Book Review: The Responsible Entrepreneur

The_Responsible_Entrepreneur

by Carol Sanford

Entrepreneurship goes beyond starting your own small business. Many larger businesses exhibit innovative and entrepreneurial ways of thinking. Anyone starting or bringing in new business fulfills the role of an entrepreneur. Carol Sanford brings her vast experience in helping executives and corporations to entrepreneurs looking to launch and scale a venture by mapping out four archetypes in The Responsible Entrepreneur. This book is now available as a Soundview Executive Book Summary.

“Archetypal roles provide a roadmap for taking on bigger challenges, making bigger promises, and focusing the energy and resources needed to get bigger results,” writes Sanford. The four archetypes are The Realization Entrepreneur, The Reconnection Entrepreneur, The Reciprocity Entrepreneur, and The Regenerative Entrepreneur. The archetype required to change an industry is a Realization Entrepreneur. The Reconnection Entrepreneur is the archetype required to change social systems. The Reciprocity Entrepreneur is the archetype required to change cultural paradigms. The archetype required to change connection to foundational agreements is the Regenerative Entrepreneur. By understanding what archetype aligns with your goals, you will learn how to grow your business into a powerful platform that can leverage change. Sanford provides readers with examples of how extraordinary people changed business for the better, including Kipp Baratoff, Annalie Killian, and Shainoor Khoja.

All four archetypes can be found in established organizations. Beyond learning how to leverage business with your archetype, you will learn how modern archetypes can alter the future. With The Responsible Entrepreneur, entrepreneurs can build businesses that will make the world a better place.

Purpose as the New Driver of the Economy

In my blog post on October 20th, I looked at a trend we’re seeing in business and business books focusing on purpose as the new driver of businesses and employees.

One book I featured was The Purpose Economy by Aaron Hurst. Aaron has experienced this trend first-hand as he developed into a purpose-driven entrepreneur, eventually launching Taproot, which creates a pathway for millions of professionals and Fortune 500 companies to volunteer for nonprofits.

Aaron introduced three types of purpose:
• Personal Purpose – we find purpose when we do things we love, attempt new challenges, and express our voice to the world.
• Social Purpose – relationships matter to humans. They reinforce our sense of value, require us to engage, and ultimately help us grow.
• Societal Purpose – purpose comes when we do something we believe matters – to others, to society and to ourselves.

If you long for purpose in your work and life, or if you want to engage your company in purpose-driven endeavors, then join us on September 30th as we talk with Aaron Hurst about purpose at our Soundview Live webinar The Purpose Economy.

How to Think Like an Entrepreneur and Thrive in an Unpredictable Economy

OWN YOUR FUTURE

Don’t Have a Career Plan!
In the past, long-standing, respected, industry-leading companies might disappear due to competition from nimble upstarts; today, as author Paul Brown describes in the early pages of Own Your Future, it is entire industries that keep unexpectedly and jarringly disappearing: “Been to a music store lately? Drop off any photos to be processed? Used a pay phone? … Used a travel agent to book a routine vacation? Probably not.”

What does this mean for building careers? It means, according to Brown, that career plans are often useless. If you were an associate marketing manager for TomTom and had a plan to work up to regional manager and, some day, director of marketing, those plans ended when the unthinkable happened to the stand-alone GPS market: car manufacturers started including them in their cars. The same holds true for the ambitious low-level manager at Blockbuster.

The bottom line, according to Brown, is simple: don’t have a career plan! Brown has a better idea for dealing with the uncertainty of today’s world: a methodology known as ALBR.

What Serial Entrepreneurs Do

Nobody knows more about uncertainty, writes Brown, than serial entrepreneurs. Launching a company is always an exercise in terrifying uncertainty: Will my products or services attract customers? Will they be willing to pay the price that I need them to pay? Serial entrepreneurs – those who are always looking for the next business to start -thrive on such uncertainty. And for that reason, he writes, thinking like a serial entrepreneur is the best way to succeed in an uncertain economy.

Writing with Charles Kiefer and Leonard Schlesinger, his collaborators on his previous book Just Start, Brown describes in Own Your Future the path that serial entrepreneurs take as they launch their latest business.

  1. Serial entrepreneurs set out to do what they want to do. Passion is a word that is sometimes overused. Indeed, not every company launched by a serial entrepreneur was based on a passion. But at the very least, there was desire: serial entrepreneurs start companies doing something they want to do.
  2. Serial entrepreneurs act. Serial entrepreneurs don’t spend decades pondering an idea. No company was thought into being. But when they do act, they take a small step toward their goal. They don’t overcommit. They don’t risk everything. And they don’t become paralyzed by thoughts of “what if ” or “what might happen.”
  3. Serial entrepreneurs learn. After taking the small step, they stop and see what they have learned from that small step. Is the market response suggesting a different course? Do they still have the desire to move forward, or do they think they would like to do something else?
  4. Serial entrepreneurs build on what they’ve learned. After taking a small step and pausing and reflecting on that small step, they use the lessons of the first step to develop the next step.
  5. With the next step, they start the process all over again. Brown summarizes the process as Act, Learn, Build, Repeat – or ALBR. According to Brown, ALBR is the methodology that serial entrepreneurs use to deal with the endless uncertainty of launching new companies, the methodology that in Just Start helped organizations deal with uncertainty and, in Own Your Future, the methodology that will help individuals build successful careers no matter what their job.

