Lauri Elliott

Originally posted at http://www.blogtalkradio.com/art-of-biz.

In this segment, we discussed a critical contributor to building a business – capital.  But, we didn’t take the normal road in discussing capital.  We spoke of social capital.  Author of “Achieving Success through Social Capital”, Wayne Baker, defines social capital as “the resources available in and through personal and business networks.  These resources include information, ideas, leads, business opportunities, financial capital, power and influence, emotional support, even goodwill, trust , and cooperation.”

However, the question concerning social capital in business is “how to translate social capital to the bottom line.”  This is where our guest expert, Verna Allee of Value Networks, really opened our eyes.

First, social capital is held within social networks.  Verna indicated that we participate in them on a personal level.  The network does not have a shared purpose working toward common objectives.  However, to maximize social capital we need to evolve the relevant social networks to what Verna calls value networks.  Value networks are people who come  together in a loose association to achieve some business, economic or social good.

Verna adds that value networks actually marry both the tangible assets, e.g., cash, buildings, and the intangible assets, e.g., social capital and human capital, to provide a complete picture of your business strength.   For example, if intangible assets represent 50% or more of the value of your business as research says, a business valued at $500,000 based on its financial would really be valued $1,000,000 at minimum.

To translate intangible assets to the bottom line, Verna says businesses need to first measure performance both in financials and non-financials.  Second, businesses need to identify the people and their roles in the value network.  Third, businesses need to identify the transaction flows, which are both formal/tangible and informal/intangible, between the roles. An example of a formal/tangible flow, or deliverable, is a product.  An example of informal/intangible deliverable is information.  Once businesses are able to identify and map these elements, they can see both the strengths and gaps in the value networks.

Value networks have tremendous power to help businesses cut costs, grow and manage risks.  For example, once the value network is mapped, an entrepreneur can identify costly and inefficient areas.  In another case, you can use the value network to identify new growth opportunities in product and service offerings.

In actuality, using social networks and value networks goes hand in hand.  However, each serves a different role.  For example, social networks are great for company, brand and product awareness activities.  Value networks helps you identify and manage ways to increase the value of your company, brand and/or product to your customers.

Take time to listen to the entire radio segment. (http://www.blogtalkradio.com/art-of-biz/2009/11/12/Power-Push-Using-Social-Capital-for-Success)

To learn more about translating social capital to the bottom line, visit http://www.valuenetworks.com.  In particular, check out Verna’s paper, “Value Network Analysis and Value Conversion of Tangible and Intangible Assets.” (http://www.openvaluenetworks.com/Articles/Value_Conversion_JIC_online_version.pdf)

To follow other topics on The Art of Making Business Happen, visit http://www.blogtalkradio.com/art-of-biz and http://artofbiz.ning.com.  To follow us in real-time, check out http://www.twitter.com/theartofbiz.

I had the great opportunity to share about tapping the power in social networks for business and careers with a group of Harvard graduate students on November 19, 2009. It was sponsored by the African Caucus student group of the Kennedy School of Government at Harvard University.  I’d like to give special thanks to Julia Mensah for the opportunity.  Below is a summary of the workshop.

I, myself, am a task-oriented person.  This means I travelled the hard road to learn the significance of people in getting results and business success.  My training ground was Africa for the past five years.  While expertise played a part in my success, relationships also played a significant role.

When I started to research the notion of social networks, I learned that social networking was even important for Bill Gates.  When Gates started his firm, his mother used her social connections in Seattle to provide Gates access to key business people.

One of my biggest observations is that social networks are very important when one is initiating a new idea, whether in business or covering social issues.  So, just as we spend time developing the next greatest idea, we need to focus on developing the ecosystem that will support the idea through its lifecycle. 

Cultivating your network is an intentional activity.  It’s easy enough to understand because we know that relationships take work. 

The workshop highlighted practical means for cultivating your network.  For example, sharing useful information with people is a simple, but effective way to provide value to others.

To learn more, you can download Tapping into the Power of Your Network (296) presentation.  You can also listen to a recent radio show, “Power Push:  Using Social Capital for Success.”

This is a post-show note for the radio segment, “Power Push:  Using the Strength of Leadership.”  You can check out other radio broadcasts I host at http://www.blogtalkradio.com/art-of-biz.

We focused on the role of leadership in business on November 5, 2009.  In research done by Dr. Bruce Winston and Kathleen Patterson, more than 90 variables of leadership were identified.  That can make the task of understanding, much less acting upon, leadership complex.  However, the correct working definition of leadership upon which an entrepreneur or organization acts makes all the difference, particularly during challenging times.

