While he spends a lot of time outlining what he calls the “Five Stages of Decline”, I was particularly motivated by his thoughts on what those who fall, and then recover, have in common.

I certainly want to understand how to avoid a fall in the first place. (Or should I say, avoid any more “falls” than I’ve already experienced!) But since it’s a given that stumbling and falling down is a necessary and inevitable experience of life…I’m motivated by examples of those who get back up and recover.

Here are some excerpts from How the Mighty Fall that I found of particular interest:

Xerox. HP. Nucor. IBM. Merck. Texas Instruments. Pitney Bowes. Nordstrom. Disney. Boeing. What do these companies have in common? Each took at least one tremendous fall at some point in its history and recovered…in every case, leaders emerged who broke the trajectory of decline and simply refused to give up on the idea of not only survival but ultimate triumph, despite the most extreme odds.

The signature of the truly great vs. the merely successful is not the absence of difficulty. It’s the ability to come back from setbacks, even cataclysmic catastrophes, strongter than before. Great nations can decline and recover. Great companies can fall and recover. Great social institutions can fall and recover. And great individuals can fall and recover. As long as you never get entirely knocked out of the game, there remains hope.

The path out of darkness begins with those exasperatingly persistent individuals who are constitutionally incapable of capitulation. It’s one thing to suffer a staggering defeat–as will likely happen to every enduring business and social enterprise and (individual) at some point in its history–and entirely another to give up on the values and aspirations that make the protracted struggle worthwhile. Failure is not so much a physical state as a state of mind; success is falling down–and getting up one more time–without end.

Mr. Collins couldn’t have put it any better. So I have nothing to add.

“I can’t do the next thing until this task is just right!” If you find yourself saying this, you’ll have a really hard time being efficient and productive.

Successful entrepreneurs must be able to juggle multiple tasks and while the details are important, getting it “just right”…doing things “perfectly” will slow progress and hold you back.

Consider these tips, they’ll help you get real about the Perfection-ism Syndrome:

 Tip #1: You’ll never do it perfectly. Nobody does anything perfectly. But you can do things very well. You can do great work, you can do your very best…and that’s all that’s required to make real, measureable progress.

Tip #2: Accept the fact that you have to complete steps simultaneously. There will always be at least 2 or 3 three things happening at once. You’ve got to be able to move from one task to the next without being afraid that one of the steps wasn’t done perfectly. A trusted advisor or coach can give your work the second look, the added perspective that will shed light on some obvious changes that can be made. Even then, it won’t be perfect!  

Tip #3: Do good, quality work and your inevitable imperfections will be forgiven. When you focus on quality and trust the methods of experts who have already “been there” you can rest assured that your efforts will be well received by your target market.

So remember, there’s really no such thing as perfection in business. You’ve got to manage multiple tasks, and focus on quality.

You’ve got permission to be less than perfect. Trust me, imperfection is a hallmark of a great entrepreneur!

Some of it piques your interest but eventually you simply get stuck staring at all of it; “Is this the right thing to do next, or is that the right thing?”

That’s Paralysis Analysis! And before you know it, hours, days, even weeks can go by and you’re still stuck in the exact same place—nowhere.

The truth is, analyzing information creates a “feeling” of work and it creates the illusion of progress when it’s really just another insidious form of procrastination.

So, here are some important tips that can help you bust out of Paralysis of Analysis:

Tip #1: Unsubscribe from those unnecessary lists, set inbox rules, and find an expert who can answer your questions quickly. Limit your information influx and you’ll have a lot less stuff to analyze!

Tip #2: Don’t over-think your business, keep it simple. I don’t mean to oversimplify things here, but remember that building a marketing plan around your business consists of a few key concepts—a validated “niche” idea, a strong and effectively written offer/message, a proven strategy for building your own list or distribution, and the ability to execute the plan. So, focus on grabbing insight on those key concepts but don’t get sucked into spending hours and hours analyzing every possible approach to doing these things—pick a technique, confirm it with a coach or expert—then Get To Work!

Tip #3: Get To Work! That’s right, nothing moves you out of being stuck in paralysis quicker than getting moving…just start doing it! You’ll learn more and gain expertise faster than you can by reading more stuff and “thinking about” it. In the words of those killer athletes over at Nike, “Just Do It!”

Analyze yourself for a minute. Are you spending more time studying and contemplating information more than you’re actually doing real work? If so, you’re stuck in Paralysis of Analysis.

