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The Art And Science Of How To Keep Talented People Around

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(Editor’s Note: The following article is a guest post by superstar entrepreneur and tech investor Jonathan Schultz.)

The number one reason talented people leave their jobs is because of the failure of their direct managers. Businesses are defined by the strength of their people. Even in the most successful company (think Google, Amazon, etc.), a bad manager can drive talented employees out the door. So what is the true art and science of keeping talented people around?

SITUATIONAL LEADERSHIP

Successful managers apply targeted, dynamic coaching to each individual team member. There is not one management style that works for everyone or every situation. Managers need to adapt their approach to every situation and every team member. This is called situational leadership. This situational leadership model has been used across 70 percent of Fortune 500 companies and has received numerous accolades from training experts.

The model details how we learn new skills and the four stages of mastering new tasks. For every stage and task, managers need to adapt their approach to managing their report.

STAGE 1

When your team member approaches a new and unfamiliar task with a determination to master it, they see opportunity. They are complete beginners in execution, but they possess high motivation and low skill. In this step, the manager needs to take a highly directive approach, where they demonstrate how the task should be done, setting concrete goals and closely reviewing the report’s progress as well. You are not being a micromanager by supporting the growth and training of your team. Sometimes your team needs to use your expertise as training wheels.

STAGE 2

This stage is full of frustration. Why? Because it generally takes people more time to master a skill than they’d like. Discouragement will set it and their confidence will lower. While they have built up more skills, their confidence is at its lowest in this stage. In this stage, the manager needs to serve as a cheerleader and remind their team member of why they were chosen to do this task and remind them of how far they have already come.

STAGE 3

In the third stage, people have gained enough skill to complete the task but still maintain a mentality of imposter syndrome in which they are more skilled than their confidence allows them to believe. They may even still be discouraged. In this stage, managers need to do less guiding and allow their team member to perform while self-directly more consistently. These acts of trust can boost the team member’s confidence and their dependence on the manager will fade while their confidence increases.

STAGE 4

People reach stage four when their confidence is at the same level as their skill. They become veterans and will continue to boost their confidence and skill set. This is the stage in which the manager steps back and gives the employee the space to continue fostering growth. Check in every now and then and help as needed. Also be sure to recognize the team member for all of their accomplishments along the way.

Keeping talented people around is not hard. Managers just need to apply situational leadership and remember that every team member works and learns differently and need an environment in which they can thrive in. As the leader, you are building this environment, so make sure it is a healthy one.

Jonathan Schultz is an entrepreneur, real estate tech investor and influencer. He’s the co-founder of Onyx Equities, a leading private equity real estate firm, and has been voted one of the most powerful people in real estate. Follow Jon’s blog here

Business

How To Get Team Members On The Same Page: 5 Tactics To Follow

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(Editor’s Note: The following article is a guest post by superstar entrepreneur and tech investor Jonathan Schultz.)

No matter how advanced artificial intelligence gets, we will always need humans to bring their organization’s vision to life. But, how do we bring people on board that can really, truly live and breathe that same vision? What is the secret sauce to getting team members on board without having to twist their arm? Let’s find out.

The biggest thing to take into consideration is that different people are influenced by different things. There is not a one-size-fits-all method that will get everyone on board with new ideas and plans. Here are a few ways to get your team members on board:

1. LISTEN TO THEM & LEARN FROM THEM

You need to understand where the biggest issues and concerns within your company lie. You have to create opportunities for people to engage directly. To feel empowered. To move in the direction that allows them the ability to make decisions. You will never win over any team members by making hasty assumptions, so get down to the facts and ask the hard questions, listen to the answers and learn from the feedback you are getting. You can’t do every job at your company —so stop trying to!

2. BE RELATABLE

Don’t just tell people what you want to do and what you plan to do, give specific reasons for each. There’s a reason why MLK and Gandhi were able to get crowds everywhere they went. Remember — people aren’t following you for who you are, they’re following you for what you believe. Talk about what motivates you, your experiences, who you really are and what you believe in.

You need to show your team a vulnerable and human side so they can relate to you —and then relate to themselves. If your team can understand where you are coming from, they will follow you to the depths of … wherever you go. Be a leader!

3. TAP INTO EMOTIONS

Emotions certainly have a place in business – a very important place, honestly. It’s where most important decisions manifest from. As much as we think we’re thinking from our heads —the reasons why intuition and “that’s a gut feeling” exist is because it’s coming from an emotional place. If you are genuinely passionate about your team and your business and you are invested in your ideas, your team will feel that, and so will your customers. Do not hold back.

4. ALWAYS BE CONSISTENT

Your message should never alter. Maybe you pivot, but you need to say what you mean and mean what you say. While your tone may change and your approach may change, your central message should always be consistent. The idea is not to just spout off what you think the audience wants to hear, but to tell them what they need to hear in an honest and professional way. And, allow feedback to come back in the same manner. This is not personal —this is progress. Leaders will win over their them by being transparent and saying things in a way that people can hear.

5. MAKE AN IMPACT THAT MATTERS

What you say and do should be aligned with your company’s purpose and goals. You need to make it very clear to your team members how they play into the bigger picture. Remember, without them, there is no picture. When you narrow your focus on purpose, you establish common ground that many people can get behind and support.

These five tips will help you get your full team on board with your vision. Stay honest, be true to your values and make sure your team knows that they are vital and the reason for the company achieving its goals. As we say, there’s no “I” in “team”.

