The key to productivity is to have a meaningful and optimal incentive system. Fear is unfortunately a powerful motivator so it might be tempting to try and change behavior through punitive measures for poor performance or bad behavior. But it is a short term play. You will lose talent. On the other hand, a positive incentive, bonus or “bribe,” can also be powerful for those who are ambitious and motivated. But overly generous bribes can quickly turn someone entitled. So what is the best way to … [Read more...]
TheUC 054: Keys to Managing Conflict
Conflict arises in any venture. When that conflict escalates or becomes on-going between founders, partners, leaders and managers, it can destroy the value in even the most stalwart companies. In this episode, The UC discusses strategies and tactics to mitigate and manage conflict, retain value, and right the ship towards long term venture value. Brief Recap of Past Couple of Shows Bill Aulet from Martin Trust Entrepreneurship Center at MIT – importance of people management and … [Read more...]
TheUC 030: Driving Results with Productive Patience
Patience is a virtue. However, leaders and entrepreneurs tend to be inherently impatient. No matter what stage your company is in, you will always feel the pressure of time and results. Time and results are like a chicken and egg situation. Time will afford you the chance for results, and results will afford you more time. But usually you have dollars flowing out like sands in an hour glass and you don’t have the luxury of letting things play out. Leaders often unknowingly shoot themselves in … [Read more...]
TheUC 029: Repairing Business Relationships
Getting deals done often comes down to business relationships. Sometimes you have to deal with relationships that have gone sour which puts any business in jeopardy. You will have to decide whether or not the value in that relationship is worth saving. There are MANY ways to cross a bridge, but burning that bridge is NEVER going to be an option a smart person will take. But as last episode points out, there are a lot of bad managers and business people that you will have to deal with and they … [Read more...]
TheUC 015: New Leadership and Paying for the Sins of Previous Management
As a new leader, you might be tempted to come into your new position and make a big splash to establish your mark and prove your worth to everyone by making some sweeping new measure. However, that’s a lot like going into another country and demanding everything be done the way of your native land. You aren’t being bold. You are just revealing how insecure you are in your leadership. It is important to practice patience in your leadership and management, even if you don’t think you have the … [Read more...]