The NBA Crash Course: 5 Lessons Entrepreneurs Can Learn From LeBron James

It is a widely understood fact that the difference between world class athletes like Lebron James and other great athletes is their ability to control their emotions and get "in the zone." However, we rarely understand or discuss this important mental side of the game.

Studying Lebron James and other great athletes provides a strong foundation for managing your psychology and winning in the marketplace.

BEING PRESENT:  "I treat it like every day is my last day with a basketball." - Lebron James

Performing at a world class level requires near perfect focus. Distractions can be internal or external, and can relate to issues before, during or after the present moment. Lebron James is able to keep his mind still and be entirely present, focusing only on the next shot or defensive sequence.

In business, you conserve your finite energy resources by staying in the moment. You will always perform better by separating and focusing on what you can control, such as your products, team and strategy, versus what you can't control, such as the economy or political environment. Remember, the only decision that matters right now is the next decision.

PURE MOTIVATION:  "Basketball is my passion, I love it. I just try to move forward and achieve my goals." - Lebron James

The most powerful kind of motivation is intrinsic motivation and athletes like Lebron James play for themselves only. Any other motivation -- money, family, statistics or fame -- are less powerful and sustainable motivators, and nothing is worse than playing for someone else.

In business, if you wake up everyday to do what you love and perform at the best level you possibly can, you will reap the benefits of pure motivation. Knowing why you do what you do is foundational to success.

COMMITMENT: "Commitment is a big part of what I am and what I believe. How committed are you to winning?" - Lebron James

When Lebron James looks in the mirror he knows he is committed to winning. Do you? World class athletes know that full commitment coupled with better preparation and focus, enable them to enter a zone of peak competitiveness. Anything other than full commitment to our goals will result in suboptimal results. In business, your employees, partners, customers and team members know if you are fully committed. The question is whether you know and, if you aren't, what are doing to regain that commitment?

FEAR OF FAILURE: "You can't be afraid to fail. It's the only way to succeed." - Lebron James

Lebron James is not afraid and he knows he must free himself from fear in order to perform. Although it is easier said than done, athletes and executives can train themselves to overcome fear.

Ø  First, you can become desensitized by fear by making situations familiar through visualization and experience.

Ø  Second, put your efforts in a broader context such as being rationale about what really matters in your life.

Ø  Lastly, never underestimate the power of faith in yourself and/or a greater purpose. Success in your business is important but where does it rank relative to your health or that of your children? Context matters and can help overcome fear of failure.

MANAGE YOUR EMOTIONS: "There is a lot of pressure put on me, but I don’t put a lot of pressure on myself. I feel I play my game, it will care of itself.” - Lebron James

Lebron James could be emotionally impacted from every source imaginable -- the press, teammates, coaches, family and friends -- and undoubtedly has thoughts and feelings which are not always positive. However, he knows he is more than what he thinks or feels and is able to stay focused on playing his game.

 Often times athletes create shortcuts for staying focused such as substituting curiosity in the place of frustration or visualizing the of release negative thoughts. In business, it is similarly easy to get distracted by our emotions unless you have practiced having a calm mind. When in doubt, slow your pace, breathe and play your game.

The GBSH Business Acceleration Academy helps companies systematically and efficiently enhance their strategy and organizational and operational capabilities in order to achieve or maintain the leading position in the rapidly changing business environment. For more info log onto GBSH Business Acceleration Academy or follow us on twitter @gbshconsult

Are You Investment Ready?

A Checklist to use if you are considering an investment route for your business.

The big idea

Investment readiness means that you are in a strong position to present your business to different investors and meet their requirements. You may have a particular project to put forward or you may feel that your business is ready for rapid growth. On this basis you might consider approaching different sources of funding, such as:

·         Business angels

·         Venture capitalists

·         Banks

·         Other funders such as high net worth individuals

Purpose

Seeking external support to allow your business to grow involves both ensuring you have a credible case to present and making a series of personal decisions to make sure you are comfortable with the direction you are taking the business in. The purpose of this tool is to help you think about some of the issues that might arise during this process so you are more likely to meet the needs of the investors and to succeed.

 You are unlikely to be investment ready if:

·         You are unwilling to give up a stake in the business

·         You have an inadequate business plan

·         You are not looking for fast growth. Can you provide a growth level of eight to ten times within five years?

