Hola Familia,
Are you experienced?
Jimi Hendrix may have asked that question back in 1967 (http://en.wikipedia.org/wiki/Are_You_Experienced), yet after a crazy week of Upfronts I’m sure the media industry is asking the very same question.
With lots of pomp and circumstance, network after network tried to provide a compelling experience to garner interest in their wares (http://adage.com/article/special-report-tv-upfront/buzz-scenes-upfronts/234870/).
The media industry wasn’t alone.
The financial industry also tried to garner interest in an experience…the Facebook IPO experience (unfortunately, it wasn’t as compelling as it was hyped up to be http://online.wsj.com/article/SB10001424052702303879604577412671711058872.html?mod=markets_newsreel).
These are just one-off experiences, though.
A data point.
A snapshot in time.
One experience in a vacuum cannot truly be measured nor appreciated.
To truly understand the intrinsic value one must assess the sum of the experiences.
To understand a show’s performance, ratings must be viewed not just one day but over a period of time.
To understand a stock’s performance, charts must be viewed not just one day but over a period of time.
To understand your performance, your life must be viewed not just one day but over a period of time.
Whether it’s personal or professional, there needs to be a constancy of purpose that drives you forward.
It puts in perspective that our time is short and that time is finite.
Be mindful of the experiences that you choose.
Today.
Every day.
The experiences of a relationship.
The experiences of your work.
The experiences of your industry.
The experiences that will make a difference to others.
Before you know it, these experiences will accumulate.
Before you know it, you will become the sum of your experiences.
So be sure to make every experience count.
—
Author’s note:
There will be no Wolfe Weekly published next week (5/28/12)…The next Wolfe Weekly will be on 6/4/12.
—
Be inspired,
Steven
Hola Familia,
What myths do you live by?
In an ever-increasing ADD economy where everything from gadgets to relationships become disposable, myths are that rare gem that stand the test of time.
Myths are the vision quest.
Stories of legend from Odysseus (http://en.wikipedia.org/wiki/Odysseus) to King Arthur (http://en.wikipedia.org/wiki/King_Arthur).
On the surface, myths are seen as fictitious fables.
If you look deeper, you will see that myths are much more (read the wonderful Joseph Campbell’s work for some inspiration http://en.wikipedia.org/wiki/Joseph_Campbell).
They are the revered narratives of our lives.
They give meaning to our stories.
And they serve as lighthouses on our journey.
Most myths have some sort of hero.
In today’s society, we build up our heroes to incredible highs only to bring them down once they stumble and fall.
Jamie Dimon (http://en.wikipedia.org/wiki/Jamie_Dimon) was the hero of Wall Street, having helped save the U.S. economy from the brink while navigating his company through the financial storms of 2008-2009.
Yet with one, miscalculated trade which cost his firm $2 billion, the CEO of JPMorgan Chase is now in the hot seat and his once pristine reputation as a savvy risk manager is on the line (http://online.wsj.com/article/SB10001424052702303505504577402552900384204.html?mod=WSJ_hp_LEFTWhatsNewsCollection).
Never mind the fact that it was not his decision (it was made an executive that runs a small internal investment group)…our hero must assume the responsibility.
This is the hero’s trial of character.
After a revolving door of CEOs, Yahoo has now appointed Ross Levinsohn as its new interim CEO (http://online.wsj.com/article/SB10001424052702303505504577402553183840364.html?mod=WSJ_hp_LEFTTopStories).
Our hero has the opportunity to turnaround a fallen star and restore the company’s glory to assume its rightful place as a technology leader.
This is the hero’s opportunity for greatness.
As we enter the annual media ritual of the television “Upfronts” (another myth that serves its purpose http://adage.com/article/special-report-tv-upfront/upfront-a-broadcast-year/234712/), it’s the perfect time to think about what myths do you live by.
What stories do you tell others?
What stories do you tell yourself?
Who are your heroes?
What’s your journey?
Where have you been?
Where are you going?
Without even knowing it, you create your mythology every day.
Through your work.
Through your actions.
Through your words.
Through your word.
So be the hero of your own myth.
Be mindful of the myths you live by.
Bring meaning to what you do every day.
To quote Joseph Campbell, “a hero is someone who has given his or her life to something bigger than oneself”.
—
Be inspired,
Steven
Hola Familia,
What do you do with your time?
Like all valuable assets, this is one that is constantly in demand.
We always wish we had more time.
I imagine that is what Nicolas Sarkozy is thinking.
