I was born in the U.S. but raised in Iran from the time I was an infant. As a gay man in an extremely homophobic country like Iran, there was no way for me to thrive while being honest about who I was. When I was 18 years old, a horrific car accident broke both of my legs and left me unable to walk for a year as I recovered. Afterward, I packed up everything and moved to the U.S., determined to create a better life and find success as my authentic self. As a Middle Eastern man who didn’t speak English, I was certainly at a disadvantage when I came to this country. But I found success through diligence, investment in myself, and a strong belief in the value of mentorship. Read more
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/04/Two-men-working-on-laptop.jpg?fit=1920%2C1262&ssl=112621920Trevor Joneshttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngTrevor Jones2021-04-26 08:00:162021-04-26 01:37:08Mentorship: My Secret Weapon for Overcoming Obstacles & Becoming a Strong Leader
One common struggle entrepreneurs face is that they spend too much of their day putting out fires. That leaves them less time to do the most important work in their business. It also stretches them thin from a personal perspective, so they end up overworked, stressed out, and unfulfilled.
Are you spending all day putting out fires?
Do you struggle to get ahead with your workload because there’s so much on your to-do list?
Have you spent years telling yourself that you need to better train team members but haven’t had a break long enough to do so because you are putting out so many fires?
If you answer yes to any of these questions, congratulations. You’re your company’s best firefighter. This role is important because it can keep a company going for a long time. Fires come up in every business. These businesses need firefighters on the inside to prevent those fires from spreading.
So many business owners I coach complain to me that they spend all their days “putting out fires.” I get it. That’s how I felt for my entire first decade at Diversified Industrial Staffing, too. I spent every day putting out fire after fire, keeping the business open for nearly a decade before the flames got too big for me to control any longer. Every day, it was fire after fire. I’d swoop in and save the day and then move onto the next fire. That was my Groundhog Day. I’d head to the office, put out fires all day, and head home. The next day, I’d head to the office, put out more fires, and head home. I’d do that day after day until everything collapsed.
The first step to getting out of that stressful routine is to shift your mindset. Sure, you will likely remain your company’s best firefighter. That’s not an issue. Fires will pop up in entrepreneurship. But if you’re going to be your company’s best firefighter, you can’t just put out fires and then move on. Firefighters do much more than that. You need to complete the work of a firefighter.
Firefighters don’t just put out the flames of a burning structure and then head back to the station. They also take time to research the cause of the fire and, if there are signs of arson, work with law enforcement to prosecute the arsonists.
If we know we are our companies’ best firefighters, we must shift our mindset and complete the work to identify the cause of the fire. When Greg worked with me to continue the job at Diversified Industrial Staffing, I learned that my fires were all caused by arson. We had someone inside the company who kept starting fires. Thus, the solution was to either get rid of the arsonist or prevent them from being able to start fires in the future.
Unfortunately, I learned that the arsonist at Diversified Industrial Staffing was me. If not for me, I wouldn’t have had so many fires to put out. When I realized that, everything changed. Instead of seeing myself as the hero who swept in and put out fires to keep the company going, I visualized myself starting a bunch of fires and then running around putting them out until the fires grew too big for me to handle. I loved the jolt of adrenaline solving the problems. I felt like I had accomplished something that day. It was a fool’s dream.
It’s not just me, either. When I work with leaders who are overwhelmed by putting out fires all day, I ask them to shift their mindset from putting out fires to completing the job. Virtually every time, my clients realize they were their company’s chief arsonists too. Some of them identified other arsonists as well, but every single one of them realized they could quickly improve their company if they just stopped starting fires themselves.
You don’t have to find yourself crumpled on the pavement (or worse) to recognize that something has to change in your business, either. Sure, a setback could be as large as bankruptcy, or it could be as small as a mishandled meeting. What they have in common is a gut-wrenching, hair-raising feeling of regret, fear, and self-doubt that stops us in our tracks and stunts our growth. But many times, we feel overwhelmed by putting out fires all day because we don’t do the work it takes to prevent fires in the first place.
As leaders, we can be the best firefighters—while also being the chief arsonists. Think about it: the scary but joyous feeling we, as entrepreneurs, get from putting out a fire can be very visceral, like a spike of dopamine. Often, we lack self-awareness around the “rush” it gives us. So we will be subversive and act as an arsonist, which is self-sabotaging long term, in exchange for the rush of putting out the fire and being seen as the savior, the only one who can put out the fire. But we can make the complex simple by merely doing something different.
