Which line is longer? You may think it’s the middle line because the arrow points jut out. But the truth is, they are all the same size! You might not have figured it out if it was not pointed out to you. We tend to hang on to our initial perception of a situation or a problem, because we believe in deciding things as soon as we can. In some things, such as the belief that grandparents are allowed to spoil their grandkids, you will run into no arguments. But in other things, a little perspective can help immensely.
The economy has several measures of progress and each of us uses the one which support our perceptions of growth or decline A current trend since the pandemic illustrates how critical perceptions can affect our opinions and policies. For instance, income inequality is increasing as evidenced by the fact that 69 percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth. and that many Americans don’t have $400 to pay for an emergency. On the other hand, the collective net worth of the bottom one-fifth went up from $3.3 trillion in 2019 to $4.2 trillion at the end of the second quarter of 2022, indicating they can finance a better lifestyle.
What is critical is that we understand our perceptions and their impact on our decisions, activities, and behavior.
A critical factor is our perceptions of the presenter, the environment and the communication. Licensing agreements, celebrity endorsements and great environments are all designed to make the audience comfortable with presentations, but we seldom acknowledge how they affect our individual behavior. It’s great to have a convention in Honolulu to present your ideas, but if everything about the presentation is solid, it should work just as well in Dubuque, IA or Nome, AK. Environment is important but it should supplement and enhance a convincing presentation, and not be used to make up for incomplete or inadequate data. For instance, a steakhouse can have the right look, but if the meat is not tender and does not deliver the expected flavor, no one is going to dine there after a while; they might find the local diner more appealing because you get what you are looking for in a meal.
Our perceptions frequently exclude key data or are based on highly uncertain information. While they are present in our environment and affect our decisions, we usually avoid consideration of issues like religion, intelligence, politics, wealth, sex, morality, and appearance in our discussions. Part of that is simply out of politeness, but it never hurts to take that into consideration when deciding on a course of action or a strategy to take. In contrast, we may express opinions about issues like climate change, politics, immigration, electric cars and artificial intelligence with insufficient knowledge or analysis. Again, we often let our initial perceptions do the analyzing for us. Patrick Mahomes and Travis Kelce are great football players, but do they really know so much about life insurance that you would automatically go with State Farm? One would hope you would do as much homework on which insurance company to go with as they did as to which insurance company to endorse! After all, they don’t want to waste their time and money either.
One of the most significant aspects of behavior is our perception of information. For example, I believe people don’t take enough risk. How much freedom do you allow innovative people to break rules? When do you provide support versus challenging subordinates and colleagues? While there may be analytical solutions to some of these, our predispositions are frequently more important in determining how we respond. But thinking outside the box, stepping away from perceptions, can lead to greater clarity. Risk does not always mean throwing a dart blindfolded; it simply means going against what you consider the norm, through research and analysis. Remember what Davy Crockett said:
Bias is critical issue in perceptions. Bias is one of the greatest complications when it comes to accuracy in the scientific analysis of decisions. This includes statistical problems like sampling, measurement, and development of information. For example, assessing Covid accurately is problematic due to varying demographics such as age, race, and other factors that convolute the analysis. In many cases, these can be understood, but are still challenging.
I also believe that social bias can be more impactful than statistical bias. This includes our preconceived perceptions and assumptions. I’m always amazed that many programmed employee selection tools outperform interviews especially in jobs requiring specific skills. Such tests remove things like unconscious age, sex, and racial discrimination. At the end of the day, you want the best person to handle the responsibilities you give them, and you want to remove anything that impedes that decision. Again, what seems like a risk has been whittled down to where the risk is minimal.
Cultural and environmental factors also affect bias. Dress, demographics, weather, location, and culture all affect perceptions in the decision-making process. These can also be used to your advantage in talking to colleagues by increasing bonding with similar people. Whenever I meet someone who is also from the Southside of Chicago, agreement on differences becomes much easier.
Style and personality greatly affect perceptions. Race, sex and age are the most common factors. Differentiating personality types like “right brain or left brain” or analytical versus creative greatly affects perceptions. For example, we greatly underestimate the positive or negative impact of using math in many arguments.