After losing the French presidential elections last night, Sarkozy is now France’s first one-term president since 1981 (http://worldnews.msnbc.msn.com/_news/2012/05/07/11573747-frances-flashy-fiery-nicolas-sarkozy-is-ousted-by-unassuming-socialist?lite).
Plagued by unemployment and the Eurozone crisis, Sarkozy had an ambitious plan to bring growth back to France.
Unfortunately, he’s run out of time.
Whether it’s a head of state or a head of a business unit, it seems that time is that ephemeral panacea that will solve so many of our problems.
Perhaps we should shift our thinking a bit.
Instead of wanting more time, maybe we should be doing the most with the time we have.
This means focusing on the moment.
The now.
It’s easy to get caught up in all the things that may come.
It’s much more difficult to be in the here and now.
To be present.
To make the future happen in the present.
This is the moment.
To make things happen.
To seize the opportunity.
To be the person that you want to be.
To be in the role that you want to have.
To be making things happen in the now.
Who knows when you’ll have this moment again?
In the place you are.
With the people you are with.
With the things that you have.
Make this the moment.
And make it count.
For who knows when you’ll be out of time.
—
Be inspired,
Steven
Hola Familia,
Does your environment define you?
Being constantly on-the-go, you’re in so many different environments with so many different elements.
Elements that inspire you.
Think of how the space in which music is heard can spark what kind of music is made – a small intimate club versus a larger venue.
Elements that motivate you.
Think of how the energy from people gathered can spark you to do something – an auction, a rally or a commencement (for a great read, check out “10 Things Your Commencement Speaker Won’t Tell You” http://online.wsj.com/article/SB10001424052702304811304577366332400453796.html?mod=WSJ_hp_mostpop_read).
But these elements shouldn’t define you.
It’s easy to get caught up.
In the moment.
In the environment.
Where the environment begins to define you.
When you’re at an event with “important people”.
When you’re at the client.
When you’re at work.
When you’re at play.
Do you act differently or the same?
Are you open or closed?
Can you be yourself?
For this is where it counts.
This is where you get to define the environment.
This is where you need to “know thyself” and more important “be thyself”.
This is when you get to be you, no matter who is around.
We all live on borrowed time, so don’t waste it.
Bring your voice.
Bring your point of view.
Bring all of you.
Not your “work self”.
Not what people think they should see.
Not 25%, 50% or 75%.
Bring 100% you.
That’s the most important element that will add value to any environment.
—
Be inspired,
Steven
Hola Familia,
Who’s got you?
No matter what industry you’re in, no matter what community you belong to – you need people that will support you in times of trouble and celebrate you in times of success.
In politics, this is your “base” – it’s great when your base is there, no so much when your base leaves you behind (France’s President Sarkozy may need to rally his base quickly or he’ll be looking for a new job http://online.wsj.com/article/SB10001424052702303592404577359130108241296.html?mod=WSJ_hp_mostpop_read).
In Corporate America, these are your “customers” – who will support you through thick and thin because they are brand loyal. The real test of the relationship is whether customers stick around when the company falls on hard times.
Yet, what about you?
You are a part of many communities.
Your family and friends.
Your work familia.
Your company.
Your industry.
I’ve been lucky to be a part of a few different industries – finance, technology, media and now advertising.
But it all started in finance.
Last Tuesday, I went to the Annual Awards Dinner for Sponsors for Educational Opportunity (SEO) as a proud alum and Board Director.
SEO was the first community I became a part of when I began my professional career (http://www.seo-usa.org/Home).
SEO provides educational and career programs to young multicultural students from underserved communities to help them succeed in getting into college, graduating college and starting a successful career after college.
The most inspiring program is the SEO Scholars Program, which is a year-round, out-of-school, academically rigorous program that prepares motivated urban public high school students to earn admission and succeed at competitive colleges and universities. The Scholars Program has served students in New York City since 1963 focused on closing the educational achievement gap. It has produced amazing results in closing the gap but unfortunately this program is needed now more than ever (http://www.seo-usa.org/Scholars).
Every year at the Annual Awards Dinner, SEO brings on stage 6 to 8 SEO Scholars to share their stories. Ranging from high school freshman to graduating seniors that have been accepted into college, you hear how these kids are able to overcome incredible obstacles to pursue their educational dreams. This is always the most emotional part of the night.
It puts in perspective whatever hardships we may have day to day.
It makes you realize how fortunate we all are to be where we are with what we have.
It highlights the importance of having people that will support you.
People that will get your back.
People that will push you.
People that will inspire you.
If it wasn’t for SEO, I would certainly not be where I am today.