As straightforward as it might sound to identify the source of fires before moving on, you won’t be able to do it if you don’t shift your mindset. It takes awareness, discipline, and continuous practice to do so. Otherwise, the stress and relief of fighting and extinguishing fires will send us right back into our own versions of Groundhog Day.
Todd Palmer is a highly sought-after speaker, executive coach, and longtime CEO of Diversified Industrial Staffing. With the mindset shifts and business techniques shared in his new book From Suck to Success: A Guide to Extraordinary Entrepreneurship, he transformed his company into one of the fastest growing companies in America, landing it onto the INC 5000 list an impressive six times.
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https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/02/20210206-Firefighters.jpg?fit=1920%2C1280&ssl=112801920Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-03-08 08:00:012021-02-06 18:36:50Entrepreneurs: The Best Firefighter and Chief Arsonist
Transform your business by completely rethinking how it works. Analyzing your business model, revenue, and costs can lead you to innovative solutions.
When you go to generate new ideas to run things better, you need to think critically about the way your business runs. I like to look at three things: a business model blowup, a revenue blowup, and a cost blowup.
On the business model blowup, fundamentally rethink how you go to market. And rethink what your market actually is. You’re going to challenge the entire business model for the way you deliver products and services. On the revenue blowup side, how do you dramatically expand the products, your pricing, the geography, and the reach of your business? And on the cost blowup, how do you fundamentally eliminate drag from the business to become more efficient?
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/03/20210303-Whiteboard-Sticky-Notes.jpg?fit=1920%2C1304&ssl=113041920Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-03-03 06:30:292021-03-03 01:08:52Challenge How Your Business Operates
Part 2 of 2: Use the SMART acronym to set better goals. Learn how to make your future goals achievable, relevant, and time-bound.
When you go to set goals, I suggest you try to set smart goals. Smart is an acronym. It stands for specific, measurable, achievable, relevant, and time-bound. These are the key characteristics of a good goal. Now there are multiple versions of smart out there, but they all get to the same thing: creating clear and actionable goals that matter.
This week, we’re talking about the last three SMART characteristics: achievable, relevant, and time-bound. If you missed the first two characteristics—specific and measurable—check out last week’s post here.
Achievable
Another characteristic of a good goal is that the goal is achievable. If a goal is too extreme, people won’t even try. You may have heard of the term “big, hairy, audacious goals.” That sounds great—let’s set a huge goal for the team and they’ll try really hard to achieve it. The thing is, those types of goals can be very demotivating. The team looks at it and they say, “We don’t even have a chance. We’re guaranteed to fail. So you know what, forget it. I’m not even going to try.”
And if a goal is too easy, people won’t care about it or see it as meaningful. “Oh, 1% improvement? No problem, I can do that in my sleep.” And then what happens? Read more
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/02/20210221-Hourglass.jpg?fit=1920%2C1280&ssl=112801920Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-02-24 06:30:432021-02-24 19:42:41SMART Goals: How to Make Your Goals Achievable, Relevant, and Time-Bound
Part 1 of 2: Use the SMART acronym to set better goals. Learn how to make your future goals specific and measurable.
When you go to set goals, I suggest you try to set smart goals. Smart is an acronym. It stands for specific, measurable, achievable, relevant, and time-bound. These are the key characteristics of a good goal. Now there are multiple versions of smart out there, but they all get to the same thing: creating clear and actionable goals that matter.
This week, let’s focus on the first two smart characteristics: specific and measurable.
Specific
The first characteristic of a good goal that you should focus on is that the goal is specific. Make the goal Read more
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/02/20210217-Dart-Board.jpg?fit=1920%2C1280&ssl=112801920Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-02-17 06:30:332021-02-17 04:55:58SMART Goals: How to Make Your Goals Specific and Measurable
Your negotiation style should change depending on the situation. Learn four negotiation styles and when to use them.
You should be deliberate in choosing a specific style of negotiating. The way I encourage people to look at choosing a style is first, understand the importance of your relationship with the other party. The relationship can have low importance (somebody you’re just meeting for the first time and you won’t have an ongoing relationship with), or high importance (a strategic, long-term relationship).
