Entrepreneurs evolve in new economy

There’s a new breed of entrepreneur in today’s business community, something different than the traditional driven, unlimited income-focused, independent type. We are experiencing a time of tremendous change and today’s entrepreneurs are evolving as they open and operate their businesses.

What has changed? When we look back over the years, we’ve seen entrepreneurs at times be money-hungry, greedy and ruthless in their pursuit of success. Certainly the desire to make and grow revenues is somewhere inside every entrepreneur, but gradually they’ve become more heart-centric and less dollars-focused, responding not only to their own changing values, but the overall attitudes of the world around them.

Not every entrepreneur has embraced the ideas of sustainability, giving back and doing what we love yet I believe that is the direction business will take in the coming years.

One major change has been the birth of the “New Relationship Economy.” When my father, an entrepreneur since 1957, heard this, he scoffed that it was nothing new. To him, success has always been rooted in the relationships you build and how you nurture them.

Not every entrepreneur has centered success around the philosophy that people are truly the heart of their accomplishments. Wins have been attributed to long hours, hard work, diligence, competitiveness and the ability to strategically and tactically outmaneuver the people who are threats to growth.

The New Relationship Economy goes beyond a trite idea that people matter. It reaches far past actual client relationships and delves deeply into one’s desire and ability to create and maintain a powerful, dynamic network of people. This is not a “leads group” mentality, where people do business with each other simply because they happen to pay dues to the same organization or show up at the same meetings. This, to me, is an outdated, overused, and ineffective model that is based in archaic mindset.

People want to do business with people they like. It’s that simple. People will pay more for a product or service to get it from a trusted source. Today’s business world demands tailoring and custom-fitting at every turn.

The people who are sought out in business relationships and networking today are ones known as reciprocators, connectors, individuals who fuel relationships and ultimately the success of others while benefiting themselves simultaneously. This win-win attitude ensures everyone feels appreciated, heard and valued, and not used for their knowledge, contacts, or influence.

Brain-pickers not needed

A few months back, I wrote about the “invasion of the brain pickers.” The New Relationship Economy is the polar opposite from randomly focusing on people whose brain you can pick to glean what you want from them and never return the favor. That method just doesn’t work and even if it did in the past, today’s culture will kill it faster than you can come up with whose brain you want to pick.

Powerful, strategic and rewarding friendships are forming in the entrepreneurial and general business world. Social media, when used frequently and properly, builds personal relationships that go well beyond the board room or negotiation table.

It’s reverse psychology really; we used to be taught how to strategically hunt for customers, use fancy business school techniques to entice them into buying from us and constantly track our goals and progress in charts, graphs and numbers to ensure we were “successful.” Now, our success has a different set of rules.

How many people can you call close friends? Colleagues? Confidants? If your business hit a rough spot and you were short on money or resources, what network would you have to help you? If you don’t subscribe to the relationship-focused mentality, chances are you would end up shopping for resources online or in the phone book – and your chances of success may be significantly marginalized as a result.

People help others when there is mutual trust and sharing of information, resources and values. Many of the people I would call my “business family” don’t necessarily agree with my views on all things worldly, political, or business. However, they would be available to me immediately if I needed their help.

This is a tough pill for some entrepreneurs to swallow as they are so focused on revenue generating, putting their name out and gaining market share. However, as the world continues to recover from recession, setbacks and monumental changes (some good, some bad), it’s imperative that we learn to create and maintain relationships that will sustain us as people as well as business operators.

Sort through your current network. In Pile A should be the people you can trust and whom you value for advice; they are the people you feel inclined to assist in any situation. Pile B consists of people you don’t know very well or you are uncertain as to the value of your relationship. Pile C is the wastebasket.

You don’t need “relationships” that only use you for your time and energy and give nothing back. The relationship-based focus is built entirely around quality, not quantity. So rather than collect 100 business cards at the next community function you attend, find two or three people you really connect with and grow those relationships beyond that event.

In the end, you will find that your attitude and your overall success show marked differences by taking this approach to business. You’ll be ahead of the game consistently as you watch your competitors fail as a result of archaic thinking and behavior.

Dawn Duncan is the owner of Broadreach Recruiting & Consulting, a Fort Collins-based firm. Contact her at 970-221-3511 or

www.broadreachrecruiting.com.

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