce better standards in the team he/she leads? Please share this post with that person via email, Facebook or Twitter!