We also need to consider the timing of perceptions. In general, the audience, whether on the internet or in person, forms perceptions of a presentation in the first 90 seconds. That does not seem to be much time, but the right focus and the right keywords can get the train going and make for an exciting ride. Now, as an admitted nerd, my presentations can be a little boring. Thus, I try to improve their acceptance rate through tools like editors, comedy, stories, and pictures. I have learned the hard way that my poor spelling has sidetracked some of my best arguments. Thank goodness someone invented spellcheckers!
Let’s start a conversation – no matter what stage you are in with your business. As an exercise, tell us how you have better managed perceptions, or been victim to its bias. Then, tell us what areas you to need focus on in order to see improvement.
Dr. Bert Shlensky earned a PhD from the Sloan School of Management at M.I.T., mentored a few thousand clients at Score and his own practice, grew Sure Fit products from $ 50 million dollars to $150 million in sales including $ 60 million of direct internet sales, was President of WestPoint Pepperell’s Apparel Fabrics Business and headed the $400 million Culet Shirt Group.
In short, he knows what works and can help you lead your company to greater profitability and success. Find out more at StartupConnection.net, or email Bert at:
When an entrepreneur is inspired to begin a new business, balancing decisions between two essential concepts consistently critical to success are: Passion and Reality. Passion was best described by Steve Jobs:
“…Because the people who are crazy enough to think they can change the world are the ones who do.”
If you are reading this blog, you must already be aware how difficult it is to conceptualize, to begin and to implement your new business. As an entrepreneur, you must first understand and then clearly pursue your passion. One effective way to accomplish this task is to develop a mission statement and a plan. This mission statement will not only solidify your goals but will also provide clarity for your potential clients.
Of course, your mission statement merely lays the solid groundwork, but there are more tasks ahead of you. You will need a fully-loaded toolbox in order to succeed. Enthusiasm, energy and persistence are a few of the core tools needed. If you are able to maintain a positive and strong outlook, you will then be able to effectively market your business concepts to suppliers, customers, and investors. You must be willing and able, as an entrepreneur, to scale seemingly daunting summits. Upon reaching the peak, you will be rewarded for all your hard work and persistence.
When we understand reality, we understand the problems, limitations, and constraints associated with any undertaking. As Thomas Edison said:
“A vision without execution is hallucination.”
Passion and reality are key to developing and executing strategies in your business. However, there are other elements that will greatly affect your process:
• Support and Culture: These are critical organizational factors that you will need to balance. There will often be a trade-off between flexibility and support versus the stability of rules/discipline. Preparation, discipline and expertise are certainly crucial in dealing with the uncertainty that accompanies change. But maintaining flexibility and support will lessen the stress of change.
•. Balance of Excellence and Innovation: Your Gramma’s cookies may already be perfect, but you still need to develop and test new products and methods. Try to remember, failure is frequently part of the innovation process, so don’t let the fear of setback deter you.
• Environment: Understanding the environment and establishing a successful culture is crucial for the overall progress of your company. In order to succeed, you must face numerous challenges–whether economic, demographic, or political. However, you need to maintain a positive atmosphere with clear expectations to facilitate employee performance. A great strategy lacking a supportive culture is sure to fail, while an environment where people are given the resources to excel will yield positive results.
Dramatic changes are occurring in our society: income inequality, partisanship, racial equality, and diversity, as well as the roles of minorities, women and the aging population. There needs to be greater awareness and adaptation to create new practices in our organizations.
•. Developing Goals: Whether you are faced with long-term versus short-term; quantitative versus qualitative, or objective versus subjective goals, the process and complexity need to be considered. Decide if your goals are realistic or are you stretching to achieve them. Simplistic goals may fail to address important issues–whereas more complex goals may divert your focus. If goals are too simple, they can ignore important aspects of a situation. On the other hand, if there are too many aspects to consider, there can be a lack of focus.
•. Communication: This element is as important as analysis in developing your strategies and decisions. You will encounter many demands while trying to achieve the goals of your organization. With so much to manage, critical issues can arise in the areas of prioritization, comparison, and measurement. Therefore, communicating goals and their measurement frequently become secondary. But you should stop and consider, why not manage them effectively?
