Tag Archives: Peter Drucker

Is It Time To Let It Go?

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3.26.14We have been investigating the brilliant wisdom of Peter Drucker utilizing the “12 Keys to Entrepreneurial Success “as a path to better understanding what it takes to be successful in our lives and our business.

Peter Drucker was a leader in the development of management education and invented “management by objectives”.  He wrote dozens of books about business and management.  He was awarded the Presidential Medal of Freedom in 2002.

Key 11: “Most of the people who persist in the wilderness leave nothing behind but bleached bones.”

I don’t know about you but this one is hard for me.  I often cling to a business idea or possibility when I know with some certainty that it is a dead end.  I stand in admiration of people who can easily change their minds as often as they change their underwear. 

And yet, I persist in pursuing the dream.  You too?  Perhaps it’s time for us to take Drucker’s wisdom seriously. 

We actually do have to know when to quit pursuing something that is not working.  And yes, it is hard to do.  I think we need some guidelines to know when to quit, let it go, and, in the words of Kenny Rogers’ song: The Gambler, “You’ve got to know when to hold ‘em; know when to fold ‘em; know when to walk away; know when to run.”

My guide for knowing the best time is asking myself a key question: Is this the hill I want to die on?  And no it’s not.  Is this the idea, the possibility that gives you life, or does it deplete you and leave you panting for air?

There is nothing wrong with you for failing and quitting.  Failures are good.  Failures teach us what not to do.  You can always be proud of yourself that you did try.  You got results, you just didn’t like them.  It didn’t work…so what?  Go on to the next thing and create newly.

Key 12: “Finding and realizing the potential of a business is psychologically difficult.”

This key is powerful.  We can add the word “self” to this key and see where it fits both our life and our business.  Knowing this key gives us the ability to move forward.  It also points to surrounding ourselves with mentors, committed friends who are listeners, and who are 100% for us winning.  We don’t need many but we certainly need to develop some people who we can count on 100% to be on our team.

Right now, look around your circle of friends and see who you know you can count on.  Acknowledge them for being there for you.  Look, too, at who you are 100% for.  Be sure to let them know that they can count on you. 

Now it’s your turn.  In the comments below, say how you will apply Key 11 and Key 12.  I look forward to reading your comments!

What Does Drucker Have To Do With My Life?

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Chair on ocean-smallWe have been discussing the brilliant work of Peter Drucker.  He was the leader in the development of management education and invented “management by objectives”.  He wrote dozens of books about business and management.  Drucker was awarded the Presidential Medal of Freedom in 2002.  Our discussion is based on Drucker’s 12 Keys to Success (http://www.forbes.com/sites/ericwagner/2013/05/07/entrepreneurship-according-to-drucker-your-12-keys-to-success/).

I received a thoughtful comment from a reader.  The nugget of the comment was now that he is retired he doesn’t have anything to manage except his life.  Of course, that too is a big job.

Perhaps, you too are thinking the same.  What does this have to do with me?  I am retired now and business is behind me. 

I think that the principles of Drucker’s 12 Keys to Success also apply to living a successful life.  Perhaps if you apply these keys to living a life you love, you may find that your life is more satisfying and meaningful.  Please try it on and tell me where I am wrong.

Today let’s look at Keys 6, 7, and 8 with the viewpoint of how do they apply to my life.

Key 6: “Measure innovations by what they contribute to market and customer.”

Let’s look at this key in reverse.  How do the changes that you make in your life contribute to you?  I am substituting the word “changes” for the word “innovations”.

Each change we make to our life is our innovation.  We do this to live a more satisfying and perhaps more comfortable life.  You can ask the question: Does this change contribute to me or am I doing it just for the sake of change?  If you drill down in the question you may find that most of changes that you make don’t make one iota of difference to you.  You are changing something for the sake of change.  If that is so, I respectfully say: Stop It!

Secondly, do the changes that you make contribute to your circle of influence?  The phrase circle of influence is your market.  Customarily, we make changes without a thought about how that change affects others.  I think that is a mistake.  When you make a change, consider if it is a contribution to others.  If not, you may want to re-consider the action.

Key 7: “Often a prescription drug designed for a specific ailment ends up being used for some other quite different ailment.”

You planned for something that you created in your life to be useful in a certain way.  It wasn’t, but instead is an inspiration to someone that you hadn’t even thought of!  Instead of being disappointed, it would be more valuable to celebrate that you made a difference.

Just because it didn’t turn out how you thought it would, it still turned out.

Key 8: “Innovative ideas are like frogs’ eggs: of a thousand hatched, only one or two survive to maturity.”

And that is the key to living a life well.  We try things, they didn’t work.  However, you don’t stop trying new things, failing and trying again.  This way of living—finding in failure the need to try again differently—can bring more joy and satisfaction to your life.

I am looking forward to hearing from you in the comments below.  Please share about the changes that you have made and how they have contributed to you and others.  Bonus points if you also share where you have failed and what you did to turn it into a win.

What is the purpose of your business?

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hay rollsGreatness doesn’t start with a market opportunity; it starts with a problem that needs solving.  The opportunity comes from marketing the solution.

