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10 Leadership Lessons with Dallas Mavericks CEO Cynt Marshall

The takeaways she learned in her 40-year career at AT&T and now leading an NBA team.

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The takeaways she learned in her 40-year career at AT&T and now leading an NBA team.

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September 2, 2020 7 min read

Opinions expressed by Entrepreneur contributors are their own.

For the past several years, I’ve had the pleasure of interviewing tech founders and CEOs on stage before an audience of entrepreneurs and investors as part of my Startups Uncensored monthly event in Southern California. With the stay-at-home orders in place, I took the opportunity to revive my fireside chat series for a virtual audience with the C-suite leaders of well-known companies including Mattel, Zoom Video and Chipotle, and I recently partnered with Entrepreneur to host a new series entitled “If I Knew Then Leadership Lessons.” The CEOs of global brands, from Waze to Blue Apron, share invaluable lessons that they learned on their path to success, as well as practical career advice they’d give other entrepreneurs, in our one-hour chats.

Related: 10 Leadership Lessons from Waze CEO Noam Bardin

In the fourth episode of the series, I had the privilege of speaking to Dallas Mavericks’ CEO Cynthia “Cynt” Marshall, an especially poignant conversation that came at the same time we’re examining the racist behaviors that have tainted our country for so long. She is one of the most compelling leaders I’ve ever spoken to, and her life story – full of some truly unspeakable hardships and her own incredible personal fortitude – is a journey everyone should make time to hear about. When it comes to leadership, Marshall has real wisdom to share.

Related: Free On-Demand Webinar: Making History as the NBA’s First Black Female CEO

Cynt Marshall’s story began in the Richmond, California housing projects, where she grew up in a home impacted by domestic violence and systemic racism. She escaped the dim horizons of the projects to study business administration and human resources management at the University of California, Berkeley – where she also became the first African American cheerleader in the university’s history. From there, Marshall spent almost 40 years – a full career for most people – successfully climbing the corporate ladder at AT&T. And in 2018, she was named the CEO of the Dallas Mavericks, making her the first Black female CEO in NBA history.

Marshall has a real knack for learning the right lessons from the setbacks she’s had to endure in her life. And her ability to illustrate how those lessons informed her leadership style and choices for the Mavs and beyond is second-to-none. Below are 10 major points she made during our talk:

1. Everyone has a role in how we reach racial justice in this country

No matter who you are or what your station is in life, this means you. Everyone will have to change some part of their lives or some comfortable way of thinking, forever. All of the toxic, racist behavior we need to actively eradicate from this culture every day is insidious. It can be hidden in our own behavior and in ideas many of us haven’t examined in decades.

2. We’re living through real paradigm shifts in our culture, so now is the time to change any behavior or practices that need changing

Take chances and be bold, as we’re in a moment where people will be understanding and forgiving of a certain uncertainty in a company’s actions. These next steps are crucial for all of us. Every day we make decisions on who to include or exclude from our workplaces and from our culture. We need to start making the right decision every day.

3. Honesty and kindness is in us as children, and it’s worthwhile to recall that when life is challenging

We need to reconnect with and remember those original settings we had as children just coming into this world. It’s a natural inclination to be honest and kind, even a survival instinct, when we’re first beginning to perceive that other people’s lives matter, too. Kindness is among the first assumptions we make when we’re just starting to think for ourselves — even at the age of 3 years old — and we need to find our way back to this innate purity that we understood early on.

Related: Fried? 9 Hyper-Motivating TED Talks from Women on the Top.

4. A workplace needs to be inviting

Coworkers need to be a family, and navigating a family is often difficult but rewarding. People are coming to work to enjoy their jobs, to make money for their family and to enhance their lives. They shouldn’t have to come into a hostile work environment or a place where they can expect to be mistreated.

5. Successful business plans are built with everybody in mind

The Mavericks organization has a process whereby everyone gets to contribute and put their ideas and their energy into a new way of operating. It needs to be okay for anyone internally to ask, “Are we okay? Is this particular process working as well as it could?”

