An interesting study conducted by Michael Norton from Harvard Business School proposed one possible solution. His hypothesis was that money can in fact buy happiness. However the caveat to this very much surrounds what you actually do with the money. Over the course of his research, they gave $50 to a variety of different people and one group were told to buy something for themselves and the other had to be spend it on somebody else. Post this activity through a variety of questions used to assess a relative degree of happiness, an interesting finding emerged. On a consistent basis those who spent money helping people they knew or even total strangers derived a far greater sense of happiness from this versus spending it on themselves.

This has also been validated in research on lottery winners who very often through their self indulgence with their winnings lose all their friends and family and very often end up miserable, broke or worse still, in debt.

So what can we extrapolate from this that might be pertinent to the world of work and business. Money is one way we can give of ourselves but there are also many other ways such as supporting colleagues, praising others, helping out with challenging situations, volunteering your time. It is the actual process of giving that is so gratifying.

In fact there is also a positive knock on or reciprocal effect to all of this; one that builds positive relationships, teamwork, alignment and the pursuit of a common goal. So rather than think how you might achieve success, how about unconditionally giving first, realizing the happiness it gives you and then seeing where it leads you?

©2012 New England Coaching. All Rights Reserved.

Business Lesson 1: Work at something you are good at and love doing (why not?).

There was one point in the tournament where the eventual runner up Louis Oosthuizen putt to within, what was described as, “a dimble from the hole”. Each golf ball has approx 400 dimples per ball and when you consider the size of a ball it will give you some appreciation for how near the ball was to dropping. He still had to putt it into the hole and it counted for one stroke. In contrast Bubba Watson who went on to win, hits one of the longest drives on the PGA tour averaging 313 yards per drive and they also count for one stroke. Watson had the elation of success and Oosthuizen had to settle for second place and bitter disappointment; if only for that dimple.

Business Lesson 2: Celebrate your wins; success and failure is a very fine line and move on quickly from disappointments.

Drives and putts also need to be considered, not in isolation, but in the context of a round. The average social golfer hits 14 drives per round but approx 50 putts. Putting seems a lot easier than driving but it is where the most errors occur. Yet if you go to your local driving range you will see everybody whacking drives until their arms fall off. Ask a professional and they consistently say work on the short game (chipping and putting).

Business Lesson 3: Focus on what will have the greatest immediate impact on your business (the low hanging fruit).

Golf is hugely competitive but so too is the game of business. Irrespective of what you do there are other people out there doing the exact same, so why will you succeed over them? There’s a very fine line between success and failure and golf certainly testifies to that at every tournament where 80 – 100 players tee off at the beginning and literally anyone of them is capable of winning. Your business is no different.

©2012 New England Coaching. All Rights Reserved.

Simon Sinek in his Ted Talk in 2010 challenged people that when positioning your product or service don’t lead with what you do but rather WHY you do it. So let’s extend this even further and challenge us as to another variation of the 5 Whys as it might pertain to a business. The following are the five critical “why” related questions, the answer to which should help uncover your true business proposition.

1. Why do you do it?

People are drawn to what the Leader’s underlying motive is and whether there is absolute belief in what you offer. According to Sinek this is at the core.

2. Why should I choose you?

Customers buy on emotion and justify based on fact. So as much as we espouse the features and benefits of what you sell, what is the true emotional carrot that influences customers to buy from you?

3. Why do people work for you?

Is your Staff engaged and happy in what they do? The benefits in terms of efficiency, turnover, innovation, etc, are huge. Remember sustainable success is a function of happiness.

4. Why are you better?

What is the one characteristic about your business that sets you apart from Competitors? Is it a unique technology, marketing strategy, charismatic leader or something else? What is your key differentiator?

5. Why would I invest in you?

Shareholders would be very interested in the answer to the first 4 Whys. What is it about your product, customer base, team or something else that would inspire somebody take the risk and invest in your venture?

Try it out – the honest answers you come up with will either be confirming, or perhaps a sign of an area that needs more work.

©2012 New England Coaching. All Rights Reserved.

1. Product idea and development

2. Financing – personal, friends, bank, angels or VC

3. Exit – sale or replacement by competent CEO

This is quite normal perhaps for a high tech start up but there is much more to your typical entrepreneurial endeavor. The first two points are valid but thereafter it can take on many variations with the “Exit” obviously being just one. What appears to be missing is Quality of Life. Many people also start new enterprises to create a career, to build some wealth over a period of time, to create a legacy for their family and very often to be in control. Some would argue that it is all about being the King (in control) or Rich or, is there more to it?

Where does happiness fit into all this? Many would argue that the “Pursuit of Happiness” is a function of success; when I make enough money or land that great job, then I will be happy. But it never quite works out like that. According to Harvard psychologist, Sean Achor he challenges this traditional paradigm and claims that success is actually a function of happiness. Remember only 10% of entrepreneurial endeavors actually succeed? Perhaps if more people sought happiness first – doing what they love, staying in control equity wise, building their own team, being in it for the long haul then maybe this disturbing statistic might change for the better. But undoubtedly the debate will linger as to which is the cart and which is the horse.

So if you are an entrepreneur, here are some questions for you:

1. Why are you doing it?

2. Do you want to be Rich or King?

3. Are you Happy?

The answers to these questions might begin to provide some interesting insights and allow you to figure out what true entrepreneurship is all about.

©2012 New England Coaching. All Rights Reserved.

Extrinsic Motivation is primarily driven by a logical justification. In performance it is reward and for a buyer this translates to how much does it cost, what is the technical specification, how long will it last, what happens if something goes wrong, etc? Intrinsic Motivation is much more influenced by an emotional rationale. Again in performance the parallel is recognition, and so for a buyer this equates will it make me feel good, do I trust the salesperson, what will others think about it, do I like the look of it, etc?

Let’s consider purchasing a car which for most is quite a considerable monetary investment. You will be influenced by the price, make, size, safety, and perhaps service capabilities – often information you can access online before even entering a dealership. These are all very important things to know but alone these will not finalize your decision. Then you walk into a dealership and everything changes. Suddenly some of the rational thinking is superseded by the demeanor of the salesperson and how they make you feel. You will also be thinking, what does this vehicle say about me (successful or not), what will my friends think, does it feel good when you sit inside and then experience the drive? Though the extrinsic component is important and perhaps initiates the process, the intrinsic is essentially in terms of the final, and hugely critical, decision making piece.

Many would argue we justify logically but we actually make decisions on emotion. So as you consider your role as a salesperson selling a product or a manger selling an idea, consider the intrinsic or emotional strings that need to be pulled in order to gain a commitment from the other person. It will help close that deal.

©2012 New England Coaching. All Rights Reserved.

From Repetitive to Creative

Whether its automation or outsourcing, the traditional blue collar work is in decline. In a recent USA Today article it was reported that 80% of new jobs in the US are now created in white collar positions. Even within this work category the traditional financial and analytical jobs are also leaving our shores. What’s left is a melting pot for innovation and having an ability to be continuously improving and looking for the next generation product. We have truly transitioned from the physical (repetitive) to the intellectual (creative).

From Directive to Autonomous

Primarily driven by this “new” type of work, leadership styles and how business operates from a people perspective has had to change. A repetitive, mass production environment might be more conducive to a directive style of management but when you are trying to motivate and manage creativity it just does not work like that. The new approach is based on supporting the autonomy of the individual in executing the task but ensuring that they are still accountable for results.

From Tactical to Strategic

Work is also becoming ever more complex. To support the creative mind and autonomous worker there is also a greater need to understand the bigger picture. Even though individuality is valued it must be in the context of a greater purpose; one that connects with the strategic intent of the business. Organizations need to provide appropriate training, develop open communications and engage employees like never before in order to optimize performance and retain their key people.

Quite apart from the social implications of all this what does it mean for the employee of today? Certainly they have to be more adaptable and flexible in their working arrangements. Interestingly what can be quite a challenge for the boomers (48 years+) is an expectation of the Gen X (less than 25 years) people. The later are growing up in this “changing” landscape and will clearly ensure its continuity and sustainability.

©2012 New England Coaching. All Rights Reserved.

From Repetitive to Creative

People producing identical widgets as part of a mass production process have been replaced by undocumented processes where employees have to use their creative capabilities to complete multiple tasks and outputs. Solutions are not obvious and therefore people require analytical, problem solving and communication skills to achieve desired results.

 From Directed to Autonomous

Leadership has had to adjust from being the driver of making things happen to becoming the facilitator of desired results. Of course people still need to understand expectations and receive feedback, but also want the freedom to execute the tasks necessary to achieve required outputs.