Our conversation started with a definition of leadership by Dr. Myles Munroe, “Leadership is the capacity to influence others through inspiration motivated by passion, generated by vision, produced by a conviction, ignited by a purpose.”  Brett Johnson, developer of the LEMON Leadership model, says this is a picture of the visionary leader.  But, he adds, leaders also allocate resources and build structures in which people can be successful.

Brett agrees that everyone is a leader in space unique to them.  This fits well with the leadership paradigm proposed by Charles Manz.  First, a person learns to lead him or herself (self-leadership). Second, a person becomes a leader of others.  Third, a person helps others become leaders (super leadership).

In this paradigm, our organizations and society is filled with leaders.  Some ask the question, but there have to be followers right?  True.  A person leads other in his or her unique space while following others in their unique spaces.  As Brett points out, this is a characteristic of the shift from hierarchical (control-centered) organizations to networked (authority-centered) organizations.

Brett brings a new perspective with the concept of leadership identity.  Leadership identity is a blueprint, or DNA, of who you are as a leader.  As with your psychological identity, it is not something that can be changed.  However, they both can be discovered as you learn more about who you were designed to be.

In the LEMON Leadership model, a person’s leadership identity can be characterized in five leadership types – Luminary, Entrepreneur, Manager, Organizer and Networker. Brett says that people have a primary and secondary LEMON leadership type.  He also found a leader resorts to the strengths of his or her primary LEMON leadership type during the best times, but resorts to the weaknesses of his or her secondary LEMON leadership type during the worst times.

With all the insights we discussed, it still comes back to the question how does leadership make a difference in my business?  Simply, leaders are people who make things happen.  Brian Klemmer describes these type of people as “creators, go-getters and aggressive producers in society.”  Sounds like the entrepreneur, right? Because you are one of these people, you can transform a failing business into a successful one.

But…And a BIG but.  Klemmer points out that these individuals often lack ethics.  On the show, Brett and I looked at the current economic crisis in the leadership context – greed overrode ethics.  Leadership in business and society is not about how much you can get for yourself, but how much you can get for others and yourself in a positive, sustainable manner.  It’s about creating win-win situations.

So, when we speak of the “rise of the entrepreneur,” we are not only speaking about the potential of the entrepreneur to create monetary prosperity but also to address society’s issues – poverty, illness, crime.

There was so much more that we discussed on the show.  Take the time to listen. (http://www.blogtalkradio.com/art-of-biz/2009/11/05/Power-Push-Utilize-Your-Strengths).

If you would like to learn more about the LEMON Leadership model, you can purchase the book at Amazon.  To contact Brett Johnson, visit The Institute’s website (http://www.inst.net).

And don’t forget to stay connected with The Art of Making Business Happen community at http://artofbiz.ning.com and http://www.blogtalkradio.com/art-of-biz.  You can even join the community.

One of the paradigm shifts in our global society is moving to an entrepreneurial culture.  This means that the entrepreneurial “lifestyle” will be a significant influence moving forward.  This cultural change will influence companies and consumers alike, so businesses need to understand what will influence success in this new age.  One of the defining characteristics is creativity. 

We had an energizing show about creativity and business on October 29, 2009.  We were joined by Dr. Lynne Levesque, a creativity expert and author of “Breakthrough Creativity.”  Our show discussed how creativity is a strength and imperative in business, as well as the thought that everyone is creative.  The concept that everyone is creative aligns with the concept that everyone is an entrepreneur, or someone who creates.

Dr. Levesque presented an excellent definition for creativity, “ability to produce different and valuable (useful) results.”   She said that people, who were considered creative throughout history, produced something of value.  It wasn’t just about brainstorming ideas.

Another aspect of creativity is its relationship with innovation.  Levesque says creativity is something that belongs to an individual while innovation is the ability of an organization to pull out creativity in its employees to produce great products and results for its customers.

Levesque supports the thought that everyone is creative, but each person’s creativity manifests differently.  It’s something that is within every individual.  The creative process, including tools and techniques, is what develops the creativity within individuals.

The eight Creative Talents, e.g., Visionary, Harmonizer, are aligned with the eight personality types proposed by Carl Jung.  Levesque says all the Creative Talents are necessary in successful business and on teams.  It is interesting to note that all the Creative Talents are at work in every person, but in varying degrees.  A person will have a primary and auxiliary Creative Talent.

In closing the discussion, Levesque spoke of the importance of entrepreneurs knowing their creative strengths, then determining if they and/or their teams represent all eight Creative Talents.  Also, entrepreneurs need to:

• find ways to respect the differences in the Creative Talents
• remain open as a leader
•  work on a culture incorporating creativity
• have goals and metrics.

In all, the process to develop the creative culture is embedded into the team building process, not a separate task.