It’s time to get moving! Go get to work!

So much of what he covers is extremely relevant. Especially today.

In times of uncertainty it’s much more difficult for people to hide under the radar or just “skate by.”

Whether in a job, running a company, looking for new work, or starting a new business, those we deal with have a heightened awareness of what’s going on around them. Who can they trust? Who are the most valuable players? Who’s for real? Who’s genuine?

In times like these, one of the best ways to stand out in the crowd and rise to the top of the ladder is to have a solid, trustworthy foundation.

Those who are trusted have a massive advantage.

Here are some very powerful points Covey makes that stood out to me:

“There is one thing, if removed, will detroy the most powerful government, the most successful business, the most thriving economy, the most influential leadership, the greatest friendship, the strongest character, the deepest love.

“On the other hand, if developed and leveraged, that one thing has the potential to createe unparalleled success and prosperity in every dimension of life. Yet, it is the least understood, most neglected, and most underestimated possibility of our time.

“That one thing is trust.”

“Trust undergirds and affects the quality of every relationship, every communication, every work project, every business venture, every effort in which we are engaged. It changes the quality of every present moment and alters the trajectory and outcome of every future moment of our lives–both personally and professionally.

“While corporate scandals, terrorist threats, office politics, and broken relationships have created low trust on almost every front, I contend that the ability to establish, grow, extend and restore trust is not only vital to our personal and interpersonal well-being; it is the key leaedership competencey of the new global economy. 

“I am also convinced that in every situation, nothing is as fast as the speed of trust. And, contrary to popular belief, trust is something you can do something about. In fact, you can get good at creating it!” 

Mr. Covey’s message is powerful to me for two reasons. First, it’s simply an enlightened and timely truth (and his book goes on to explain exactly how trust can be built and restored). Second, I’m imperfect and have broken trust at times. So, knowing that trust can be restored, even rapidly, is encouraging to me as a leader, and as an individual.

Are your to be trusted?

We try and take care of our bodies with exercise but seem to altogether overlook the fact that our brain needs exercise too.

As America ages, we’re finally seeing an increase in programs and even “head health” facilities that focus on increasing mental capacity and keeping our minds sharp.

Skeptical? Consider this, Do you ever want to say something but just can’t find the word? (I thought so.)

We all have some mental weaknesses. I exhibit mine at least 10 times a day!

Brain fitness is real. And the more fit you can keep your noodle, the more successful you will be in life, business, and anything else.

There are many new tools popping up to help increase your brain power. An example of this is “Brain Age” and “Brain Training” by Nintendo. Additionally, over the next several years you will see “brain gyms” popping up throughout the country.

But you really don’t need to buy a product or hit the brain gym to sharpen your skills.

Here are some brain exercises recommended by Dr. Lorne Label of the Brain Longevity Center:

• Use your left hand, if you are right handed, for tasks such as placing a stamp on an envelope, writing, or combing your hair.
• Name the letters of the alphabet but mix it up—by skipping every other letter (a, c, e, g); skipping every third letter (a, d, g) or, perhaps, starting from the end of the alphabet and skipping a letter (z, x, v)
• Sweep your eyes across a room. Then spend the next few minutes recalling what you saw, where things were placed, the colors, etc.
• Subtract 3 from 100; then continue to subtract 3s from each remaining number (100-3=97-3=94-3=91)
• Pick a category, like food or animals. Then name an item in the category. Think of a second one that begins with the last letter of the previous item. (For example, hot dog, grape, egg.)

According to a five year study by the Journal of the American Medical Association, more than 2,000 adults showed that simple mental exercises improved cognitive skills.

Why am I delving into this today? It’s simple. Smart people experience more success than the dummies out there!

Pay attention to your brainpower and work on simple ways to stay smart and get mentally fit.

I think I’ll try a crossword puzzle today!

In 1998, I listened to James Paramore give a speech entitled, “Life Will Be a Challenge.” In that talk, he re-told a true account about a school teacher who was following up on a summertime assignment by asking her students what important lessons they were taught about self-reliance during their summer vacation.

After several accounts of “lessons learned” were shared, she asked Johnny what lesson he had learned. Johnny replied. “Well, my dad taught me how to swim.” “Fantastic, Johnny. That’s a great thing to learn.” “Yeah,” Then he continued, “He took me out in the middle of a lake, and he just threw me overboard, and told me ta swim back to shore.” “WOW!,” the teacher said. “That took a lot of courage.” “Yes it did,” Johnny said, “but it wasn’t all that bad once I got myself out of that darn gunnysack!”

