More Introspection Is Needed For Long-Term Business Success, Says Former Naval Officer And Business Leader

The entrepreneurial spirit may be taking a hit these days.

Studies show members of the Millennial generation appear less interested than previous generations in starting their own businesses, preferring instead to find work with established companies. In 1989, 11.6 percent of households headed by someone younger than 30 held a stake in or owned a private enterprise; today that percentage is 3.6 percent, according to a recent Wall Street Journal report.

Randy H. Nelson finds that troubling, but perhaps understandable.

"The statistics show the odds of success for a new business are pretty dismal," says Nelson, author of the Amazon best-selling book "The Second Decision: The Qualified Entrepreneur." (www.randyhnelson.com/book)

"Half of new U.S. small businesses fail in their first five years, and 70 percent have gone under by year 10. That's not exactly a new trend, but what is a new is that each year in the United States more businesses now are shutting down than are being started."

But Nelson, who developed leadership skills as a Navy submarine officer and has a track record of starting and building successful businesses, says there is a reason for those sobering statistics.

Anyone can become an entrepreneur. No qualifications are required. If more entrepreneurs understood the ramifications of that - and took steps to compensate for their weaknesses - the odds of success could improve, Nelson says.

One problem is entrepreneurs tend to be extraordinarily confident, which can blind them to their weaknesses.

Nelson remembers that early in his business career his wife asked if he knew what he was doing. He assured her he did. Since then, experience taught him he was wrong.

"The truth was, I didn't know what I didn't know," Nelson says.

Over time, Nelson became what he calls a "qualified entrepreneur." He says when he looks back over his 25-year entrepreneurial career that he could clearly identify four components of the qualified entrepreneur, and recently he added the fifth component, self-awareness, which is an important piece of each of the other four.

·  Entrepreneurship. People who become entrepreneurs are usually brimming with self-confidence, Nelson says. That helps them when it comes to making that "first decision" of starting a new company, all but ignoring those sobering odds for failure that would dissuade many others. The entrepreneur optimistically thinks: "I know I can do this."

·  Career-Long learning. Entrepreneurs think growth all the time for their businesses. They preach their vision to employees and hire the best talent to help them reach their goals. But are entrepreneurs growing their skillsets as fast as their companies grow? If not, they risk becoming the wrong person in the wrong seat, with the very employees they hired to take them to the promised land asking: "What value do you bring to the company?"

·  Leadership. The importance of good leadership is paramount to business success, but not all leaders are created equal. Nelson breaks down leaders into four types. The "urgent/reactive" leader thrives on an almost crazed atmosphere where he or she can ride to the rescue, put out the fire and move on to the next problem. There isn't much time for introspection and no real vision. An "ever optimistic" leader starts from the belief there is nothing he or she can't do. "Yes, we can do that!" is the typical answer from this type of leader...leaving it up to their staff to figure out how, even if accepting the new business takes them away from their core focus.

The "reflexively pessimistic" leader plays to survive, not to win. This leader has been toughened by hard times, and always worries about the economy's effect on the business, Nelson says. In some industries easily battered by a downturn, this style can be effective. But if maintained too long, the pessimism becomes a self-fulfilling prophecy. The final leadership style, the "steady/proactive" leader, is the one every CEO should strive to become, Nelson says. This type of leader values productivity and profitable growth above all things, knows how to achieve both and can course-correct no matter the difficulty. "They understand both offense and defense, and can shift between them as cycles dictate," Nelson says.

·  Life cycle. A business has different needs at different stages of the corporate life cycle. The qualified entrepreneur must recognize that. The startup stage is where many entrepreneurs thrive. Creating something from scratch is what they are about. Needs and challenges change, though, as companies enter growth or expansion stages. The entrepreneur's needs change, too, because entrepreneurs have their own life cycle, Nelson says.

First, there's getting the business started, and then there's the second-decision stage when the entrepreneur needs to choose what role he or she plays in the business, and whether others might be better equipped. There's also a third decision when entrepreneurs realize work infringes too much on family and personal time, Nelson says. "To avoid regrets later, you have to consider whether you need to make a stronger commitment to a more balanced life." Finally, there's the end stage when the entrepreneur is finished with the current business and must decide what is next. Having experienced the "exit" twice in his career, Nelson has come to realize that after the sale only a few lives really change. Everybody else goes on with their normal day while the entrepreneur, much like a retired athlete, must figure out how to function without leading their entrepreneurial venture every day.

