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What’s Your Titanium Story? Interview with Dane Miller, Founder, Biomet, Appearing at Great Lakes Entrep Bash on Nov. 17

What's Your Titanium Story?  Interview with Dane Miller, Founder, Biomet, Appearing at Great Lakes Entrep Bash on Nov. 17

When I interviewed the 45 founders featured in How They Did It: Billion Dollar Insights from the Heart of America, I tried to total up the amount of value each had brought to the world. They all started from zero. I am not sure of the exact number for their company valuations, but I can tell you that on publication day the number one name on the list was Dane Miller. He had just taken Biomet private for about $12 billion.

Dane founded his company in tiny Warsaw, IN, where Biomet still continues to produce things like artificial hips and knees sold worldwide.

I’m thrilled that we were able to sit down with Dane and catch up. I had to ask him more about the amazing story about implanting titanium in his arm to prove a point. The world thought stainless steel was the safest material for the human body, but Dane knew better. So he tested it out on his own body, by having a surgeon friend implant a small piece of titanium in his arm.

Would you do that? How far will you go to prove yourself?

Dane left the titanium in his arm for ten years to prove the point. Today, thirty years later, what’s the material used worldwide by everyone in the industry? Titanium.

Watch this video where Dane briefly talks about titanium, how to keep good people, and how to keep humble.

Better yet – join us in Chicago on November 17 at the Great Lakes Entrepreneurial Bash to hear Dane and four other amazing entrepreneurs live and in person.

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2011 New York Entrepreneurial Bash Highlight Video

On October 3, 2011 top business leaders, executives, company owners, and aspiring entrepreneurs attended the New York Entrepreneurial Bash at the NYSE to celebrate outstanding entrepreneurship. Watch this two minute video with event highlights from five amazing company founders: Bonnie Baskin (AppTec Labs), Glen Tullman (co-founder, ECIN; now CEO, Allscripts (Nasdaq: MDRX)), Jim Dolan (The Dolan Company, NYSE: DM), Mark Tebbe (Lante Corp; Answers.com), and Al Berning (co-founder, Pemstar; now CEO, Hardcore Computer).

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Managers: If You Don’t Have Anything Nice to Say, Broadcast It

Managers: If You Don't Have Anything Nice to Say, Broadcast It

A lot of how-to business books have high praise for, well, praise. But is there a place in your company, and mine, for some brutal—and very public—criticism?

Fair warning, you won’t find this technique in namby-pamby guides like The One Minute Manager, which recommends:Help people reach their full potential…catch them doing something right.” I’m not saying to give up on praise. And I’m definitely not recommending you try this at home. My wife and teenage daughters might have certain negative feedback for me. And that’s not public enough for this approach.

Some CEOs are sure that criticism is an under-appreciated educational tool. So are you robbing your employees of an opportunity to reach greater productivity by favoring the softer, more polite touch when it comes to feedback on a job not so well done?

What I learned from Allscripts CEO Glen Tullman is that public feedback is necessary and sometimes vital. Consider this specific tactic he shared with me: “When somebody does something wrong, you correct him or her individually and then one person learns that lesson. Or you can send an email to the whole company and the whole company learns that lesson.”

The advantage for both manager and employee, says Glen, is that “to survive in that environment, you have to develop a soft shell but a very hard core. You have to be able to take those hits…If you make it through, you’re unbelievably strong.”

Glen and his older brother Howard Tullman, both champion entrepreneurs interviewed in How They Did It: Billion Dollar Insights from the Heart of America, had a leg up with blunt feedback from an early age. They both acknowledge growing up in a hyper-competitive house. As Glen said, “My mother always promoted high standards and was honest when you didn’t achieve them.”

I was brought up with the wuss style, praise in public and criticize in private, but I think Glen has a point. Better for all employees to learn from one mistake, he told me, rather than to wait for it to be repeated.

Worried about what your employees will think? Will it create an environment of fear? If the corporate culture embraces learning and truth seeking, then you get collective improvement. Another useful by-product of that approach, according to Glen, is skin thickening, if you will, that bodes well for future communication and survival in the competitive environment that lurks outside your company doors. Finally, the act of taking criticism and the expectation that you need to bounce back creates a resilient body of employees who can change course on a dime.