Well, I got a chuckle out of that little story—that was about 11 years ago and it struck me pretty powerfully at the time, because I’ve actually felt like that before—sort of stuck in that gunnysack, trying to swim to shore—especially back then when I was just venturing out as an entrepreneur.

I’ve felt like that when I was trying to launch my very first company in 1992. I felt like that when I was trying to figure out how to take a company to the next level after Venture Capitalists invested millions in my company. I’ve felt like that while trying to figure out the latest marketing method, copywriting technique, or blogging strategy. I’ve felt like that at many different stages while trying to sort through the avalanche of business information that’s out there…

Maybe you’ve struggled in a similar way? Maybe you’ve struggled to decide on a business concept. Maybe you’ve struggled with Internet Marketing, raising capital, finding a partner, purchasing a business, managing cash, or changing your business model. Perhaps, you’ve struggled to really learn how to become as successful in your business as some of those great entrepreneurs that we’ve all watched and admired from a distance.

You know, those who are the true Masters of Business have figured out what really works and then went out and did it. They didn’t focus on the fact that they were out the middle of the lake, stuck in a gunnysack. They focused on how to get out and get moving.

I want to know what you are doing right now, to wrestle your way “out of that gunnysack”?

Are you up to the challenge of business?

Will you sink or swim?

Recently, Michael Masterson wrote about Productivity and outlined, “4 Things You Can Do to Give Yourself Lots More Time to Be Lots More Successful.”

Phew! It’s a mouthful, but I thought his simple suggestions were useful and interesting:

“…this article is about stealing time for yourself. So I am going to make a number of suggestions to help you find more time to invest in your future health, wealth, and happiness… if you are willing.

Limiting Your Shower to Two-Minutes

I know how much you like to stand under the hot water and soak. I know how it relaxes you. But spending 15 to 30 minutes a day in the shower (as many people do) wastes a ton of water and time.

Save the planet. Improve yourself. Take shorter showers.

Amount of time you will save by taking short showers: 79 to 170 hours a year

Eating at Your Desk 

I used to like hour-long business lunches. Then I got smart and started eating at my desk. I eat lunch at a restaurant two or three times a month. That’s it. And it’s always social. Never business.

Instead of letting vendors treat you to a fancy meal, let them spend their lunch money on giving you better prices.

Bottom line: Business lunches don’t save time. They waste time! And money. Eat at your desk.

Amount of time you will save by eating at your desk: 250 hours a year

Insisting on Very Short Meetings

I figure about 80 percent of all the hour-long business meetings I have ever had need not have taken more than 15 minutes. Moreover, 50 percent of the multi-day business retreats I’ve attended could have been done in a day or a half-day.

Business meetings are like basketball games. Players spend most of the time throwing the ball back and forth while the score stays close. It’s only in the last 10 minutes that they get serious and really play to win.

If you plan them well, you can significantly reduce the time you spend in meetings. Well-planned meetings have the following characteristics:

·                     They focus on a single topic.

·                     That topic is expressed concisely before the meeting in a short memo.

·                     The meeting is conducted by someone who encourages ideas but cuts

off digressions and pushes toward solutions.

·                     The right people are there - never more than seven.

Time you will save with 15-minute meetings: 75 hours (assuming 100 meetings a year)

Answering E-Mails Efficiently

I answer e-mails only once a day - at the end of the day. This saves me tons of hassles and passels of time. Why? Because three-quarters of the 100 e-mails I get every day are other peoples’ concerns. It’s much better for them, and more time-efficient for me, if I let them solve their own problems.

When I do answer e-mails, I make my answers short and to the point. When I have something difficult or negative to say, I don’t use e-mail because it can cause confusion that results in lots of extra e-mails to clear up. Positive comments can be made very quickly. And if something can’t be explained quickly, I do it in person or on the phone.

Every once in a while - maybe twice a year - I ignore my rule and start the day by doing e-mail. And I have noticed that when I do that, it takes a lot longer. That’s because in the morning I feel like I have plenty of time and tend to write longer answers when shorter ones will do. I have actually tracked the time it takes me to do e-mail both ways. When I start in the morning, it takes about 90 minutes to get through 100 e-mails. When I wait till the end of the day, it takes between 45 and 60 minutes.

