Business Change Management

Being an entrepreneur is not for the faint-hearted!

It is not easy being an entrepreneur. Starting an entirely new type of business is never easy. If you are in a startup mode, you often must turn out a product or service, make the sales calls, run the books and at the same time ensure that you are following your business plan. Often you don’t have people in the organization to help you reflect on this plan; think about the business, and bounce ideas off.

Getting the right advice is not easy

Where to go to get advice is a tough question? Unless you have a partner or a gifted staff member, where do you go?

Perhaps you like to talk with friends and your significant other. Sometimes that works, and sometimes it doesn’t. (I have been very fortunate because my wife is a business person and understands what I am saying, how I feel, and helps me sort through issues.)

Even that is not enough.

I was very fortunate to start a company, build it over 20 years and sell it for a lot of money. As successful as it all turned out, there were times where I felt like I was on a high wire without a safety net.

Do you have a safety net, yet?

Recently I was interviewed by INSIDE Public Accounting on the business applications of corporate anthropology. I will be speaking at IPA's 2018 PRIME Symposium conference, so this interview served as a kind of sneak peek into what I will focus on in the culture change workshop I'll be conducting. (You can read the entire interview here.)

My focus was on the importance of observational research to better understand why people behave the way they do, especially when interacting with a product or service. By observing behaviors, anthropologists are trained to see things people do not always know they are doing. These observations then lead to all types of insights, changes to processes, modifications to services, and even innovations.

Equally important was how these "new" ideas and insights help organizations rethink what they are doing. Often, they can better hone in on their targets because now they have a deeper understanding of their own "ways of doing things" and how well they align (or don't align) with their customers' needs.

Since we know that change is painful, observing with fresh eyes how something is being done can often enable people to better see ways to change those habits. Pretty amazing insights emerge from a little anthropology!

As you may know, our mission at Simon Associates Management Consultants is to help organizations change. Whether it's a large high-performing organization or a mid-size owner/operator, helping businesses change is our focus and our specialty. It's exciting work!

But, change is something that people hate. The brain hates it. The culture hates it. We see this all the time with our clients. Most organizations have a hard time implementing new ideas and new ways of doing things, even if they are good ideas and better, more productive ways of doing things.

So, what to do? How can you successfully change your organization? As corporate anthropologists, we have found that what works over and over again is "a little anthropology." Watch this webinar and you'll learn why and how you can do it too.

Blockchain technology is continuously improving and developing, and it’s here to stay. It might have seen its first application with the advent of cryptocurrencies like Bitcoin, but its real potential lies in its ability to transform the business landscape as we know it.

What's Blockchain, You Ask?

Basically, blockchain is a digital ledger that currently is used to track, record and store transactions on blocks. When applied to business, these same blocks of data have the potential to perform any type of sale, goods exchange, contract, payment, monitoring or recording.

As this technology becomes fine-tuned over the coming decade, companies will start to integrate blockchain more and more into their processes and business relationships. And with so much potential on the horizon, it’s worth taking a look at how exactly blockchain technology can transform business.

Applying the humanities to business isn’t anything new. In fact, the corporate world has a long tradition of embracing various studies of human society and culture to explain and benefit its many strategies. And when it comes to anthropology — the study of human and social behavior — the story isn't much different.

But as the pressure mounts for college students to take STEM courses (Science, Technology, Engineering and Math), the humanities and social science programs are struggling to sustain their relevance. Nevertheless, there are still humanities majors who dominate the business world, and 75% of today's entrepreneurs were liberal arts majors, in part because there were no programs teaching entrepreneurship when they were in college.

Fortunately for those with anthropology degrees, there has been an increase in recent years in the application of anthropology to the world of business. This has given birth to the term "corporate anthropology" — the study of human values, beliefs and behaviors in the business environment. Now, anthropology is thriving in business, driving change and innovation in a number of different areas.

Here is a brief overview of how corporate anthropology is changing its role in the business arena, how business is changing anthropologists, and why should you try it for your own company.

