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Creative Destruction

2/25/2021

by Kelly Kunst, Yes Founder and CEO

For a variety of reasons, I never miss Chairman Jerome Powell’s remarks. I find his thoughts insightful and often more broadly based regarding economics in general. In his January address, I heard him talk about the creative destruction cycle of capitalism.

Michael Cox of the SMU Cox School of Business commented after the press conference with equally interesting thoughts: Capitalism inherently has a cycle of innovation that disrupts or “creatively destroys” the status quo.

It’s a bit like how the Great Game of Business (GGOB) referenced that businesses grow by encountering challenges and obstacles and grow through the process. It can be painful, but it is far better than the alternatives.

Failing to grow, or lacking the courage in leadership to flex to a new model exposes our businesses to a multitude of threats. In short, creative destruction can position our businesses for the future if we can navigate change.

How do we navigate change effectively? It’s often not just science, being successful as an entrepreneur is often a combination of skill, gut, and a little bit of luck.

Your Executive Symphony (YES) was founded to give like-minded entrepreneurs a place to connect, discuss and grow together.

Haven’t found your tribe?

Maybe YES is for you.

Join us on March 4th. You’ll be glad you did.

An Infinite Mindset

2/18/2021

Interstate Batteries is a company who exemplifies the type infinite mindset Simon Sinek talks about in The Infinite Game. The five tenets of an infinite mindset are:

Advancing a just cause
Building trusting teams
Studying your worthy rivals
Preparing for existential flexibility
Demonstrating the courage to lead

Walt shares a recent Interstate Batteries project that highlights how they embrace many of these tenets all at once.

We invite you to hear more about how Interstate Batteries and our other featured companies live out these tenets in the way they conduct their business at our Spring CEO Symposium on March 4.

Fixing the Biggest Problems in Healthcare

2/9/2021

by Michael Gorton, YES Contributor and Speaker

Healthcare is broken. First and foremost, we do not have a "healthcare" system. It is designed to support your needs when you get sick, not keep you well. It's time to fix that.

Telemedicine and digital health have reached a watershed moment. The industry is in full acceleration and entrenched in the historic shift from emergence to growth. Consolidation is happening all around us. Tens of thousands of lives are now being saved by the very industry that Boards of Medical Examiners were relentlessly trying to shut down just a year ago.

We still have an overly expensive architecture that only treats the sick. It is therefore, not a healthcare system, but a “SickCare gimcrack.” Lowering cost AND keeping people healthy well past reaching a hundred years old, is now within the scope of technology and delivery.

Recently, a team of telemedicine and digital health pioneers and I have been working on a solution that has begun paving the road to replace our broken, costly SickCare gimcrack with a true affordable healthcare jet engine.

We can define consolidation and its impact. Today there are thousands of telehealth companies in various stages of development. In a few years, most of the early stage companies, now excited by their own growth, access to capital, and high valuations, will be gone. DEAD. The vast majority will be simply crushed out of existence. The fight for dominance has begun.

I have lived through this twice. Once in solar and the other time in the internet. In the 1990s, I built an Internet company. Those were exciting times. Boom times. Investors were encircling us and throwing money at our deals. Sound familiar? Many of my colleagues rejected great offers because they believed they had the next “billion-dollar deal.” In almost all cases, they were wrong, and they ended up with nothing.

The lessons of the late 90s apply today. History teaches us the cycles of a new industry. In 2002, Harvard Business Review published a study on the topic. We have seen example after example of how emergence-to-growth plays out in a new industry. Just look at manufacturing, automobiles, airlines, telecom, internet and solar power. The list could go on and on, and the pathway is always the same. Emergence spawns Growth, which leads to Consolidation. There is a reason smart people study history…

Read Michael's full article here.

Why I Became a Philanthropist

2/2/2021

by George Makaye, YES Speaker and Contributor

When I emigrated from Kenya in 1998, all I wanted to do was make a ton of money - it was my mission. Here I was in America, the land of opportunity. This was my chance to succeed in life and I wasn’t looking back.

I worked hard and within two years I was a senior IT consultant. I met and married my beautiful wife, Alicia and was having my share of the American dream. Little did I know that my entire world-view was about to shift.

In 2004, my missions pastor approached me to join him on a reconnaissance mission to Kenya. This was my first trip back, flying on a fully paid for mission trip by my Church!

Flying over, all I could think about was catching up with friends and family. But I got it all wrong.

The trip to Kenya became a turning point for my life that introduced me to my true mission. During our 2-week trip, we travelled to places I had lived when I was young. I saw the extreme poverty that I had been exposed to during my childhood with a totally different perspective. It’s funny how life works like that.

Flying back, I reflected on how blessed I have been to emigrate to the US and do well. I realized I had a moral obligation to give back and make a difference with the remaining time I have on this earth. My mission had changed.