6. A player can score 50 points, but it’s the team as a unit that will ultimately count

If the coaching is bad, that one player can’t save the team. Everyone has to be on point when its game day. Everyone needs to be ready to say, “Put me in, coach.” And as a leader, you need to help make them ready by giving them the tools they need to develop their skills, so they can take advantage of those skills when they find themselves with the ball.

7. Accept that bad things really do happen to good people, but keep going and prevail

It’s unfortunate that setbacks and loss are a part of our lives, but that’s the reality of the situation we’ve been dealt as human beings. You have to accept them and then you have to prevail, because that’s the game as life would have it. Life wants us to keep going even when it simultaneously ruins our year.

Related: Top 5 Reasons Women Love Female-Only Networking Groups

8. Life hands you crystal balls and rubber balls, and it’s important for you to know the difference in your life and career

In other words, there’s a difference between doing things right and doing the right thing. Some things are okay to drop, because they’re rubber balls, and they’re eager to return to you. Other things are crystal balls, and mishandling them means losing something that won’t be coming around again.

9. A good D&I plan can be enacted very quickly

Marshall famously put together a 100-day diversity and inclusion plan to deal with the organization’s dysfunctional culture as she took the CEO reins. She put up poster boards all around the office to remind everyone of their part in the four-part plan. The Mavericks’ leadership went from having no women in permanent leadership positions to a current leadership team that is almost 50 percent women and 47 percent people of color.

10. Always remember where you came from, because you might forget where you’re going.

“I’ve never been embarrassed about being poor when I was a kid, or about any of that,” Marshall says. “It’s easy to get lost, but your roots can be a beacon for you in times of trouble. It really is the purpose of the journey.”

For more of the incredible lessons learned along Cynt Marshall’s inspiring journey, watch the hour-plus webinar. Some people are just born with “the right stuff” to be a CEO, and this leader proves that she deserves her spot at the top.

In the fourth episode of the series, I had the privilege of speaking to Dallas Mavericks’ CEO Cynthia “Cynt” Marshall, an especially poignant conversation that came at the same time we’re examining the racist behaviors that have tainted our country for so long. She is one of the most compelling leaders I’ve ever spoken to, and her life story – full of some truly unspeakable hardships and her own incredible personal fortitude – is a journey everyone should make time to hear about. When it comes to leadership, Marshall has real wisdom to share.

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/qzUhwohE9xM/354967

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Entrepreneur

Have You Stashed Too Much Money in Your Emergency Fund?

Think you’re totally set with a full year of expenses set aside in an emergency fund? Hold up. You might have too much socked into liquid assets. Read on to learn more about how much is too much for your emergency fund.

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Think you’re totally set with a full year of expenses set aside in an emergency fund? Hold up. You might have too much socked into liquid assets. Read on to learn more about how much is too much for your emergency fund.

Free Book Preview Money-Smart Solopreneur

This book gives you the essential guide for easy-to-follow tips and strategies to create more financial success.

June 10, 2021 6 min read

This story originally appeared on MarketBeat

Last year heralded the case for a robust emergency fund. As people lost jobs left and right due to the COVID-19 pandemic, you probably checked and double-checked your emergency fund (I know I did).

However, have you ever thought about how so much of a good thing can be just that — too much? Your emergency fund could end up way too plump.

Where People Usually Put Their Emergency Funds

Where do most people stash money in order for it to remain truly accessible? Most people put their funds in one of the following categories:

  • High-yield savings accounts: You usually find high-yield savings accounts at online banks, not at brick-and-mortar banking institutions. (They don’t have much overhead due to their status as online banks, so they can offer higher returns.) High-yield savings accounts usually earn around 0.50% annual percentage yield (APY).
  • Money market accounts: A money market account, also called a money market deposit account, offers a deposit account that pays you interest based on current interest rates in the money markets. You can find money market accounts at local banks. Money market accounts often come with a debit card and check-writing capabilities.
  • Checking or savings accounts: You won’t earn much interest with checking or savings accounts at a brick-and-mortar bank. Earnings for both of these types of accounts can range from 0.03% to 0.04%. However, you can access your money at any time, which means that these accounts offer major liquidity.

