The Ultimate Corporate Entrepreneur

The Art of the Exit

This past year I've experienced "transitional speed-up" while writing Innovation in a Reinvented World, a reminder that embracing the ebb and flow of disruption is the norm in this new reality.

The speed of change and the degree of complexity in solving big problems in the new world of business requires a faster regeneration of our innovation DNA. Our ability to manage beginnings and endings, entrances and exits with agility, speed and finesse will become enhanced skill sets in the coming years.

Unfortunately, institutions--business, education and government--waste far too much time preparing and keeping people in place instead of educating and rewarding them in the art of the exit.

Embracing a life of transition requires that we prepare people for three things:

1. When it's time to let go of the old (the release)
2. How to release (the transitional process)
3. What to leave behind or bring along to enhance the next entrance (the reinvention)

Learning to see our lives as cycles of transition helps us to accept endings as a pathway to new beginnings, creative opportunities, and innovations. 

Pain Comes from Hanging On

I've suspected for some time that pain comes about when we hang on too long to outworn ideas, products, services, processes, and even relationships we've outgrown. By ignoring the early warning signs that "something" is stale and must either be rejuvenated or released, we miss opportunities for embracing disruption and innovating in front of the curve. Mediocrity becomes the norm by which we measure our lives and our relationships, our career or business, and our products and services.

In today's (still) sour economy there are plenty of people hanging on to toxic jobs that they hate and unhealthy relationships that they outgrew years ago. Leaders and managers do the white-knuckle-grip of fear, hanging on to the old way of doing business because disrupting an organization comfortable with the status quo is too risky. Companies continue to reward false distractions that deflect real change and transformation.

Our anemic economy requires executives, business leaders and professionals with the courage to shake up their fear-based mindset and embrace disruption with a clear objective towards innovating.

Creating Bridges

Transition can be a fearful thing for many people. The pace of transition in our lives is happening at such a fast clip that we're seeing this anxiety play out in societies around the world.

For years, as a reinvention readiness consultant and innovation catalyst I've helped people navigate and embrace change; teaching executives, business leaders and professionals about connecting the dots--"reading" and recognizing endings--in prepartion for new beginnings.

Exit Strategists, Transition Specialists

Today's businesses require navigators, guides, mentors and coaches for a reinvented world--transitioning us from the old world (old thinking) to the new world (new thinking).

We need people who are comfortable with recognizing and leading disruptive change and innovating in front of the curve. We also need people who can identify those who, in general, struggle with change and who will serve as bridges for these individuals who must learn to adapt and thrive in this time of transitional speed-up.

Business leaders must move away from punishing workers for not keeping up and, instead, reward them for assuming ownership for their own disruptions--career, business, and personal--providing various types of safety nets as they step out and design transitional accountability into their lifecycle plan.

Preparing people for a lifetime of transition also means allowing people to cycle in and out of roles (and the rigid titles that often accompany them); removing the "position stigma" that often comes when someone steps back to strengthen a skill or to lend their expertise where needed. Organizations will need to reinvent how they recognize and reward people for their contributions when continuous learning at any age and at any stage in someone's career is now a requirement.

[You can learn more about my 10 complimentary webinars and download a free chapter by "liking" our new Facebook page.]

 

Playing Your Cards Right: 7 Steps to Making Your Employer Your First Customer

A thought crosses your mind while sitting in your cubicle at work, “One day I’d like to run my own business.” You’re not alone. A recent study on employee engagement, (complimentary copy of the article with registration) conducted by the Corporate Executive Board's Corporate Leadership Council (CLC) and published in the May 2010 issue of Harvard Business Review, found that 25 percent of the "employer-identified, high-potential employees" plan to leave their current companies within the next year.

It’s too soon to tell whether these individuals will look for new employment or follow the path of a micropreneur--business owners with ten or fewer employees--who often provide large corporations with products or services as micro-suppliers.

Handling your workplace exit with finesse positions you nicely for converting your current employer into your first customer.

Step 1: Plan your exit strategy.

Every good business begins with a plan and checklist that includes tasks for each of these seven steps. Your exit timeframe should consider three key points:

• How long you / your family could afford to not receive your regular paychecks
• Employer restrictions on hiring former employees, i.e. you might not be able to become a business-to-business micro-supplier for a year (or longer)
• Your Plan B is solid. For example, you could consult via a boutique consultancy or directly with your company’s current suppliers

 

Step 2: Develop your succession plan.

One of the best ways to leave a legacy and a bridge that you can re-cross later is to develop a solid transition plan for the organization. Begin by documenting your job responsibilities in detail for use in training and coaching your replacement.

Is there someone in your immediate circle, former project team members or colleagues who you could recruit to assume your position following your exit? You might consider a face-to-face or virtual “brown bag” lunch time discussion about the differentiating aspects of your role.  What’s fun about your job, interesting to outsiders who may not have a clue about what you do?  People who show up could be potential replacements for you, so be sure to get their names and email addresses and follow-up with them.