• Let measurement work for you: Ask yourself how important are the results, speed, innovation, and quality when measuring performance? For example, I believe automation has improved the speed and efficiency of many customer service processes. However, customer service and satisfaction are frequently sacrificed. How many times have we been completely frustrated with ineffective electronic customer service efforts? It goes without saying that there’s a tradeoff here that needs to be taken into consideration.
•. Alternatives, External Solutions and Perspectives: These include the assistance of objective third parties, market research, small tests, and simple analytical thinking. The most important tool is to focus on facts, alternatives, and solutions rather than personalities, partisanship and biases. Overall, you need to allow for mistakes and to focus on your wins and how to improve, rather than focusing on any losses.
More data and more analytics can improve the quality of decisions. In using analytics, be sure to consider the validity of the data, its sample size, bias, uncertainty, and risk. The greater the uncertainty, the more you will need your intuition to develop alternatives. More intuition is also required whenever you are seeking the exceptional or outlier solutions… since there are no rules.
•. Balancing Decisions Regarding Risk and Reward: These factors are critical to your decision-making process. We tend to think of risk as a taboo concept, but it won’t be once you understand it.
In order to benefit from risk, you need to define what risk is to you. Some people view risk as the “potential for harm or hazard” (think bungee jumping). I view risk as an “uncertain circumstance in which one manages to maximize the gains.”
Understand the perceived importance of the reward. People generally regret losses more than they appreciate gains—and that is a key factor to consider when making any decision. Fear is an innate instinct meant to protect us from harm, but too often fear dictates our decisions and inhibits our success.
Traditional and detailed startup recommendations are necessary for understanding the environment and balancing decisions considerations. If you are able to continuously analyze, measure, and adapt to ever-changing parameters, programs, markets, and risks, you will have a higher probability of success. Don’t be afraid to pursue excellence and take reasonable risks. Success also requires positive thinking and high expectations. If you truly believe in something, you’ll work tirelessly to make sure it’s successful. So, why can’t that something be you?
Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies and results. We guide your plans for business success and unlock your profits.Our strategy includes clear free steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward.After a few results we can discuss a long-term relationship with mutual goals.
One of the key responsibilities of an entrepreneur is the ability to make great decisions. If you choose the right approach, you’ll likely make faster and more effective decisions. But if you choose the wrong decision-making approaches, you could be courting disaster.
One of the most common decision-making approaches to making business decisions is by using data-driven analytics rather than intuition. However, I believe you’ll make better decisions by balancing these styles rather than by choosing one over the other. Take a look at the video Passion and Reality to get an idea of what I mean.
There are times when using analytics is the right call and times when it isn’t. Using data to make decisions is critically important because it reduces the tendency to make poor decisions; however, there are times when you need to trust your gut instincts.
So how exactly do you balance analytics and intuition? If you have the necessary data at your fingertips, then you should analyze that data to identify patterns, obtain actionable insights, and use those insights to make your business decisions. However, you shouldn’t avoid making decisions just because you don’t have all the pertinent data. Rather, this is when you also need to rely on your intuition to get the job done.
The fact is that many of our great innovators were highly intuitive people. In the words of Apple co-founder Steve Jobs, “The people who are crazy enough to think they can change the world are the ones who do.”
A Flexible Business Plan Is Key
It’s important to develop a business plan that specifies your goals and explains how you plan to achieve those goals. This plan should include sections on your products and/or services, marketing strategy and analysis, and budget.
The fact is that the business world is in a constant state of flux and if you can’t change with it, you’ll be left behind. That’s why it’s critical to ensure that you create a business plan that’s flexible—one that will adapt to market changes and advancements in technologies as this will give your organization a competitive edge.
A flexible business plan lets you keep track of your progress and adjust, when necessary, by showing you where you’re going and how you anticipate getting there. And it also helps you remain focused on what’s important, enabling you to achieve your long-term goals.
In addition, if you need to secure funds from lenders, investors, or other sources, a flexible business plan will help you get the capital you need because these sources want to see that you’re able to adapt and pivot as the market changes. If you have a flexible business plan, you can show them that you’re able to handle whatever the future holds.
The Importance of Understanding Risk
Your life as an entrepreneur involves taking risks that can impact you and your business. So, before you decide to launch a new venture, it’s important that you understand the risks as well as the rewards associated with owning a business.
