Michael Jordan was a great basketball player. Then he became an owner of a team…but was he a great owner?
The problem is that Michael Jordan the player and Michael Jordan the entrepreneur are two different people.
The skills Michael practiced and honed for years – those same skills that made him so successful on the court — were nowhere near the same skills he needed to be equally successful as an owner.
What Michael fell into was what I call The Trap.
Entrepreneurs fall into “the trap” all the time — believing what got them to where they are now will allow them to keep on killing it no matter what new endeavor they attempt.
They think if they out-work, out-hustle, and out-practice everyone, they’ll come out on top. They think working even harder and longer is the answer to winning. Along with that comes the feeling that they have to prove themselves — continuously.
What these entrepreneurs fail to understand is that being a superstar...
Winning in business today using yesterday’s model for managing people is a recipe for disaster.
For starters, companies now employ three generations of workers at the same time and each has a very different view of the world, comfort level with technology and expectations for their quality of life. By 2020, millennials will make up approximately 50% of the workforce.
Additionally, finding good talent is becoming increasingly difficult, and retaining employees after they are trained even more so.
These factors and others point to the central problem with the current business model: managing people through a hierarchy.
This approach is simply too slow, too political and too outdated to effectively manage today’s diverse workforce where star players don’t want to work for someone else and where the traditional goals of making more money and advancing up the corporate ladder no longer apply.
The question is, what will work?
Business owners who want to create or are...