On Your Own Terms - December 2018

oyot The voice of Entrepreneurial Freedom ™ and the oyot network

December 2018

Why You Need to Know Your ‘Why’ Don’t Build Success You Hate

U nfortunately this time-honored business mantra, “If you’re not progressing, you’re regressing” has been the source of frustration for many an entrepreneur. While I fully understand this mindset, I don’t necessarily agree with it. The constant emphasis on never-ending growth —more clients, more money, and more expansion, etc. — can actually cause more problems than it helps, especially when it comes to running your own business. The constantly on, have to keep growing mentality and the self-created stress created by never slowing down is what causes so many entrepreneurs to wake up after five years without a day off, look in the mirror, and say, “This sucks! I want my life back.” Instead of making exponential growth the main goal for your business, I recommend that you focus on finding your “why,” instead. I’m going to ask all of you a couple of personal questions: Why do you do what you do? Did you go into business for yourself simply because you wanted to be your own

boss? Did you want more time away from the office to travel or to do stuff with your family? Are you happy with your current results? The reason you initially started your business, or your “why,” is going to look different depending on who you are as a person. No two entrepreneurs or business owners are exactly alike. Even if they are in the same business, on the same street, or next door to each other, their versions of success are going to look vastly different. My own “why” has definitely changed over the years. When my wife and I decided to have kids, we knew we were going to have to make a lot of changes in our business to ensure that our focus was where we wanted it to be: on each other, our twin boys, and of course, our dog Fin! The hardest part of this whole process is actually articulating your “why.” Your underlying driving force. Everyone can at least list a few reasons they got into business, but they often can’t pinpoint their “why” exactly. That’s the first step. You need to articulate it in some way. Whether you write it down or put it in your office somewhere, you need your “why” to be a constant front and center daily reminder. When opportunities, tasks, or obligations arise, individual version of success. It becomes the center point guiding your every business decision. For example, if you go into my office right now, you’ll find the walls covered with pictures of my family. I hang the photos there for one very important you can measure them against it and determine if it actually fits with your

reason. Yes, I love my wife and kids, so I want to look at them, but those pictures also serve as a daily reminder of my “why.” It took a long time for me to identify my own “why,” but once I did, I found that I can maintain my company’s success and have enough time to take (frightening) rides in the passenger seat while my boys practice for their driver’s test. I can still earn my desired revenue and take my wife out to a nice dinner to celebrate our 21st wedding anniversary this month. I can still generate leads and take a week off to celebrate Christmas with my family , exchange awesome homemade gifts, read a book by the fire, and take pictures of Fin in her Santa hat! Once you can articulate your own “why,” you’ll find it easier to give yourself permission to pull back. You’ll realize that business is personal and should be treated as such. Every business owner I meet says, “I could never do that. I could never take time off.” Yes, you can! You just have to plan for it by crafting a business that you can manage rather than letting your business manage you. You can get your life back and Do Business On Your Own Terms ® . Sometimes what’s needed to reboot yourself is a hard RESET. Learn how I might be able to help. Go to OYOT.com/RESET to find out how!

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The Chicken or the Egg? Why Nurturing Employees and Customers Is the Key to Retention

Who comes first: employees or customers? When posed this classic business question, Southwest Airlines co-founder Herb Kelleher had an easy answer: employees. “If employees are treated right, they treat the outside world right,” Kelleher explained. As Kelleher knows well, employee-customer relations are a cycle — one that fuels recurring business. Engaged employees deliver service that converts to sales, a fact backed up by a Gallup report. Gallup cited a 20 percent increase in sales as a result of this process. Even as you’re courting leads, you can’t ignore your existing customers. Likewise, even (and especially) as you grow, you have to nurture your employees. The cost of losing either is too high. In the holiday rush, it’s important to not lose sight of your priorities. Get them hooked on your service. Have you ever asked a client why they return to your business? Do you think it’s because they can’t find your product or service anywhere else? Probably not. Think about the last time you returned to a restaurant. Was it because it’s the only place in town that makes amazing Thai food? Maybe, but it’s more likely that you enjoyed the welcoming host, attentive waiter, and positive experience you had there.

