Entrepreneur – thoughtLEADERS, LLC: Leadership Training for the Real World

Life Lessons Interview with Mike Figliuolo

January 20, 2021/0 Comments/in Balanced Lifestyle, Career, Entrepreneur, Leadership, Strategy /by Trevor Jones

Mike Figliuolo, thoughtLEADERS’ Managing Director, recently sat down with Jinky Diola of WorldClassPerformer.com to share some life stories, perspectives, and experiences that have shaped his career to date.

Read the full interview below. You can find links to this interview and other WorldClassPerformer interviews at the bottom of this post.

Where did you grow up and what was your childhood like? Did you have any particular experiences/stories that shaped your adult life?

I grew up in New Jersey just outside New York City. I had a normal suburban kid life. I was entrepreneurial from a very young age. Started by selling painted pencils at school. I’d use about $0.10 of materials and charge $1.00 apiece. After that, it was a paper route. Then my comic book collecting/selling business where I actually ran comic book conventions at hotels at the age of 14. I cleared $1,000 in a day (and for a 14-year-old in 1984 that was a lot of cash). My entrepreneurial background has really been something that has enabled me to succeed in running my own business for the last 16 years.

What is something you wish you would’ve realized earlier in your life? Read more

Timeless Advice for Beginner Entrepreneurs

January 13, 2021/0 Comments/in Business Toolkit, Career, Entrepreneur, Leadership, Strategy, Training /by Trevor Jones

Starting a business? Don’t know where to start? Avoid beginner mistakes and make the most of your time by taking advice from someone who’s been there before.

Today’s post is by Mike Figliuolo, Managing Director of thoughtLEADERS.

In 2012, I gave an interview to The Metropreneur in which I shared my answers to the five most common questions I’m asked about entrepreneurship and thoughtLEADERS LLC.

Although this interview took place eight years ago, I believe all the guidance is just as relevant today as it was when I first said it:

When do I talk to the venture capitalists?

Five years from now. Seriously, entrepreneurs need Read more

Crises Need Leaders, Not Superheroes

November 30, 2020/0 Comments/in Business Toolkit, Entrepreneur, Sales, Strategy /by Ryan Shaw

Navigating crisis is not for the faint of heart, but what it takes to see your team through crisis is true, authentic leadership.

Today’s post is by Joseph Michelli, author of Stronger Through Adversity (CLICK HERE to get your copy).

Crises are humbling. They unmask imposters and reveal dormant strengths.

During COVID-19, many leaders navigated unrelenting and unchartered territory from their bedrooms, not their boardrooms. Some found themselves uttering previously unspoken words like “I don’t know,” “unprecedented,” “new normal,” or “pivot.”

I was fortunate to have a front-row seat on leadership behavior during the pandemic while serving on crisis task forces for my clients (C-suite leadership teams at globally recognized brands). Aided by videoconferencing technology, I observed vastly different leadership responses to the pandemic. As I worked with diverse teams, I asked senior leaders to share insights on strategies, successes, mistakes, and lessons learned during the pandemic.

In the months that followed, I spoke with more than 140 remarkable leaders (clients and their colleagues) who navigated chaos, lockdowns, re-openings, and more. These leaders stewarded for-profit, nonprofit, and public safety organizations. They included CEOs and Presidents of companies like Target, Verizon, Kohl’s, Microsoft, Mercedes-Benz, Marriott, Farmers Insurance, Dairy Queen, Zappos, United Way, and the Salvation Army.

The 4 Need to Know Approaches to Growth

November 16, 2020/1 Comment/in Business Toolkit, Entrepreneur, Sales, Strategy /by Mike Figliuolo

Knowing your growth strategy and understanding four key growth approaches – organic, acquisition, new products, and geographic expansion – will help you be more successful in achieving the growth you desire.

You have to ask yourself – how does your business grow? Is it geographic expansion? Are you selling new products? Are you selling the same products to new customers? Are you growing by acquisition and buying other businesses?

What’s your overall growth strategy? You need to be able to answer this question. Look at your historical growth and where it came from. That’s usually a pretty good indicator of how your organization is going to continue to grow from here. Pull out your strategic plan and look at your marketing plan to see where the future growth is expected. Assess whether or not that sales and marketing plan is aligned with where the future growth is supposed to come from.

Different Approaches to Growth

There are some very common methods for growing and they all have very different economic profiles.

