The Young Entrepreneur Council is an invite-only organization comprised of the world’s most promising young entrepreneurs. YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses. Read previous SmartBlogs posts by YEC.

yec_Dan Price1. Find the truth

When you get negative feedback, it can be emotional, so give yourself time and space to process the feedback. Then, realize there’s truth behind every single piece of feedback you get — no matter where it comes from. — Dan Price, Gravity Payments

yec_Brennan White2. Act like a CEO

Regardless of the level, managers should respond to negative feedback like good CEOs would. They should get more data to confirm or deny the feedback, and if the negative feedback is true, they should unemotionally set a plan to rectify shortcomings by a specific date and use the same reports to judge their progress. Agree in advance what the remedies are if progress isn’t made. (read more…)

Sara leaned back, crossed her arms, and sighed.

“It’s not right! My VP expects me to hit these numbers, but customers want updates, and research is focused on new products and won’t give me the time of day.”

She shook her head. “I guess I’ll go down to R&D and tell them they’ve got to change their attitude or the company’s going to end up in the toilet. This just sucks!”

I asked, “How do you think that will work?”

“It won’t! But what else can I do? I didn’t ask for any of this!”

When life isn’t fair

Can you identify with Sara?

You’re working hard, you take your work seriously, and then you’re confronted with obstacles. They’re not your fault. You didn’t ask for them, but there they are, staring you in the face, keeping you from moving forward.

Every leader I’ve ever met (heck, every person) is faced with unfair, difficult circumstances at some point. (read more…)

Like all of you, I’ve had experiences where I had unwittingly offended or hurt someone. I have blind spots (these behaviors can cause problems in relationships because we aren’t aware of them). In each case, I sensed something was amiss and was able to address the reaction of the other person by asking for feedback.

I never intend to cause pain or suffering to others, so it’s important for me to hear others’ experience of me. I’ll admit it’s hard to ask for feedback because of my fear of what I’ll hear and how I might react.

That sounds very silly when I write it down. Because I know that feedback is like medicine; it may not taste very good in the moment, but over the long run it will make me a healthier (and better) person and leader.

Little by little, asking for feedback can break down those ego barriers that exist between yourself and others. (read more…)

True confession time.

I once worked for a large, global conglomerate that was in a death spiral and struggling to turn things around. The company was harvesting its mature and declining business to pump cash into its growth bets.

This company had a proud tradition of investing in the development of its employees. Sales reps were trained in their products and how to sell them, scientists went to conferences, engineers were offered continued training to keep their skills up to date, and new managers were trained how to manage.

There was even a requirement that every employee received 40 hours of training.

A new CFO came on board and decided that training was a luxury that could no longer be afforded. Instead of a way to improve skills and make the business stronger, it was seen as an expense — even worse, a strategically irrelevant expense, like rearranging deck chairs on the Titanic. (read more…)

The Young Entrepreneur Council is an invite-only organization comprised of the world’s most promising young entrepreneurs. YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses. Read previous SmartBlogs posts by YEC.

Q. What is the best way to tell an underperforming employee that the next strike is the last one?

yec_Kelly azevedo 21. Give them an ultimatum

When you’re giving an employee one last chance, it’s critical to give a deadline for improvement. This keeps the issue from dragging on and gives you time to evaluate if they are improving or even trying. The timeline should be short and keep the issue top of mind, so underperforming employees don’t linger in the wrong position for too long. — Kelly Azevedo, She’s Got Systems

yec_Manpreet Singh2. Explain standards beforehand

Explain performance standards and consequences before staff are even on the payroll. Offer warnings as reminders only. (read more…)