4 business lessons drawn from tough times

4 business lessons drawn from tough times

business lessons

Business can lead to cutthroat competition in more ways than one, but I learned that the darkest moments also can lead to the greatest triumphs and best business lessons.

It’s the worst experiences that sometimes teach us the most important lessons. I encountered turbulent times in the inner city of Los Angeles as I built my company into a trusted institution among underserved communities.

My employees and I faced harrowing experiences, such as armed robberies and threats from the mob, which hoped to block some of his expansion plans. The 1992 riots that erupted after a jury acquitted police officers in the beating of Rodney King proved especially distressing. Many businesses were looted or burned to the ground, so we had to scramble to protect my check-cashing locations.

It was gratifying to learn that loyal customers prevented some branches from being torched albeit in unexpected ways. A gang member called us to say he’d always been treated with respect at Nix, so his gang had decided not to burn our buildings because we were part of the community.

4 business lessons learned from hard times

 

My experiences taught me a number of valuable lessons that relate both to business and life, such as:

  • Take responsibility.

This applies to everything that happens, including things you can’t control. Once when an economic downturn left me unable to pay my bills, I contacted each creditor to explain my predicament and work out a payment plan. This upfront approach helped me to avoid bankruptcy.

  • Never play the victim role or blame game.

Avoid replaying misfortunes over and over in your mind. Accept setbacks gracefully and concentrate on getting back on track. In the 1990s, a business deal that went awry nearly forced me to sell my company, but instead I focused on solving the problem and stayed in business.

  • Be courageous.

The most debilitating human emotion is fear. Learn to keep it in perspective, minimize it when applicable, and harness it to your benefit when need be. Standing up to bullies as a child set the stage for me to be able to stand up to the mob.

  • Maintain integrity.

Operating with fair play and compassion is important in building trust. The way some community members protected some of our branches during the riots reflected this. Treating people fairly and supporting community programs paid off.

Good times may be more enjoyable, but challenging times provide more opportunity for growth. Realize that bad people, tough times and mistakes are your teachers. Always ask yourself, “What business lessons do I need to learn from these events?”

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Today’s guest contributor is Tom Nix, author of the memoir Nixland, a pioneer of the check-cashing industry, and currently a public speaker and writing focused on helping people overcome obstacles and be successful.

 

 

 

My holiday dish? Humble pie

My holiday dish? Humble pie

avoid being dogmatic

 

A colleague and I were at a publishing conference. We were attending a session on how to be a more effective writer.

“Schedule time every week for serendipity,” advised one of the session panelists. “If you schedule time for serendipity, you’ll make it happen. If you don’t, it won’t; and your skills won’t improve.”

“Did she say to schedule serendipity?” I whispered to my colleague.

“Sure did.”

How ridiculous, I thought even though I’ve been the beneficiary of accidently tripping into discoveries. Despite my past good fortune, the speaker’s counsel troubled me. From my perspective, there was absolutely no way to schedule a fortunate accidental discovery—serendipity just happened. Right?

Curious about maybe having missed a nuance in the definition of serendipity, I did some research. I hadn’t missed anything.

Author Horace Walpole invented the word serendipity in 1754. A Persian fairy tale, The Princes of Serendip, had been his inspiration. In the fairy tale, three princes “were always making discoveries, by accidents and sagacity, of things which they were not in quest of.”

That confirmed my belief the speaker had it all wrong. Sadly, I mocked her advice on several occasions.

Shame on me.

And for that, I got my comeuppance.

I was doing online research about dogmatism for my book. I’d just read the definition of dogmatism, a viewpoint or system of ideas based on insufficiently examined premises, when the aha zap happened.

My reaction to the speaker’s words about scheduling serendipity leapt into mind.

Ewww. It hurt to see it and to say it, but I’d been dogmatic. I’d been that person; the narrow-minded one I criticize when I see people acting the same way I had.

I’d blindly accepted as fact that my belief that it was impossible to schedule serendipity without examining her meaning. I had heard her words, interpreted them with my dogmatic filters, and outright rejected her position.

Shame on me again. Her advice wasn’t wrong, it was flat out brilliant.

In a time-starved world where there’s a plan and time slot for everything, it’s pure genius to leave time open for spontaneity. Time to think, daydream, be. Time for accidental discoveries to happen.

Of course, you can’t will the eureka moment to happen in those moments.  However, making time to reflect increases the odds of creativity, inspiration, and innovation happening.

That’s what the speaker had meant. She was telling us to avoid the tunnel vision that comes from having an over-packed schedule and too much to do. She was telling us to make room for unpredictability and possibility.

*big sigh* How could I have been so dogmatic, so obtuse, so blind?

Psychologist Daniel Kahneman has an answer for us.

He says it’s incredibly difficult for us to see our own biases. We can easily point to them in other people, but not so much for ourselves.

Fortunately for me, a research aha moment rescued me from my blindness.

I both love and abhor my personal teachable moments. Love them because new paths are revealed, abhor them because I need them in the first place.

Perhaps I’d better start scheduling them in my calendar.

 

Image credit before quote added: Pixabay

 

 

 

The incredible, healing power of forgiveness

The incredible, healing power of forgiveness

power of forgiveness and grace of goodness

“After the first finger was pointed, the meeting went downhill fast,” said a distressed friend describing a really awful day at work.

“Everyone was in a race to the bottom to throw each other under the bus. Such hateful things were said that I wanted to disappear.”

What a lost opportunity! Imagine if someone had stepped up and stopped the downward spiral with what I call the “Charleston approach.”

That’s choosing to act with grace, curiosity, appreciation, and kindness.

