The Value of Praise

Praise is an amazing thing. It can create powerful feelings and motivate people to perform, and yet it costs nothing and takes minimal effort. Praise is one of the best tools a manager has to keep the team happy and productive. Take the following email example from me to a Director on my team:

Hi Matt

Thanks again for your hard work today on the applications. I know it was a long day but I truly appreciate your input and the apps are going to be that much better because of it. Keep up the great attitude and I’ll see you tomorrow.

Greg

I spent about 45 seconds writing that email, and it made Matt’s day. Whether it is from a manager to a subordinate or the other way around, everyone likes to be reminded when they do a good job. Consider the following guidelines to be a praise-centered team:

1. Praise frequently, but make it count

I might send 2 or 3 emails like the one to Matt each day to different teammates. Anytime someone does a good job, I recognize it. At the same time, you don’t want to over do it. Sometimes a simple “thanks!” will suffice while other times an extra sentence specifically outlining what the team member did is better.

2. Be short and sweet

Praise doesn’t need to be in long essays or paragraphs. It can be a sentence or two that fits on a sticky note or takes 30 seconds to send from your Smartphone. Short sentences that get to the point quickly tend to be more powerful.

3. Balance it with constructive criticism

In order to make your praise count more, you also need to call teammates out when they make a mistake and provide constructive criticism. This isn’t to be hostile; instead it is to help them learn and develop as leaders.

4. Mix up public and private praise

While personal emails are a great way to deliver praise, public announcements to the entire team at a meeting or even a blog post about a teammate’s good work can be even more powerful. Consider having a healthy mix of both.

By leveraging these strategies and letting your teammates know when they excel, they will feel happier and learn more, ultimately leading to a better organization for everyone. 

The Art of Complaining

If we called my mom right now, she’d probably say that growing up, I was a complainer. If I didn’t like where we were going, what we were doing or what we were eating, everyone was going to hear about it. Now granted this was one I was 10 (ok, when I was 15).

Why do people complain? Well for one thing, complaining makes you feel better. It allows you to vent and blow off steam. It gives you a feeling that you have control and impact on the situation. Thing thing is though, you don’t always have control. That is where we need to explore the differences between the types of complaining. In one type, complaining can be good. In the other, it’s worthless.

There are two different types of complaining:

1. Complaining about stuff you CAN control

2. Complaining about stuff you CANNOT control

Let’s break them down:

Complaining about stuff you CAN control

This can actually be a good thing. If you think there are problems or things that can be done better, speak up! Share your ideas and express your opinion. No organization can be succesful with just “yes-men”… great leaders want to be surrounded by people that will challenge them to be better and complain when things aren’t the best that they can be. 

In this scenario, we want to make sure complaining translates into creative problem solving. Identifying a problem is step 1, but you need tangible action items if you want to actually resolve that problem.

Complaining about stuff you CANNOT control

This is what I was notorious for growing up. A good example was when my dad was picking me up from school, he forgot the car rack needed to bring my bike home. As a result, I had to leave my bike at school. I was ruthless, I wouldn’t let him hear the end of it. The problem with that is that as much as I complained and made sure my dad felt stupid for what he did, I did nothing to change the situation. Complaining in that situation did nothing to remedy it… it was worthless and made me look like a jerk. 

Sometimes you are going to be in situations that suck. But complaining highlights your weakness. It shows that you are difficult and inflexible. So, even when you think it will make you feel better to start complaining about a sucky situation, consider which category it falls into. If it is something you cannot control, keep the complaints internal, and save your energy for taking action on the items that you have control over.

Can you Read? Technical and Financial Literacy

2 Things Business Students Must Know

Managers in today’s economy cannot just be good at one thing. On the contrary, they need to have an exposure to almost every facet of the business that they are managing if they are to succeed. Does that mean you have to be a network engineer in order to run Cisco Systems, or a chef in order to run Nabisco? Certainly not. However, it’s tough to manage what you don’t know. Last year in the NU Entrepreneurs Club, I was the Director of our Startup Challenge, the largest division of the club. This year as President, I manage that Director, and 23 others. I know what they have to deal with because I did it myself before.

I believe that for any business-oriented student graduating today, in addition to whatever your major concentration is in business, you need to be literate in two key areas: technology and money. A lack of understanding of either is a gaping failure point for an organization. Let’s look at each one:

Technical Literacy

This means that you can talk the tech talk. Do you have to be the CTO? No. But, you need to understand the language, the acronyms and the terms that engineers use. You need to be comfortable speaking to engineers and have a solid understanding of how they think and how they work. You should be able to approximate about how long a technical project will take, and about how much it will cost. Advantages:

• Earn respect from the engineering team… engineers want to see business people who at least have the desire to understand tech
• Pay the right price for tech projects because you understand what it takes to complete them
• Gain opportunities to leverage technology that you understand to increase efficiency and reduce costs in your business

Financial Literacy

A balance sheet can be confusing. Do you know how to calculate comprehensive income or loss? Your company just bought a new server - how should we deal with the cost of that asset and how should we depreciate it? These are questions that should not be reserved for just your CFO or Controller. Advantages:

• Ability to talk to finance and accounting teams and understand their needs 
• Insight to know when there is a financial problem in your company, not enough cash flow, etc.
• Skills to review a company’s financial statements before your join the team to ensure it is in good fiscal health

Ready to become technically and financially literate? Great! Here are the action items:

• Consider concentrations in school like MIS
• Learn how to program (use Codecademy)
• Use a service like Mint.com to keep careful track of your personal funds
• Take a few accounting electives (especially managerial / cost accounting)

5 Ways to Be a Great Mentor

Especially in the world of entrepreneurship, having great mentors and being a great mentor is crucial. Mentors can act as guides for a young entrepreneur, helping them avoid classic mistakes, making key introductions and serving as a teacher far after college graduation day.

Over the past few years I have had multiple mentors, and been a mentor myself to others. As President of the Entrepreneurs Club, a key part of my role is to act as a mentor to all 640 of our members, and especially to the younger students leading the club on our executive team. On top of that, I am honored to have quite a few great mentors to guide me, such as Graham Brooks at .406 Ventures, Gordon Adomdza at Northeastern University, and Ken Coleman, co-founder and former EVP at TimeTrade Systems.

So what makes a great mentor? There are varying degrees of how intense the relationship can be. In some cases, it is just a check in once in a while and an open line of communication to ask questions. When I play the mentor role, I like to take a very hands on approach. Especially for my younger colleagues, my goal is to give them tangible feedback, advice points and action items that they can use to advance their careers. More specifically, I suggest a mentor does the following:

1. Be critical

I call my mentees out a lot, anytime they make a mistake. I clearly explain to them where they fell short and how they can improve. It’s much better they hear this from you so they can improve for when it counts.

2. Focus on soft skills

This means proper business acumen, wording in emails, etc. I am constantly reviewing sent emails / any written doc (ie a resume) with my mentees and making suggestions for improvement.

3. Make introductions

And make a lot of them. Build up your mentees’ networks. I make many intros via email and suggest my mentees set up meetings.

4. Guide, don’t do

Be sure to make suggestions, but never give orders and never do the work for your mentee. I always use the phrasing when making a suggestion ”I would consider doing X”

5. Suggest tangible action items

I always provide, in bullet list format, clear ideas for my mentees to consider executing to contribute to and advance whatever they are working on.

Ultimately, the relationship will depend on the time, flexibility and personality of the both the mentor and the mentee. If you want to find a mentor of your own, there are plenty of great programs in Boston to help you, like Sean Lindsay’s Founder Mentors or Northeastern University’s venture accelerator, IDEA.