Alicia and I decided to quit our jobs and start our own business. We needed to be masters of our time, have the financial freedom to take mission trips as necessary, and support causes that empower those less fortunate.

We have built computer centers, support water well-projects, organize street children camps, sponsor children's homes, support local food distribution networks and organize community cleanups. It fills me with joy to know that we have made the lives of others better.

My favorite project has been the computer labs we built in Kenya, Texas, and Nigeria. As an IT business owner, this was very special to me. Seeing the kids´ reactions to using the computers our clients and our company donated reminded me of me when I first touched a computer during my 2nd year in college. I will never forget the delight. This feeling, this soul-burning desire to see those faces again is why I decided to become a philanthropist.

Read George's full article here.

Existential Flex

1/28/2021

by Kelly Kunst, YES Founder and CEO

The year was 2016, and a small gathering of about 40 people would forever change the way I viewed my mission, my work and my world.

I was fortunate to be in the room for a gathering of Conscious Capitalists to hear the erudite Raj Sisodia. I will be forever grateful for that opportunity because it set my feet on a path I wouldn’t have been able to imagine until my brain was stretched.

I had made a life-changing decision in 2015 to completely disrupt my work life. It wasn’t easy, but it was the right choice for me.

In The Infinite Game, Simon Sinek calls the moment you realize it’s time for a shift, “existential flex.”

Steve Jobs famously said, “Better we should blow it up ourselves,” after making a costly but necessary strategy shift after touring a Xerox facility.

2020 gave us a multitude of challenges and as business owners being agile is critical. What does existential flex mean for your business?

Join us on March 4th. You’ll be glad you did.

Change is inevitable. Growth is optional.

1/7/2021

by Kelly Kunst, YES Founder and CEO

Greetings YES community, and welcome to 2021.

Like many Americans, I spent a good deal of the holiday season enjoying holiday movies. Also like many Americans, I watched movies that made me laugh. In my case, that meant a healthy dose of Will Farrell’s antics in Elf.

I never really contemplated the ending before, but through the lens of 2020 and its economic disruptions, I saw Elf in a new light.

James Caan’s Walter, Buddy’s father, fights against the gift given to him in Buddy not only personally but professionally. He loves his work but hates his employer. All the while the answer is staring him in the face [and destroying his entertainment cabinet but that’s another story].

It’s not until the end of the movie that Buddy’s story launches Walter’s own publishing company. It got me thinking: how often do we miss opportunities as entrepreneurs because we are evaluating options through our own bias-based lens?

I believe that there is no greater journey than that of the business owner. But traveling on our own can be challenging. This is why YES exists, and it is our purpose for being. In 2021, we are working to continue to grow our community and increase our influence in our families, our communities and the world.

Are you in?

Change is inevitable. Growth is optional.

12/10/2020

by Kelly Kunst, YES Founder and CEO

My YES journey began in 2009 in the throes of the financial correction. YES continues to be an incredible journey. I’m deeply blessed many times over by the amazing community we’ve formed. I’ve learned so much from each of you, and I’m so thankful.

I’ve been contemplating how 2020 will affect our choices in 2021 and beyond while looking at the parallels to our very humble beginnings.

John C. Maxwell is quoted that “Change is inevitable. Growth is optional.” And maybe it’s that evolution is optional. Our ability as business owners to shift and evolve is a muscle that I believe is worth growing. You will soon hear about the 2021 slate of YES speakers. Our goal is to bring you the masters of evolution.

YES wishes you a very warm holiday season and hope you are surrounded by the people that matter most. After all, is there a better gift?

Attracting the Right Clients in 2021

11/5/2020

by Amanda Beasley, YES CMO

In the 2009 Star Trek reboot, Simon Pegg’s Scotty came to a realization: “It never occurred to me to think of space as the thing that is moving.” Have you felt that way these last several months? Things are shifting. The space where we conduct business is the thing that is moving.

This summer, I shared an article about avoiding the “Any Client Trap,” by knowing your “Why” and not taking on a client when you feel that potential client does not fit that “Why.”

As our business space shifts, what is your 2021 strategy for communications that attract the right clients? What works moving forward? Make it personal!

It’s Never Been More Personal

I love dogs! These days, the highlight of any Zoom call for me is if someone’s dog is in the frame, or even if I hear them bark (a little). I love these little insights into someone else’s world and connecting with them on a non-business level.

During these last several months, things have become more about personal connections as you are often invited into someone’s home via Zoom – you have seen their personal spaces, heard their families, and met their pets. More than ever, people are discussing more shared experiences and challenges – both business and personal.

Human-to-Human interaction in Business-to-Business (B2B) or Business-to-Consumer (B2C) is more important than ever. In today’s climate, many feel overwhelmed and inundated by emails and messaging from all fronts. People are craving meaningful ways to connect. When you take a more personal approach to doing business, this resonates.

For potential clients to feel connected to you and your business, make them the hero of their story. Everyone, including business leaders, wants to feel that they are a problem solver who makes good decisions. Let them know that engaging you is one of those good decisions.