That’s what the family members of the victims of the horrific Mother Emanuel AME Church shooting in Charleston, South Carolina did a year ago.

In facing the one who took the lives of their loved ones, they could have resorted to rancor and labels. They didn’t.

Incredibly, they reached across the divide and offered not judgment but forgiveness.

The lesson I’ve taken from their example is that if one chooses, the grace of goodness can transcend polarization.

Leadership is both something you are and something you do. ~Fred Smith, Founder Fed-Ex

Hate won’t win. ~Emanuel surviving family member

We get to choose.

That’s incredibly powerful. The surviving Mother Emanuel family members could have pointed the “I’m right, you’re wrong” finger.

No one would have thought ill of them if they had.

What they chose was to transcend differences of thought because they saw a greater good.

To see the greater good, they had to think big. Not thinking bigger—that is, not looking for the greater good that rises above individual preferences—gives rise to mistrust.

Mistrust then fuels all the ugly “isms”—racism, sexism, ageism, and the like—that divide us unnecessarily.

Wrapping ourselves in our “rightness” and others in their “wrongness” builds walls, not connections that serve a greater good.

In a world where the six degrees of separation have become four, where we’re dealing with the hate and horror of the Orlando shooting, where we’re experiencing the animosity of a contentious presidential campaign, it’s time, isn’t it, to replace mean-spiritedness with curiosity, compassion, and a skoosh of vulnerability?

Being mean and lashing out is easy.

Deciding, choosing, and using the “Charleston approach” is hard. Really hard but really purposeful.

It means stepping up to be our best self. We must develop self-awareness, self-knowledge, self-control, and open-mindedness.

It means being eternally vigilant in assessing if our beliefs have hardened into dogma. When we’re no longer open to considering what others have to say because we know our position is the right one, we’re putting our lack of skill in doubting on display.

It means being mindful of the degree of our skepticism. Asking questions is a good thing that can become a bad thing if we’re unwilling to believe other’s answers.

It means being willing to seek out the hidden flaws and virtues that lurk in our blind spots and being gentle with others regarding theirs.

If we choose, we can replace our unfounded judgments—thoughts like liberals are idiots, feminists are bad, and the like—with curiosity. When curiosity takes the lead, we approach what’s different with the orientation that there might be something to be learned from other’s points of view.

When we chose to make this shift, we let go of our absolute rightness. When we let go of the need to alway be right, there’s room to accept ambiguity and paradox because we’ve decided to exchange automatic rejection based on selective facts for openness.

That choice is liberating.

When we use the “Charleston approach,” we’re choosing to think big, not small.

We’re choosing to react with curiosity and compassion, not hate or violence.

We choose to be the tipping point in which we start to appreciate differences rather than work to extinguish them.

Water is fluid, soft, and yielding. But water will wear away rock, which is rigid and cannot yield. As a rule, whatever is fluid, soft, and yielding will overcome whatever is rigid and hard. This is another paradox:  what is soft is strong. ~Lao Tzu

To end the “-isms” that divide us, we have to resist being the rock that sees anger, judgment, and harshness as the answer.

When we decide to be the water, we can:

  • Bridge the distance between races, sexes, and generations in a world primed to respond with bias and ill will.
  • Celebrate the power and possibility that comes from differences in thought, opinion, and perspective.
  • Engage in courageous-yet-respectful conversations in which we use our head to manage and our heart to lead.

If I had enough “Charleston approach” pixie dust and the help to spread it, we could end the polarization that gets us nowhere. Ready to be the water, join in, and scatter some “Charleston approach” pixie dust in your corner of the world?

 

Image source:  Pixabay

 

 

Still applicable–George Washington’s rules of civility

Still applicable–George Washington’s rules of civility

power of civilityWho knew?!

I was delighted to discover the Rules of Civility and Decent Behavior in Company and Conversation that were “copied down” by George Washington as he worked as a young boy to improve his penmanship.

The list of rules is long, 110 of them in all (lots of penmanship copying practice). However, much of their content is incredibly apt today, nearly 300 years later.

How so?

The rules encourage us to think more about other people and less about ourselves—more “we” and less “me.”

Research says that George’s list was inspired by rules put together by French Jesuits in 1595. Many of the rules address civility and decent behavior and… (more…)

4 ways to tap into the power of positive thinking and confidence

4 ways to tap into the power of positive thinking and confidence

Today’s guest contributor is Darlene Hunter, president of Darlene Hunter & Associates, LLC. Darlene is a  motivational speaker, author, life and business coach, and award-winning radio talk show host. Her new book, Win-Ability, Navigating through Life’s Challenges with a Winning Attitude, is her fourth on the theme of perseverance.

 

positive thinkingFear, insecurity, and self-doubt can be the biggest obstacles many of us face in life.

To overcome this negativity, many people turn to unhealthy behaviors, such as overeating or alcohol abuse.

Compulsive or addictive behavior may temporarily numb the negativity, but it won’t put you on a healthy and wholesome path.

While some people buy very expensive things to feel more confident, there’s a better, more affordable way to yield the same result—and that’s positive thinking. (more…)

Fiscal fairy tales without a happy ending

Fiscal fairy tales without a happy ending

 

Frank Sonnenberg fiscal fairy talesOnce upon a time, there was a brat named Phil T. Rich.

He grew up with everything a kid could want. He had every gadget imaginable, a house that rivaled the Disney castle, and parents who gave him free rein to do whatever he wanted.

Unfortunately, his parents were rarely around for him –– they had high-powered jobs, you know. And when they weren’t working “killer hours,” they were off to the club to play golf and trade gossip with friends. (more…)