Ask yourself this question... do you have a

specialization?

Sorry I've been quiet of late....

I've been traveling (again) - this time to re-sink my teeth again into the world of academia and physics.... I'll write more about that in the future....

Returning back to the hallowed halls of university academic life for a short time, among all these experts in their fields, has made me realize something.

The power of SPECIALIZATION.

Think about it.

Who makes more:

Specialist doctors, like surgeons?

Or general practitioners?

SPECIALISTS earn more, and are more highly valued. This is true in general.

Are you aiming to become a specialist, or just a generalist in your area?

Think about it! It could have an effect on your future chances of success!

- Dien Rice (Ph.D.)

Very true. Most of the guys that worked for me pulled in a pretty good salary but most were less than 100k. But the specialized consultant I used cost 200/hr plus expenses for months on end.

She had a skill that's hard to find in the market. (I need to leave her specialty out of this.) So she made over 100K in 3 months vs. the less specialized guys who took regular jobs with us. She also has customers all over the world, so she gets paid trips to Europe and makes about 400k on her personal consulting alone. She also has some other people that do this for her as well. All from a specialty.

Good point, Dien. Specialization could help us prosper in this information age. Link it with positioning and niche marketing, to go further ...
Alexander
MiniJV Specialist




MarketingTargets.com

Hi Dien,

I'd like you to imagine that "YOU ARE THE MAN" in your town.

(Hey I know you "Rule" the SOWPUB world but this is just hypothetically speaking :->)

You are the richest man in town. You own a huge Direct Mail Corporation. You sell a very Unique product.

You also have the top specialists in the county working for YOU. Ace Accountants, Superstar Marketing ladies, the best copywriters, 5 star customer service people, The top computer nerd in the land...etc.etc.

STOP!

"O.K come back to SOWPUB for just a minute."

Here are my 3 questions.

1) How would you stop your top employees from taking your idea/ideas and building a business of their own to compete with you?...

2) How would you get them to work for YOU as employees for the rest of their lives, without ever thinking of leaving?

3) Now here's the kicker, how do you do it without the Use of Contracts? and Have them be very happy to do it?

If you could please answer these questions and then I'll post my reply to your original post.

Sincerely,

Duane Adolph

> specialization?

> Sorry I've been quiet of late....

> I've been traveling (again) - this time to
> re-sink my teeth again into the world of
> academia and physics.... I'll write more
> about that in the future....

> Returning back to the hallowed halls of
> university academic life for a short time,
> among all these experts in their fields, has
> made me realize something.

> The power of SPECIALIZATION.

> Think about it.

> Who makes more:

> Specialist doctors, like surgeons?

> Or general practitioners?

> SPECIALISTS earn more, and are more highly
> valued. This is true in general.

> Are you aiming to become a specialist, or
> just a generalist in your area?

> Think about it! It could have an effect on
> your future chances of success!

> - Dien Rice (Ph.D.)

Hi Duane,

How about giving them their regular paycheck + performance bonuses + company stock all as incentives NOT to leave.

There will still be an attrition factor because some people are diehard entrepreneurs. However, the above mentioned incentives seem like the way to go.

I'm interested in seeing your reply to Dien's original post.

Respectfully,

Paul Short
EbizEdge.com

> How about giving them their regular paycheck
> + performance bonuses + company stock all as
> incentives NOT to leave.

Yes these are all excellent ways to accomplish the goal. However not many job function have these in place. Unless you're in sales, or you are an executive.

> There will still be an attrition factor
> because some people are diehard
> entrepreneurs. However, the above mentioned
> incentives seem like the way to go.

Yes the diehard entrepreneurs KNOW that they can do something for themselves that will BUILD wealth. Why work for a wage when you can build a business.

> I'm interested in seeing your reply to
> Dien's original post.

Thanks Paul!

> Respectfully,

> Paul Short
> EbizEdge.com

Hi Duane!

You've got some interesting questions!

> 1) How would you stop your top employees
> from taking your idea/ideas and building a
> business of their own to compete with
> you?...

> 2) How would you get them to work for YOU as
> employees for the rest of their lives,
> without ever thinking of leaving?

> 3) Now here's the kicker, how do you do it
> without the Use of Contracts? and Have them
> be very happy to do it?

I would turn the questions around....

What would it take so that I wouldn't leave a business and compete?

I think for me, it would take:

1. A good work environment - one where I was respected and my input was appreciated
2. Good pay, and
3. Some kind of stock option or stock ownership plan - I'd like to be a part-owner of the business (even if my stake was small)....