"Ideally, entrepreneurs and CEOs would be more knowledgeable than everyone we manage," Nelson says. "That's rare, though. The rest of us would benefit from a better understanding of the vast reaches of what we don't know, and a dose of the humility that goes with it, and this is where the self-awareness component comes in."

·  Self-Awareness. Entrepreneurs need to know their strengths and weaknesses, and how they affect the business, Nelson says. Unfortunately, that's a trait they often fail to develop. His suggestion: Surround yourself with people who know more than you (entrepreneurs, leaders, and coaches/advisors who have been through all the life-cycle stages the entrepreneur is navigating through) and learn from them. Once you have a clear understanding of what you do and don't know, you can decide your next steps. Will you continue to lead the business directly; take a supporting role and let someone else lead; or move on to create another business?

About Randy H. Nelson

Randy H. Nelson is a speaker, a coach, a Qualified Entrepreneur, a former nuclear submarine officer in the U.S. Navy and author of "The Second Decision - The Qualified Entrepreneur" (www.randyhnelson.com/book/). He co-founded and later sold two market-leading, multi-million dollar companies ? Orion International and NSTAR Global Services. His proudest professional achievement was at the Fast 50 awards ceremony in the Raleigh, N.C., area when NSTAR, a 10-year-old company, and Orion, a 22-year-old company, were awarded the rankings No. 8 and No. 9, respectively. Nelson now runs Gold Dolphins, LLC, a coaching and consulting firm to help entrepreneurial leaders and CEOs become Qualified Entrepreneurs and achieve their maximum potential. He has a Bachelor of Science degree in Accounting from Miami University, Ohio, and was awarded the Admiral Sidney W. Souers Distinguished Alumni Award there in 2011.

A Family-Wealth Guru Offers 4 Insights For Choosing (Or Agreeing To Be) A Trustee

The greatest transfer of wealth in history is happening right now, according to a study from the Boston College Center on Wealth and Philanthropy.

A staggering amount - $59 trillion - is projected to be passed down to heirs, charities and taxes between 2007 and 2061.

"We are in the middle of a massive, unprecedented wealth transfer from the World War II generation to the Baby Boomers, and then to subsequent generations," says family wealth guru John Pankauski, author of the new book, "Pankauski's Trustee's Guide: 10 Steps to Family Trustee Excellence."

"But much of that wealth will not be given to beneficiaries outright."

Instead, he says, it will be held in a trust, which is a distinct entity, much like a corporation. The trust is managed by a trustee, who protects the trust property for the benefit of the beneficiaries.

Sounds good - as long as trustees are honest individuals who don't use the trust as a personal ATM, and simmering rivalries among beneficiaries don't explode, Pankauski says.

"Some trusts will be competently managed," he says. "Others will be abused in a number of ways the creator of the trust had not intended."

The best way to ensure money is handled correctly - and honestly - is to pick the right trustee, but the right one may not be obvious, he says.

Pankauski, founder of the Pankauski Law Firm (www.pankauskilawfirm.com), offers perspective on how to choose a trustee.

·  Don't choose just anyone! Family members, friends and even felons theoretically could be entrusted with managing an inheritor's money. But tread carefully. "Your hard-earned money could be fought over, misspent or squandered if you leave inheritances in a haphazard way or choose a trustee who handles the trust improperly," Pankauski says. A family member often is chosen, but he warns that can lead to ill will among relatives. The decision on the trustee should be treated like a business consideration, not a personal one.

·  Multiple trustees are allowed, but can cause problems. Personal relationships that were previously cordial can turn icy when there are multiple trustees. Co-trustees administer the trust by majority rule unless the trust document demands unanimous decisions. A common problem Pankauski sees is when there are two co-trustees who don't get along, but must agree on everything. It may make sense to have a third co-trustee, such as an impartial trust attorney or bank or trust company, to serve as the tiebreaker.

Pankauski also offers perspective on whether to be a trustee.

