Last week I attended a ‘Chicks in Business’ lunch event and the guest speaker was Mark Bouris (Wizard Home Loans, The Apprentice – Australia). He told a fascinating story about his first big deal with Kerry Packer and referred to Kerry’s unique and powerful ‘Practical Intelligence’.
After a 3-6 month long due diligence period which subjected Mark and his company to intense, professional scrutiny, he finally met the man himself. Kerry had only three questions for Mark in terms of his own due diligence before sealing the multi-million dollar deal….
Question 1: Son, do you know what business you are in?
In Kerry’s view, Mark’s Wizard Home Loans business was not in the home loans business, but the business of hopes and dreams. He believed that business purpose connects to some form of basic human need, and there is much power in having the empathy and understanding required to connect with what your business really provides – your business purpose. I would suggest that my business purpose may be to help people achieve that human desire to better ourselves and to do our best for ourselves and for others? What business are you in?
Question 2: Son, do you have enough fight in you to see it through in good times and bad?
Do you have the fortitude, strength of character and sheer courage to stick it out when things get difficult. Starting with a passion for your business or career is not enough on it’s own. Navigating a GFC, surviving low cash flow, dealing with the energy-takers and confidence-knockers are all examples of the challenges involved in our careers and businesses. What do you need to do to develop the courage necessary to see you through your challenges?
Question 3: Do you know who you are accountable to?
In Mark’s case, Kerry set him a task (an ‘on the side’ deal) that essentially risked the 25 million dollars he had just made on the deal, and the fear of not achieving the task, and having to repay the 25M (who wouldn’t be fearful!) drove him to be even more successful. Kerry had held him totally accountable to the success of their partnership. Sometimes, if the stakes aren’t high enough, the dedication to the cause is insufficient to achieve real success. Are you holding yourself accountable to something that truly motivates you to achieve and go beyond your normal limits?
Perhaps these are three great questions to reflect on this week, or with your team, or with your business partner or coach!