From Physical Labor to Intellectual Labor

80% of all new jobs created in the US today are for work involving one’s intellectual capacity. Much of the traditional labor has either been outsourced or automated so developed countries have had to re-invent themselves to create an economy driven by brain power. Consequently people are more educated and come with much higher levels of expectation.

From Local to Global

Accessibility to the internet and other technologies has created markets that are now based on a much broader global model with even greater transparency. We now live with global accessibility for even the most routine of services. If you want an electrician, you can go online and easily find hundreds within a 50 mile radius, so nobody is exempt.

All of these changes dramatically affect, not only the qualifications of people hired, but also what motivates them. What do you think motivates this new workforce most?

a) The extrinsic factors such as money and rewards or,

b) The intrinsic drivers such as challenge, autonomy and recognition.

©2012 New England Coaching. All Rights Reserved.

In the past these extrinsic motivators were thought to revolve around the “carrot and stick”. Today the notion that rewards motivate people has been replaced with the realization that rewards only motivate people to seek the rewards (at any cost sometimes). This of course only promotes short term thinking such as what happened in many of the failed financial institutions to the catastrophic detriment of what is most important in the long run. Businesses that run from quarter to quarter are compromising the long term viability of their organization and that is exactly what most “carrot and stick” systems do.

However through work by people such as Daniel Pink, he is putting a new face on what really are the true motivators. He contends that the following are the key universal drivers of motivation and if employees can have these fundamental needs met, it augers very well for the organization.

o Purpose: the ability to do something that is in service of something bigger than yourself

o Mastery: the opportunity to continue to grow and be better at something important

o Autonomy: the desire the be free to do what you want

These in turn feed the universal drivers of engagement which are:

o Praise: the degree to which we praise our organization to others

o Persist: the degree to which we persist in the face of adversity

o Perform: the degree to which we perform freely in excess of expectations

Organizations need their staff to be fully engaged. When this is happening it reduces turnover, boosts innovation, increases productivity and attracts top talent. Motivation is the linchpin to making this happen.

©2012 New England Coaching. All Rights Reserved.

Once these surveys are undertaken and organizations wish to elevate their engagement score, three areas where significant developmental opportunities exist are:

Emotionally Intelligent Leaders

Do qualities such as being responsive, empowering, resilient, expansive, empathetic, authentic and present best describe people worth following? Emotionally intelligent leaders clearly understand that their approach is less about them and more about, through these qualities, supporting and coaching the people who make it happen. This very much compares to what Jim Collins in “Good to Great” described as Level 5 Leaders; those having Personal Humility and Professional Resolve.

Highly Motivated Employees

Employee motivation is influenced by a number of factors namely your job role, your boss, the team you associate with and the organization (and culture) you are part of. Based on these criteria, it is important to ensure that the motivational need of the individual compares favorably to what is available to them; there is a fit. By focusing on developing these areas, employees are provided with a greater sense of belonging and desire to make a more meaningful contribution.

Use of Coaching Skills

The very essence of coaching involves supporting other people’s success. The skills are rooted in connecting through listening, questioning, acknowledging and validating and genuinely supporting the other person. However there is also a clear focus on action but one that can be agreed upon, acted on and recognized when complete. Coaching is used to provide people with the resources, knowledge and skills to make positive decisions/actions that can advance the individual and their organization.

©2012 New England Coaching. All Rights Reserved.

The following are some key categories and associated questions that one should consider in terms of what might be right for you.

1. Knowledge – Is your area of specialization something that could drive your own business or fit in better as part of an organization? How might your knowledge and experience be most fully leveraged?

2. Motivation – Are you a self starter or do you need others to motivate and acknowledge your efforts? Can you hold yourself personally accountable or do you need somebody else to hold your feet to the fire?

3. Change – How receptive are you to change? Can you handle change initiated by somebody else or would you prefer to dictate your own pace of change?

4. Independence – How important is developing your own plans, executing upon them and/or creating your own schedule? Do you like flying it alone or would you prefer to be part of a team and have a boss?

5. Risk/Reward – Can you handle all the risk personally or are you better sharing the risk with a team? On the other side of risk, what are the potential and associated rewards and is it worth it?

So however you may answer these questions hopefully it helps provide some insight into where you truly want to be. If you are in that transition phase consider working with a coach to help bring some clarity to your next move. Good luck!

©2012 New England Coaching. All Rights Reserved.