Featured Coaching Excerpt - Notes & Transcript, Part 1
Editor's Note: The Minnesota Twins won the Major League Baseball World Series in 1987. During this year the team was on a mission and they went from worst to first in a single season.
Definition Magician: A formal summary of the aims and values of a company, organization, or individual.
Notable Quotable: “Jim Clifton, the CEO of the Gallup organization, found that 60% of employees working for the U.S. federal government are miserable — not because of low pay, poor workplace benefits, or insufficient vacation days — but because they have bad bosses.” - How Damaging Is A Bad Boss, Exactly - Harvard Business Review - Jack Zender and Joseph Folkman -Jim Clifton (CEO of Gallup and a beautiful man)
Mystic Statistic: "Only 13% of employees worldwide are engaged at work, according to Gallup's new 142-country study on the State of the Global Workplace." -Gallup - October 8th, 2013
Notable Quotable: “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” -Jack Welch (Former CEO of GE who grew the company by 4,000%)
-I have never seen an example of a company that is rocking and rolling that doesn't have a mission statement that their team knows about. I just have never seen it happen, never seen it, probably won't ever see it, not going to see it.
-Clay Clark, what is up? How are you doing, my friend?
-I dressed up for you today.
-You dressed up for me? I see that you have your red tie and your coconut monkey going on here, so pretty good about that.
-Coconut monkey, just real quick, he has a 1987 Minnesota Twins hat on, and that is a rally monkey. And we all need a rally monkey. We all-- every business owner, everybody who wants to do more in life needs a rally monkey. So I don't want you to reduce it to the coconut monkey. It is a 1987 themed Minnesota Twins rally monkey. And that Minnesota Twins team went from being the worst to the first in one season, and that's the reason for that rally monkey.
-That is amazing. So even if you turned off the rest of this training, you at least now know that you have to go get a rally monkey. But Clay, we're here to talk about how to write a mission statement. Let's do it. So we're going to dive into this, it's awesome.
We're going to give you four principles on writing your mission statement, and we're actually going to walk you through this at a pace where, if you're actually implementing these different principles and everything--
--you could come away with at the end of the training with a mission statement written for your business, OK?
-So we're going to start us off with a mystic statistic here. CLAY: Come on.
-Jim Clifton, the CEO of Gallup organization found that 60% of employees working for the US federal government are miserable. Whoa. Not because of low pay, poor workplace benefits, or insufficient vacation days, but because they have bad bosses, OK? This comes from a, "How Damaging is a Bad Boss, Exactly?" It's a Harvard Business Review done by Jack Zender and Joseph Folkman. But walk me through that, that's a staggering percentage.
-Well first off, before we get too crazy about the federal government employees, I will say that Gallup also does research that shows this information is very-- these statistics are very true across all different industries where you find at least 6 out of 10 employees are totally disengaged from their job because they don't like their boss. And their boss has no mission statement, no plan, no vision in place, and so people just sort of drift. And you don't want to drift.
So I would just say right now, if you're watching this and you manage people, lead people, or you want to in the future, you don't want to be a bad boss. But by default, without being very intentional about it, at least 6 to 7 out of 10 bosses will be bad just by default.
-Just by default, OK. And so what Jack Welch, the CEO of General Electric, he was the former CEO, and he grew the company by 4,000 percentage--
CLAY: No big deal.
-No big deal.
CLAY: Just 4,000%.
-Just 4,000. He says good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion. Walk me through that. Why-- I mean--
-Well first off, it doesn't sound very passive. It doesn't sound very passive. He's being very specific that as a great business owner-- business leader, a great entrepreneur-- you have to create the vision. But then once you create it, you have to articulate it. You have to explain it to people over, and over, and over.
And you have to passionately own it. The vision has to become synonymous with you. When people think about you, they have to think about that vision. And then you have to just keep driving it, and driving it, and driving it to completion until you get there. You have to care more than anybody else because nobody is going to care as much as you.
-OK, so that's coming from Jack Welch. Let's get another statistic supporting why it's important to write this mission statement. I read in "Forbes" about this study that was done on a few Harvard MBA graduates, OK, and let me just read this from "Forbes," all right, Clay?
-"There was a fascinating study conducted on the 1979 Harvard MBA program where graduate students were asked, 'Have you set clear, written goals for your future and made plans to accomplish them'" OK, the result, only 3% had written goals and plans-- 3%. 13% had goals, but they weren't in writing. And 84%-- 84% had no goals at all.
10 years later, the same group was interviewed again, and the result was absolutely mind blowing. The 13% of the class who had goals but did not write them down was earning twice as much as the amount of 84% who had no goals. The 3%, that small 3% there who had written goals were earning, on average, 10 times as much as the other 97% of the class combined.
-I will just say this. As an entrepreneur for me, in my life, I've noticed that when I did not have specific goals, my business would just drift. But now that I have specific goals, I don't do that anymore. I remember starting my DJ company, and I wanted to just book anybody who would pay me, so I found myself DJ'ing in all these bars, and all these clubs, and all these events that-- they weren't taking me where I wanted to go.
I had to take a timeout and go, whoa, whoa, whoa, whoa, whoa, where do I want to go with my life? And I quickly realized that I wanted to build an entertainment company to serve me. I did not want to DJ personally at bars and clubs the rest of my life. But by default, I had drifted to the lowest hanging fruit. And so by default, as you're watching this right now, you need to ask yourself, by default, what are you drifting into right now? Or what could you drift into right now? And by being intentional, where do you want to be?
-OK, so that comes back to, we're going to teach the Thrivers on how to write a mission statement, OK? That's what we're going to do. And so it's really constructed of four main principles here, OK, the four principles are-- what do we do? OK, that's the first one. The second one is, how do we do it? The third is, whom do we do it for? And then the fourth one is, what value are we bringing? OK, and so we're going to dive into those four main principles on how to write a mission statement.