Ed Chan (bio)
Founder / Chairman (WIZE Mentoring)
Founder / Non-Executive Chairman (Chan & Naylor)
w: www.wizementoring.com
Sydney l Melbourne l Dublin
EQ and IQ is being bandied about in all leadership courses
IQ - intelligent quotient - it’s what you born with - can’t really be taught . It’s how smart you ate !
EQ - Emotional Quotient - is how you behave - and understand and manage your emotions and how you behave to and with others
Professor Gary Martin shares AQ, MQ and BQ to the mix
Adaptability quotient / ability to adapt - Grit, resilience, mindset and mental flexibility are all important attributes that underpin an individual’s AQ. ()
Moral quotient (MQ) - knowing right from wrong - and having the ability to take responsibility for one’s action and understand and accept consequences:
MQ is an essential ingredient to succeed at work and in life more generally.
Body quotient - BQ is about how you manage your body or the ability to notice body sensations, listen to them and respond in a way that respects the body’s needs.
I reckon LQ is pretty important - Likability Quotient - tha ability to be liked is a key skill - that can also be learnt!
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A great customer relationship is based on trust - and a trusted relationship is based on a foundation of clarity, clear expectations and no surprises.
It’s like a marriage - and a marriage (in Jewish law is governed by a “Ketuba” which is read in full at the wedding.)
Similarly, your relationship with your customer should be governed by a well-crafted, customer focussed Service and Confidentiality Agreement (SCA) which defines what your customer can fairly expect, how you plan to deliver that service - and of course - what you expect of them
Your customers have to know that you put them first.
Your SCA is an agreement between you and your customers and makes sure you both have a clear and concise definition of services, responsibilities, timelines, and guarantees.
It will deliver clear advantages to you and your customers and should be an integral part of your customer onboarding process.
It should specify exactly what is (and is not) covered, document roles and responsibilities of both parties, and define service prerequisites that set you up for success.
When you’re clear on expectations, you’ll be able to measure and manage the user experience in a meaningful way and position yourself as a trusted advisor.
The better your agreement, the more you and your clients benefit.
Your SCA delivers peace of mind to your customers, who can refer to agreed-upon deliverables, see clearly defined terms of service, and access specific instructions for support and escalation.
Since your SLA is a legal document, you also want to make sure a qualified legal professional who understands the industry and any relevant verticals or regulatory considerations reviews it.
“If used correctly, the SCA Agreement can be your most effective sales tool and the ultimate source of your profit and protection.”
“It costs approximately six times more to attract a new client than to retain an old one.”
Things change in every relationship, and your relationship with your customer is no different.
On a pre-established, regular schedule, you should meet with your customer to revisit your SCA and make sure it is still meeting the needs of both parties. If it isn’t, you might need to refresh.
You’re offering a new service. Don’t set yourself up for failure by allowing new services— with new requirements—to be governed by an old SCA
Your team is struggling to meet timelines.
If you can’t meet current SCA expectations, especially if it’s because you’re constantly delivering higher quality work, it’s time to renegotiate.
If you’re losing customers to SCA- related disputes, especially at a higher rate than the industry average, it’s time to make some changes.
It’s confusing. If you’re constantly getting questions about a
particular section of your SLA, rewrite it for clarity.
It isn’t keeping up.
Technology changes fast, and sometimes your
SCA might not reflect the change. Use revision time to update your standards and stay competitive.
Your business is only as good as your reputation - and a solid reputation is based on the satisfaction of your customers .
Customer Satisfaction is the key to success
“90% of customers who are satisfied with you will recommend and refer you to your peers.”
Tobi Talks about the 7 Paradoxes of Entrepreneurship
If you are an entrepreneur - all the power to you....... welcome to club fear!!
Entrepreneurship is a phenomenon driven by creativity and imagination and can be quite a tricky process for the uninitiated, due to a number of counterintuitive paradoxes that entrepreneurs have to contend with, in order to be successful. Let’s take a look at seven of these paradoxes.
The first paradox is you “lose money to make money”; so, what does that actually mean? Well, a startup enterprise is a blank canvas and a learning environment, and the founder has to try and figure it out, and “experiment”, and collect data, much like a scientist. Naturally, these experiments don’t always work, and they can drain your resources completely, if not managed carefully. For example, you have just launched an online business, but you are not sure about your marketing tactics, so you start experimenting with different things, based on your customer personas. Things such as Facebook, Instagram, SEO, LinkedIn, etc. Some will work and some won’t work depending on how well the entrepreneur has identified their target market and the message they are sending out. Each experiment will cost money, how much will depend on the entrepreneur’s budget and how they allocate and manage their budget.
The second paradox is you “relinquish wealth to create it”, (the entrepreneur’s or others’). This is simply the capital investment required to start the business. Now, of course, some businesses don’t require a lot of capital to start, but as the business grows it will require some form of finance (such as debt) or investment (equity). For example, the entrepreneur could be required to second-mortgage their property in order to obtain finance from the bank, so all those years of paying off their mortgage, is now handed back to the bank, and furthermore, all those years of wealth creation could actually be lost.