Any of these options make sense because you can easily get your money out when you need it. However, if you put too much money into any one of these, you could risk a lack of growth and put yourself at a disadvantage, tax-wise.

Before you choose the right vehicle for you, check rates, fees and withdrawal rules.

Too Much of a Good Thing Can Be Too Much

Emergency savings offers so many great things — to a point. Let’s take a look at the downsides to putting an overly large amount in your emergency fund.

Downside 1: Your money may not grow.

Where do people usually park an emergency fund?

Somewhere liquid and highly accessible, like a money market account or a high-yield savings account, right? You want to have access to that money the second your boss says, “Sorry, but I have some bad news…”

Here’s the deal. Let’s say you save $1,000 at 0.01% APY. After a year, you’ll end up with just $1,000.10. If you put the same $1,000 in a retirement account that earns 6%, you would earn $1,062 after a year. See how you could lose out?

Most accounts that offer a safe haven for your money often don’t offer ample returns.

The average stock market return hovers around 7%, three times higher than any high-yield savings account rate offered anywhere today.

Downside 2: You could lose out on the tax front.

When you focus on saving in your emergency fund too much, you may neglect your tax-advantaged retirement accounts, which could include 401(k) plans, IRAs, 457 plans or 403(b) accounts.

Let’s say you have the opportunity to contribute $6,000 into a traditional IRA. Your contributions get deducted from your taxable income. You would only pay taxes on the remaining balance.

Let’s say you make $60,000 per year. Your taxable income automatically gets reduced $6,000 to $54,000 from your traditional IRA tax deduction.

What happens when you save your money in a high-yield savings account instead of a tax-advantaged account? You miss out on that reduced taxed income.

Downside 3: You may not clear out your debt.

You may hear so much about the importance of emergency funds that you ignore the fact that you still need to pay off debt. That begs the question: What kind of debt do you have? Credit card debt? Student loan debt? You may want to pay down those debts first and then tackle your emergency fund. Or you can save $1,000 for emergencies to start out and then tackle any outstanding debt.

Downside 4: You may sacrifice other goals.

When you don’t contribute to your kids’ savings accounts, to your own retirement or maybe even save for a down payment on a house, stop and ask yourself why.

A gargantuan emergency savings might not mean much when you’re stuck putting a vacation on a credit card or forgoing a child’s college savings account altogether.

So… How Much Should Go in Your Emergency Fund?

Obviously, this answer depends on a few factors, including your current income amount. Many financial experts advise saving three to six months’ worth of living expenses.

For example, let’s say you generally spend about $4,000 per month on general expenditures, such as your mortgage payment, utilities, food, health care premiums and other items. You should save between $12,000 and $24,000.

However, you may want to adopt the 3/6/9 rule instead, depending on your job situation. In other words, you may want to:

  • Save three months of expenses if you have a steady paycheck, have no mortgage or dependents.
  • Save six months of expenses if you have a steady paycheck, have a mortgage or dependents.
  • Save nine months of expenses if you have irregular income or if you are the only one in your family who earns money.

How Much Equals Too Much in Your Emergency Fund?

As you can see, it’s easy to have too much in your emergency fund. If you find that you’ve stashed more than six months’ worth of emergency money in your account and have a steady paycheck, no mortgage or dependents, ease up.

Carefully consider whether you have too much in your account based on the stability of your income and the number of people depending on you. You may also consider the level of support you receive from others. (Your parents might love it if your family moved in if it came down to it!)

When you do decide on the right amount, automate transfers so they occur each and every week or month. That way, you don’t have to think about saving — it just happens.

Featured Article: What is an overbought condition?

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/YHuKBmQ-q-o/374198

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How to give good feedback to your collaborators?

The feedback process must be close and continuous.

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The feedback process must be close and continuous.

Free Book Preview: Unstoppable

Get a glimpse of how to overcome the mental and physical fatigue that is standing between you and your full potential.

June 8, 2021 1 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

This story originally appeared on Querido Dinero

Feedback is the analysis of a person from different perspectives to show what they do very well and accelerate their professional career, but also what they need to improve because it slows their growth.

