Ediam blog

• 11
  feb

  Coat Tails

  Posted by John20 comments

  

  I attended a presentation many years ago by the person who was the Chief Financial Officer of American Express at the time. As part of the presentation this executive related how he got his position as CFO at one of the largest financial institutions.

  Pretty much the story went that his good friend from college had had an incredible career and was put in as the CEO. This old friend wanted someone he could trust in the position of CFO, was he interested? Up to that point this newly appointed CFO had been an above average, but unambitious CPA at a normal accounting firm.

  Wow, talk about some good coat tails. Another friend of mine graduated with a degree in history. Unable to get a job in that field, he taught himself to read code and got a job at Oracle.

  There he became good friends with his manager. This manager was adept at climbing the corporate ladder and my friend received a healthy promotion each time this person climbed another rung. When this person left for another company, so did my friend. When the manager recently became a Chief Information Officer, my friend became a VP.

  Thinking of these stories has lead me to ask if such coat tail successes only work in large corporate networking, or if it also applies to small business?

  Many times when we think of entrepreneurs starting up new small companies, we think of those who pull themselves up by their own bootstraps and make success happen on their own.

  But does this ever really happen? Does any entrepreneur ever really make it completely on their own? Or does everyone have to ride some coat tails occasionally to achieve success?

  Such questions are important for those who are currently starting or trying to grow a small business. Perhaps you need to think, "whose coat tails can I ride to get a pull in the right direction?"

  Not that you want to misuse or abuse your contacts and friends, but you may need a boost. Who do you know or who could you meet with to get some help? One of the best ways to develop a relationship of trust with someone you don't know very well is to ask for their advice.

  Another coat tail consideration is to ask if you are being successful at making good friends with those you meet and with those you work? Or do you forget to network with past contacts as you move on to new places and positions?

  An alternative coat tail question to ask is, "who do I want on my coat tails, if I become successful?" Coat tails work both ways. Sometimes we ride and sometimes we take passengers. Who might you want to bring along with you if your business were to start taking off? Do you keep a short list of talented contacts?

  Consider who from your social and business networks you would trust to make the CFO of your company or your VP of technology information?

  Some may view riding coat tails as a short cut to success. But, Malcolm Gladwell, a prominent business author, believes that anyone who achieves success does so on the coat tails of at least one, and more likely than not, on the coat tails of many, many others.

  Once you realize that everyone will need help and mentors at some point on the path to success, hopefully you will make renewed plans to build up your network and seek out sound advice from those who you view as successful.

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• 09
  mar

  Copyrights

  Posted by John32 comments

  

  One topic that truly affects all businesses is the legal protection of "copyrights." Every single small business owner will deal with materials that are protected by copyright laws.

  With the advent of the internet, abuse of copyrighted materials is higher than ever. Not necessarily by malicious intent, but simply by ignorance.

  Believe it or not, the images and words you see on your computer when surfing the web are someone's intellectual property.

  The moment you drag a picture off the internet and use it for your business, you have likely broken the law. Just because pictures and content are freely accessible does not mean they can be used for free as well.

  Exceptions are generally granted for private personal use or student use. You can also pay many websites for usage of materials. If you do, you should receive a contract for the rights to use content in a limited way. You can also seek written permission from the content's owner to use it for a specific purpose. As a professional illustrator/designer I have given such permission at times to non-profit groups or budget strapped small businesses.

  Aside from the internet, copyrights can affect your business in other ways. Say you hire a design firm to create a new logo for your business. After the job is done, the design company still owns the copyright to that logo. You can only use it for your business with the designer's express permission.

  Working for years as a designer and media consultant, I would often talk about copyrights with my clients and put it on the table up front and into the contract. If a client wanted full ownership and copyright of a logo or design, I charged an appropriate fee to transfer the copyright to the company or owner. Then they could walk away and not worry.

  A copyright conflict occurred for me many years ago as I worked as a fine artist selling paintings in galleries in Connecticut and New York City. I sold a landscape painting to a businessman. The buyer soon began using the painting for his business and made prints of it to give to his clients. By doing so, he violated my copyright of the work. He argued that he bought and owned the painting. This was true, but he did not buy the copyright. He only purchased the privilege to hang the artwork in his home or office. He had to stop using the reproduced image at once.

  As you promote your small business you will produce various marketing materials including logos, brochures, videos, advertisements, web designs or other items. As you do, you should have a little copyright bird sitting on your shoulder whispering in your ear "who owns these words, sounds, and images?" If you created it, you do. If you hired it out or borrowed it from the internet, someone else owns it. Understanding this can save you future trouble.

  Working in creative industries, I appreciate the protections of copyright laws. Intellectual property is a critical asset for small business owners.

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• 07
  jun

  Fear of Falling

  Posted by John2 comments

  

  There is much philosophy that has been spoken and written about facing our fears. Many have expounded on the growth that comes, the enlightenment, the strength.

  Fear is an interesting sensation. I am sure it evolved out of some self protective instinct. It is intriguing to think that only by overcoming our sense of self preservation can we expand our ultimate capacity. This past weekend I had a chance to see the concept play out in person.

  I took my two pre-teen daughters down to Moab, UT to do some hiking and mountain biking. At our house, we worship the beauty of the red rocks, the panoramic cliffs, the cool desert evenings.

  After hiking several miles out to see a more remote arch in the national park, my two daughters decided to make a twenty foot free climb to get up inside the hollow of the arch. Once they started up the narrow crevice of their route, I saw the fear set in. They suddenly realized what they had gotten themselves into.

  I also experienced fear sharply for them. I not only feared them coming to harm, but I also had a selfish fear of what I would hear from my wife if she knew I was allowing them to make the climb.

  I realized afterwards that I was also experiencing an allegory of small business development. I often have clients that want to do things which they fear. Starting a new business or launching a new product is scary on several levels.

  Many fear different aspects of business development. They may fear talking to people, being rejected, making hard choices,  or even doing accounting and taxes.

  Each one of these elements is like a handhold or foothold that takes one further off the safe ground and higher up the crevice. As each element is overcome, the climb gets harder and the fear of dropping increases.

  Most of us fear failure above all. The fear of starting a business and not succeeding can be crippling.

   

  One of my daughters came to a place on the climb that she panicked and stopped altogether. Her fear took over and she couldn't go up or down.

  Many in small business also come to this familiar stopping ground. The risks of getting a small business successfully up and running are high. 

  And, just as my daughter suddenly realized what would happen if she fell fifteen feet onto rocks, many entrepreneurs may not realize just how much they have risked until they are en route without another handhold.

  This is where the value of concerned coaches comes in. With me urging my daughter from below, and my other daughter helping from above, we were able to help her overcome her paralysis. With great courage, she found the unseen handhold she needed and scrambled onto the ledge above.

  With a person below who could see the route, and one above who had already been there, my daughter had two perspectives to assist her and guide her to success.

  In business, we call these roles a "coach" and a "mentor." The coach sees the path, the mentor has climbed it.

  Upon reaching the final ledge, my daughter's elation was immediate. She was rewarded with a new perspective, a new achievement, and new self confidence. The same rewards can come with success in business.

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