Be the guide to their hero. The best heroes have a great guide who provides something the hero either doesn’t have the time and/or skills to do themselves. Your services, skills and knowledge free them up to focus on what they do best. As the guide, your job is to make the hero appear wise, skillful and resourceful.

Next time, we'll discuss how to connect to your hero and position yourself as the guide. Until then, keep making it personal.

Being a Visionary - It's Not for the Faint of Heart

9/3/2020

by Kelly Kunst, YES Founder and CEO

It is rumored that George Lucas felt that Star Wars was such a disaster that he didn’t attend the opening. His friend, Steven Spielberg, disagreed and expected it would be a big hit. Steven was the sole colleague that liked the film.

George didn’t believe him; in fact, he had locked himself in an editing room for the majority of the day the film was released. It was only when he stepped out for lunch, did he see the lines waiting outside of the Mann’s Chinese theater.

Success is often not convenient or linear, and George’s experience was no different. One of the 20th century's greatest business minds, Harold Geneen, says it this way: “You read a book from the beginning to end, you run a business the opposite way. You start with the end and you do everything you must to reach it.”

Fresh off his success with American Graffiti and a prior failure in THX 1138, Lucas took a bold move and passed on a $500k directing fee in return for keeping the licensing and merchandising rights to Star Wars.

It cost 20th Century Fox and set Alan Ladd Jr., George’s champion, at odds with the board. It certainly was not a convenient or straight path because there was the vision, but there was a complete lack of any of the support special effects companies and infrastructure to support his globe-spanning saga.

George’s vision necessitated the creation of multiple companies to support it. Industrial Light and Magic, Skywalker Sound, and THX spiraled out of his creative need.

Moreover, the effects artists had never done anything resembling a project of this scale. There weren’t films they could study, nor were there any protocols. They had to start at the end and figure out how to execute his vision.

It was so bad that at one point, Lucas was admitted to the ER because he thought he was having a heart attack. ILM was off schedule, and the shoot was hopelessly behind and over budget. He feared his intergalactic story would be a complete loss.

And then history happened, and George Lucas forever changed the way we experience film.

Sometimes fulfilling your vision feels like a lonely journey. George had Steven. Who do you have?

Maybe YES is your tribe. What are you doing September 24th?

Little Did We Know

8/20/2020

by Deanna Walker, YES Contributor and Speaker

I remember vividly that moment four years ago, after many months of management team discussions, when we finally pulled the trigger. We knew that committing to practicing open book management through the Great Game of Business (GGOB) would be transformational, but like any change, it was new and scary. We were all very excited, but also nervous and dare I say a little apprehensive. What if the time commitment is too great? What if our team members don’t embrace this new way of thinking? What if it just doesn’t work? BUT WHAT IF IT DOES!?!
I think all of us had these thoughts and many more going through our heads. As accountants, we live and breathe numbers, day in and day out. So, unlike many practitioners new to the Game, that wasn’t the scary part. We had a good hold of our numbers - especially at the partner level. We were apprehensive based on a previous failed attempt with a different profit-sharing plan. We knew buy-in from our people would be the key to success, but we were unsure how to best make that happen. Our coach helped us see that the game needed to be built from the bottom-up with our people empowered to make decisions that have an impact. Picking a coach and using his guidance to tap influencers from all levels to help design our game would prove to be the best course of action for us.
We launched the game and experienced immediate success the first year with a 7% increase in gross margin and a doubling of operating income. Year two wasn’t quite as successful, as we hit a few roadblocks and learned very quickly that it’s not just about the money - emotional wellness is important too. You can’t have one without the other, It’s simply not sustainable. We settled into our groove in 2019 after two consistent years of weekly forecasting and a diligent focus on the key drivers of our business – a defined sales process, proper capacity utilization and reduced client attrition.
Venturity has spent years working on our culture, experimenting and fine tuning to find what works best for our people. Implementing open book management through the GGOB system was the final piece to the puzzle. Little did we know that this past March we would be calling on our learnings from the prior three years to get us through an unprecedented time like nothing we have ever seen before. Thank goodness for the Great Game of Business. We are extremely grateful.
With weekly forecasting for the month already in place, our team was quick to act and assess client level situations which were changing daily. In addition, to forecasting for the month, we implemented tools that now enable us to re-forecast for the remainder of the year at the beginning of each month. We may not like what the information tells us, but staying on top of it enables us to take actions now that impact the numbers later. The best part is that this isn’t a top down approach – our team is driving this process as they have been trained to think and act like owners. Plus, the transparency that comes with owning the financials gives our team insight and stability to know where they stand individually. Talk about peace of mind knowing that we’re all in this together. You can’t beat it.

If you’re thinking about opening your books, but aren’t sure and don’t know where to start, give us a call. Our weekly huddles are open to guests and our Venturity team members are available to share their experiences.