 

Step 3: Build your early customer base.

Planning to return to your employer doesn’t mean that you have to work with your current department or business unit. Although certainly an option, this is the time to look across the organization to see what groups could use your expertise.

Expand your reach by collaborating with others on cross-functional projects that interest you, with the goal of building your list of decision-makers beyond your immediate circle.  

 

Step 4: Rebrand your expertise.

Ask people how they would describe your expertise. You might discover opportunities not previously considered. This is an important part of the reinvention process. If your passion lies in one area, but others don’t see your strengths in this area, now is the time to begin rebranding yourself as an expert of “X, Y or Z”.

Leverage your company’s social media tools via internal blogs where you post articles and tips about your “evolving expertise”. The goal is to lay a new transition path for others—you want people to discover what else you bring to the table.

Consider starting an external blog to differentiate and position yourself in the marketplace. If your business idea reflects your current expertise, then by all means blog about your competency in this area using your current title. Note: be sure to follow your organization’s social media policies if you’re blogging under the company name.

 

Step 5: Set-up your business.

Begin taking low cost or no cost courses, teleseminars, and webinars for starting a business. You’re in great shape if you’ve been applying the principles of corporate entrepreneurship. Now is the time to contact an attorney and verify that your idea doesn’t conflict, but complements your company’s products and services, or addresses gaps in what isn’t being offered today.

Cautionary note: developing your new product or service while employed is a gray area, one that is best discussed with your lawyer who can address potential issues associated with work for hire and conflicts of interest with your current employer.

 

Step 6: Begin your transition.

This is when you begin connecting the dots and all your hard work comes together. Expect first-time jitters, but like all opening acts this is where you see what’s working and what still needs work.

At this stage, you’re likely three months from any formal notification to your company.

 

Step 7: Graceful exit, powerful entry.

You officially resign with your employer at this point. Advise your manager and HR representative that you are flexible with your end date (since you’re not joining a new employer).

Share your succession details with them: documentation for training your replacement and suggestions for qualified individuals. If you’re open to training your replacement, now is the time to mention it. It’s also a great time to negotiate your exit package and, perhaps, even your re-entry terms.

Career Stagnation: Why You Need an Exit / Re-Entry Strategy

"Why," you might be thinking, "Should I worry about an exit strategy when I don't plan to leave my employer?"

With worldwide unemployment rates stuck at we're-not-out-of-the-woods-yet, people with full-time, decent paying jobs will likely stay the course (for now).

However, many professionals are nearing burnout after 18 months of relentless stress about jobs, their financial situation, and quality of life. Burnout does not equate to full engagement at work.

High performers--what organizations identify as critical talent--know that they're marketable, even in a down economy, and they're ready to shop their skills.

Have you allowed yourself to stagnate this past year?

• When was your last measurable, visible success at work? If it's been more than a year, you're milking the past. 

• Do you consider yourself well-positioned for a promotion, salary increase or even a bonus? (Yes, companies are still looking for ways to reward and retain talent even in this dour economy.)

• Have you updated or refreshed your current skills? If you've lapsed in the training, retraining and cross-mentoring arenas, it's time to chunk out 30 minutes to work on a plan that addresses this. 

• Have you developed new skills? Give yourself points if you've started on this path. Zero points if you have nothing documented.

• Have you differentiated yourself by packaging your expertise into a personal brand? How will you stand out from the crowd? What makes you unique at your job, in your field, or in your industry?

Maybe you're stuck because your job has gotten stale. You like working for your employer, but you'd like to try your hand at something entirely different. But not now. It's prime time for developing your exit/re-entry strategy.

Check out the blog post I wrote for E.Factor Playing Your Cards Right: 7 Steps to Making Your Employer Your First Customer. Sorry, the redesign of E.Factor's website moved things around and this link no longer works.

46th DAC - Endings Bring New Beginnings

Preliminary attendance numbers for 46th DAC have come in 12 percent over last year's conference--good news given the overall state of conference attendance in this economic meltdown.

Although never a shortage of smart people at DAC, even the smartest folks in the room see an uphill battle on innovating their way out of the challenges facing the EDA industry.

Pressure to reduce chip design costs, meet government emissions and energy regulations, and improve overall ROI will drive some of the more established EDA companies to adopt disruptive technologies sooner rather than later. Start-ups altering the landscape, such as Xuropa, look to reinvent software sales processes for the 21st century with its Cloud-Computing application that SaaS-enables existing software applications.

Dealing with technology disruptions and discontinuities is challenging enough, but equally challenging is how EDA companies are transforming their workplace environments and reinventing workforces into nimble innovators capable of meeting these industry challenges head on.[In a future series of blog articles I'll highlight how EDA leaders and teams are tackling these challenges and raising the bar at the same time.]