·  "I am trusted, but should I be a trustee?" Being a trustee is a great responsibility. Perfection is not required, but incompetence won't be tolerated, Pankauski says. Criticisms could flow freely. If you're holding a lot of cash and the markets go up, beneficiaries complain that you failed to capture those gains. If you're fully invested in the market and the market takes a dip, the beneficiaries complain that you are overexposed. If one of six beneficiaries requests funds for a minor child's education, the other five will want a similar distribution?regardless of need. You may be fairly compensated for your duties as trustee, but the money may not be worth the potential headaches.

·  You don't have to accept the appointment. You can decline to serve. Merely sign a one-page document, which can be as brief as a sentence, stating you decline. No reason is required. Deliver your statement, and a copy of the trust, including all original documents you have, to the beneficiaries and the successor trustee named in the trust document. If no successor trustee is named, you should notify the beneficiaries in writing that you decline to serve and they should retain counsel to protect their interests.

You can agree to serve and later resign. But doing so raises a host of issues, Pankauski says. You can't just ditch your duties. You are still in charge until there is a smooth transition to a successor.

Regardless of whether you plan to create a trust, or you have been appointed trustee of one, you will want to seek legal counsel, Pankauski says.

"The laws that govern the management of a trust vary from state to state and evolve over time," he says. "The right guidance is essential."

About John Pankauski

John Pankauski, the grandson of Polish and Lithuanian immigrants, was deeply influenced by his parents - products of the Depression and World War II who imparted their values of hard work and thrift. He studied political science at the University of Massachusetts at Amherst. He attended Suffolk University Law School in Boston, and later obtained a master's degree in law from the University of Miami School of Law's Graduate Program in estate planning. He founded the Pankauski Law Firm PLLC, (www.pankauskilawfirm.com), to create a boutique firm of highly talented professionals that restricts its practice to administration and litigation of family wealth and disputes involving wills, trusts, and estates. In addition to trying cases and handling appeals, the firm defends trustees and advises beneficiaries on their rights related to inheritances, power of attorneys, contested guardianships, investments, and family business interests.

Exposing The Health Industry's Big Secret

Imagine suffering chronic pain - say, in the form of headaches or migraines.

Happily, you've found a solution to the problem. It has been several months of losing focus, sleep and general interest in the things you used to like. You went to a doctor and he told you an NTI device, which addresses jowl clenching during sleep, will offer immediate relief. Or maybe your family doctor gave you a pain-relief prescription for your headaches.

"As doctors, we like to have answers for our patient's problems, but misdiagnosis is one of our biggest problems in this country when it comes to chronic pain," says Dr. Fred Abeles, author of the book "Break Away: The New Method for Treating Chronic Headaches, Migraines and TMJ Without Medication" (www.FredAbeles.com).

"We're the 'microwave' generation and we like our problems to be solved immediately. Our medical profession has responded and is always geared for quick fixes. In reality, treating only the symptoms, and not the root cause, can worsen your problem."

For one, too many of us ignore the basics of good health, Abeles says.

"A huge volume of health problems would be eliminated if only people learned more about nutrition, modified their diets and got regular exercise each week," he says. "Cardio three times a week and some strength training - along with a reasonably healthy diet - would help millions tremendously."

There are many doctors you may see to help with your headache pain, he says, such as ENTs, dentists, neurologists, chiropractors, temporomandibular joint dysfunction (TMJ) specialists and many more. Ask questions. If a dentist suggests realigning your jaw, for example, you'll want to make sure a thorough physiological work-up and diagnosis has been completed first. Be discerning. Be informed.

"Most doctors really want to help, but sometimes they're wrong," he says. "You have to be your own best health advocate."

Abeles offers what he calls his The H.E.A.L. Formula™.

•  HELP yourself - take control of your outcome. Don't accept chronic pain as a life sentence and stop taking pills to mask symptoms. When you improve your health, the lives of those around you improve also. There's more love, happiness and fun for everyone.

•  EVERYTHING is connected. The teeth. The joints. The tendons. The ligaments. The jaw. The head. The neck. The muscles. They all have to work together in harmony to not produce pain.

•  ALIGN the jaw. Align the bite. When everything is aligned, the muscles are happy. And happy muscles do not create pain.

•  LEARN about and utilize the new methods for successfully treating chronic headaches, migraines and TMJ without medication.

"The best time to address your chronic pain and what's behind it is the first time you experience it," Abeles says. "But if you've endured many months or years of pain - perhaps masking it with prescription drugs - then the second best time to uncover the cause is right now."