The power of ALBR is that it turns career planning on its head. Instead of imagining the perfect job of the future and then figuring out how to get there, through ALBR you slowly create your dream job. This is a vital difference for the simple fact that the perfect job of the future on which you have set your sights may suddenly disappear from the horizon.

Own Your Future is a career and success book that, unlike many others in its category, is adapted to today’s realities. Brown and his coauthors are not afraid to dispute some of the most basic advice often seen in other books. (e.g., the oft-repeated maxim that if you do what you love, the money will follow is false; the money may not follow). From overcoming obstacles and choosing between love and money to how to act entrepreneurially without starting a company, Own Your Future is packed with advice and keen insight for those looking for their next job… which should be everybody.

What is a Responsible Entrepreneur?

“Responsible entrepreneurs are a special breed, seeking to transform industries and even society itself. They challenge and refine cultural assumptions, laws, regulations, and even the processes of governance. This requires them to do and think far beyond what is usually required of business leaders.” Carol Sanford

In Responsible Entrepreneur, Carol Sanford, one of the most trusted names in responsible business development, offers a blueprint for this new kind of business leadership, describing the means by which any entrepreneur can pursue a higher order of work.

Sanford maps this journey through four archetypes:

•The Realizing Entrepreneur:  Industry Game-Changer (Steve Jobs, Sarah Slaughter)

•The Reconnection Entrepreneur: Society Game-Changer (Richard Branson, Cheryl Contee & Kipp Baratoff)

•The Reciprocity Entrepreneur: Culture Game-Changer (Oprah Winfrey, Michiel Bakker & Annalie Killian)

•The Regenerative Entrepreneur: Governance Game-Changer (Larry Page, Jay Coen Gilbert & Shainoor Khoja)

We have invited Carol to our upcoming Soundview Live webinar, The Responsible Entrepreneur, to give you a better understanding of which archetype most aligns with your goals, so that you can learn how to grow your business into a powerful platform that can leverage change, and even change the foundations that create our most pressing problems and issues.

For entrepreneurs seeking to pursue world-changing results, or impact investors looking to align their capital with their values, The Responsible Entrepreneur provides the frameworks to build a business and to evaluate and direct investments to create the greatest benefit for all stakeholders. For anyone who wants to make a difference in the way businesses affect the world, The Responsible Entrepreneur lays out ways to make that aspiration focused and doable.

Join us on July 24th for our webinar with Carol Sanford, and bring your questions to post during the live event.

Think Like an Elite Warrior to Lead and Succeed

THE WAY OF THE SEAL

A Warrior Turned Entrepreneur

“Let’s face it. When the stakes include your own mortality, you tend to be very clear about what’s important.” As a former member of one of the fiercest fighting forces in the world, Mark Divine, who writes these words in his new book, The Way of the SEAL, is all too familiar with mortality. The SEALS are the elite group of fighters who take on missions that would seem suicidal to men less trained and less dedicated. Divine spent 20 years in the SEALS, retiring as commander. In The Way of the SEAL, he applies the mental and emotional training of the SEALs to success in the world of business and life through eight core principles.

The mix of Divine’s early background in business (including an MBA from New York University’s Stern School of Business and a job with a big eight accounting firm), years as a combat soldier, and subsequent challenges as an entrepreneur makes him uniquely qualified to help people overcome hurdles and push themselves and others to success. For Divine, who has started and led six multimillion dollar ventures since leaving the military, most leadership and management books make the mistake of offering techniques and strategies without first building the personal foundation required for success. It all begins with you, what you have inside, he writes. The following eight principles are designed to build that foundation.

  1. Establish your set point, the core values, passion and purpose that guide what you do.
  2. Develop front-sight focus — like a sniper focused exclusively on the front sight      at the end of the barrel and the target beyond, don’t let yourself be distracted or derailed.
  3. Bulletproof your mission so it won’t fail.
  4. Do today what others won’t so you can achieve tomorrow what others can’t.
  5. Forge mental toughness, eliminating the quit option.
  6. Break things and remake them — everything improves through innovation and      adaptation.
  7. Build your intuition, which includes slowing down so you can engage the senses.
  8. Think offense all the time — be confident, do the unexpected and execute without delay.

Devoting a chapter to each of the principles, Divine offers practical strategies followed by exercises to help his readers apply the principles to their lives. Bulletproofing the mission, for example, begins with “selecting high value targets” — making sure that the goals you choose fit your skills, are important to achieving your overall mission, fit the timing, and are simple and clear. Achieving the goals starts with answering four questions: What are your priorities? What are the realities of the situation? What options do your targets suggest? And what path forward will you select? The next step in bulletproofing your mission is to communicate the mission through a visual story. Finally, rehearse repeatedly.

The First Death

In his introduction, Divine tells the story of “Mr. Kane,” the owner of a family-run paper company audited by Divine’s employer at the time, a large accounting firm. To accumulate lucrative billable hours, the accounting firm kept the audit going as long as possible. Divine overheard one of Mr. Kane’s sons say that “these guys are never going to leave” and “they’re going to kill Dad in the process.” Indeed, Mr. Kane died of a sudden cancer during the audit. Kane & Co. would be Divine’s last client. He quit his high-paying corporate job and chose a new career that would put his life on the line in the most dangerous places in the world.

Readers involved in any endeavor will be fascinated, informed and guided by the often harrowing stories and practical lessons offered by this warrior turned entrepreneur.