Develop Entrepreneurs Not Agents

Generation Y doesn’t identify with the idea of being insurance agents but are wired to be entrepreneurs.

Young Lions
The young lions want to be heard and to be understood. They want to get there (to running their own businesses) faster than did today’s older producers. They want to grow their business and achieve success, which for them includes balance.

Not Novices
Young Lions are not novices. The mean age of the young lions in the MDRT study was 39. Forty percent were women, and 48 percent have children in the home. Sixty-three percent qualify for MDRT.

Less of the young lions’ income comes from life insurance compared to other producer segments, and more is coming from investments. 32 percent are certified financial planners.

Generation Y knows What They Want
It’s social first and media second. They are addicted to networking, personal development and spending a lot of time on prospecting. They read more of what consumers read about finance versus the insurance industry publications, and they are far more likely than other segments to use social media—primarily Facebook.

Young lions want to hear from people who know more than they do, because they believe this will help them grow their businesses. They are not interested with had-been agency leaders who continue to recyle past success that is outdated in today's business practices.

Young lions have a laundry list of business topics they want to know about. Sales ideas (79 percent), filling the prospect pipeline (77 percent), and branding and marketing of the business (71 percent).

They are also interested in profitability and return on investment analysis and strategy (71 percent), business expansion via other products and services (71 percent), creating a blueprint for growth or business plan (68 percent), and business valuation/succession planning (65 percent).

Balanced Life
58 % expressed interest in achieving work-life balance.

Older baby boomer producers did not start out with business ownership in mind. Many entered the business as young career or captive agents. Malaysian Insurers and their agency leaders told them, ‘here is the path; get on it.’ And that’s what they did.” It was "Sales Focussed" - a basic feet-on-the-street approach to sales.

Business development often came later in the boomers’ careers. The work often centered on face-to-face meetings with customers, though some did take advantage of the internet and other emerging technologies. Few boomers have adopted social media approaches, however.

Provide entrepreneurship education
One way to help close the gap is to provide the entrepreneurship information and education that many Generation Y producers are seeking.

“You would think it’s already there, in the industry’s existing education and certification programs or other educational resources. But the majority of what is taught is around making the sale and not around developing the business.”

Climbing Corporate Ladder

Using the bell-shaped distribution curve, there are generally three groups of employees in an organisation. The top 10 per cent of high fliers, the bottom 10 per cent of 'limited contributors', and the remaining 80 per cent of solid citizens.

If you think you belong to the top 10 per cent - well, you don't. You will know when you are there - you don't have to think. How?

The quantum of your bonuses, consistently for the past three years could be one factor, and oh, yes, the frequency of your engagement with the decision makers, and how often your views are sought.

If you are in the bottom 10 per cent, maybe you should be asking yourself, 'Why am I here? And what do I want to do about it?'The signs: similar to the above but on the opposite end of the spectrum.

Decision makers typically decide who they promote based on three key factors.

Past performance, future potential and the ability to get along well with others.
We often read in the media of individuals being promoted to assume higher levels of responsibilities in the C-suite.

And we also often wonder, why did they decide on this person? I am not a betting man, but I will take a side bet to say it is based on the three factors I've highlighted. In terms of weightage, I would say that it would be potential, getting along with others, and then past performance.

If you are in the 80 per cent ocean, and want to swim ahead and be at the top 5 per cent of this hugh group, here's some basic tips to set you thinking so you have a better chance of getting yourself into the top 10 per cent.

Ask for more
On an on-going basis, ask for additional work and responsibilities from your boss. As I always say, few good things in life come easily. 'More' here means you have to give more of yourself - your time, your energy, etc to be able to attain the additional corporate goals.

Another adage for you - in life, you inevitably have to endure short-term pain and inconveniences for long-term gain. Adding more things onto your plate is a two-way street - you get to contribute more to your team, and at the same time, you acquire additional knowledge and skills, which will serve you well as you progress up the corporate ladder.

I always struggle with which is more important, working smart or working hard. In my generation (Baby Boomers), it was mostly the former that took precedence. I've since come to the conclusion that it is a combination of both, with hard work being more important to success.

Read and network a lot more
Staying on top of developments and changes in your industry is imperative to career progression. Some industries can be more challenging than others as they tend to change and evolve more rapidly - the technology sector comes easily to mind here.

If you happen to be performing a business functional role, it is critical that you be updated on the latest cutting-edge thinking and development as well, for example, Basel III (banking and finance) and reverse mentoring (talent development).