Every business operates in extremely uncertain environments that can produce significant levels of risk but also generate substantial rewards. Taking risks means identifying, evaluating, mitigating, and experimenting with potential strategies and opportunities that could help you build your company.
It’s also important to understand that while you are focusing on profits and cash flow to ensure your company’s viability, venture capital firms, on the other hand, only expect a fraction of their investments to show good returns, and they frequently focus on growth rather than profits.
In general, entrepreneurs can afford more risk. Consequently, it’s important that you consider that the upsides of many risks are much greater than their limited downsides. Additionally, you need to understand the outcomes and accept failure as part of the process.
Overcoming Decision-Making Bias
For your startup business to succeed, you must make fair and accurate decisions in terms of how you treat your workers and how you serve your customers.
The best entrepreneurs are those who can absorb and analyze all the information available to them to make business decisions that are logical and objective. Of course, you’re going to make some mistakes. But most of the mistakes you’ll make stem from inherent biases that distract you and cause you to make poor decisions and exhibit bad judgment.
Not only that but letting personal preferences affect the objective decision-making process, even unconsciously, can severely undermine your authority and image in your own company.
While experience and expertise can improve results, one of the worst strategies in our changing environment is to stick fast to the “we have always done it this way” mindset.
This mindset simply ignores change, alternatives, and processes and is frequently fueled by those who fear those same things. Sexual harassment, equal wages, and COVID vaccines are some examples where progress has been exceptionally slow because people are not willing to recognize the need for change and accept and implement new ideas.
However, quantitative analysis does not automatically solve bias. On one hand, quantitative measures are objective, measurable, comparable, and easier to document. Still, we must ensure we are using the right measures as well as measure and analyze correctly.
Qualitative data, on the other hand, can measure issues we don’t always consider and allow for intuition. But these processes can be compromised easily or measure wrong factors. In particular, bias occurs much more frequently in qualitative analysis.
Qualitative data can measure issues we don’t always consider and allow for intuition. But they can be easily compromised and measure the wrong factors. In particular, bias occurs much more frequently in qualitative analysis.
Consider Changes in Parameters
You should also give more weight to external parameters than basic plans and strategies when you’re developing programs and making decisions. It’s important that you regularly review and consider changes in parameters, such as population, the economy, political environment, and social values, as many of these variables are changing faster and more often than ever before. So not only do you need to understand parameters, you definitely need to keep up with the latest ones.
You should also consider your target market. Many businesses think everyone needs their products when, in reality, most people don’t need any product. So, if you want to figure out who will buy you goods or services, make decisions based off supported data and hone in on your demographic.
Replace Hierarchy
Most organizations are based on hierarchy but flatter and more collaborative organizations are actually more effective as they encourage more diverse input by enabling employees at all levels to participate and contribute to the objectives of the business. A flatter organization prioritizes collaboration, clear communication, and the free exchange of ideas.
Through collaboration and analysis, businesses can develop more efficient structures that rely on expertise via a variety of resources. And adding new positions and creating functional groups (where individuals or departments are in charge of their own specialties) will encourage more educated decisions and reactive change.
The Bottom Line
Being an entrepreneur should be an exciting and potentially profitable effort. However, it takes time, analysis, capital, and commitment. As an entrepreneur, you need to understand and express your passion. And to succeed, you must use this passion to overcome any obstacles or challenges that might come your way.
However, that doesn’t mean you should ignore reality. Many entrepreneurs overlook key elements in running a successful business, often ignoring details and analysis. It’s no wonder so many startups fail.
If you want to be successful, you must allow your passion to drive you, while letting reality guide you to where you need to be. Using some basic tools, such as planning and operations, the process can become more predictable. And understanding such things as the environment, bias, structure, and demographics, can help you make the best possible decisions for your business.
Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. Our strategy includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward. You might start with our quick video here.
We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977
In many discussions of decision-making for a business, multiple contradictory approaches are frequently presented. The most common approach to improve profits is using analytics versus intuition. We prefer the use of complimentary rather than contradictory approaches to improve profitability at an organization. Here are several examples of multiple approaches that also illustrate some key decision-making tools. The analytics versus intuition comparison is well shown in this video of ours on Passion and Reality.
