Vol. 4 Iss. 9 September 2014
get inspired
NOW
inspiring the creative spirit in every business leader
FAIL
BIG. FAIL OFTEN. FAIL YOUR WAYTOTHE
TOP. PLUS:
DANA DYKHOUSE
CEO FIRST PREMIER BANK: “MY BEST MISTAKE”
DON’T BE LEFT IN THE DARK. Let the attorneys at Swier Law Firm light the way with our exceptional and creative business law solutions. We deliver legal expertise to local, regional, and national clients with high expectations. Having four offices in the heart of South Dakota, Swier Law Firm stands apart based on our nationally-recognized experience, responsiveness, and results. We proudly provide innovative legal services while keeping our client’s needs in mind. Let the attorneys at Swier Law Firm make business law easier so you can get back to doing what you love... running your business.
Visit Swierlaw.com for helpful articles and tips on business issues.
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“About this Issue:
Have you failed yet? If so, you’re in great company! Many of the world’s most famous visionaries have had setbacks, and went on to achieve amazing success. Check out their stories in Incredible Success Stories that Began with Failure. Dana Dykhouse, CEO First Premier Bank talks about his “favorite mistake.”
Dick Bohy, Sanford Foundation Board, discusses the importance of failure, and gives a checklist on how to evaluate if your project will succeed.
7
How Successful People Deal with Failure
Discover how successful people deal with obstacles and how to recognize the 8 Warning Signs your project is doomed – and how to turn it around! How do you respond after the loss of a loved one, or a failed business? Father Paul Josten offers insight on how to cope with adversity.
Cover model Christian Witt wears a suit from Halberstadt’s of Sioux Falls, depicting the essence of power, triumph and success. Cover photo by Shalista.
in every issue
Inside Biz......................................................4
note from the editor
Smart Biz.....................7,12-13,26 Biz Legal.........................................................1 1 Biz Finance........................................... 14 Biz Feature...................................16-17 20-21
Biz Real Estate............................24 Biz Health..............................................27 Biz Spiritual.................................. 29 What's NOW................................30
calendar of events
contents
So go out there this month and blaze through the setbacks, success is just ahead!
Warren Buffet’s “Perfect” Business
16 8 18
Sometimes what seems like a mistake can actually be a new discovery, a better way of doing something, it can be success in disguise. Check out our story on “mistakes” that actually turned out to be brilliant inventions: 12 Mistakes that Changed the World!
Just how did the Boston Red Sox win the World Series and what does that have to do with your business?
14
Incredible Success Stories that Began with Failure “It seemed like a good idea at the time.” Greg Leonard
“My Favorite Mistake” Dana Dykhouse, CEO First Premier Bank
11
5 Lessons a Struggling Business Can Learn from the Red Sox Swier Law Firm
12
8 Warning Signs your Project is Failing
20
12 Mistakes that Changed the World!
22
“The Importance of Failure” Dick Bohy, Sioux Falls icon September 2014 | BizNOWmagazine.com | 3
inside Biz
note from the editor
Fail Big. Fail Often. Fail Your Way to the Top.
FAMOUS FAILURES Van Gogh sold only 1 painting in his entire life… and that was to a friend for $50. He created over 800 masterpieces, seven of which are together worth about $1 billion. Leo Tolstoy flunked out of law school and his professors called him “unable to learn”. He became one of the world’s greatest novelists and wrote War and Peace.
Photo by Shalista Photography
Albert Einstein didn’t speak until he was 4, couldn’t read until 7, and was expelled from school. Yet he went on to revolutionize physics with his Theory of Relativity. Sigmund Freud was booed off the stage when he first presented his theories to scientists in Europe. He went on to international acclaim and to win the Goethe Prize for his work in psychology. Winston Churchill flunked 6th grade and lost every public election he entered until he was elected Prime Minister of England at age 62. Henry Ford failed at farming, failed as a machinist, failed as an apprentice and failed at business – going bankrupt 5 times! He then modernized mass production and changed history.
t
What do all these people have in common? It’s the fact that they didn’t quit. Because had they quit, we would not be hearing about them today. We wouldn’t even know who they are. It takes guts to keep going. Especially after a failure. And whether it’s a failed marriage, failed business, even a failed life, today is the day to release it, and make a decision to follow your destiny. Because there’s still time to achieve your dreams. Every setback has simply helped to prepare you – to give you grace, courage, and strength for a comeback. No matter how many times you’ve failed, how many times you’ve struggled, or how tempted you are to give up, you must try again. Because the only difference between the names in history we know and those we don’t is that the winners just don’t quit. So get on your hands and knees and crawl over the finish line if you have to. But keep on going.
Publisher BizNOW Magazine, LLC. Editor Charlotte Hofer 605-376-3758 char@biznowmagazine.com Design Director/ Senior Creative Ally Vogel 605-759-5615 ally@allysart.com Director of Marketing Tim Cummiskey 605-366-1489 tim@biznowmagazine.com Director of Business Development Alan Dooley 845-235-5381 Contributing Photographer Shalista Photography Social Media Strategist Alison Peymann September cover photo by Shalista Photography Reproduction or use of the contents of this magazine is prohibited. BizNOW Magazine is published monthly by BizNOW Magazine, LLC and strives to publish only accurate information, however BizNOW Magazine, LLC cannot be held responsible for consequences resulting from errors or omissions. All material in this magazine is the property of BizNOW Magazine, LLC and cannot be reproduced without permission of the publisher. Send magazine feedback and advertising and sales inquiries to tim@biznowmagazine.com ©2014 BizNOW Magazine, LLC All Rights Reserved.
