MINDS w/ John Petote 06/10/2010 Summary
MINDS w/ John Petote
June 10, 2010
MINDS a Catalyst for Thought.
When speaking with Mr. Petote about speaking at a MINDS event, one context resounded forth. He wanted there to be great value for the attendees. Great value though wasn’t only to be offered in the one hour and fifteen minutes of influential round-table discussion, but also in the takeaways. This was not to be a seminar in which all walk out fired up only to experience “post-seminar depression” days or weeks later.
And this he did. Not only did John offer many sound bytes of thought provoking entrepreneurial incites at point of discussion, but he also offered a two page takeaway that now sits on entrepreneurs’ desks influencing their perspective and development of their start-up’s core values. He shared practical and useful success formulas, ready for implementation today, that would enable local entrepreneurs to build a successful tri-county business.
Of Italian heritage and raised in Pittsburgh, John is passionate and loyal. He is resourceful. He is introspective. And he cares deeply about both his people (employees) and his businesses.
Coming out to Santa Barbara in 1983, John always knew he’d take the entrepreneur road of both challenge and triumph. Not for the care of money, for with this basis he’d surely fail, but for the care of creation, value ad and freedom.
He bravely took the risk of starting a company with very little capital, $5K, in a town in which he was an import. Bootstrapping and enlisting the community was essential. Working out of home was required and keeping Isla Vista housemates on board with many shipments of technological products and boxes necessary.
Yes, he leased out open rooms to tech minded students, and hired them - cheap and passionate labor that lowers rent. (Later he’d learn recent college grads are great employees because they haven’t been raised in the wrong family, aka company. In short, they don’t bring baggage and are malleable and open to his company culture.).
Rather than calling on angel investors and lining up millions with which to work, John chose frugality. He would build a slow and solid foundation, always investing and never spending. There was a healthy paranoia in all that he did.
While Location, Location, Location may lead to real estate success, or a McDonald’s or Starbuck’s for that matter, John firmly believes “Execution, Execution, Execution” is more fitting for a start-up.
In order to execute most effectively, one must take an honest assessment of oneself. We hear it often, “know your strengths and weaknesses”, but how adamant are we about discovering it? Don’t leave it up to your mother or spouse to tell you what you are best and worst at, but take steps to truly learn and understand the aptitudes that you were born with and then utilize your strengths to their fullest extent while building your team to appropriately compensate for your weaknesses. Be dedicated to getting to know thyself for both peace of mind and to attain competitive advantage. John recommends to all the Johnson O’Conner Foundation. They go many steps further than Meyer’s Briggs. You will walk away better knowing oneself, and, thus, able to better execute, communicate, and manage the people about you.
Yet, while execution is terribly important, there is no sense in building success if your values aren’t in line. With anything, what is the fun in winning if you had to lie, cheat, and steal to get there? Then again, isn’t this what soccer players find joy in? (Watch the World Cup). Seriously, John is adamant about company values and uses an acronym to remind himself and others about the only type of person he will hire. ‘IPCCC’. Better stated “I.P.Triple-C”.
I – Integrity
P – Passion
C – Commitment
C – Competence
C – Conscientiousness
If you don’t have these qualities / traits then you can consider your chances for long-term success to be greatly diminished. Trust is built upon these pillars. And given these pillars you can build a dynamic, healthy, firmly founded company. Moreover, you can trust your ability to build the company in line with the people rather than trying to jam the people into the company.
In conclusion, John would encourage us all to forever challenge ourselves to be the best. When reading this article he’d ask you to take notes not on what was written, but rather the action items to be taken.
TAKEAWAY RESOURCES:
Aptitude Test: Get to know yourself and your tendencies
Johnson O’Conner Foundation: www.jocrf.org
RECOMMENDED BOOKS:
For inspiration: Illusions by Richard Bach
For Beginning Entrepreneurs: The E-Myth by Michael L. Gerber
Best “How-to” business book: Mastering the Rockefeller Habits by Verne Harnish
CIO CORE VALUES:
What SHOULD I do? vs. What CAN I do?
Never take advantage of someone just because you can
It’s Everybody’s Problem
Take ownership, be accountable, and offer assistance
Mistakes can be Opportunities
Learn from new mistakes but void repeating them
Proactive Mentality
Follow up, anticipate, prevent
Quad Win
Client, Company, Team, Individual
Always Invest, Never Spend
Be frugal but not cheap
Team Above Self
The objectives of the team supersede that of the individual
No Solution, No Whining
Whining allowed only if followed by a though-out solution
Never give up but be Reasonable
See a commitment, resolution, project, or idea to its completion
Enhance Everything
Make continuous improvements: Client, company, team, individual.