I think it's impossible to stop everyone from necessarily leaving, but I think you could probably do quite a lot to keep your talent.... :)

> If you could please answer these questions
> and then I'll post my reply to your original
> post.

That's what I think, just off the cuff.... I'd love to hear what else you have to share! :)

- Dien Rice

Hi Dien,

I like they way you changed the question around and made it relevant to you.

I agree that it is impossible to keep everybody.
I too love a good work environment, and RESPECT is vital for me as well.

For the Pay, I would love to have regular paycheck, plus a bonus of sorts relating to the bottom line profitablity of my department.

This way I know that my work is RELEVANT.

One thing that I've noticed with all of the replies, is that everybody wants to make the job more ENTREPRENEURIAL in nature.

I guess that's who is visiting this board Entrepreneurs:->

Duane

> Hi Duane!

> You've got some interesting questions!

> I would turn the questions around....

> What would it take so that I wouldn't
> leave a business and compete?

> I think for me, it would take:

> 1. A good work environment - one where I was
> respected and my input was appreciated
> 2. Good pay, and
> 3. Some kind of stock option or stock
> ownership plan - I'd like to be a part-owner
> of the business (even if my stake was
> small)....

> I think it's impossible to stop everyone
> from necessarily leaving, but I think you
> could probably do quite a lot to keep your
> talent.... :)

> That's what I think, just off the cuff....
> I'd love to hear what else you have to
> share! :)

> - Dien Rice

> 1) How would you stop your top employees
> from taking your idea/ideas and building a
> business of their own to compete with
> you?...

Let me be VERY brutal here: Unless Top Businessman is making a ton of mistakes and employee morale is the pits, the chances of a New Guy taking over the niche is small. It can be done with a large enough organization and enough money -- but newcomers don't have the contacts or name recognition and may not have the staying power to do it. Building THE #1 business in a niche is NOT something done in one year or two. It takes up to 5 years... or longer.

> 2) How would you get them to work for YOU as
> employees for the rest of their lives,
> without ever thinking of leaving?

Me? I'd hire the people that employers often overlook -- the older worker. Offer a good compensation plan and insurance. Too many people look at age and not experience and dedication.

> 3) Now here's the kicker, how do you do it
> without the Use of Contracts? and Have them
> be very happy to do it?

Not sure what you mean here. In the US, unless you're doing "work for hire" jobs (like lawn work or a friend doing secretarial work for you), a letter of agreement/hiring contract protects both the employer and employee. Even a bill of sale for services (such as tree trimming) spells out the services received for the payment.

What, exactly, do YOU mean by that?

Hi Mel,

> Let me be VERY brutal here: Unless Top
> Businessman is making a ton of mistakes and
> employee morale is the pits, the chances of
> a New Guy taking over the niche is small. It
> can be done with a large enough organization
> and enough money -- but newcomers don't have
> the contacts or name recognition and may not
> have the staying power to do it. Building
> THE #1 business in a niche is NOT something
> done in one year or two. It takes up to 5
> years... or longer.

Fascinating point above from a business competition perspective. I agree that unless there were some SEVERELY dissatisfied customers, competition would have a difficult time competing
in a niche. (In my post I really should have focused on the employee angle a bit more i.e. why they are not able to do what the business owner that employs them does.)

> Me? I'd hire the people that employers often
> overlook -- the older worker. Offer a good
> compensation plan and insurance. Too many
> people look at age and not experience and
> dedication.

Oh say it again Mel! Older workers are invaluable. Their knowledge and experience can be a measurable asset to a company. However unless they're coming back as consultants, companies will focus on the youngsters.

It's too bad that Intellectual Capital cannot be measured on a balance sheet.

> Not sure what you mean here. In the US,
> unless you're doing "work for
> hire" jobs (like lawn work or a friend
> doing secretarial work for you), a letter of
> agreement/hiring contract protects both the
> employer and employee. Even a bill of sale
> for services (such as tree trimming) spells
> out the services received for the payment.

> What, exactly, do YOU mean by that?

Yes I must admit my 3rd point was very ambiguous.
I live in Toronto Canada, so I'm aware of the legalities involved in hiring employees or retaining contractors.

What I was trying to get at was that even without signing contracts majority of employees would have a hard time starting up a company to compete with you by themselves. Due to the specialized nature of their training and current job.

It's always prudent however to cover your "ASS..ETS" with the contract though.

You never know where the next Bill Gates lies.

Thanks Mel

Duane