In early 2018, The Simon Initiative for Entrepreneurship was launched through a generous donation by alumnus Andrew Simon (LA63) and his wife Andrea as a multi-stage, collaborative initiative sponsored by Washington University’s Skandalaris Center for Interdisciplinary Innovation & Entrepreneurship to expand diversity and interdisciplinary approaches to entrepreneurship.

The Initiative aims to bring women in entrepreneurship to the forefront of conversations in today’s startup world. Some of the goals include:

• To help women start and grow new entrepreneurial businesses, as well as recognize and celebrate their success.
• To expose women in business to the available support networks and resources within the Skandalaris Center and the Initiative to find a community that shares their passion and purpose.
• To assist the university in becoming a center for women entrepreneurs and to keep it in the forefront of this movement throughout the globe.

The Initiative is the first of its kind at the Skandalaris Center and aligns perfectly with the Center’s diversity values.

Below, the Simons share their vision for the Simon Initiative for Entrepreneurship and their efforts to support women entrepreneurs: 

Do you love blockchain, yet? You should!

Though still in its infancy, the blockchain system is the foundation underlying digital currency, like Bitcoin. While primarily used for cryptocurrency today, the potential application of blockchain technology goes far beyond finance. In the not so distant future, we can expect asset registries, smart contracts, quality assurance and many other types of blockchain usage to penetrate numerous industries.

After working with large construction companies, I became interested in how blockchain could help them bring major innovations into their industry. Why not!

With the advent of 3D printed housing units, demand for faster and faster construction services, and the shortage of labor that brings with it new robotic solutions, blockchain systems could fit right into the coming transformation of the entire construction industry.

The Future of the Construction Industry Looks Promising, and Perfect For Blockchain

With expenditures topping $1.2 billion in 2017, U.S. construction companies are looking for ways to invest in innovations that can sustain business in a rapidly changing business environment. Blockchain is one of those game-changers that is capable of transforming how construction companies do business.

Blockchain is not coming. It's here! Are you ready?

The New York Times had an article in the September 17, 2018 edition entitled: “Retire? These Graying ‘Encore Entrepreneurs’ Are Just Starting Up.” 

It’s a great article! It focuses on people who have been displaced and find themselves out of work after 50. Their job disappeared because their industry changed or some other factor(s) impacted their company. They are all over 50 but want to—or must—keep on working. 

As The Times notes: “Many entrepreneurs 50 and older said they have no choice but to look for new and creative ways to supplement their savings as they live longer.” These laid-off workers “describe feeling squeezed by rising rents and health care costs, and are facing uncertain job prospects and age discrimination, especially in industries where younger workers are less expensive and are often more fluent in digital and social media skills.” 

People who want to start their own business are far from alone 

In 1989, Tim Berners-Lee developed an open system which did not require access and which enabled the exchange of information on a global scale unseen in human history. Back then, the World Wide Web had a small community of devout users, while others wondered what it was and generally remained skeptical.

Like any new technology in its infancy, the internet raised a lot of questions. But look at where we are now.

The story of blockchain technology has the same potential. Like the internet, blockchain is developing out of necessity. When the global economy crashed in 2008, the first blockchain was conceptualized to change the way finances function. And like the emergence of the first emails, Bitcoin and other cryptocurrencies were developed to drive the development of blockchain technology forward.

Over the last few years, we've been witnessing the early stages of a financial revolution sparked by Bitcoin. Industries and governments from around the globe are exploring the potential of digital currencies and trying to find ways to leverage blockchain technologies. Japan, Russia, Dubai and China are all developing state cryptocurrencies to supplement, or perhaps even replace, their fiat currencies.

At the same time, numerous industries are leveraging blockchain platforms and tokenized systems to lower costs, streamline operations, and explore new revenue possibilities.

To see (and hear) what I'm talking about, watch my On The Brink interview with Jared Tate below and see why you should "absolutely" join the blockchain revolution: