Lois and I are both serving as mentors for the three finalists in the Yahoo Seeds for Success Program - how much fun it is to talk with such enterprising, energetic women!
Each of the entrepreneurs I spoke with was very clear about the myriad of opportunities to negotiate ─ with suppliers, service providers, independent contractors and, of course, customers and prospective customers.
For these three businesses as well as every other start-up I know though, when it comes to negotiation, it can seem as though it’s a clear case of David v. Goliath. So the question is:
How do you negotiate effectively when the other party has more leverage? (more…)
TAGS: business owners, entrepeneurs, negotiation skills, playing to win, small business
The Wall Street Journal is all abuzz about Barbara Desoer who has recently been asked by Ken Lewis, Bank of America’s CEO, to take over its troubled mortgage business. Not only is the mortgage lending business generally in trouble due to the state of the US economy but Bank of America’s mortgage business has the added burden of trying to swallow the problems of the recently acquired Countrywide Financial. Carol Hymowitz’s Front Line blog asks readers to comment on their experiences regarding taking on high risk roles that have afforded them an opportunity to advance.
One woman’s story (see the comment by risk taker) reminded me about the glass cliff research I wrote about a couple of weeks ago in conjunction with a post about Erin Callan. While she writes that she did the right thing for herself and that it was worth it, she also describes her boss as “difficult”, noting, “when things went right he tended to take the credit”. She also is very clear that there was a high personal cost. (more…)
TAGS: corner office, new to the job, playing to win, Risk-taking, The Wall Street Journal, women and careers, Women at Work, women leaders, women role models
Erin Callan, the highest ranking and most visible woman on Wall Street, lost her job as chief financial officer at Lehman Brothers last week. Suddenly. The New York Times reported, “On Monday, Ms. Callan ended her call with analysts by saying, “I’m going to be happy to be back here talking to you again next week,’ she said. On Thursday morning, however, Ms. Callan gathered belongings from her office and drove to her house in East Hampton on Long Island…”
Whether she was removed as reported by the Times or she voluntarily stepped down as the Wall Street Journal states, it is clear that she didn’t last long in the role. Callan, a former tax lawyer and investment banker took the CFO job in December, 2007. In an article for the Wall Street Journal last month, Suzanne Craig quoted Joseph Gregory, her mentor (who also lost his job as Lehman’s #2) as saying the company made a “leap” when it gave her the CFO job but that it wanted someone who could “really explain Lehman’s story.”
Have you heard of the glass cliff research? It’s about the phenomenon that women are more likely to be appointed to leadership roles that carry a great deal of risk of failure. It seems pretty clear that Lehman had some problems in December when Callan took the CFO role; the Lehman story she had to tell wasn’t very pretty.
So what can we learn from this story?
- Don’t be too quick to say “yes” when an opportunity comes long. Take some time to assess the situation carefully.
- Don’t be seduced by the title or the trappings of the job. Ask plenty of questions including: “Why me?” and ”Why now?”
- Think about the potential challenges you will face if you do take the job and figure out what you wlll need to mitigate the risk you face. Then negotiate for that support and those resources.
It may be that Erin Callan knew exactly how steep the glass cliff was but the fall must still hurt.
TAGS: corner office, managing your career, Negotiation, new to the job, playing to win, The New York Times, The Wall Street Journal, women and careers, Women at Work, women leaders
I have such mixed feelings about this true story. Two college women’s softball teams were competing this week in Oregon when one player hit the ball out of the park but couldn’t make it around the bases. Apparently her leg gave out from under her and she couldn’t run. It’s against the rules for one of her teammates to run for her. When a member of the opposing team realized what was happening she opted to carry the young woman around the bases so that her run would count (and as it turned out it was the winning run). When asked why she did such a generous thing, she said she always learned it wasnt’ about winning or losing but about how you play the game. On the one hand, I love the fact that the young woman who came to the rescue showed compassion for her opponent. On the other hand, I know that this exact same behavior in the workplace causes adult women to miss out on their fair share of pay, benefits, opportunities, etc. As women, we must differentiate when compassion is called for and when it’s OK to compete to win. Relying only on behaviors taught in childhood to the exclusion of having other “tricks up your sleeve” is a receipe for ultimate failure. Be compassionate. Be generous of spirit. But also know when — and how — to play hardball.
TAGS: competition, girls and sports, playing hardball, playing to win, sportsmanship
Lois and I are both serving as mentors for the three finalists in the Yahoo Seeds for Success Program - how much fun it is to talk with such enterprising, energetic women!