Seizing an Opportunity

The final day of a conference typically offers one-off opportunities, with exhibitors more relaxed and willing to chat about the event and provide their own industry perspective. 

Which is how I got a chance to sit down with Rich Goldman, Synopsys Vice President Corporate Marketing & Strategic Alliances and CEO Synopsys Armenia.

Moving into the industry leader's position with Cadence dropping to second place, Rich and his team assumed ownership for designing this year's DAC exhibits and interactive events for Synopsys (their first crack at it).   

"I felt that Synopsys needed to step up and support DAC with a strong presence."

Social Media - Synopsys Raises the Bar

The Synopsys challenge was figuring out how to speak with their customers in new ways. One thing Rich knew from the outset was that social media would play a big part for them at DAC. He just didn't know what it would look like.

"Given that our focus is geek-to-geek (G2G) we know that our customers don't respond well to marketing b.s. Building the engineering relationship is about providing them with the right tools and the right answers at the right time to solve their problems - this is what builds our credibility in the tech space. It also makes it easier to build trust and credibility in the marketing space--something that social media is allowing us to do."

Rich challenged team member, Karen Bartleson, a standards guru and Synopsys blogger to own the learning and understanding of how people were using social media. One of her ideas? The popular Twitter Tower at DAC. 

Armenia - A Differentiating Factor for Synopsys

There are those who think that Synopsys took a big risk in establishing a strong presence in Armenia.

"It's definitely not for the faint of heart," Rich laughs as he recounts the country's infrastructure challenges, "it requires a strong commitment."

Microbusiness Innovation: When Small Means Big Business

When it comes to innovation, it's not the size of your business that matters. What separate the haves from the have-nots are both your approach to innovation as well as your output. 

When you think of micro-enterprises, you might not think innovation. However, innovation is critical to the survival of the microbusiness. 

Therefore, you're missing sweet opportunities if these micro-size businesses aren't on your radar screen.

• From 2000 to 2005 the number of non-employer U.S. businesses grew by more than 900,000 per year

• 25.1 million firms are micro-businesses, firms with 10 or fewer people

• 77 percent of all U.S. firms are non-employer businesses, mainly firms with no employees

These are just U.S. statistics! Globally this trend is gathering steam with corporations designing initiatives and programs that address the needs of small and micro-enterprise owners. Microbusinesses, in return, are seeding innovation inside the walls of big business.

My guest this week on the CFI Radio Hour is Dawn Rivers Baker, editor and publisher of the MicroEnterprise Journal and the self-proclaimed Socrates of the small business blogosphere.

Join us this Sunday, June 15 at 6pm (PT) / 9pm (ET) on BlogTalkRadio.com/CoachforInnovation as we explore, highlight, and discuss

• Examples of innovative micro-enterprises and what success factors they share
• What it takes for a micro-enterprise to innovate and compete in today's marketplace
• Creative ways that microbusinesses can successfully partner with big business to fund ongoing innovation

If you're a micro-business owner today, considering the lifestyle of a micro-entrepreneur tomorrow, or involved with corporate initiatives looking to tap this market, you'll want to tune in Sunday, July 13.

Plan B - Do You Have One?

This past Sunday during my live Coach for Innovation show with David B. Audretsch author of the book The Entrepreneurial Society we had a technical snafu at the start of the show.

How much of a snafu? You listened to dead air for a good eight seconds! We cleaned up the final 90-minute mp3 of what turned out to be a fun and informative discussion about leveraging the opportunities of a global economy, and although the cleanup was an extra step in the process, more importantly, I was reminded of two things...

• Innovative technology can be messy
• Importance of having a well-timed Plan B

You see, there was no reason for my listeners to mediate for eight seconds while I fiddled at the switchboard controls because I had a Plan B. It was the timing of cutting over to my backup plan that I wasn't clear about (but I am now!).

Do you have a Plan B for your business and career? Just as importantly, do you know the timing of when to execute your plan? A solid Plan B builds confidence because it puts you in the driver's seat (and let's be honest, no one has your best interests at heart than you do!).

No matter what newspaper, magazine, or online report you read these days, they all point to the economy stalling (or even choking) in 2008. What's your plan B?

If you've been thinking about starting a side hobby and eventual business or, perhaps, you already freelance but want to pump up your visibility and grow your client base, you owe it to yourself to check out Jay Lohmann's site TheFreelanceNation.com that launched in late 2007.

The site is just busting at the seams with new freelancers and business as companies scope out the growing talent base. Jay is the Founder / CEO of TheFreelanceNation.com who reached out to me following one of my radio shows and invited me to try out their site.

Now, I'm inviting you to do the same if it fits into your Plan B.