The difference with the evaluation of results is that the feedback process must be close and continuous, and when implemented correctly it generates relationships of trust .

We tell you how to make it a natural practice in your company:

The difference with the evaluation of results is that the feedback process must be close and continuous, and when implemented correctly it generates relationships of trust .

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/ZMAaeXpe1Pg/373943

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If You’re Using These Marketing Tactics, You’re Hurting Your Brand’s Credibility

You’ll need good marketing to increase sales in your business, so have a solid strategy.

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You’ll need good marketing to increase sales in your business, so have a solid strategy.

Free Book Preview: Brand Renegades

Discover how two entrepreneurs used unconventional business strategies to turn their startup into a multimillion-dollar company.

June 5, 2021 4 min read

Opinions expressed by Entrepreneur contributors are their own.

Entrepreneurs are always hungry for new clients and growth strategies that work. The online gurus know this, so they use emotional-trigger-based marketing tactics to convince business leaders to buy their courses or services. These questionable marketing tactics tend to lead to refund requests, chargebacks and consumers that won’t do business with them again.

Even if you provide something of value, how you market it will affect your sales depending on your approach. As you build out your marketing strategy, avoid these three commonly used marketing tactics because they tie you to a culture of bro-marketing and online gurus. Consider a different approach before these tactics detail your business growth.

Related: 4 Annoying Online Marketing Tactics to Stop Right Now

1. Displaying revenue screenshots.

These days, it’s common for entrepreneurs to display Stripe or PayPal revenue screenshots on social media, or even on their websites. There’s no doubt that consumers are drawn to seeing sales and big numbers. But it’s a toxic marketing strategy — it may generate sales in the short term, but it repels high-end clients and more potential customers in the long term.

The consumers who buy based on what they see in revenue screenshots tend to be in a challenging financial position and need to generate income quickly. They aren’t in the place to focus on what it takes to do the work that increases revenue, and they end up disappointed when they buy as a result of flashy marketing.

Real wealth and growth don’t self-advertise. Have you ever seen business leaders such as Elon Musk, Jeff Bezos, or Oprah post revenue screenshots? The results that your customers experience are a better way to market your business. Publish solid content and you can nurture cold prospects. Separate yourself from guru marketing by relentlessly focusing on serving your customers.

Related: 6 Outdated Marketing Tactics You Need to Leave in the Past (Where They Belong)

2. Sharing client wins with no attribution.

Have you ever seen an entrepreneur posting about clients getting X results, but they never name or tag the clients? The clients they’re posting about may very well be experiencing wins, but in a guru marketing world, the consumer is skeptical.

Some clients would prefer to remain private and not share their information — that’s understandable. But, more than a few of your clients would welcome a shout-out. You have clients that are comfortable with you sharing their wins. The only way to know for sure is to ask.

The goal is to show what your business offers, and you can do this by sharing your clients’ results and testimonials. Get permission where possible — don’t just share wins that don’t appear real to cold consumers.

Related: 3 Marketing Tactics to Avoid Next Year

3. Marketing results from years ago.

Over your years of building a business, you’ll no doubt experience wins. You’ll get results that consumers and colleagues will want to know more about. In marketing, your goal is to prove that your philosophy does work — mainly through marketing the results you and your clients have experienced.

However, growth-focused entrepreneurs stay at the forefront of their industries. They don’t get a result and market those wins for years without working on getting more results. It’s acceptable to market the results you’ve obtained in the past, but ask yourself if you continue to do the work that helps you grow.

When cold prospects see that your marketing results are old, it will dissuade them from doing business with you. Consumers want to do business with industry leaders, and you become a leader by constantly honing the work you’re putting into your craft. One of the best ways to grow a business is by doing the work that optimizes your personal growth. Commit to becoming the best at what you do.

If you’re going to increase sales in your business, you’ll need good marketing. However, there’s a way to market your business more authentically. Avoid tactics that may work for a little while but will ultimately hurt your brand credibility.

Related: 7 Ways to Correct a Failing Marketing Strategy

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/ve_gaxGJS18/370340

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