Focus on your job, and within your organisation as these are important. But, do not stop there. Allocate time and be disciplined about reading up on your industry, new developments, changes within leadership teams, etc.

Another avenue to do this, plus get to meet more people is to be purposeful in attending events that allow you to network with others. Getting to know more people, and getting yourself known by others is so important these days. As they say, it is important that you know people, but absolutely critical that people know you.

Hearty appetite for embracing change and technology
If there is a word equivalent for something as universal as food for survival, that would be 'change'. If you are already comfortable with change - work towards embracing, and maybe even be an initiator of change - a change agent.

Changes keep the world revolving, and help us do things better, faster, quicker, and cheaper. Effective leaders accept that technology in business is here to stay. For our current Gen Y's, and future Gen Z's - this should be an easier thing to achieve as you all grew up with technology as your playmate. For the rest of us, well, we just have to try a little bit harder.

Be visible, audible and mobile
It does not really make much sense if you are a fabulous contributor, taking on extra responsibilities, and doing everything I've written about here, and no one knows about it, right?

In the same breath, I hasten to add that it also does not mean that you should blow your own trumpet anywhere, and everywhere.

Innocently copying in your bosses on an e-mail which contains information on your surpassing the revenue target, for example, would be a clever way of keeping yourself within the radar screen.

Volunteering to do a management presentation, or chairing a business discussion forum, when it is appropriate, could be a platform for you to be heard (and known) by people who matter. Needless to say, you have to really prepare yourself well so your 'performance' is close to being flawless.

If you can write and speak well, seek platforms to represent your business in public speaking engagements - as an industry expert and practitioner, and/or contribute your views via the media.

When you speak or write on a particular topic, for example, supply chain management, or for my reporter friends, how to get a scoop, people perceive you as an expert in that space. This will earn you career mileage, both within and outside your employing organisation.

Lao Da My Foot

He now calls his time with the Sunshine Empire the darkest period of his life. But when he was in the multi-level marketing firm then, he felt as though the sun would never stop shining.

Mr Malcolm Chew, 25, spent all his savings and about $100,000 received from his loved ones to buy Sunshine's "lifestyle packages" in 2006. "People told me then that it was too good to be true. They told me not to believe in it. But I did," he said.
He lost 70 per cent of the money when Sunshine crashed in 2007, and joined tens of thousands of other customers left high and dry after buying the firm's packages.

Mr Chew told The New Paper on Wednesday that he was in his second year of national service six years ago when a friend invited him to a "self-help seminar". "I was told I could learn about entrepreneurship and how to start making money from a young age," he said.

Although he has since lost touch with that friend, Mr Chew vividly remembers the day he attended the seminar. That was the first time he saw James Phang Wah, founder and head of Sunshine Empire, in action. Phang, who was known as Lao Da (Mandarin for big brother or chief), was a "very charismatic" man, he said.

Mr Chew added: "He was like a very inspiring preacher, telling us how to live life successfully. "I saw him hug his wife on stage and was touched. I thought, 'This man is a good guy. I want to be like him'."

The salesmen, who were Phang's followers, were always smartly suited, in shirt and tie, he said. After Phang's court appearances, these men waited to whisk him away in a convoy of luxury cars. Said Mr Chew: "These salesmen would say, 'Do you want to be a pioneer in this project? Don't let the opportunity go!'"

Said Mr Chew: "I realised I had been ignorant, arrogant, proud and brash. My actions had displeased and disappointed many." "Words can't express the myriad feelings I went through with Sunshine. I hope no one else walks that path. "But I'm not looking back. I'm looking ahead instead."

Trong Phra Charoen

In a rare public appearance on Monday to mark his 84th birthday, Thailand's King Bhumibol Adulyadej called for an end to political conflicts and asked his subjects to work together to help the millions affected by floods that have devastated the country. Although flag-waving crowds estimated in the hundreds of thousands chanted "trong phra charoen" (long live the king!) as his motorcade wound its way from a riverside hospital to the golden-spired old Grand Palace in Bangkok, the celebrations were muted at the request of the king because so many Thais were still suffering.

The Dalai Lama

The Dalai Lama said Chinese officials sometimes behave childishly. “I look at people, including the Chinese, at a fundamental level in which everyone is human. These are no differences, from the way we are born to the way we die. But at times, the Chinese government calls me a demon. I may be a demon but not that bad a demon,” he said.