Simon Sinek

If you are struggling getting your new business venture off the ground, it’s time to visit with one of the masters of business success, Peter Drucker.  He was the leader in the development of management education and invented “management by objectives”.  He wrote dozens of books about business and management.  Drucker was awarded the Presidential Medal of Freedom in 2002.

The article by Eric Wagner, contributor to Forbes Magazine, lists Drucker’s 12 Keys to success (http://www.forbes.com/sites/ericwagner/2013/05/07/entrepreneurship-according-to-drucker-your-12-keys-to-success/)

Today, we will continue to consider the next three keys to success as defined by Peter Drucker.

He delineated the following as the first and second key.

Key 1: “Those who perform love what they’re doing.”

Key 2:“Successful entrepreneurs do not wait until “the Muse kisses them” and gives them a bright idea; they go to work.”

Let’s exam the next three keys.

Key 3: “What is our business?”

In the eye of the daily working storm we often forget why we are working.  What is the purpose of your business?  Why did you start it?  What happened that pointed you to this particular business?  Has your purpose changed?  How will your business make a difference?  Do you intend that it does make a difference?  These questions are reflective, of course.  And it’s useful to pull yourself back into yourself and look at your purpose newly.  In order to maintain your passion for your business you really have to be clear about your purpose.  If your purpose is to only make money, I assert that you have lost your way.  Keep your purpose alive.

Key 4:  “Who is the customer?”

Knowing who your one and only one customer is, is the key to pointing your business marketing to that person.  Notice that I say “that person” not to them.  Your business is intended to provide a product or service to one person.  Who is that person?  Can you see him or her in your mind’s eye?  This is not time for generalizations; it’s time for specifics.  Be specific about your one and only one client.  It is important that you take the time to define that one person down to what that person likes, who he admires, and how smart she is.

Key 5: “Neither studies nor market research nor computer modeling is a substitute for the test of reality.”

Ah, yes, reality.  This is where your efforts in marketing and selling become the check for “is it working?”  I recently began advanced training to improve my business marketing acumen.  This program is a Master course with lots of homework and requires a great deal of thinking.  I love the challenge and notice that I have to prick the balloon of my own magical thinking that just by excelling at the homework doesn’t mean anything.  The reality check will come when I apply what I am learning to marketing my business and see how my customers relate to it.  As entrepreneurs we must rely on reality and be able to pivot and switch our approach when reality tells us to.

Now, it’s your turn.  Please tell me in the comments below how these next three keys to success relate to you and your business.  I am looking forward to hearing from you!

The First 2 Keys to Being A Successful Entrepreneur

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flashlightThere’s a difference between an entrepreneur and a small business owner.  Small business owners own small businesses.  Entrepreneurs solve problems.

-Simon Sinek

 If you are struggling getting your new business venture off the ground, it is time to visit with one of the masters of business success, Peter Drucker.  He was the leader in the development of management education and invented “management by objectives”.  He wrote dozens of books about business and management.  Drucker was awarded the Presidential Medal of Freedom in 2002.

The article by Eric Wagner, contributor to Forbes Magazine, lists Drucker’s 12 Keys to success (http://www.forbes.com/sites/ericwagner/2013/05/07/entrepreneurship-according-to-drucker-your-12-keys-to-success/).

Today, we are going to look at the first 2 keys and see if you fit Drucker’s keys to being an entrepreneur. 

Key 1: “Those who perform love what they’re doing.”

This is an important first step to your knowing if you can fill the shoes of an entrepreneur.  If you are working because you have to and are only working to make a living, you are better fitted to be in a business or to work in a business.  Entrepreneurship may not be in your DNA. 

However, if you love doing what you are doing and also of course, want to make money doing it, then you fit the first key of being an entrepreneur.  To many people this seems strange, or even revolutionary, the very idea that you can love your work.  Many people have lived their entire lives so run by what they are supposed to do, or with what will make them look good to other people, that they have never discovered what it is they truly love to do.  It’s never too late to find out; without it you will quickly lose interest as you begin to develop your business.

You may find out that you are not suited for entrepreneurship when you hit the first or the tenth pot hole in the road to success.  Suddenly, you hate your work and can’t wait for each day to end.  If you are reading this and say, “that’s me”, it’s time to re-examine your commitment to the venture.

Key 2.“Successful entrepreneurs do not wait until “the Muse kisses them” and gives them a bright idea; they go to work.”

The key here is the last phrase: they go to work.  Are you waiting to start starting?  Then go to work.  Are you waiting for X to occur?  Take the first step; go to work.  X will either happen or not, but the going to work will lead you to the next step and the next step—you get the picture.

Might you make mistakes?  I certainly hope so, since that will show you what is working and what is not.  Remember failure is good.  All failures show that, number one, you are working, and that, number two, the failed action wasn’t the right one.  Only by going to work will you find out what is next.

I am looking forward to your comments and reactions about the first 2 keys to entrepreneurial success.  As always, I appreciate you and your comments!

 

Photo Courtesy of Oomf.