Time you will save by answering e-mails for only 45 minutes a day: 185 hours (assuming you check e-mail 250 days of the year)

The Impressive Total

Tally it up. I’ve just shown you how you can save 589 hours a year, at the very least. That is the equivalent of more than 14 40-hour work weeks!

Think of all the things you could accomplish with an extra 589 hours each year. Then make the changes and get going”

Amen.

As a CEO, the hardest part about making layoff decisions is trying to set aside emotion and make decisions based on performance and quantifiable value. I’ve found that in times like these, it actually becomes quite apparent who on your team is vital and who can be let go without much negative impact to the business.

Whether you are the decision maker about “who stays and who goes” or if you’re worried about ending up on the chopping block…here are some things to consider:

• Top sales people stay. They keep fuel in the engine.
• Unless paid on 100% commission, mediocre sales people who barely or rarely meet quota must go; now.
• Management team members should only stay if their departure would cause the company to falter substantially. Otherwise, it’s time to say goodbye. One big salary can pay a lot of bills.

• In a season of deep financial concern and widespread layoffs, those who remain should also sacrifice. Trim remaining salaries by at least 5%.
• If you almost fired someone in the past, then they should be near the top of the list when considering layoffs. Unless they’ve made a dramatic improvement, they’re gone.
• Marketing assistants (and assistants in general) are targets. Any worthwhile Marketing Manager (or Managers in general) should be able to absorb the tasks of an assistant until the situation improves.
• Employees who have done a good job of pointing out and proving why they are a resource that you can’t do without should survive if at all possible. You want useful fighters in a time like this.
• Employees who are barely noticed are usually barely noticed when you let them go.
• Don’t underestimate creativity. A reduction in time or pay from three people can equal a full headcount reduction. Find out what people are willing to do before making final decisions.

In July, 2007, Inc. Magazine surveyed business owners on the topic of downsizing. I thought some of the results were insightful:

“Who did our respondents fire? Well, it didn’t always pay to be close to the boss: 12% fired their secretaries or assistant.

The most fired department: Sales and Marketing. Other endangered staff members, IT Specialists, Project Managers, and ironically, the Head of Human Resources.”

My friends, this is most definitely a season of change. It’s a season of scarcity and real lives are being affected.

In the end, these times make us stronger and new opportunities are created. In the end, we’ll be better for it.

Until then….Bosses, chop carefully, thoughtfully, creatively, and with compassion.

And to those who are worried about being chopped? Get out there and do everything in your power to drive sales or become a part of the business engine that’s expensive and difficult to replace. Be the transmission.

Check out this great post for more information about this topic:

10 Tips for Downsizing with Grace in Difficult Economic Times

Top 7 Survival Tips to Deal with Downsizing in the New Economy

There are two central ingredients to success: Risk and Persistence. I refer to them as “The Catalyst of Success.”

There are thousands and thousands of great entrepreneurial ideas out there. Millions of people have big financial hopes and dreams. There are a lot of people who can talk about their concept or idea with great conviction and flair—or about how they could improve an entire industry with their unique insight and experience.

But for all of the millions of ideas, concepts and plans only a very, very small number of them ever come to fruition.

I’d like to point out two of the most overlooked principles of making any business endeavor a success—in fact these principles apply to any worthwhile endeavor that we might choose to pursue.

The first is RISK and the second is PERSISTENCE. These two principles are absolutely necessary ingredients for success.

When I was a teenager I shaped and glassed my own surfboards. I became very familiar with the process of solidifying fiberglass using a mixture of resin and catalyst. In order to create a bucket full of solution that would cover the entire surfboard, I would add three or four cups of marine resin and just about a tablespoon of catalyst—that tablespoon made all the difference—it was the key ingredient that caused the entire mixture to eventually solidify into a hard fiberglass finish.

In my opinion, Risk and Persistence are like the catalyst that will complete the business plan, or any plan for that matter. It’s what takes a project through to the finish line.

The trouble though, is that many people are either paralyzed by the potential costs of taking risks and choose to avoid something potentially great altogether, OR after taking a risk; lack the patience and tenacity, aka: Persistence that’s required to see something to the finish line. In a sense, they throw in the towel prematurely.

I think you can start to recognize the importance of these two principles.

Do you have some insight and experience about how the principles of Risk and Persistence have affected your life? Or do you have a comment or point in regard to these principles from which the readers can benefit?

Leave a comment and I’ll follow up with a reply as soon as I can…

As always, I’d love to hear back on your thoughts, advice and other feedback about these episodes…

Here are two recent appearances: