Upbeat with Raj Setty (part 2)

This is part 2 of my interview with super smart guy Rajesh Setty, author of the GREAT book Upbeat. I am very fortunate that because of the connecting power of blogging, I count Raj among my friends. Instead of just another boring interview, I thought it would be nice to ask about some of Raj’s insights about business. The insights are as applicable to managers as they are to entrepreneurs.

Phil: Switching gears: you’re what I call a serial entrepreneur. What do you look for in a company to create, to acquire or to invest in?

Rajesh: These are the few things that I think about:

1. People: Are these the people that I want to have a relationship until the end of my life?
2. People: Are these the people who think they want to have a relationship until the end of their life?
3. People: Are these the people who are willing to do whatever it takes to make it happen?
4. People: Are these the people who are willing and open to learn from the experts on things where they need to learn.
5. People: Do they have the right skills and would they be willing to play the right roles (dropping their egos) to make this work
6. People: These are the people who can spot the difference between a "real opportunity" and an "also ran possibility."

Phil: You’ve told me you think of your companies as children, that you can’t pick a favorite. How does that affect the way you manage and lead these companies?

Rajesh: I play a lead role in a couple of companies but in most other companies I am in the lead supporting role. Whatever be that role, by treating them as my children, I get emotionally attached to making them grow to their full potential.

Until now, it has worked out great. I keep everything transparent with all the people involved in all the companies – first, because it is the right thing to do and second, it is for my memory efficiency – meaning I don’t have to remember two versions of the same thing.

Because of my speaking and writing, I get to network and connect with people all over the world and it opens up opportunities for multiple companies simultaneously.

Phil: What’s your best advice for folks trying to get their business off the ground?

Rajesh: At the risk of making it look very simple, here is one approach to consider – many of the things that I am saying below have to be done before you start your business to get the maximum benefit.

Things to do before you start building a business:

1. Identity why you want to build a business. If you try to build a business for the wrong reasons, you tend to quit when the going gets tough.
2. Go and help others who are building businesses without expecting anything back. The reason for this is that you will get to know what it really takes to build a business and you will start establishing your network
3. Connect people to create mutually beneficial opportunities. It costs less than you think and it pays back more than you think.
4. Invest in yourself to learn and grow. When it comes to investing in yourself, the cost of NOT investing is usually way higher than the investment itself.
5. Build a powerful personal brand and it will open new opportunities.

Things to do when you start building a business:

1. Don’t get attached to the idea. Get attached to the cause. Your first idea may not be the best but that does not mean that you shouldn’t start getting into the ring.
2. Get the right people on the bus. Half the job is done. If you don’t get the right people in the bus, you don’t start at zero – you start at negative.
3. Get the right people in the ecosystem – vendors, partners, board members, coaches – whoever you think will help the business.
4. Fail. Forward. Fast! – This is the mantra from one of my heroes Tom Peters. Works like magic.
5. Take your ego. Pack it nicely and throw it away. You won’t need it on this journey. In fact, it is extra baggage.

Phil: Social media is becoming more and more commonplace. You even wrote an awesome book by using Twitter. Why have you embraced this medium, and
why should we embrace it?

Rajesh: Social media for me is a great amplifier of what you are doing outside the social media. Unless you are a "social media consultant," my suggestion is to continuously build accomplishments outside of the social media and use social media to contribute and spread great ideas.

For me it helps to stitch everything that I am doing and to initiate and build new relationships and enhance the old relationships.

Phil: How important is blogging for your business, and how has it benefited you personally?

Rajesh: I have been blogging for more than four years now. I can easily say that I wouldn’t be where I am if I had not started blogging. Remember Phil – it was a few years ago but we both met first when we started talking because of our blogs. Of course, over the years we have built a relationship beyond the blogs but it started there. (NOTE: This is why I love blogging. Meeting cool people like Raj!)

I am fortunate to have met so many cool people that has opened so many new possibilities. The world is really a small place with a blog.

Phil: You’re one of the most genuine people on the planet. I know it’s something you either have or you don’t, but what do you recommend for folks looking for people they can trust, when many are so untrustworthy?

Rajesh: Wow.. that is so kind of you Phil.

There are a few things you can do:

1. Ask for referrals from people you trust. Referrals from trusted people are great filters and usually they are implied endorsements.
2. There is no way you can get this right every time. So when you get this wrong, please stop blaming yourself and move on.
3. Listen. Most often if you listen long enough, you will already discover the "real" person.
4. Read. In the world of social media, everybody has a "zeroth impression" via their blogs, tweets and comments on other blogs. Follow them for a while and you know "who they are" (well, almost) even before we meet them.
5. Walk before you run. That way if you fall down, it hurts less.

Phil: You always surprise me with all the cool stuff you are working on. Please tell us: What’s next for Raj Setty?

Rajesh: The very next thing (in the next couple of weeks) Phil is publishing the eBook Defiant: Practical Tips to Thrive in Tough Times. It has contributions from more than 50 people (including you.)  It is an eBook that is more than 80 pages filled with tips that people can benefit from during these tough times.

My friends Bill Sherman and James Wondrack are putting the final touches on it and I am totally thrilled about it.

Phil: Thanks so much to you Raj for sharing your time and your insights with the Slacker Manager readers…and with me.

For more from Rajesh Setty:

• Pick up a copy of his book Upbeat
• Read the Life Beyond Code blog
• Power of Questions – One of Raj’s Squidoo lens
• 25 Ways to Distinguish Yourself – Free ebook from Raj about personally branding
• How to get ahead without an MBA