Starbucks is a great example. Even with thick competition, they deliver consistent service and quality

products to customers, whether in Oregon or London. And they do this by providing competitive wages and benefits to their employees along with training and learning opportunities. Employees who are knowledgeable and excited about what they are offering pass their enthusiasm on to customers. Own up to mistakes.

Even the best businesses make mistakes. When it happens, own up to it. There’s probably been a time when you put in your order at a restaurant, only to receive the wrong thing. How did the business handle it? Did they admit their mistake and offer you a new meal? How a business treats customers when things don’t go smoothly is a good indication of how they’ll handle adversity in general, and that reaction starts with employees. Set the precedent for employees that a mistake is their opportunity to go above and beyond. A transparent environment will make employees feel more comfortable, which will make customers excited, rather than apprehensive, to engage with your business again.

Famous Entrepreneurs Throughout History What We Can Learn From Those Who Came Before Us

in the world. As he continued to grow his business, Pillsbury traveled to Europe to observe mills in Budapest, Hungary, to ensure that his product would forever be referred to as “Pillsbury’s Best.” What’s more is that he introduced a system of company profit sharing, paying as much as $25,000 per year in bonuses to employees. As a result, no strikes ever interrupted his flow of business. It was his passion for learning from others, his close attention to detail, and his care for his employees that made his business the success it was and continues to be today. Be sure to look up some other famous entrepreneurs born in December.

When discussing the past, people seem to have a lot of differing opinions. Some firmly believe that they need to leave it behind them in order to experience any kind of growth, while others view the past as a way to learn from previous generations. I’m definitely a supporter of the latter idea — especially when it relates to your being able to Do Business On Your Own Terms ® . Whether you’ve been in business for one year, five years, or even 20 years, there is always something you can learn from the entrepreneurs who came before you. One of the many successful entrepreneurs born in the month of December has left such a legacy for himself that the second you read his name, you’ll know exactly who he is: Charles Pillsbury.

Pillsbury graduated from Dartmouth College in 1863, working hard to pay for his tuition by teaching part time. He then moved to Montreal, Quebec, where he worked as a clerk and partner at a mercantile enterprise for six years. After marrying a woman named Mary and starting a family, Pillsbury decided to start his own flour business near the Falls of St. Anthony in Minneapolis. At the time of his arrival in the states, the five small but established mills in the area were grinding their grain with large buhr stones. Pillsbury made a close study of the methods of previous businesses, and he chose to discard the buhr stones and introduce new practices. His eventual use of a series of carefully gauged steel rolls that mill grain into flour effected a revolution in the large flour mills of the U.S. Thus, Minneapolis became one of the largest markets for grain

• Henry Wells • Walt Disney • Ted Nugent

• Howard Hughes • Conrad Hilton

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What Makes an 82-Year-Old Business Book Relevant? A Great Book to Kick Off the New Year

I get that claiming a book might change your life is a tall order, but after reading this classic, you’ll likely tell me I’m right — something I’ll never tire of hearing! Even though it was originally published 82 years ago, Dale Carnegie’s book “How to Win Friends and Influence People” is still recommended by everyone who comes across it. To this day, it still stands as one of the best-selling books of all time. How has it remained relevant in a massively different, technologically advanced world? Fundamentally, Carnegie’s book focuses on us: humans who evolve but whose basic needs just don’t change much. We all need to feel valued, appreciated, and respected, and when it comes to business, showing a genuine interest in a colleague or associate goes a long way toward building a lasting relationship — something we all know is key to converting leads into sales. With a message based on relationships, Carnegie’s book hasn’t grown stale with time. Here are three of his suggestions that you can implement today. Be Authentic Carnegie’s methods for winning people over are, at their core, about authenticity. “Show a genuine interest in others,” he instructs. “Give honest and sincere appreciation,” and “be a

