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As an entrepreneur who has run multiple businesses in three different industries and mentored dozens of small businesses in six industries, I have learned to find lessons everywhere.
Love him or hate him, future Hall of Fame coach Bill Belichick has been the gold standard of coaching in the NFL for the past 24 years. His resume is unparalleled and his successes are etched in the history books.
However, things have been different in recent years. Belichick has struggled to maintain the consistency he had when Tom Brady was on the team. As much as I’m a Belichick and Patriots fan, I understand the ultimate decision Robert Kraft had to make.
There’s a time for everything, and with Belichick’s decision to step down, director Robert Kraft has decided to start a new direction for the franchise.
Four lessons from Patriot’s historic farewell story can help entrepreneurs run top-notch businesses.
Lesson 1: Get the right people for the right jobs
When Bill Belichick first joined the Patriots, the Patriots were in a state of transition, just like they are now. The first thing Robert Kraft did was put Bill Belichick in place to run the operation. Teams needed structure and discipline at the time, and that meshed perfectly with his skill set. Bill Belichick became the long-term solution to a long-term problem the Patriots had. They weren’t winning, so a culture change was needed.
One of the main reasons why some companies struggle more than others is that they need a better culture. As an entrepreneur, you have a duty to understand that your job is to maintain a culture that supports your business goals.
According to the Arbinger Institute, 47% of companies with thriving cultures have seen significant revenue growth over the past year. Having the right people in the right positions is key to building a great company culture. Think of this as the batting order in baseball. You want the right person to hit it in the right place.
Lesson 2: Create an ecosystem for your employees to thrive
New England Patriots leader Robert Kraft says there are some basic rules that everyone, including himself, must follow if the entire operation is to work like a machine at its best. I understand.
“For us, it’s simple: We attract great people, we encourage them to take risks, and we strive to be bold,” Mr. Kraft said in a previous interview. “Even if you take a risk and it doesn’t work out, if it’s what’s best for the company or it’s very logical, we encourage you to do it.
“Because most people always try to play it safe. And it takes special people who think outside the box, do things differently, sometimes have quirky personalities, but have special talents. is.”
Robert Kraft recognizes one fundamental business principle. That means you need to set the tone by encouraging your employees to think outside the box. It also requires employees to think outside the box while doing what is in the best interest of the team.
According to MIT Sloan, only 15% of business ecosystems are sustainable over the long term.
Entrepreneurs should control every decision an employee makes, recognizing that if the employee makes mistakes but is guided by “best interests,” the employee has provided a good service to the company. You need to create a framework that ensures that your business is in your company’s best interest.
Additionally, consider creating a roadmap for how business outside of partnerships and strategic alliances will be vetted and aligned with the company’s core values and business objectives as part of the SOP.
Lesson 3: Give employees ownership of their assignments
Another lesson for entrepreneurs is that Robert Kraft allowed Bill Belichick to take ownership of his work. As head coach, Bill Belichick was given the keys to the car and Robert Kraft allowed him to drive. As a result, Bill Belichick instinctively selected Tom Brady with the 199th overall pick in the 2000 NFL Draft, and the rest is history.
Entrepreneurs must give their employees ownership of their work. If you hire them to do a job, give them everything they need for the job, provide guidelines to help them adhere to your brand standards, and stay out of their way. Your job as an entrepreneur is to do your homework on what your employees are like before you hire them.
When employees take ownership of their assignments, the entire company benefits. Employee engagement will skyrocket. What happens when employees are engaged? Magic! According to Gallup, companies with engaged employees are 21% more profitable than other companies.
Finding ways to allow your employees to oversee their tasks from start to finish can generate more revenue for your business.
Lesson 4: Don’t be afraid to pull the trigger when the time comes
As mentioned in the article, Bill Belichick is the most decorated head coach in history. But as recent events have shown, companies function better when all parts, including employees, are performing at a high level. Therefore, his willingness to fire head coach Bill Belichick should serve as an example for all entrepreneurs.
I remember when I opened my business location, there were very few employees, and there was one person in particular who wasn’t too happy about hiring employees, but what the heck? But it was painful for me to let this person go, and I didn’t. After about three months, the employee became disruptive. I should have pulled the trigger to release him, but I didn’t because he needed to warm up for work. As it turned out, it cost some money and some minor reputational damage to retain the employee. If I had followed my instincts and left this person alone, it would have been a nuisance, but I would have avoided any problems caused by this person’s malicious intent.
Don’t be afraid to do what’s in the best interest of your business. Don’t let your emotions cloud your judgment about the best path for your business. Always look for ways to innovate and strive for greatness.
Be bold, look for ways to move your business forward, and maintain high standards for your products and services and it will pay off.
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