Jonathan Schultz is an entrepreneur, real estate tech investor and influencer. He’s the co-founder of Onyx Equities, a leading private equity real estate firm, and has been voted one of the most powerful people in real estate. Follow Jon’s blog here

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How Mark Cuban Invested $640k In A Company That Started…As A Prank

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In what turned out to be a ruse, a startup disguised their business as a prank to raise over $640k from investor Mark Cuban on Shark Tank.

Minneapolis-based entrepreneurs, Ryan Walther and Arik Nordby, founded Prank-O, a business that was built around amusing their friends with bizarre and fake products.

In their pitch to the Sharks, they introduced a string of products in gift boxes — ranging from coffee-maker shower heads to snack hats — only to reveal later that the novel products were fake.

The duo looked to snag an investment of $640k for an 8% stake in the business, before revealing their declining sales — from $10M five years ago to an estimated $2.8M this year.

The dip in sales came after the team tried to branch into creating the prank products, stringing together debt worth nearly $1M.

Despite the numbers, Mark Cuban bit. “I’ll make you an offer, but you’re going to have to listen,” Cuban said.

“You’ve got a great product, you’ve got great comedy minds, but your track record speaks for itself, and I don’t mean that in any disrespect, but all entrepreneurs go through this,” he said, offering $640k for 25%, more than three times what the company initially pitched.

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This Mogul Became America’s 1st Black Billion-Dollar Businesswoman

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Sheila Johnson.

Where to start?

She’s the first black billion-dollar businesswoman. Before Oprah Winfrey.

She started as a TV executive, founding Black Entertainment Television (BET), the first TV network targeting African Americans. She then became a real estate mogul.

Oh, she also owns a stake in three major sports franchises, the NBA Wizards, NHL Capitals and the WNBA Mystics, the African American, period, to boast that claim.

In honor of Black History Month, let’s dive into her remarkable career.

FAST FACTS:

  • Born Sheila Crump in McKeesport, Pennsylvania, Johnson co-founded BET in 1979 with then-husband Robert Johnson. The couple sold it to Viacom in 2000 for $2.9B
  • Sheila Crump Johnson became the first African American woman on the Forbes’ Billionaire list in 2000—beating Oprah Winfrey to the distinction.
  • Per Forbes, Johnson has an $820M net worth as of 2019

 GIPHY

Foray into real estate…

After closing the sale to Viacom, Robert and Sheila pocketed around $1.5B each. Johnson used that windfall as seed money to build a hospitality real estate empire in 2005.

“There’s a disparity in paychecks between whites and blacks,” she told the Wall Street Journal. “I will never forget that.”

As CEO of Salamander Hotels and Resorts, Sheila controls a spectacular portfolio of six luxury hotels in Florida, Virginia and South Carolina. And she’s built it from the ground up—literally—in her own spirit.

“I’ve been to many hotels, not only in the US, but all over the world,” she told Forbes last year. “And I wanted to find something that was going to really make Salamander stand out beyond all of these hotels.”

So what does that mean?

“You have to understand, there are a lot of people, investment companies, with very deep pockets,” she says. “They can do it, but they don’t have the experiences that we’re able to bring. I am constantly trying to find a way to help Salamander Resort & Spa stand out head over heels above any other hotel — not only in the area, but in the nation.

“I want them to leave that resort wanting to come back and not just say, ‘I’ll be back in six months.’ I want them to come back all the time.”

And so far it’s worked. In fact, on Forbes Travel Guide’s 61st list of Star-Rated hotels, Johnson’s Salamander Resort & Spa outside of Washington, DC earned a Five-Star distinction.

Image Credit: Salamander Resort & Spa

Forbes: “Everything [she] touches turns to gold.”

That’s a real quote. From Forbes. Last year. It’s also true.

BET? Billion-dollar exit. Washington Capitals? Stanley Cup.

And Roma. Won 10 Oscars. Who showed it before a single soul started caring? Johnson’s Middleburg Film Festival. (Which, by the way, has 32 films and counting in Academy Award contention.)

Remember her golf resort at Innisbrook? Oh, yeah. Hosts the Valspar Championship, one of the PGA calendar’s most-anticipated tournaments.

Becoming a billionaire comes with a new level of clout as well. “When you don’t have money, you’re not invited to special events; you really don’t matter,” she told WSJ. “It’s a society thing.”

So instead, she’s turned to giving back. Her Sheila Johnson Fellowship’s paid for more then 40 scholarships at Harvard University for students who otherwise wouldn’t afford to attend.

Image result for sheila johnson"

Breaking glass ceilings. 

There’s an alarming statistic in business and diversity—especially as it pertains to women. According to research by investor Richard Kerby, 18% of all VCs are women—and only 3% are black. In addition, less than 50 black women ever have raised $1M in funding.

“When I got started,” Johnson says, “I couldn’t get a loan. I had to use my own money to get Salamander Resort and Spa.”

She explained to WSJ last year that men can go to any bank with a bank proposal. And no matter how “wacky” the idea is, she said, “they’re going to get the financing. Women do not have that ability.”

Johnson’s taken it upon herself to do something about that, becoming one of the founding partners of WE Capital, an investment firm that invests in female entrepreneurs.

“I started out in a very unique position where I had my own capital to be able to get started,” she says. “But there have got to be banks and investors that believe in helping women who want to be entrepreneurs in the hospitality business.

“And it’s just really, really important that they really take a look at this.”

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