So where’s your community?
Where’s your familia?
Who’s got your back?
Who’s got you?
Hopefully it’s the same folks that you are taking care of.
The familia you’re a part of.
The team you are helping.
The people that when they need help, you say “I got you”.
—
Be inspired,
Steven
Hola Familia,
What were you doing a year ago?
Was it something for work?
Was it something fun?
Maybe you kind of remember.
Most people probably don’t.
I vividly remember.
My father had passed on April 12th and I was dealing with all the elements of the loss.
The grieving, the comforting, the logistics.
It was hard to think then about his impact.
About his legacy.
A year later, his legacy comes more into focus.
The impact that he had on his friends and family.
The impact that he had on me.
The values he taught me.
The example he set.
It was in part my dad’s declining health that drove me to start writing the Wolfe Weekly.
I wanted to share something positive with my team.
I wanted to produce something that would reflect my experiences, my learnings.
I wanted to provide something that would spark a little inspiration.
And I wanted to honor a legacy that I was proud of.
We typically think of legacy reflecting on the past.
But what if we could think of legacy as a way to help write the future?
How much time do you spend thinking about your leadership legacy?
No matter your position, no matter your role – start asking the questions that matter.
What have you accomplished so far?
What product have you produced?
Who have you helped?
What did you leave behind for others?
This is legacy thinking.
Use legacy thinking to influence your behaviors today.
It’s never too early to start a legacy plan.
All you need to do is follow it.
—
Be inspired,
Steven
Hola Familia,
Have you done your taxes yet?
With Easter / Passover weekend behind us, our focus now turns to the next milestone on the calendar: Tax Day.
The concept of taxes has a long history, dating back to Roman times.
Taxes were one of the ways that empires were built.
Taxes were one of the ways that revolutions were sparked.
It was, after all, taxes that led Americans to revolt against the British in 1773.
Seems like we’re still fighting the inequality battles.
In today’s era of 1%’s vs. 99%’s, income inequality continues to widen at an alarming pace.
Just take a look at the continued rise in executive compensation (http://www.nytimes.com/2012/04/08/business/in-chief-executives-pay-a-rich-game-of-thrones.html?_r=1&src=me&ref=busines).
However, inequality isn’t limited to just income…it also applies to taxes.
In 1980, the wealthiest 1 percent of Americans made 9.1 percent of our nation’s pre-tax income; by 2006 that share had risen to 18.8 percent.
Yet, since 1955 the average tax rate that the richest 400 families in America actually pay has dropped from 51% to 26.4% in 1992 to 18.1% in 2008 (http://online.wsj.com/article/SB10001424052970203735304577167282950708736.html), while the top marginal tax rate on ordinary income is 35 percent.
Seems that Benjamin Franklin’s famous quote of “‘in this world nothing can be said to be certain, except death and taxes” may need to be updated to “except death and taxes - more for some, less for others.”
While we can debate the right level of taxes, we can also debate the different kinds of taxes.
Income tax.
Excise tax.
Capital gains tax.
Mediocrity tax.
Not familiar with that one?
That’s the tax that’s imposed on you, your team, your client, your product when you don’t give 100%.
We see mediocrity every day.
We see it and do nothing.
We see it and say nothing.
We need to resist the gravitational pull of mediocrity.
It’s easy to have excuses – I’m swamped, I’m in a rush, I’m [insert favorite excuse here].
It’s hard to be excellent.
It’s hard to demand greatness.
It’s hard to give 100%.
But we all know it when we see it.
We all know how excellence inspires us all.
We all know how greatness sparks greatness.
So don’t settle for something that’s mediocre.
Push for greatness.
Be your best.
Give 100%
Don’t pay another tax.
For the tax of mediocrity is way too expensive to pay.
—
Be inspired,
Steven
Hola Familia,
Are you playing on a high-performing team?
As NCAA March Madness comes to an end, we’ve seen some amazing team play.
Whether it was a huge upset by an underdog (thank you Lehigh and Norfolk State) or perennial favorites making it to the end (hello again Kentucky and Kansas), the deciding factor is truly the power of a team.
To be sure, “Team” is one of the most overused words – whether it’s in sports, politics or business.
Just because a group of people work together doesn’t make them a team.
And there are different types of teams.
There are independent teams – how one individual performs has no direct effect on the performance of the next individual. Think of a bowling team. Think of a sales team.
There are interdependent teams – the success of every individual is inextricably bound to the success of the whole team. Think of a football (soccer or American football) or a basketball team.
