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Leadership Development: What Do All Thought Leaders Have in Common? by Peter Winick

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"True thought leaders are incredibly passionate about what they do."

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Courtesy of Thought Leadership Leverage

I have the privilege of working with some of the greatest thought leaders of our time.  I learn something from each of them during every interaction and (hopefully) more often than not they learn something from me as well.  The range of expertise that my clients have is vast; sales, leadership, management, communications, strategy, marketing, finance, emotional intelligence, innovation, relationship development to name just a few.  Someone asked me the other day what if anything they all have in common. 

Great question.  (I love great questions). 

So here’s what I think.

From a personality perspective, educational perspective and professional background prospective the thought leaders I work with and have met couldn’t be a more diverse group.  Harvard MBA’s to high school dropouts, introverts to extroverts, academics to CEO’s and founders of incredible companies and organizations, warm and fuzzy types to brutally direct and analytical.  The traits that they all share are:

1) They are all incredibly smart. 

Actually in some cases scary smart.  The smarts may be the result of a stellar education or of life experiences or a combination of both but intelligence is certainly a common characteristic amongst all thought leaders.

2) They are all very curious.  

As adults far too often our innate sense of curiosity seems to diminish over time.  Kids are insanely curious.  The authors and thought leaders that I’ve known all tend to have an almost childlike sense of curiosity.  They’re constantly asking questions, learning new things, voraciously reading and learning.  Some of them have a more focused type of curiosity; meaning that their heightened sense of curiosity is centered on their content and work.  Others have a broader sense of curiosity and seem to be interested in wide ranges of things and have an uncanny ability to learn from seemingly unrelated disciplines insights that are relevant to their work.

3) They are all passionate about what they do. 

You can be incredibly smart and curious which is obviously better than not being smart or curious but adding passion to the mix is key.  You can’t fake passion (and if you can that’s the subject for a very different conversation).  Every thought leader that is a true thought leader is incredibly passionate about what they do and how their work impacts individuals, teams or organizations.  Some are literally changing the world, some have developed models or methods to help people sell, market, manage or lead more effectively.  Some have deep expertise in finance or business.  The domain of the expertise isn’t relevant.  The passion is.

So here’s what I’ve learned from having someone ask me a really good question.  Smarts, curiosity and passion are essential characteristics for authors and thought leaders. 

Having all of these is not a guarantee of any kind of success (sorry, I wish it was that simple). 

However not having all of them will clearly be a hurdle that I’ve yet to see anyone overcome.  If you’re about to invest your time, energy and effort into becoming an author and thought leader spend some time being introspective to be sure you’ve got the right levels of all of these characteristics.

 

Peter Winick has over twenty years of experience and has worked with a variety of thought leaders. In addition, he has built and managed several consulting and professional development organizations.

For more information about Peter Winick, visit: http://thoughtleadershipleverage.com You can also connect with Peter on Facebook , LinkedIn,  or Twitter

 

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Financial Development: Entrepreneurial Couples – Tax and Legal Considerations for Spouses in Business

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"What are the financial success secrets of entrepreneurial couples?"

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Courtesy of SBA.gov

Entrepreneurial couples are very common – the Wall Street Journal says a third of family businesses are husband and wife teams – and they represent a dynamic force in the small business world.

These partnerships can be immensely positive experiences and provide the foundation for a convenient and cost-effective business venture, especially if the marriage is sound in the first place. The flip side, however, can be disastrous.

So what’s the key to success?

According to this article in “Reference for Business,” entrepreneurial couples and business consultants alike cite the following as important factors in a successful business venture with a spouse or partner:

• Both partners need to bring significant value to the business
• Partners should not be competitive with one another
• Newlyweds should exercise caution before partnering for business
• Good communication is essential
• Adapt to changing roles (i.e. your partner’s business persona may be quite different from what you are used to in your marriage).
• Separate work life and home life
• Set aside time away from your spouse or partner
• Objectively assess whether you and your partner would work well together in a business.

Tax and legal implications are also significant considerations. Here’s a quick rundown of what you need to do to ensure you comply with the necessary requirements.

Structuring Your Business

For federal tax purposes, an unincorporated business jointly owned by a married couple is classified as a partnership. This classification stands on the assumption that each spouse has an equal say and share of business affairs. This includes an equal voice and equal operational and capital contributions. In this case, business income should be reported on Form 1065, U.S. Return of Partnership Income.

This partnership classification also brings with it filing and record-keeping requirements, so some couples may prefer not to be treated as a partnership. Fortunately, a recent change in tax law offers eligible couples the opportunity to file as sole proprietors.

Under the Small Business and Work Opportunity Tax Act of 2007, “qualified” husband and wife joint ventures can be treated as sole proprietorships for federal tax purposes. Under this provision, each spouse must separately report a share of all of the business's income, gains, losses, deductions, and credits. Both will receive credit for Social Security and Medicare.

To be considered a “qualified joint venture,” your business must meet the following three conditions:

• A husband and wife must be the only members of the joint venture and file a joint return
• Each spouse materially participates in the business
• Both spouses agree not to be treated as a partnership

Only businesses that are owned and operated by spouses as co-owners (and not in the name of a state law entity such as an LLC) qualify for this option. If you choose to be treated as a qualified joint venture, this guide from the IRS explains your filing requirements: Election for Husband and Wife Unincorporated Businesses.

Employing Your Spouse

Rather than being structured as a partnership, a spouse can operate as a sole trader and hire his/her spouse as an employee. The structure you choose will depend on the needs of your business and a host of other factors.

The major drawback to making your spouse an employee involves payroll taxes and workers’ compensation insurance. On the plus side, it can provide retirement planning benefits and additional tax deductions, such as travel expenses.

Each state has its own laws about employing family members, so be sure to talk to an accountant or tax advisor first.

Talk to an Expert

If you are going into business with your spouse, married or not, hire an attorney to help you craft the nature of the business relationship, whether it’s a partnership, LLC, or corporation. Each of these is governed by state law, so an attorney can help advise you on such things as business formation, filing requirements, and tax ramifications in your state.

SBA offers small business owners a useful overview of business structure options here. You should also formalize roles and responsibilities, fiscal matters, and succession or dissolution planning. 

Caron Beesley is a small business owner, a writer, and marketing communications consultant. Caron works with the SBA.gov team to promote essential government resources that help entrepreneurs and small business owners start-up, grow and succeed.

As the founding partner of April Marketing, Caron Beesley leads the strategic management of client accounts and oversees project execution.