As an entrepreneur, do you know how do you balance analytics and intuition? If facts and certainty are readily available at your fingertips, then using the theory of analysis is preferred. However, decisions should not be avoided because information at the time you need to make the decision is not certain. In these cases, using and relying on your intuition is essential and albeit fundamental. Steve Jobs says this is true, because the people who are crazy enough to think they can change the world, are often the ones who do make those changes and on a grand scale.
Plans and budgets that explain goals, programs, and components are essential but need to be flexible, client navigable and interactive, and part of a definite business process. Many traditional plans are beautiful, skilled and professional presentations that sit on shelves for years as soon as one key variable change in that plan. We offer that in contrast, you can develop flexible programs that are designed to include alternatives, interaction among factors, and discussions of parameters and assumptions. These are designed to be reviewed, compared and encouraged to be used for pivoting as the company, the parameters, the environment, challenges and any current opportunities for change. For example, the nature and impact of A.I. are uncertain for many businesses that do not use that technology yet today. However, as a business owner you can still plan for different benefits and the impacts of A.I for the future of your business as you expand.
We frequently view risk and probability without understanding the situation or environment. Venture capital firms only expect a fraction of their investments to show good returns. Despite this, they expect high returns as the end goal anyway, and frequently focus on growth rather than profits. Conversely, small business entrepreneurs frequently focus on profits and cash flow in order to ensure their viability.
As a new business owner or startup, you might be in a position to afford more risk, in order to get more profits now. Overall, it is human nature that people are more averse to risk than they are analytical. In that way, we always need to evaluate results and consider alternatives. We need to consider that the upside of many risks is much greater than limited downside. We need to understand outcomes and accept failure as part of the process. But there is a bit more than this going on, and you can sit back and let us help you do the heavy lifting on this one, once you contact us for your consultation.
Cultural and organizational bias is inevitable, but can be understood and worked on to take it out of the equation for good. Our enthusiasm, information, focus or mindset frequently cause us to overestimate markets, ignore competition and not consider the issues affecting decisions for the clients and customers. Here we can argue that one of the key causes of bias and inhibitors of success are naysayers and enablers at an organization. While experience and expertise can improve results, one of the worst limiting beliefs in our changing environment is when workers say, “We have always done it this way,” meaning that they do not embrace new and necessary changes at the organization. You cannot get to the top of Mount Everest with your hands in your pocket, and this type of small thinking simply ignores change, alternatives and better processes that exist to allow profits for your business. This type of thinking is also frequently fueled by proponents who fear change, alternatives on the job and who hate any level of discomfort, and we all know this is not going to work for long at your company.
Quantitative analysis does not automatically solve bias in or at a business operation. Quantitative measures are simpler to document, measure, make an objective analysis and determine how it is comparable to what you are already doing at your organization. However, we must ensure we here to help you navigate how to best use quantitative data, which can assist your business to measure issues we do not always consider, and allow you the opportunity to take your business to the next level by trusting your intuition. How can this be done? We are here to walk you through the steps to determining the reality of your business and find real-time solutions to the issues plaguing your business right now.
It is generally accepted that the 80-20 rule, which is based on a centuries old mathematical law, is one of the best guidelines for setting priorities and making solid business decisions. Specifically, this rule works because it argues that 80% of your sales and results, will come from 20% of your efforts. This is currently being confirmed in the stock market, where 7 popular stocks represent the majority of current gains as noted in 2023. While the rule should probably be followed more than it is, and we’d like to point out that there are exceptions. We are here to help you find out how these tried and true rules can help you improve your bottom line, and we can answer any questions that you have on how to become more profitable right now.
Fine tuning parameters and the environment need more consideration than basic plans and strategies. This theory means that your identification of issues today will go a long way in developing programs and making decisions that will propel your business forward tomorrow. The most obvious example, is that it is easier to compete in large, growing profitable markets, than to work exclusively in small marginal contracting markets. Office real estate investment venues right now, are currently far less attractive than vacation rentals. Why this is so, is because the realities and changes in parameters for real estate, like populations, the economy, political environment, and social values, should all be reviewed and considered regularly to understand critical changes. The most important idea to keep in mind is that many variables are changing faster and more often than ever before. For this reason, not only do you need to understand parameters, you need to keep up with the latest ones, and know when to take a hard right turn on a new trend that you’ve seen already working for other companies in your business industry.