good listener.” Adopt this advice by paying extra attention when a client introduces themselves. A person’s name is important, because, according to Carnegie, it may be “the sweetest and most important sound in any language” to that individual. Make Simple Goals Carnegie’s ideas are revolutionary because they are simple and easy to do. For example, his first principle is plainly, “Be nice,” which is necessary and will always be important regardless of the business you’re in. Then, in the chapter entitled, “Six Ways to Make People Like You,” Carnegie’s suggestion is similarly straightforward: “Smile.” We’ve all read science on the psychological effects of smiling, but it’s still too easy to forget this simple gesture. Be Honest Be transparent with partners and clients, and as Carnegie suggests, be quick to admit when you’re wrong. When it comes to conflict, being right won’t win you anything; it’s better to avoid that lose- lose scenario and listen to your associate’s point of view, instead. Respect their opinions. Set up 2019 for success by implementing Carnegie’s timeless, genuine advice, and see the results for yourself!

30-MINUTE CAULIFLOWER SOUP

Inspired by Good Housekeeping

INGREDIENTS

• 1 small head cauliflower (about 2 pounds), cored and sliced • 1 leek, chopped • 1 medium onion, chopped • 2 cloves garlic, finely chopped • 4 cups low-sodium chicken broth or vegetable broth

• 1/2 cup heavy cream • 1 tablespoon unsalted butter • 1 tablespoon extra-virgin olive oil • Salt and pepper, to taste

Where’s the Fun?

Candle Cookies Decorations Family

Gratitude Holidays

DIRECTIONS

Snowflake Snowman Snowstorm Tradition

1. In a large pot over medium heat, melt butter into warm oil. Add onion and leek, season with salt and pepper, and cook until tender, about 10–12 minutes. 2. Stir in garlic and cook for 1 minute. Add cauliflower, broth, and cream. Simmer until cauliflower is tender, about 15 minutes. 3. Using a blender, purée in batches until smooth. 4. Top servings with a drizzle of olive oil and a pinch of pepper.

Travel Winter

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INSIDE

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Why You Need to Know Your ‘Why’

Don’t Let Retention Slide in the Holiday Rush Famous Entrepreneurs Throughout History

This Book May Change Your Life

30-Minute Cauliflower Soup The ‘What the Fluff?’ Challenge

‘What the Fluff?’

How to Make Your Dog Think You’re a Magician

Dog owners across the world are confounding their sweet pups with the latest internet craze, aptly known as the “What the Fluff?” challenge. For this puppy prank, the

when you can’t see them. Scientists have long known that dogs, unlike newborn babies, understand object permanence. In 2013, a team of animal cognition scientists at the University of Kentucky conducted an experiment reminiscent of “What the Fluff?” They showed a dog a bone, hid it behind a screen, and swapped it with a bone of a different color. When they revealed the new bone, the dogs spent more time inspecting the swapped-out bone than they did when the scientists revealed the same bone as before. Because the dogs were perplexed by the incongruity, the team concluded that dogs exhibit object permanence. So how does a dog feel when their owner disappears suddenly? It’s hard to say. Most animal cognition scientists are hesitant to hypothesize about something so subjective as emotions, but after watching the pups’ reactions on Instagram and YouTube, most experts deem the prank harmless. “What the Fluff?” is akin to playing peekaboo with a baby. Does it cause some confusion? Definitely. Is it destructive? Not likely.

rules are quite simple. The owner stands in front of their dog and lifts up a blanket in front of them. As their pet looks on, the owner runs away and lets the blanket fall to the ground. From the unsuspecting pup’s point of view, it seems as if their beloved owner has disappeared into thin air! Some of the dogs stare ahead befuddled, some spin in circles, and others run around the room trying to find where their owner is hiding. It’s all fun and games for humans, but a lot of dog lovers can’t help but wonder what is going on in the minds of their pets. Zazie Todd, a professional dog trainer who holds a Ph.D. in psychology, explains that the “What the Fluff?” challenge demonstrates that dogs exhibit object permanence: the understanding that objects exist even

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