The third paradox is you “experience failure to experience success”. Every seasoned entrepreneur knows this is true. Success is not just a fork in the road; it’s not whether you either succeed, or not, but rather it’s a series of trial and errors until that unique success formula is discovered. The problem with most entrepreneurs is they give up too early, either through disappointment, exhaustion, lack of capital, or marriage breakup. Something to consider here is that the average entrepreneur “fails” or nine or ten times before they succeed. So, if you are wondering if you are a failure, then think again, you may still have a long way to go; there may still be lots of room for your success. As the famous US baseballer Babe Ruth once said, “Every strike brings me closer to a home run”. Probability-wise, this is also correct, try something enough times and you will succeed, (provided one learns something from each failure, and they are able to correct it). So, the development of resilience and persistence is the key here, and a final thought, nothing great comes from doing something easy.
The fourth paradox is “planning the “unplannable”. Anyone that’s ever started a business will know that if you write a business plan, it is pretty much useless, after the first three months. In my experience of starting my own businesses and coaching and mentoring others over the last 28 years, I don’t think I have ever seen a business start and stay the same course over time. Businesses continually pivot, in order to survive, especially at the startup stage, when they are figuring out what to do. This is purely dictated by the market, (the customer’s needs and wants), the industry, and its competitive pressures.
In my first business in the early 90s, I set-up a surf t-shirt manufacturing business, where I spent three months, full-time, writing a business plan, (which I was ever so proud of), and buying all the required equipment to print t-shirts. After, 3 months, one of my customers asked me if I could do snowboard wear. Now, in the early 90s, snowboarding was a “hot” and burgeoning industry, with very little local competition, so I said yes! I was able to completely transform my business into a snowboard garment manufacturing company, almost immediately. Within 2 years, I was already exporting to Switzerland, New Zealand, and Japan. My original business plan completely lost track.
Instead of a business plan, an entrepreneur must be guided by his/her vision, which includes their ideology and core purpose, as these rarely ever change. They should study the market carefully and listen to the customer, and then focus on creating their product/service. Then spend time figuring out strategies to build their market dominant position over time. Now, this will change as the market changes and competitive pressures increase, but will most likely take a lot longer. The tactics, which is what most business plans are built on, can change on a daily basis, hence the likelihood of it quickly being out of date.
Instead of writing a business plan, the entrepreneur should spend that time learning how to get a customer, then create a framework of how they will bring their resources together. Using, tools such as the Business Model Canvas can be very helpful and time-saver. The key here is to be flexible and open to opportunities, as you are learning, but also turning to be focused on building one thing and doing it well, (again another paradox here).
The fifth paradox is “creating chaos to create order”. Now, this is very counterintuitive, however, creativity comes from our imagination, and this is where the "sparks of genius" lie. One also has to acknowledge that there is a fine line between genius and madness. It actually stems from the same point, and this point is often mired in chaos. However, the entrepreneur must be able to take that “chaos”, and bring “order” to it, to be able to execute it. Here is where the “genius” ability emerges; that ability to take that “madness” and put it into some form of “order” that can make sense to the “real” world.
The sixth paradox is “creative thinking “outside the box” for innovation but requiring discipline and focus to execute”. Now, this is linked to the previous paradox and goes without saying, entrepreneurs need to look at something from an imaginative perspective, or some kind of uncontrolled thought, which can often even tinge on “madness” (as this is where genius lies). However, to be successful in execution requires some form of order, including discipline and focus, otherwise, it ends up being chaotic and dysfunctional, which will lead to underperformance, and worst case, failure.
Finally, the seventh paradox is “too much order and you lose creativity” the antithesis of the previous two paradoxes. When there is too much control, it often leads to bureaucracy, which completely kills creativity. In order to remain creative, an organisation must be flat, focused, and nimble, and encourage diversity and tolerance of failure.
So, as you can see there are many paradoxes to contend with, and the most successful entrepreneurs are able to have insight into these paradoxes. They are able to create strategies to overcome these paradoxes via fluid responses, built on flexibility and resilience, but also, they are able to be comfortable with ambiguity and uncertainty. They have a knack for being able to let things go and not get attached to them.
If you can think of any more paradoxes of entrepreneurship, please let me know.
Scarcity is Something that is in short supply, high demand, and available within a limited timeframe.
In 1975 this experiment saw 200 undergrad students taste and rate cookies that they believed were either in limited or abundant supply.
Cookies believed to be in limited supply were rated as significantly more likeable and attractive than those believed to be in abundance.
Students were willing to pay 11% more for the cookies they believed were ‘in short supply’.
we’re always craving what we’re told we can’t have.
Does abundance have value? Only if you can make it mores scarce or more limited and more ‘diamond than ‘rock’.
one ‘penthouse” on the top floor of a building that’s bigger and better than the rest
one “front row” at a concert”
“Bitcoin is the result of an artificial constraint (from $1 - $25k and rising )
Nike deciding to only produce 150 pairs of ‘Pigeon Dunks’, resulting in camp outs, riots and 4,000% mark ups on eBay.
Diamonds - De Beers have created and controlled the global diamond market by controlling the majority of the world’s diamonds, which are stockpiled in heavily guarded vaults.
The ‘diamonds are forever’ line has positioned diamonds 💎 as exclusive
play up the exclusivity and pride of ownership!
Great Insite by Dan Monheit (https://hardhat.medium.com/the-why-10-why-do-people-pay-so-much-for-diamonds-41062b483023)