Replace your current hierarchy. Most organizations are based on a power or management hierarchy, but we know now that a flatter and more collaborative organizational culture have proven to be more effective in getting buy-in from the staff and workers. A more open management style can encourage more diverse worker input, reward competence among peers, encourage innovations in technology, and are generally found to be more flexible to react to change when needed [hint: it is nearly always needed].
Through collaboration and analysis, businesses can develop more efficient structures that rely on expertise via the use of a variety of resources. Even successful tragedy solutions all praise the importance of cooperative efforts among agencies. For this reason, adding new positions and creating functional groups (where individuals or departments are accountable for the results of customer success in their own specialty) will encourage more educated decisions and reactive change to keep you as an industry leader, when other competitors are stuck in first gear. Let us help you review new ideas on how to apply leadership and management at your organization. It will not hurt, we promise, but you will feel differently afterwards about the hierarchy that you currently have but have never updated until now.
Operations and logistics are frequently viewed as secondary functions that can be handled by someone else, but that is not the best course of action for a small business. However in reality, your operations and logistics can present a huge opportunity for a business to become more efficient and to differentiate itself from the local competition. We can help you understand what you need to do to be better at the business process you have in place, to get out your product or services to the community. Don’t worry, we can make that review process as painless as possible, and all that you need to do to get this going is to contact us today.
Customer and Client Demographics all depend on a wide range of variables, which can affect how you engage these individuals: including age, location, income, etc. We know that it can be confusing and complicated to finding the right target audience for your brand or product. Marketing can be complicated, but we are here to help you sort it out ship shape and Bristol fashion! For example, the Hispanic market represents 16% of the population in 2022, as compared to 13% in 2010. However, the penetration that a business will find using these statistics is quite varied. The Hispanic demographic for instance represents over 59% of the under 18 population in Texas, and only 3% of the over 65 population in Maine. Why is this designation important? Because many businesses think everyone needs their product when, in reality, most people don’t need any product at all. You have to be able to resolve a need that a client has before you can offer that solution to them, it doesn’t work the other way around. Making the most of demographic information is what we do best, and we can help you to understand who you need to be marketing your products or services to best. All that it takes is making that first contact with us, this will help to start the ball rolling on getting more profits in hand for your business.
What you will get out of this blog is that if we spend more time reviewing the processes of change versus excellence, you will have a clearer guideline of what you can improve today. Clearly companies like Kodak and Blockbuster are examples of sticking with a formula too long, whereby they didn’t change their process of customer servicing in time to be pushed out of the market by a competitor who just did what they offered the customers better! In contrast, it can happen that companies frequently change executives, sell, and make investments with little or no outcome. The debate of pursuing improved excellence versus change is affected by a number of issues, and we are here to help you understand these theories. We can show you how to understand which problems that you have are affected by your bottom line or goals, versus reviewing the business tactics that you are currently using to help you to acquire different and more positive solutions. These priorities will include: reviewing business details, priorities, and communication both internal and external to your company.
We understand that being an entrepreneur and managing your own business is what juices you up right now, but after you get started on the basics, you need to keep several key factors in mind. As an entrepreneur, you need to allow your passion to drive you and at the same time understand the gaps in knowledge you need to fill in order to be successful at your current business. We can help you organize your business to optimize basic tools such as: planning and operations, the competitive environment, cultural biases, business structure and demographics and other key components of your business. This will keep you on track and allow you to better facilitate solutions and reduce challenges, to stay vigilant and in touch with reality for your business operations. Your business process may be basically on point, but we can help you to tune up the organizational protocols, in order to help you better manage and understand factors that can affect your bottom line, such as the current overall business environment, cultural biases, overall business competition, your business structures and the demographics of your client base. Contact us today, and we can work with you to jump start and facilitate better solutions for your business. This will leave you free to concentrate on your clients and customers, to resolve their issues showcasing all your business acumen and expertise.
Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies for your new or established business. Our strategies help you increase your bottom line, and includes clear steps, with access to over 150 free articles and templates, to help facilitate your efforts and guide your process to profitability today. We are here to help you get on track and stay there as you move forward with your business. It’s easy to get started, email us below and also check out our quick video.