To learn more about the eight Creative Talents, access resources and contact Dr. Lynne Levesque, go to http://www.breakthroughcreativity.com.  To listen to the show recording, go to http://www.blogtalkradio.com/art-of-biz/2009/10/29/Power-Push-Living-Life-as-an-Entrepreneur.

To share in other discussions on The Art of Making Business Happen, check out our show page at http://www.blogtalkradio.com/art-of-biz.  You can also follow us on Twitter at http://www.twitter.com/theartofbiz.  Join our online community to become more involved at http://artofbiz.ning.com.

We had a quite a discussion with Cedric Muhammad, author of “The Entrepreneurial Secret to Starting a Business without a Bank Loan, Collateral or Revenue.”  The context for the discussion was the extreme environment in which we do business today globally.  I described the environment as openly hostile, meaning opposing or resisting our efforts to do business.  But, we concluded that entrepreneurs have the ability to tame this environment for success.

Cedric has an extensive background as an economist and entrepreneur.   He even formulated a business leadership model called “Hip-Hopreneur.”  A Hip-Hopreneur is an individual steeped in the hip-hop culture who is ready to become a power broker, business owner and political leader.  A Hip-Hopreneur is someone who appreciates the hip-hop art form and culture, as well as the responsibility of leadership and power to influence people around the world.  These are truly characteristics of successful entrepreneurs in any sector.  Entrepreneurs transform lives, communities and societies.

Cedric highlighted four key challenges faced by entrepreneurs at any time – capital, culture, communication and competition.  Each of the challenges when approached successfully enable entrepreneurs to navigate past a hostile business environment.

Looking at capital, we need to focus differently.  First, Cedric said entrepreneurs must view themselves and their ideas as the greatest source of capital.  Second, seek funding from your own social networks, e.g., college friends, family, church members.  Cedric emphasized that entrepreneurs often overlook the best source for accessible capital.

 Another point is that entrepreneurs go looking for funding before their concept is developed or proven.  Banks, venture capitalists and angel investors look for “bankable” businesses.  They want to make money, too!  When entrepreneurs start, they need to recognize the funding stages aligned with the business lifecycle.  Typically, when an entrepreneur first starts, he or she is at the pre-seed stage.  This is where your social networks can really help you out. 

Navigating culture and the competitive environment successfully is essential.  If you can tap into the culture that will support your business either as consumers, suppliers, etc., you will be amazed at the momentum you gain.

 In the competitive landscape, you need to be prepared for the shifts competitors may bring, such as disruptive technology.  The recent shift in Facebook’s prominence over MySpace is an example.  As Cedric put it, “it’s obvious MySpace didn’t see Facebook coming.”  But the story behind the story, which attests to the brilliance and adaptability of the entrepreneur, is that MySpace changed its business model to focus on its strength – communities around music and entertainment.

We also looked at how the current hostile environment evolved. A key crux was lenders providing funds not based on merit of your business venture or your personal credibility, but knowing they could re-sell the loans for a profit.  We moved from the foundation of exchanging value in our trade systems to exchange money without value behind it.  While the crisis occurred, it is moving people back into alignment so that our trade systems will work.  It’s a bit painful now, but necessary.

There are many other points made in the conversation that you don’t want to miss. Take time to listen to the recorded show.

Also, spend some time getting to know what Cedric Muhammad is sharing.  He brings insights to help you with your business.  Check out his three-volume book, “The Entrepreneurial Secret.”  You can also catch him on www.blackelectorate.com, www.blackcoffeechannel.com and www.cedricmuhammad.com.

Continue the dialogue about “The Art of Making Business Happen” at our online community – http://artofbiz.ning.com.  And listen to our weekly broadcasts at http://www.blogtalkradio.com/art-of-biz.

Signing off for now – peace and prosperity to you!

We had a great discussion this week about “Entrepreneurship:  The Answer to Economic Uncertainty.”  The picture for our economy doesn’t look good, even though the Dow Jones surpassed 10,000 on Wednesday.   Much of the improved financial status of publicly-traded firms comes from cost-cutting not sales.  Economists still do not expect the unemployment picture to get better any time soon.

But our discussion didn’t focus on the downside, but on the upside!  We shared how entrepreneurs are the key to the economy and economic recovery.  Bo Fishback, Vice President of Entrepreneurship at the Kauffman Foundation, shared how almost all the new job growth in the U.S. comes from companies under five years.  That’s right it is people like you and me – aspiring, emerging, new and serial entrepreneurs – that create jobs, not the government! 