This idea has been adopted by other managers as well, most notably superstar CEO Andrew Grove. Intel uses an aggressive approach with a formal name: constructive confrontation. No holding back, whether you’re the CEO or a new rookie engineer. The approach was designed to motivate people to solve problems through highly assertive exchanges.

Would you—could you—do this as a manager? It’s definitely food for thought. Public criticism, if delivered in the spirit of creating greater good for all, may be a management tool that’s underused.

Glen Tullman shared his thoughts on management and entrepreneurship at the New York Entrepreneurial Bash on Oct. 3. Visit www.entrepbash.com for more information.

**Robert Jordan is a Forbes.com contributor. View the original posting of this article on Forbes.com.

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What’s Your Entrepreneurial DNA?

What’s Your Entrepreneurial DNA?

I just heard about something brilliant. It is a quick test for entrepreneurs. Not all of us are wired the same, but what does that mean for the type of business you should run, how you should run it and who’s on the team?

Joe Abraham spent three years developing BOSI based on answers from thousands of entrepreneurs. BOSI (Builder/Opportunist/Specialist/Innovator) segments entrepreneurs into four groups. The BOSI Assessment is a tool that lets you figure out your type, your  predisposed strengths, weaknesses and best practices.

Are you a Specialist, Builder, Opportunist or Innovator? The test is free. Email me your results and I’ll share mine with you. My thought is this could help me structure my team and figure out how better to partner with other company founders…

Click here to take the BOSI Assessment



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Steve Jobs and Immortal American Entrepreneurs

Steve Jobs and Immortal American Entrepreneurs

Steve Jobs passed away yesterday, October 6, 2011. He joins a small group of immortals – one of the greatest American entrepreneurs of all time. Here’s my list, and it is American because there’s never been another country and system that supported innovation and creativity like American capitalism. The list of immortals:

Benjamin Franklin
Thomas Edison
Henry Ford
Walt Disney
Steve Jobs

This is a focus on world-changing innovation. The creative genius that can conceive is wonderful and produces great works of art. Steve was able to not only create but accomplish revolutions in technology, design, media, music and commerce. He will be missed.

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PDMA Product Innovation Management Annual Global Conference

PDMA Product Innovation Management Annual Global Conference

I recently attended a Thinkubator workshop and met some of the managers of PDMA, an organization that advocates for product development, management and innovation professionals. PDMA has a Product Innovation Management Annual Global Conference coming up October 29 – November 2 in Phoenix, AZ at the Arizona Biltmore. This is the only event for product development professionals designed by product development professionals. The speaker lineup looks great and includes:

Francis Gouillart, President & Co-Founder, Experience Co-Creation Partnership
Stephen Hoover, PhD, CEO, Palo Alto Research Center Incorporated
R. Gopalakrishnan, Director of Tata Sons

You can register at http://conference.pdma.org/. Enter discount code: MP11GC to receive 20% off registration.

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5 Days Till the New York Entrepreneurial Bash. Register Now.

5 Days Till the New York Entrepreneurial Bash. Register Now.

Join me and five of the founders featured in How They Did It at the NYSE on October 3rd for the New York Entrepreneurial Bash. This event is featured by Kauffman Foundation’s Global Entrepreneurship Week and is a celebration by and for entrepreneurs and business leaders.

I look forward to moderating this panel and want to thank these amazing founders who each started and grew companies to $100 million+ success:

Bonnie Baskin, Founder, AppTec Laboratory Services and ViroMed
Glen Tullman, Co-Founder, ECIN; CEO, Allscripts
Jim Dolan, Founder, The Dolan Company
Mark Tebbe, Founder, Answers.com and Lante Corp
Al Berning, Founder, Pemstar; CEO, Hardcore Computer

Register at www.entrepbash.com and use the discount code “HTDIWeb” to receive $15 off the listed ticket price.

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Women are Wired to be Better Entrepreneurs

Women are Wired to be Better Entrepreneurs

I recently interviewed HTDI founder, Bonnie Baskin, who will also be speaking at the New York Entrepreneurial Bash on Oct. 3. Bonnie gave a sneak peak at some great lessons for women everywhere who are launching or running companies:

-Hire Women, Especially Steel Magnolias
-Be Flexible with Employee Needs
-Design Your Company the Way YOU Want
-Good Service Triumphs
-Pay It Forward

Watch the video now below or read more about Bonnie’s advice in the Huffington Post article Women Are Wired to Be Better Entrepreneurs, Says Bonnie Baskin

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Inspiring Women Worldwide: Britain’s Diana Lamplugh

Inspiring Women Worldwide: Britain's Diana Lamplugh

I first met Diana Lamplugh back in college while working as an intern for a Member of Parliament in Great Britain. On arrival in London our group of 30 American undergrads each had to choose a family to live with. The staff member helping us had a 3-ring binder that listed each family on a separate page with details such as whether the family had pets. It looked like a totally random process, so as she leafed through pages I looked over her shoulder to see what might catch my eye. And I spotted a handwritten note on one page that read, “We have a summer home on the coast of Wales and our students are welcome to use it.” So I slapped my hand down on that page and said, “I’ll stay there.”

I lived with the Lamplugh family in southeast London and took an occasional wonderful trip to Wales.  The Lamplughs were typical on the outside – mom, dad, four kids, two dogs, two cats. I soon learned that the mom, Diana, was anything but typical. She was a dynamo. A charismatic, insightful, charming person who could get to the core of an issue or a person in no time flat.

My first morning in the Lamplugh house started as per usual for me – I took a shower. But when I came out of the bathroom to go back to my room I found 20 British women in leotards all staring up at me from the bottom of the staircase (at least I had a towel on). That’s how I discovered that Diana led exercise classes at home; was author of a best-selling book called Slimnastics; and had launched a national fitness movement that was popular all over Britain.

For most entrepreneurs those kind of credentials are all they will ever achieve. Not Diana. She was to be tested much more thoroughly by life.

Years passed and occasionally I’d go to London, each time visiting Diana and Paul. On one visit we landed at Heathrow and I called Diana. She picked up the phone and as soon as she heard my voice she asked, “Did you see me on the BBC?” I had no idea what she was talking about. She went on, “Suzy’s gone missing, and we were interviewed by the BBC.” Thus I heard for the first time about what was to become a long odyssey for the Lamplugh family. Eldest daughter Suzy Lamplugh, a real estate agent, had gone missing, presumed murdered. Scotland Yard conducted a massive search, reportedly the biggest search ever, eventually dredging the Thames to find a clue.

Suzy Lamplugh

Suzy has never been found  and a killer never convicted; the police have named a man who they strongly suspect killed her, a man in prison for another murder, but they do not have sufficient evidence actually to secure a conviction. But Diana and Paul refused to cower, and never broke down in front of a camera. Instead they formed The Suzy Lamplugh Trust, the National Charity for Personal Safety, with the mission of helping everyone to combat aggression and violence, living full but safer lives.  I write this now from a distance of 25 years from the Trust’s formation and while the Trust is alive and very active, Diana is gone, having recently died.

I don’t know if I have Diana’s guts, her spirit, her resolve to do something proactive in the face of pure evil. She pressed on anyway. Especially for women who tend to get more messages from the world to just get along – take a page out of Diana Lamplugh’s positive attitude to life. Press on.

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From Jason Fried of 37Signals: Avoid These Four Letter Words!

From Jason Fried of 37Signals: Avoid These Four Letter Words!

Jason Fried’s book Rework has a great riff on four letter words you shouldn’t use. We entrepreneurs have to be careful with our language because our enthusiasm sometimes carries us away with our passions.  Here’s Jason’s list:

Need
Must
Can’t
Easy
Just
Only
Fast

Jason thinks these words get in the way of good communication, and he has a point. These are words that create a black and white situation, when in fact things are usually shades of gray. In the end, these extremes cause tension, problems, and conflict. Here’s his specific take:

Need. Very few things need to get done. Negotiation coach and author Jim Camp distinguishes between need and want this way: we need oxygen. But that deal you are working on? You want it, you don’t need it. Try asking a question instead of making a needy demand. “What do you think about this?” or “How does this sound?”

Can’t. I love what Jason wrote: “when you say can’t you probably can. Sometimes there are even opposing can’ts. We can’t launch it like that because it’s not quite right, vs. we can’t spend any more time on this because we have to launch. Both of those statement can’t be true. Or wait a minute, can they?”

Easy. It’s always easy for the other guy. For us, well, maybe its easy but no one’s going to say that. Jason writes: “For you its ‘let me look into it’ but for others it’s ‘get it done.’”

Got any pet words you hate? Love to hear ‘em, especially not the common ones like always and never…

 

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