20: Randy Pennington: How To Transition From Corporate To Entrepreneurship

Author, speaker, and adviser, Randy Pennington is a business performance veteran, award-winning author of Make Change Work, Results Rule!, and On My Honor, I Will.  Randy is an expert in helping organizations deliver positive results in a world of accelerating change.  To list just a few of his Professional Accomplishments and Credentials: Randy is the Creator of INTEGRITY-DRIVEN® Leadership as well as the creator of POSITIVE PERFORMANCE® Management.  To name a few of his clients there is Texas A&M University, Hyatt Hotels and Resorts, Sprint PCS, Brinks Home Security, Progressive Insurance, State Farm Insurance and many others.  He has been inducted into the Speaker Hall of Fame as a CPAE by the National Speakers Association.

Favorite Success Quote

“Better to ask for forgiveness than permission.”

Key Points

1. Transitioning From Bureaucracy to Entrepreneurship

Always be thinking about team work.  Think about how you can build something from the ground up.  Be scrappy.  Compete with the big guys in your marketplace.

2. Understand the Difference Between Real and Imaginary Constraints

Do it better.  Do it cheaper.  You do not know what you do not know.  Be willing to make many mistakes and make up rules as you go.  Learn from your mistakes.

3. Measure Your Clients’ Tangible Results and Measure Performance

If you are producing a professional service, measure  your clients’ results and measure performance.  This will set you apart from the competition.

4. Do NOT Let Bureaucratic Work Environments Deny Meritocracy

Take positions that allow you to control your own career destiny, so to speak.  Do not allow yourself to get “stuck”.  When you hit a wall where it is obvious that you cannot control your own destiny based on your own performance, create a new opportunity and pursue it.

5. You Are Exactly Where You Have Earned The Right To Be

In business and entrepreneurship, at any given moment, you are where you’ve earned the right to be.  You are responsible for every single thing that you’ve done both positive and negative.  Your responsible for your outcome.  Learn.  Work at it.  Get better over the years.

Heart Healthy Hustle Round

Heart: What is your favorite activity for activity for caring for and for strengthening your internal character?

Value relationships and understand the fragile nature of life.

Health: How do you maintain your physical health?

Exercise regularly.  Cardiovascular and strength train consistently.  No excuse.  It’s your health.  Control your blood pressure and cholesterol.  Eat well.  Taking care of your body is a great way to keep your energy up.

Hustle: What is your main motivation for hustling to the max of your potential?

Continue to be excited by the opportunity of what’s next.  Judge how long you stay in your career by the question, “Are you still relevant?”
Hope to exit your career while you are still relevant.  Passion is good, but not crucial.  Be able to work at something consistently regardless of if it is a passion.

How To Connect With Like Minded Young Professionals?

Audit who you are hanging out with.  Get rid of negative relationships that hold you back.  You only have so much space in our lives.  If you live near a major university, consider going back to school and enrolling in a part time MBA program.  These classes attract like minded people who are interested in learning and growing.
Consider investing in a shared office space.

Influential Books

In Search of Excellence  by Thomas J. Peters and Robert H. Waterman

A Team Of Teams  by General Stanley McChrystal

The E Myth  by Michael E. Gerber

Blue Collar Gold  by Mark Stoner

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