Ethical Leadership Thinking

When dealing with a troublesome business problem, it’s easy to get carried away and begin to attack people instead of the problem. This wastes time, takes energy away from finding solutions and leaves people demoralized.

Let’s look at the important differences between attacking people and attacking issues:

When we Attack a Person our Language is Less Respectful and Our Thinking is Narrowing
When we attack people, our thinking narrows and our approach is not usually responsible. Our words may not be carefully chosen and we may speak in anger.

■ We use raised voices and disrespectful language
■ We accuse and blame, which leads away from solutions
■ We have no tolerance for other perspectives

When we Attack an Issue, We are More Respectful and Our Thinking is Broadening
When we attack issues, we use a much more respectful approach with others. We focus on getting a more complete perspective, and seek to understand the issue more clearly.

■ We are seeking information
■ We are seeking understanding
■ Other perspectives help us understand the issue
■ We are more respectful

Examining Our Thinking and Our Leadership
If you think that as a leader you would never attack a person, ask yourself this question:

Have I ever made remarks (even if they are made privately or intended to be a joke) about a political party, person, organization, entity, club, or any other group of persons that sounded disrespectful to anyone else? How did it make them feel? Did they let me know?

When we attack a person or group, we erode trust, even if the person we are attacking is not there. If we will attack someone who is not present it raises the concern that we may berate others when they are not there to defend their reputations.

Attacking Issues or Attacking People?
■ Which problem-solving approach do you think is more ethical?
■ Which approach are you modeling and rewarding in your leadership?
■ Which approach do other leaders in your organization use?

Leadership : Small Business

Are you a leader just because you run a small business? No. But you need to be. Without business leadership, your small business ship will circle aimlessly and eventually run out of power.

Effective business leadership demands a captain of the ship, not just someone who's standing by the helm. Leadership is active, not passive.

Cool-headed, farseeing, visionary, courageous - whichever adjectives you choose, leadership is a winning combination of personal traits and the ability to think and act as a leader, a person who directs the activities of others for the good of all. Anyone can be a leader, even if the only person they're leading is themselves.

But you can't be a leader just by saying you are. Business leadership, like leadership of any kind, needs to be worked at. Transform yourself into the kind of leader your small business needs with these five keys to business leadership.

For Effective Business Leadership:

A leader plans
The core of business leadership is being proactive rather than reactive. Sure, leaders are good in crises - but that doesn't mean they sit around letting crises develop. Leadership involves identifying potential problems and solving them before they reach crisis proportions – and the ability to identify and reap potential windfalls. So good leaders analyze and plan and adapt their plans to new circumstances and opportunities.

A leader has a vision
Vision is essential to good leadership. Vision provides direction and without direction, there’s not much point to all that planning; your small business will still flail about. So if you don’t have one already, take your first step towards business leadership by creating a Vision Statement for your business. Because it embodies your dreams and your passions, a vision statement will also serve as a leadership vision.

A leader shares his/her vision
Sharing your leadership vision helps your vision grow and your business leadership develop. As you tell your leadership vision to others, you will strengthen your own belief in your vision and strengthen your determination to make your leadership vision become reality. And other people will start to see you as a person who's "going places". Your business leadership skills will grow as you and other people recognize you as a person with leadership potential.

A leader takes charge
At this stage of business leadership, you put together your planning and your leadership vision and take action. Whether it's implementing a specific plan to improve your business's bottom line or responding to a crisis, you, as the leader, are the one who makes the decisions and sees that the appropriate actions are carried out. You can't just "talk a good game" to be a leader; you need to act and to be seen as taking effective action for the good of your small business.

A leader inspires through example
If I asked you, you could easily name three people whose leadership qualities inspire you. If I asked you why, you’d tell me about the things these inspiring people did or are doing. Leadership is defined through action. Therefore, in developing your own business leadership skills, you have to act in ways that are fitting to your leadership vision and your self - all the time. We can all name many actions of other people whom we admire, but what inspires us is the integrity that gives these actions meaning.

Learning to be a leader isn't easy because it takes a conscious commitment and consistent effort to develop one's business leadership skills. But on the positive side, anyone who is willing to make the effort can become a good leader.

And as good business leadership is critical to business success, your efforts to improve your leadership skills will be amply rewarded. By working on these five keys to business leadership, you can be the leader your small business needs.