Some other highlights from the radio broadcast are 1) An entrepreneur is more than someone organizing a business venture and assuming the risk.  An entrepreneur is a creator, innovator and problem-solver. 2) Entrepreneurs can gain influence, strength and support by coming together in community.  For example, need capital.  Learn about the concept of peer-to-peer loans by watching a Forbes magazine video.  Also, check out www.prosper.com.  Here you have people and entrepreneurs helping each other.  Learn how entrepreneurs as a part of communities fostered economic development throughout history in “The Entrepreneurial Secret” by Cedric Muhammad.  3) If we become a community, we can also become an economic system in our own right, fostering economic growth in our locally and globally.

But to be in the know, you need to listen to the show!  Listen online or download to your computer, MP3 player, cell phone or I-POD.

And, I just have to add one other point to top off reasons to get moving on that entrepreneurial idea.  Over 50% of the companies listed on the Fortune 500 started in times of recession.  So, this is the time for us to get in gear and make it happen for ourselves, families and communities!  Kauffman launched a great platform to facilitate a unified voice for entrepreneurs called the Entrepreneurs’ Movement.  Join and get others to join! 

There are other ways to stay connected with Kauffman’s work with entrepreneurs.  Check these out:

• Keep updated with real-time conversation on Twitter. ( http://www.twitter.com/strongeramerica)
• Join the Facebook community. ( http://www.facebook.com/buildastrongamerica)
• Participate in Global Entrepreneurship Week, November 16-22. (http://www.unleashingideas.org)

And don’t forget to stay connected with The Art of Making Business Happen community at http://artofbiz.ning.com and http://www.blogtalkradio.com/art-of-biz.  You can even join the community!

Most people seem to be worried by the global economic crisis. The forecast for job growth is slow. But in actuality, this is a paradigm shift. Creating an opportunity for massive number of entrepreneurs to arise. You and I, as entrepreneurs, are the innovators and problem solvers which will make the difference. Everyone has the potential to be an entrepreneur. Its up to you to decide whether or not you will take the journey.

This seminar is a 1.5-hour overview for our workshop series by the same name. The focus of the series is to get you from the “idea” of doing business to “implement” a business idea.  The topics covered in this seminar are:

• Unique Competitive Space
• Business Opportunity Identification and Prioritization
• Positive Cash-Flow Business Model and Implementation

The full series involves an additional four workshops, which walk you through the entire process of taking a business idea to implementation.  At the end, you will have a plan to start your new business or new plan for an existing business immediately!  When you are ready for the additional workshops, just contact me at info@conceptualee.com.

The seminar is available for online and mobile platforms as video or audio below.  You will also find links for the seminar slides and additional resources below.

Hold on for the ride!

Seminar Video (MP4)

Seminar Audio (MP3)

Seminar Slides (PDF)

P.S.  You can post comments and questions about the seminar if you register on the site.

As Christians, we often get stuck with God-inspired business ideas that we cannot bring to birth.  Like Hezekiah said, “for the children are come to the birth, and there is not strength to bring forth.”  (Isaiah 37:3)  But God is in this.  He sets the order.  He reminds us that “Shall I bring to the birth, and not cause to bring forth? saith the LORD: shall I cause to bring forth, and shut the womb? saith thy God.”  (Isaiah 66:9)  What we often do not understand is there is a process or pattern God has designed for us to follow.  This process always involves moving from the invisible to visible, from the impossible to possible, from heaven (spirit) to earth (physical).  These business ideas die on the vine because we do not have enough revelation.

While we can never put God in a box, there are some supernatural and natural strengths in which we can operate to see our business ideas come to birth.  God used my experience in developing business ventures in Africa to teach me this.  The path often started with nothing but transformed into something significant.

This seminar reveals more of the creative, competitive process to see your business idea come to birth, multiply and produce profit.  It is a part of the Art of Making Business Happen – God’s Way brand. Come be a part of what God is doing to create economic prosperity for His people regardless of the circumstances in the world.  

This seminar is a 1.5-hour overview for our workshop series by the same name. The focus of the series is to get you from the “idea” of doing business to “implement” a business idea.  The topics covered in this seminar are:

• Unique Competitive Space
• Business Opportunity Identification and Prioritization
• Positive Cash-Flow Business Model and Implementation

The full series involves an additional four workshops, which walk you through the entire process of taking a business idea to implementation.  At the end, you will have a plan to start your new business or new plan for an existing business immediately!  If you want to understand the spiritual secrets behind these workshops, you can sign up for KingdomBiz study circles.  When you are ready to move forward, just contact me at info@conceptualee.com.

Download this seminar for free.  It is available for online and mobile platforms as video or audio below.  You will also find links for the seminar slides and additional resources below.

Hold on for the ride!

Seminar Video (MP4)

Seminar Audio (MP3)

Seminar Slides (PDF)

P.S.  You can post comments and questions about the seminar if you register on the site.