About Dr. Fred Abeles

Dr. Fred Abeles is known as one of the most sought after TMJ experts in the United States (www.FredAbeles.com). He's famous for getting results where others have failed and getting those results without the use of surgery, needles or drugs. He is author of the new book "Break Away: The New Method for Treating Chronic Headaches, Migraines and TMJ Without Medication." Abeles is the Clinical Instructor and Regional Director for the Las Vegas Institute for Advanced Dental Studies - one of the most prestigious post-graduate teaching centers in the world today. Dr. Abeles has been featured on NBC and CBS, consults with leading dental manufacturers on the development of new dental products, been on the cover of the profession's biggest magazines and instructed dentists throughout the United States and Canada on state-of-the-art techniques for treating headaches and temporomandibular joint dysfunction.

Black Students Are Often Punished Disproportionately, But There Are Steps For Addressing That,
School Psychologist Says It's the kind of moment that causes a parent to cringe - or even panic.

Word arrives from school that the parent's child is in trouble. Maybe it was a minor offense and the student simply faced a trip to the office. But maybe a suspension or expulsion is in the near future, leaving the parents wondering whether they could have done something before the situation became so dire.

Before parents beat themselves up too much, though, they should remember that student discipline isn't always a clear-cut thing, says Renae Azziz, founder and director of Virtuoso Education Consulting (www.virtuosoed.com), which provides professional development training to teachers and school district leaders.

"The reasons students are sent to the office are not always well defined," says Azziz, a school psychologist. "So-called problem behaviors are often too subjective, which leads to different teachers having different perceptions and definitions of what a problem behavior is."

The situation can be especially frustrating for the parents of these students. Numerous studies have shown that African-American students are more likely than their white peers to be severely punished for their transgressions.

Cultural misunderstandings between teachers and students often are at the core of those disproportionate punishments, Azziz says. When there is a mismatch between what the teacher sees as acceptable behavior and the student's view, problems can surface.

Teachers can learn to account for those cultural differences through explicit and ongoing training focused on culture. But there are also steps all parents can take that will go a long way in helping their children understand the school's expectations, Azziz says.

She offers these tips:

•  Educate yourself. Parents should read the school's discipline handbook and become familiar with the expectations for behavior in their child's school. That way parents will have a clearer understanding of the rules and can discuss them with the child. Handbooks lay out all kinds of information, such as what constitutes bullying or how unexcused absences affect participation in extracurricular activities. "Knowing and talking about the rules can help you head off problems," Azziz says.

•  Positive reinforcement at home. Parents can set up positive ways to acknowledge their student for doing the right thing at home that connect to the behavior expectations at school. Children usually respond better to positive reinforcement than negative reinforcement, so praise at home for correct behavior can translate into good behavior in the classroom.

•  Learn the rules face to face. Early in the school year, parents should meet with their child's teacher and principal to define and clarify behavior expectations and discuss how you will communicate with each other. Often, email is a good way to communicate with teachers because they can read and respond to the correspondence after class is over for the day. But find out what the teacher prefers. Good communication can help the parent and the teacher work together to make sure behavior expectations are understood and followed.

•  Championing the child. A parent should be the child's advocate. "After all, if you aren't in your child's corner, who is?" she asks. But that doesn't mean taking the attitude: My child is always right. "You will need to be fair and balanced," Azziz says.

About Renae Azziz

Renae Azziz is the Founder and Director of Virtuoso Education Consulting (www.virtuosoed.com). She and her team of consultants support educators nationally in the areas of Response-to-Intervention, Data-Based Decision Making, Assessment, Positive Behavior Support, and Culturally Responsive Practices. Before starting Virtuoso Education Consulting, Renae practiced as a school psychologist in Indiana. Renae also worked on grants funded by the Indiana Department of Education supporting Indiana's Initiatives on Response to Intervention, Culturally Responsive PBIS, and Minority Disproportionality in Special Education. She was appointed by former Indiana Gov. Mitch Daniels to the Commission on Disproportionality in Youth Services. Renae's degrees include an Ed.S. in School Psychology, an M.S. in Educational Psychology, and a B.A. with honors in Psychology, all from Indiana University. She is working towards completion of her Doctorate in Education at The Johns Hopkins University