Email us today and tell us what you need to be more successful in your new or established business at: bshlensky@startupconnection.net or call at 914-632-6977 (land line no texts).
It happens to all of us. Suddenly we have more aches than normal, less energy, and our memory isn’t what it used to be… Getting older comes with both opportunities and challenges. And, if you’re in the aging population, you’re definitely not alone…
In fact, there are currently 55.8 million Americans who are 65 and older (up from 39.6 million in 2009). And this population is projected to reach 80.8 million by 2040 and 94.7 million by 2060. All but a tiny percentage of them live in non-institutional settings.
Since 1900, the percentage of Americans age 65 and older nearly quadrupled (from 4.1% in 1900 to 16% in 2019), and the number increased more than 17 times (from 3.1 million to 54.1 million). The older population itself has also become increasingly older. For example, there are almost 7 million people over 86 and the segment will continue to grow.
In the U.S., there are 73 million baby boomers between 60 and 80 years who have had a primary impact on our culture. And they have about $140 trillion in wealth that will be passed on in the next decade or so. While much of it belongs to the top 1%, it will still impact many lives.
Despite the size of this population, it seems they are frequently overlooked in many instances. Whether you fall into this category yourself, have a relative who does, or are just wondering how knowing more about this topic can create new opportunities for you or your business, there are a number of issues to consider.
For instance, one of the challenges of getting older is balancing the opportunities to live a full life with the demand of managing the needs brought on by aging. Some specific examples are as follows:
In the future, retirement will be increasingly dynamic. Older people will likely have different part-time gigs and find other ways to stay happy and engaged. For example, leisure and entertainment among the elderly will increase.
Many important aspects of old age are overlooked by Americans, such as transportation, increased health needs, social life, and small tasks that may be difficult or impossible. Older people are also more frequently targeted and vulnerable to scams.
The aging population is dramatically impacting our culture. Politicians, religious leaders, business leaders, etc. are all getting older. Thus, change, energy, and growth can all become more challenging. For example, approximately 47.5 million people worldwide have dementia—a number that is predicted to nearly triple by 2050. Our tools and willingness to identify and treat dementia are generally inadequate.
Getting older does not mean the end to fun, excitement, or other normal aspects of life. Physical touch, hugging, and even intimate relationships should not be discouraged. For example, an aid in a retirement home entered a room where a couple were enjoying a relationship. He left and asked his supervisor what should he do. The supervisor answered, “Be quiet, shut the door, and leave them alone.”
Goals for older people are evolving. On one hand many elderlies are living fuller lives and entering retirement homes later. On the other hand, for those whose health issues are more prominent, the shortage in remote care, home care, and social workers complicates matters.
Maintaining a healthy lifestyle can dramatically improve health, the aging process, and help us all live full lives. This includes exercise, not smoking, moderate drinking, improving diet, maintaining relationships, and avoiding stress.
A lot of planning, expenses, and decisions go into caring for an elderly family member. There is a tremendous need for both family and professional caregivers, especially when there are major health concerns. This may require a customized approach such as balancing healthcare decisions, care plan adherence, and medications. General tasks associated with the day-to-day care of a loved one can be stressful and expensive.
So, how does all of this impact you? Do you see any opportunities where you can make improvements personally or to your business?
The fact is we need to place more focus on how the 65+ population impacts our society, systems, and economy. In general, more management, awareness, and programs are required. As this population continues to grow, and because we’ll all eventually be a part of it, we should be properly equipped to deal with aging ourselves and knowledgeable on how this group thinks, acts, evolves, and affects our systems.
Dr. Bert Shlensky, President of StartupConnection.net, has an MBA and PhD from the Sloan School of Management at M.I.T. He served as the President of WestPoint Pepperell’s apparel fabrics business & President and CEO of Sure Fit Products. More than 2,000 clients have benefitted from his business acumen over the course of his long career. He now focuses on working with select startups and small businesses. For more information, please visit our website: https://www.startupconnection.net/
Have you ever met someone and, after they introduced themselves, you forgot their name within seconds? Why does this happen? Why does so much information go in one ear and out the other? Are we at capacity and simply cannot retain any more data? Or are we too distracted thinking about what we’ve going to say next? Why are we not listening to each other?