But what’s the difference between a good team and a great team?
What’s the secret to those elite teams – those “SEAL Team Six” type teams (http://en.wikipedia.org/wiki/United_States_Naval_Special_Warfare_Development_Group)?
What makes a real team – a high-performing team?
Sure you need trust.
Sure you need accountability.
Most importantly, you need communication.
That’s the unifying thread that weaves together trust, accountability and all the other things that make and maintain high-performing teams.
New research is revealing that there’s a science to building high-performing teams (http://hbr.org/special-collections/insight/the-secrets-of-great-teams), and communication is arguably the most important variable in the equation of success.
There are key aspects to communication that impacts a team’s performance.
There’s energy – how team members contribute to the team as a whole.
There’s engagement – how team members communicate with one another.
And there’s exploration – how teams communicate with one another.
If communication is so key to a team’s success, then why are so many people so poor at it?
Maybe it has to do with technology – there’s a certain irony that in an age with so many tools to communicate we’re forgetting that the most valuable form of communication is face-to-face. Yes, that means stop sending emails to your teammates a few cubicles away from you.
Maybe it has to do with leadership – there’s a new generation that has grown up with information that’s anytime, access to anyone and social media that’s everywhere. Leadership that does not understand how to communicate in this new era to this new generation will not be in leadership for long.
Maybe it has to do with intelligence – there’s a greater need than ever to have a high level of emotional intelligence. You need Intellectual Intelligence (IQ) to enter the game, but the ability to perceive, reason, understand and manage emotions – your EQ – will determine whether you will win the game (read more here http://en.wikipedia.org/wiki/Emotional_intelligence and here http://danielgoleman.info/topics/emotional-intelligence/).
Whatever the case may be, communication is needed now more than ever.
So what are you doing to communicate better?
How will you show more energy?
How will you be more engaged?
How will you do more exploring?
Commit to building a high-performing team.
Commit to communicating.
Start today.
—
Be inspired,
Steven
Hola Familia,
“If you see something, say something”.
For New York Subway riders, this is a common ad that we see in the trains and the underground maze of NYC’s subway system.
I always thought it’d be a great poster to put up in an office.
Not for security reasons, per se.
More for ensuring that people protect one of the most valuable assets a company has – its culture.
Sure, some hear “culture” and may roll their eyes.
Sure, some view “culture” as just marketing that folks read about on company websites and HR documents.
Sure, some think “culture” has no real impact on a company.
Tell that to the shareholders of Goldman Sachs who lost over $2 billion in market value because of “culture”.
As you may have read, a Goldman Sachs executive resigned in a very public way through an op-ed in The New York Times where he eloquently opined on the company’s culture and deconstructed the firm’s moral slide (you can read it here http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html).
Thanks to the advent of social media, the resignation letter has caused quite a stir and has lit up the twitterverse (http://dealbook.nytimes.com/2012/03/14/goldman-executives-letter-draws-backers-detractors-and-satirists/).
It’s been polarizing on Wall Street – with those that agree and applaud to those that criticize and deride.
It’s been reverberating in other industries – with AdAge pondering what parallels exist between Madison Avenue and Wall Street (http://adage.com/article/agency-news/goldman-s-alleged-attitude-clients-ring-a-bell/233347/).
And it’s been amusing to comedians – with both professional and amateur jokers using this for snarky fodder (for Stephen Colbert’s view: http://www.huffingtonpost.com/2012/03/15/colbert-blasts-greg-smith-ex-goldman-sachs-banker_n_1347387.html ; For Darth Vader’s view: http://www.thedailymash.co.uk/index.php?option=com_content&task=view&id=5007&Itemid=81).
While it may be entertaining to see a real-life “Jerry Maguire” moment play out (http://www.nytimes.com/2012/03/18/business/greg-smith-goldman-sachs-and-the-history-of-loud-exits.html), the fact is that culture matters…a lot.
Culture is strong, until it’s fragile.
Culture is a competitive advantage, until it’s an albatross.
Culture is what liberates, until it constrains.
Culture is what we make of it.
And we make it every day.
Just like all relationships, it takes work.
Your work.
You are a part of your company’s culture.
You can’t bemoan a company’s culture without criticizing yourself.
So be a part of the solution.
Stand for what makes great companies great.
The candor.
The communication.
The collaboration.
The conviction of culture.
Be a steward of your company’s culture.
If not you, then who?
If not now, then when?
Lead by example.
Ensure that others are walking the walk, not just talking the talk.
And remember, “If you see something, say something”.
—
Be inspired,
Steven