The second thing you should consider is the importance of the outcome of that specific negotiation, from low importance (there’s not a lot of value on the table), to high importance (there is a lot of money for your organization or it’s a high-risk outcome). And what you end up with is a two-by-two matrix with four different negotiating strategies: Read more
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/02/20210209-Conversation-Business.jpg?fit=1920%2C1280&ssl=112801920Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-02-10 06:30:482021-02-10 15:12:25The 4 Negotiation Styles: Which Should You Choose?
As COVID-19 causes layoffs and extends uncertainty about employment in 2021, many people are considering new options, reinventing themselves, or trying to decide whether working for themselves is more desirable than finding another 9-to-5 job that might not last.
Entrepreneurship brings a lot of freedom, responsibility, and risks, and before people commit to taking that big step there are several important questions they should ask themselves.
Entrepreneurship is a career that offers a kind of freedom and personal satisfaction you simply cannot get from traditional 9-to-5 employment. You will never know if you have what it takes to be an entrepreneur unless you take the leap of faith and experience it yourself.
It’s a big decision, though, involving many factors and inherent risks. There is a lot to navigate and endure en route to reaching your dream destination of professional and financial freedom, and many don’t make it because they simply weren’t cut out for the challenge to begin with.
People who are considering entrepreneurship should first ask themselves these five questions: Read more
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/01/20210131-Thinking-Man.jpg?fit=1280%2C960&ssl=19601280Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-02-08 08:00:572021-01-31 22:17:185 Questions to Ask Yourself Before Taking The Leap to Entrepreneurship
Learn how an Italian gardener’s simple principle can make problem solving much easier.
Critical thinking doesn’t only apply to coming up with recommendations. You need to think critically about the way you’re going to spend your time and energy. Those things are limited. You have too many problems to solve and not enough time. I encourage people to follow the 80/20 rule, also known as the Pareto principle.
The Pareto Principle
The Pareto principle was coined by Vilfredo Pareto when he noticed that 80% of the land in Italy was owned by 20% of the population. He was also a gardener, and he noticed 80% of the peas coming out of his garden came from 20% of the pods. He said, “That’s interesting. Two totally different realms demonstrating the same principle.” 20% led to 80% of the impact, and that’s the 80/20 rule. 20% of the drivers will drive 80% of the results. You need to think about your work the same way. You can’t focus on that 80% that only drives 20% of the results. Focus your efforts on the meaningful. Let me offer an example. Read more
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/02/20210202-8020-Rule-Cup.jpg?fit=1920%2C1113&ssl=111131920Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-02-03 06:30:212021-02-03 19:49:22Using The 80/20 Rule to Think Critically
Establishing good sleep habits can improve your health and productivity as an entrepreneur. Reclaim your sleep with these tips.
Today’s post is by Brad Wayland, Chief Strategy Officer at BlueCotton.
If you are anything like me, you are no stranger to long, sleepless nights – no matter how bad for your health they might be. But take it from me, this is not something you want to make a habit. You need to reclaim your sleep. Here’s how to do just that:
It is three in the morning, and you are on a roll. It does not matter that you need to be up at eight tomorrow. You have work to do, and now is the time to do it.
Except it is not. At all. Not only are you killing your productivity by pulling these all-nighters, but you are also slowly killing yourself.
I will spare you the details. I am sure you have already heard repeatedly that sleep deprivation is directly linked to a range of very nasty illnesses. I am sure you already know that you need to start sleeping more and sleeping better.
And I am also sure you have no idea how. I have been there. Read more
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/01/20210130-Dog-Sleeping.jpg?fit=1280%2C960&ssl=19601280Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-02-01 08:00:022021-01-31 20:46:50Turn Off Your Brain: How to Regain Control of Your Sleep as an Entrepreneur
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
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/01/20210120-Microphone-On-Air.jpg?fit=1280%2C853&ssl=18531280Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-01-20 06:30:192021-01-21 21:50:51Life Lessons Interview with Mike Figliuolo
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
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/01/20210110-Ask-Sign.jpg?fit=1280%2C853&ssl=18531280Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2021-01-13 06:30:422021-01-28 13:45:06Timeless Advice for Beginner Entrepreneurs
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.
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2020/11/20201130-Falling-in-the-Mud.jpg?fit=1920%2C1278&ssl=112781920Ryan Shawhttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngRyan Shaw2020-11-30 08:00:502020-11-17 16:52:47Crises Need Leaders, Not Superheroes