Listening is key for communication and building positive relationships—both personally and professionally. When we improve listening, we improve our interpersonal connections and our collaboration skills.
When it comes to getting others to listen to you, think about how you are presenting the information and how you want it to be received. Consider factors like timing, delivery, and environment. When, where, and how are you telling someone something? In general, the audience, whether on the Internet or in person, forms perceptions of a presentation in the first 90 seconds—that gives you a small window to capture their attention and make a good impression. Environmental issues can be the most ignored factor in communication. For example, if you’re giving a presentation in a room that’s too hot or has a lot of distractions, your audience is less likely to retain what you say.
Additionally, when we engage others genuinely, they are naturally more inclined to pay attention. Too often we underestimate the power of a smile, a kind word, an honest compliment, or the smallest act of caring. The most effective tool to enhance listening that I use is the “out of the box” approach of “FOOD WORKS.” Fruit and penny candy are truly unheralded aids in making a great presentation.
Here are some specific suggestions to help improve our own listening as well as get others to effectively listen to us:
Have a clear focus especially with regard to goals. Time frame, perceptions, quantity versus quality, topic, and especially the sharing of goals can critically affect listening. Providing an outline is helpful so people can see what will be covered and can easily follow along.
Don’t ignore bias. Whether we admit it or not, we all have biases. And it’s a huge problem when it comes to listening. Analysists love to discuss mathematical formulas and measurement in affecting bias; however, most bias (especially in small businesses) is simply human. For example, our most recent experience, preferences, and desires can have a significant impact on what we hear.
Be willing to hear both sides. It’s important (and frequently imperative) to take risks in order to expand, grow, and adapt. By listening to the real benefits and potential consequences of actions, you may be willing to take more chances. Additionally, this will help you make more informed decisions overall.
Don’t assume people know what you’re talking about. For example, common business terms like Gross Profit, EBITA, Clicks, Conversions, Fixed Costs, and Investment may not be understood by some of the audience.
Be clear and concise. Simplify wherever possible and focus on factors that really affect your presentation. The audience will lose interest if the presentation is too long, complex, or poorly communicated.
Be the expert. If you’re not confident in what you’re saying, you’re more likely to communicate it wrongly or ineffectively. Make sure you know what you’re talking about.
Prioritize openness. Does the listener trust what is being said? And does it cover relevant issues? When we share information openly, we establish a sense of trust.
Actively look for ways to improve. Discuss challenges and opportunities. For example, if miscommunications are happening, find the source of the problem. Is it coming from the presenting side or the listening side? You can then implement supportive strategies.
Understand the audience and diversity. Demographics are affected by age, location, socioeconomic status, race, gender, etc. Current events have certainly affected trends for many minority groups. Staying up-to-date on your target audience, the issues they face, and their habits will help improve your awareness and communication.
Listening should always be a priority. Understanding the purpose, content, and importance of communication can help you improve outcomes. You should also consider your own listening process. The next time you catch yourself asking someone to repeat their name or find yourself zoning out during a presentation, ask yourself why? Figure out where the communication failed and learn from it. Maybe the speaker wasn’t being clear or maybe you’re someone who needs to take notes or repeat a name out loud in order to retain it. The more you understand your own communication strengths and weaknesses, the better equipped you’ll be to listen and be heard.
Dr. Bert Shlensky, President of StartupConnection.net, has an MBA and PhD from the Sloan School of Management at M.I.T. He served as the President of WestPoint Pepperell’s apparel fabrics business & President and CEO of Sure Fit Products. More than 2,000 clients have benefitted from his business acumen over the course of his long career. He now focuses on working with select startups and small businesses. For more information, please visit our website: www.StartupConnection.net.
When you want to stand out, reach out to Bert for the tools that will build your “sticky” brand. My focus is on understanding and analyzing your dilemmas and challenges, so your company becomes profitable faster.
Call (914) 632-6977 or email me at bshlensky@startupconnection.net. Don’t leave without signing up for our useful free eBook!
Feeling stumped or overwhelmed? Contact Bert at (914) 632-6977 or Email to start the process. Thanks!
