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Removing the Power of the Stake Principle
Wisdom for Today

• The typical entrepreneur, in a moment of weakness, is reminded of some form of a sharp, deep, stake that firmly keeps them in “their place.” For some, this stake is racism and bigotry. They have concluded that they are the “wrong” color and therefore cannot achieve true success.  For others, this stake may be sexism.  Women feel that their gender automatically renders them uncompetitive.  For many more entrepreneurs, the stakes that fasten them tightly in place may be age, weight, height, culture, or religion.  The worst case scenario is that too many stakes often mean certain failure.
• Usually the stake has no inherent power.  The stake has only as much power as the entrepreneur allows.  For instance, you could let the stake of sexism dictate what opportunities you try to capitalize on, but then accomplished by women.  By focusing on the stake, you automatically divert to it your power, energy and ability to perform.  It is prudent to recognize that the stake exists-and then to recapture the power it appears to possess by assuming full ownership of our destiny.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing

#entrepreneurship #business #consulting #keynote #success #speaker #author

The Principle of Dream Embodiment
Wisdom for Today

• Dreams are the forces that help keep us alive.  Usually entrepreneurs who have passion, energy, and drive in their ventures are motivated by a compelling dream. Whether they dream of opening a mom-and-pop corner store or an e-commerce business, dreams of success are the first step toward reality.
•  Inspiration is vital.  When we see a dream come true for another human being, the dreams we have for ourselves seem attainable.  Where would many of today’s most successful people be if not for the trails blazed by others?

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing

#entrepreneurship #business #consulting #keynote #success #speaker #author

The Five Cs Principle Wisdom for Today
Wisdom for Today
An unfair reality of doing business in America is that minority and female entrepreneurs often get only one chance to impress a customer or a group of investors. Some investors are especially unforgiving in their assessment of the value and validity of entrepreneurs and their ideas. To increase your chances of winning a customer or an investor’s favor, remember these five Cs:

The No Man is an Island Principle
Wisdom for Today

• Some entrepreneurs their duties and tasks like the Lone Ranger. They have the mistaken belief that they can achieve their business objectives by themselves, with little or no help. But even the Lone Ranger needed his friend Tonto every now and then.
• The reality is that that entrepreneurial greatness is realized by working with and through people.  The most successful entrepreneurs depend upon assistance from employees, stakeholders, stockholders, suppliers, consultants, and business partners.  
• The irony for those who are reluctant to ask for help is that most people who are in a position of power and influence   are normally willing to help others. There are some recommended approaches, though, on how to ask for and obtain assistance.

Principle of Focus Effort
Wisdom to Take Away

A mistake entrepreneur commonly make is to try to do too many things at the same time. I term this tendency “opportunity fatigue.” The problem is that the entrepreneur spreads himself too thin and ends up doing most things in a mediocre fashion. Since the majority of minority and female-owned businesses are undercapitalized, there is a natural tendency to take any business that comes their way, even when the new opportunity does not match their core strengths. Taking on more work than you can handle, especially work that is outside your area of expertise, can be deceiving and treacherous.

The 2 X 2 Principle Wisdom to Take Away The 2 X 2 principle dictates that in order to achieve certain business objectives (which require planning), you must first create the future (vision) and then work backward. When working backward from the vision, it is important to work in a controlled and incremental fashion. At each level, the entrepreneur should ask, When working backward from the vision, it is important to work in a controlled and incremental fashion. At each level, the entrepreneur should ask, "What must I do to achieve the task at hand?"  Work diligently to develop at least two answers (see Figure 4.1). Figure 4.1  ...

The Mt. Moosilauke Principle
Wisdom for Today

• The process of achieving breakthrough in business is very much like climbing Mt. Moosilauke, a peak in New Hampshire’s White Mountains.  The Tuck School of Business at Dartmouth College uses the mountain as a team building climbing exercise for its first-year MBA students. The objective is for the class to coalesce as a team and to reach the summit successfully. How­ ever, climbing Mt. Moosilauke is no easy feat. First, the journey takes several hours. There is often a 20-30 degree temperature difference between the base of the mountain and its peak. The paths are narrow, slippery, and surrounded by thick brush, so it is difficult to see much until you reach tree line. There, however, you enter a whole new world. Dozens of other footpaths appear that were hidden until you reached the top of the mountain. Without the aid of binoculars, you can see parts of Maine and Vermont, and you become encouraged by the newly discovered paths that offer safer and more navigable options for your descent.
• In the beginning phases of business, your options as an entrepreneur may appear quite limited, and your perception may be that you are forced to operate under tight and unfriendly constraints.  Often you are afraid to venture off your designated path for fear of encountering an obstacle that you will be unable to overcome. 
• If you can endure to the end, you often will be presented with new opportunities and choices that you would have missed had you not taken the journey.
• By plunging into your venture by giving – it all you have – you will automatically open up new and exciting opportunities for yourself and your company that were initially off of your radar screen. Remember that one of the benefits of climbing your entrepreneurial mountain is that the effort alone will expand your range of choices and entrepreneurial possibilities.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing

#entrepreneurship #business #consulting #keynote #success #speaker #author

Word for Today
The Jockey Principle

• Becoming a successful entrepreneur requires an acute ability to convince investors, business partners, employees, stakeholders, and customers to believe in you, your product, and your company. To obtain the support and funding of stakeholders, some entrepreneurs rely only on glossy, marketing materials, professionally designed and developed business plans, multimedia presentations, and overly optimistic financial projections.  These items may impress some people, but rarely will they impress “money people.” Money people are those special individuals who have significant capital to invest and who are experienced investors. Examples of money people would be venture capitalists and “angel” investors.
• Money people have learned that the key to making good investment decisions is to make good people decisions. Money people don’t invest in businesses or business plans or ideas. Instead they invest in people (the jockeys). They know from experience that they can take an average horse (the business) and an out­ standing jockey (the entrepreneur and his management team) and still win the race (accumulation of value in a business investment).
• The secret to becoming an investment-worthy jockey is to get in touch with yourself and your vision for the company. This requires that you spend time each day with your intellectual self, your physical self, and your spiritual self. The intellectual self will tell you what to do. The physical self will provide you the vehicle in which to get it done. The spiritual self will give you peace to understand why you are doing what you do and how your actions fit into the larger plan.
• Only after you’ve taken care of all three selves will you be at your best and be most competitive.  By really knowing yourself and being able to articulate your vision, you can begin to understand your distinctive competence and move closer to making people eager to invest in you.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing

#entrepreneurship #business #consulting #keynote #success #speaker #author

Providing better access and expanded service. Over the past several months, our team has been hard at work redesigning our website to kick off 2018 with a new look. Our goal with this new website is to provide our visitors an easier way to learn about Robert Wallace’s customized services and solutions, and provide a better way to connect with him. Now you can instantly book Bob as a speaker, request a consultation with him, or visit the store  to purchase his books. We’ve also revamped the site navigation with new dropdown menus that organize our services and resources better. With mobile responsive design, we made...

Robert L. Wallace, President & CEO of Bithgroup Technologies and Bithenergy, Inc. will be honored by The Daily Record on  March 22, 2018 at the 2018 Influential Marylanders Awards. The award ceremony will celebrate individuals who have made significant impacts in their field and continue to be leaders in Maryland. Robert was selected by The Daily Record’s editors for his untiring contribution and leadership in the area of general business. Robert is an internationally-known entrepreneur, author, speaker and consultant. With more than 30 years of business experience spanning engineering, energy and IT, Bob blends decades of research with...