Acquisition

One way you can grow is acquisition. The economics of conducting an acquisition are you spend a lot of money up front to buy another company or portion of another company. You’re buying a large piece of the market when you do so. The way you make acquisition economics work out is you reduce the costs of the combined entities by looking at synergies.

So, you bought another company. Congratulations! You have two HR departments now. You have two marketing departments. You have two Legal departments and two IT departments. You have two of everything! How do you consolidate those and reduce costs? That’s the first source of economic value in an acquisition.

The second source of acquisition value is all about growth. Now you have a new market you can enter if the acquired entity was in a different geography or targeted a different market segment. You can sell your existing products into that new market. You can sell the products you acquired into the existing markets you were in pre-acquisition. That’s how an acquisition is going to drive top-line growth.

Organic Growth

Using Stretch and Commit Goals to Drive Performance

September 21, 2020/0 Comments/in Business Toolkit, Career, Communications, Entrepreneur, Leadership, Sales /by Mike Figliuolo

Goal setting is tricky business. You’ll get much better performance if you set two goals for your team. Once you’ve done so, paying for performance is more of a math equation than it is black magic.

Incentives can, and have been, a topic of great discussion but one thing that is hard to argue is this: you want to complete a goal, incentives work.

Sometimes incentives are money. Incentives can be salary increases or bonuses. You may offer stock or options. Other incentives can be awards, time off, or promotions. Incentives need to be something that’s meaningful and exciting to your team, collectively.

When you set the incentives, make a direct linkage between the goal and the reward. I’ve always liked setting “commit” and “stretch” goals. The commit goal is something where folks are signing up to deliver it no matter what. There’s zero bonus associated with hitting a commit. It’s the “you did your job” level of goal. A “stretch” is the furthest point that folks think is in the realm of possibility. They have an idea for how they’ll achieve 70% of it but no clue where the last 30% will come from. And to be clear – that first 70% will take a lot of blood, sweat, and tears to hit. With a stretch goal, people can max out their bonus.

If you have a commit goal and a stretch goal, put the bonus on a sliding scale between those two instead of creating an all-or-none scheme. A “commit” goal is the minimum that someone will deliver to the organization. At the “commit” the bonus is zero. A stretch goal is a high level of impact that will take a tremendous amount of effort to achieve. If someone hits their stretch, the bonus should be 100% of what’s available as an incentive.

Teams can get extremely frustrated when they hit 85% of their stretch goal and they get nothing for it. They should get 85% of the possible bonus. I’ve been in both of these situations. I was in one organization where we had a commit of $50 million of profit and a stretch of $75 million of profit. At $50 million dollars, our bonus was going to be zero. If we hit the commit, there was no bonus. At $75 million of profit, the bonus was going to be 10% of our salary.

Miracle Minded Entrepreneur: How to Move Past Fear and Start Your Own Business

February 17, 2020/0 Comments/in Books, Career, Entrepreneur, Guest Blogger, Leadership /by Ryan Shaw

Fear keeps us from doing a lot of things in our life, but if you can move past that fear and get out of your head, the possibilities become massive.

Today’s post is by John Murphy, author of Agent of Change (CLICK HERE to get your copy).

It was 1988 and I was suddenly unemployed. My position was being eliminated due to an acquisition. I was 28 years old and the sole breadwinner for my growing family. My wife was pregnant with our second child and we had very little savings. What should I do?

Logic suggested I polish up my resume and start interviewing for a similar job, head of human resources. Surely, with my credentials I could find something decent. I was also given a reasonable severance package, so I had a few months to figure things out. No need to panic.

That’s when creativity and innovation kicked in. Questions like What if, Why, and Why not started rolling around in my head, pushing logic aside. What if I do something different? What if I start my own consulting company? What if I figure out a way to be my own boss? Why do this? And, why not do it? Little did I know that these questions would spark a new, life-changing career for me.

Of course, fear kicked in too. I now think of these fears and doubts as the “Yeah, buts.” Yeah, but you don’t have any money to get started. Yeah, but you have a family to take care of. Yeah, but you don’t know anything about consulting. Yeah, but you don’t have any advanced degrees or credibility. Yeah, but you’re only 28 years old. Who is going to take you seriously as a consultant?

I gave these “Yeah, buts” a lot of thought. On the one hand, they seemed negative and restrictive. On the other hand, they served a useful purpose in identifying and mitigating risk. So, I used the “Yeah, buts” to come up with a business plan. Who knows? Maybe writing a business plan, with thorough research and analysis, will talk me out of my idea.