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Want To Be A Market Leader? Then Get Reading…| The Melting Pot Newsletter | #94

WHY CULTURES THAT VALUE LEARNING ARE MORE SUCCESSFUL

Do you read?  Or listen to podcasts?  I ask because it’s so important to me.  It’s indicative of a growth mindset – something that’s vital for any CEO looking to scale-up their business. Companies that put learning at the heart of their culture are 30% more likely to be market leaders? Yes – that’s right.  30%.  A really big differential. 

It’s a characteristic I always look for in any new client.  If they don’t have a perpetually inquisitive outlook that thrives on learning new things, then they’re not going to get far with me as a business coach!  Wherever I’ve scaled companies in the past, I’ve found that 75% of staff have ‘Learner’ in their top 5 strengths.  At interview, I always look for curiosity. Because one thing’s absolutely true in life – there are always things we don’t know. If people aren’t interested or eager to learn, then I know they won’t be right for the type of culture I want to create. 

So why does this matter?


Why You Need To Put Profit First with Mike Michalowicz

What do you do when you’re an entrepreneur and your first two businesses go swimmingly well, so much so, you start a third and end up bankrupt? Do you admit defeat and go and get a ‘real job’? Or do you shake yourself off and decide you’re going to dedicate the rest of your working life to eradicating entrepreneurship poverty? If you’re Mike Michalowicz you do the latter. 

Mike is an entrepreneur and author. He built two incredibly successful tech businesses and exited them for a lot of money. But his third venture, as an angel investor, didn’t go so well. However, it was off the back of this failure that he found his subsequent life’s mission, as an author. 

“I was making it [entrepreneurship] more complex than necessary and I was confused about what worked or not, so I endeavoured that day, that the rest of my life I’d devote to studying entrepreneurship and simplifying it.”

Mike’s latest book, Profit First, is what he talks about in this episode (although of course, he touches on his journey to get to this point). Because profit in a post-COVID world is something that businesses and entrepreneurs are really going to need to focus on to survive. Rather than putting profit last or talking about ‘the bottom line’, we have to put profit first. We have to extract value from our businesses and reinvest it in a really deliberate way. 

This is a really interesting conversation about a topic close to all entrepreneurs’ hearts. We hope you enjoy it as much as we did. 


Recommended Podcasts

IMPACT THEORY

Impact Theory is a business and mindset-focused interview show that will teach anyone aspiring to greatness the secrets to success. The show is hosted by Tom Bilyeu – a serial entrepreneur and co-founder of the #2 Inc. 500 company Quest Nutrition and former host of the viral hit Youtube series Inside Quest (viewed over 100,000,000 times). Bilyeu is known for his passion and preparation. Always eager to truly learn from his guests, Bilyeu digs deep and brings the urgency of someone hungry to put what he’s learning to immediate use – making the show not only entertaining and energetic, but also hyper-useful.


Recommended Articles

DESPITE THE PANDEMIC, EMPLOYEE ENGAGEMENT IS SKYROCKETING

It’s a strange time. A recent poll of 2,000 Americans found that only 5% believe things are “going well” and 40% believe they’re “going badly.” And new research by Towers Watson shows that employees are more stressed about health and financial security than ever. But in the middle of all this, another trend has emerged: employers are lavishing support on their people. Two independent studies just found that Employee Engagement, the measure of an employee’s satisfaction with their employer and their job, has reached the highest level ever. It’s both an astounding and enlightening trend.

YOU CAN’T BENCHMARK CULTURE

Not long ago, when PetroChem (the disguised name of a major established petrochemical company) acquired an energy upstart (call it Polymer Plus), the PetroChem leaders found themselves at a loss. They had pursued the acquisition in the first place because Polymer Plus had a more autonomous culture than PetroChem: Its formal rules and informal practices encouraged people to develop their own creative solutions to problems, even if those solutions went against the grain of established practice in the industry. PetroChem’s leaders had hoped that the company would get a cultural boost from acquiring Polymer Plus; their vision was that people across the merged entity would behave in more uninhibited and nimble ways. In short, they wanted the same kind of high-performance culture that they observed in the fastest-growing chemical companies.

TEN TIPS FOR EMPLOYEE ENGAGEMENT AND MOTIVATION

Our digital business world doesn’t have to lessen the ability to get the best out of your employees. How can you keep people engaged and motivated in their work whether remote or in-person? Here are ten tips to keep productivity up.

Recommended Reads

F**k Plan B by Dominic Monkhouse

Calling all CEOs, Founders and Managing Partners! Learn valuable scale-up strategies in a brand new book by the UK’s top tech industry business coach, Dominic Monkhouse. Dom has a track record of scaling-up award-winning technology businesses, including two UK based companies from zero revenue to £30 million within five years. Now he is sharing the secrets behind his success in a new book, FREE to all Melting Pot subscribers. The download will be available very soon.  Watch out for your copy! 


THE HERO FACTOR BY JEFFREY HAYZLETT

It’s not profit over people that will make your business successful―it’s when you combine people and profits that you become A HERO LEADER, Today’s leaders need to engage, connect with, listen to and include their employees and customers in the conversation surrounding the business. The Hero Factor discusses the importance of a strong company culture as the backbone of any successful business. Companies with leadership that dismisses the importance of transparency in today’s world are more likely to be called out for not living up to the mission statements on their websites. Dive in and learn how to implement the traits that will help them become a hero entrepreneur, change their organization, live their values, and create a winning culture where they:

  • Invest in people as a path to more inclusion
  • Recast the role of business leadership beyond politics
  • Serve others/the common good
  • Avoid failure, reasons why not, and the lure of the dark side when things get tough
  • Know the line between hero and martyr
  • Create the next generation of hero leaders

MEANINGFUL ACTION FOR MONDAY

Do you know the job your core customer uses your company for? It always surprises me that most of my clients don’t. Also, do you understand the offerings of your competitors?  Really understand them?  Get each member of your executive team to pick a competitor to review and then go through the core customer and attribution mapping exercise (click below to find out more). It’s amazing the things you can uncover from this 3HAG process that you’ve never considered before. 

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    Sign up today and get your copy of F**K PLAN B: How to scale your technology business faster and achieve Plan A, by Dominic Monkhouse.