·         You do not have a proven need for your product or services

·         You lack knowledge of your market

·         You lack knowledge of the investment process

·         You are unable to pitch your business effectively or credibly

The Tool

This tool consists of a questionnaire that takes you through some of the key questions you need to consider to work towards investment readiness. It can be done on your own or with people who know you and your business well. It is for businesses of all scales interested in external investment. The questionnaire should take 20 minutes to complete.

Download this tool(PDF)

Join us in the upcoming series on the Business-survival Toolkit coming soon......

GBSH Consult is – an award winning, international business transformation and turnaround firm with proven success in solving complex financial, operational and people performance issues. www.gbshconsult.com

Essential Lessons Entrepreneurs Can Learn from Nelson Mandela

One of the world’s most recognized and popular statesmen, Nelson Mandela (an anti-apartheid revolutionary, politician and philanthropist who served as President of South Africa from 1994 to 1999), shared indelible lessons that every entrepreneur can take to heart.

The former South African president’s plight to overturn apartheid was an inspiration to many around the world. As Mandela once explained, ““It is never my custom to use words lightly. If twenty-seven years in prison have done anything to us, it was to use the silence of solitude to make us understand how precious words are and how real speech is in its impact on the way people live and die.”  (South Africa, July 14, 2000).

Here is an inspiring look at six quotes attributed to Nelson Mandela that can positively impact your life and your business.

1. “Difficulties break some men but make others.”

Starting a business is full of victories … and difficulties. But what truly distinguishes a winner is the resolution to keep going. Overcoming business challenges is par for the course of entrepreneurship. From learning how to build brand awareness and compete against established companies to building a winning company culture and hiring great talent — these difficulties, in the mind of a winner, are merely opportunities.

2. “It always seems impossible until it’s done.”

Onlookers will often say to a fledgling and hopeful entrepreneur, “That’s impossible.” But those who have built successful companies know one thing to be true: ““Impossible is just a big word thrown around by small men who find it easier to live in the world they’ve been given than to explore the power they have to change it. Impossible is not a fact. It’s an opinion.

 Impossible is not a declaration. It’s a dare. Impossible is potential. Impossible is temporary. Impossible is nothing.” (Muhammad Ali) To build a successful business, is to perfect the art of the “possible.”

3. “Everyone can rise above their circumstances and achieve success if they are dedicated to and passionate about what they do.”

Every business owner is faced with broad commonalities, and a multitude of varying circumstances. And if you are in business for any length of time you will inevitably hear someone tell you the importance of dedication and passion. Dedication equips you for the road ahead while passion inspires you to go the extra mile;when others would likely tell you to “pull over” or “turn around”. While many of us will not face the depth of struggles that many great men and women have encountered, we know that without these things success is infinitely harder to attain.

4. “I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear.”

Before you consider your latest and greatest business idea, land your first customer, pivot your business model, explore new market opportunities, and scale your success you will come face to face with fear. Not once, but many times. So, before an entrepreneur masters anything else in business, they must master their fear: the fear of failure, disappointment, the unknown. 

Overcoming fear in business starts with repeated action despite challenges and perceived setbacks. Ideally, each action is strategically based on a business game plan. Remember: the next great success in business is one step away from the mastery of your fear.

5. “There is no passion to be found in playing small — in settling for a life that is less than the one you are capable of living.”

What are you truly capable of becoming? If you have the courage to build your dreams into reality then I’d venture to say that you are capable of much more than you ever believed. I once said that entrepreneurs are the new superheros because “By definition, superheroes are people that possess extraordinary powers and skills. 

Doesn’t that sound like an entrepreneur to you? Small business owners certainly accomplish seemingly impossible feats, tackle enormous risks and rely on a supporting cast of invaluable characters to get the job done. While we’re not costumed crime fighters, we have an even more important role in society — to change the world.”

6. “Do not judge me by my successes, judge me by how many times I fell down and got back up again.”

Behind every great entrepreneurial success story is another story … of setbacks, challenges, defeats and failures. As you grow a successful small business, from zero to hero, you will learn that success is merely a byproduct of quality decisions that are made — day in and day out. Every entrepreneur will fall down, but those that are successful know that failure is temporary and true success rises .. and rises … again.

 GBSH Consult is a global management consulting firm proven in delivering leading business results. GBSH Consult supports clients in preparing them to be investment ready as well as position them in the global business marketplace.  For more information go to www.gbshconsult.com