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Success is just ahead. Char Hofer
Publisher/Editor 4 | BizNOWmagazine.com | September 2014
NOW
@BizNowMagazine for news that affects the Sioux Empire business community
Biz Contributors Contributors Steph Laska works as an
Executive Recruiter with Lucas Group in Phoenix. Fluent in French, Steph has also worked as an English tutor in Grenoble, France. She says that living in different places has given her a broader and more dynamic view of the business world. Her heart belongs to Sioux Falls, though, and she plans to start a business here one day, as she loves the exciting city growth combined with the small-town feel!
Alan Dooley is a 32-year veteran of IBM and now runs Grathia Corp, a private lending and real estate investment firm. Having been a soccer coach and heavily involved in the Boy Scouts of America, he raised four children and now cares for his parents, one of whom is in remission from bone marrow cancer. Putting the fast-paced corporate world behind him, he now lives in Madison. He has a BS in Computer Science from Rutgers University.
Casey King works as a support
professional at LifeScape, where he helps provide support for people with disabilities in a group home setting. He is currently finishing a degree in Journalism and Mass Communications at South Dakota State University. His pursuit for a degree has landed him here at BizNOW where’s he involved in writing and design work. When he’s not busy at the Biz, he is likely playing video games, attending sporting events, and staying up to date on social media.
With a degree in Journalism and English from South Dakota State University, Tessa Audet enjoys both reading and writing. She spends her time writing for BizNOW and exploring Denver, CO. When Biz isn’t keeping her busy, you can usually find Tessa with her nose buried in a book or out spending time with friends.
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Smart BIZ
by Tessa Audet
Photo by Shalista Photography
HOW SUCCESSFUL PEOPLE
DEAL WITH FAILURE
Oprah Winfrey, Walt Disney, and J.K. Rowling are all household names known for their creativity, insight and success. However there is something else they have in common, they’ve all failed too. Oprah Winfrey was told she was “unfit for TV,” Walt Disney was told that his idea for a cartoon mouse would never work, and J.K. Rowling’s Harry Potter was rejected by dozens of publishers while she was a struggling mother on welfare. So what made these celebrities become the household names they are today after devastating failures? The answer seems simple enough, by being resilient. Everybody fails. Here are a few tips to help you get back on your feet: 1) F eel both the positive and negative that comes with failure. Instead of letting the worry and negative over take you, focus on the positive. That being said, don’t push down the negative and ignore it either. Learn to balance the two to keep it in perspective. You’re not alone, everyone faces obstacles.
2) Appreciate the small things. Learn to look at a
situation and focus on the little things that went right instead of the big things that went wrong. And when the big picture is right, remember to stay humble and keep growing. Celebrate the small successes – they’ll empower you to move forward.
4) Try again. And again. And again. J.K. Rowling
said it this way: “It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all-- in which case, you fail by default.” u
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September 2014 | BizNOWmagazine.com | 7
BIZ Interview
interview by Charlotte Hofer
DANA DYKHOUSE, CEO OF FIRST PREMIER BANK:
“MY Favorite MISTAKE.”
Imagine having a day named after you! Well, there’s really a Dana Dykhouse Day in South Dakota, declared by Governor Daugaard (Feb.28, 2012) Maybe that’s when you know you’ve arrived; achieved a certain level of success. But ask Dana Dykhouse, CEO of First PREMIER Bank and SDSU grad if it’s been smooth sailing all the way, and he’ll tell you a different story. That the road to success also included some soul-crushing failures. But that when you don’t give up, when you push through the obstacles and learn from the past, you will find your piece of the rainbow. What's your "favorite" mistake? Getting fired. After
four years, I was fired from my job as a bank manager. Being fired early in my career gave me a good perspective on risk taking and how to look inward for answers to personal skill development, risk taking and dealing with adversity. I learned that rather than point my finger at others to blame for the situation, I looked in the mirror and asked myself if someone would ever give me another chance, how would I change and grow as a professional to make sure it didn't happen again!
After a failure, some people still choose to fly below the radar, repeat safe choices rather than take a risk. What would you say to them? Never fear taking a risk
How do you evaluate if you should take a risk? If I am going to spend my time,
“The mistake I see people often make is not setting a high enough standard for their investment of time and money.”
or making a mistake. That is how we learn and grow. Always, however, be certain you are prepared for the negative outcome should your risk not be rewarded. Can you accept and deal with the consequences of your decision being wrong? If so, that's a good calculated risk to take.
Tell me about a major risk you’ve taken. When I
joined First PREMIER Bank, I knew it needed a complete 8 | BizNOWmagazine.com | September 2014
makeover! I asked 10 people I knew and respected and only one said take the risk. Key opportunities only happen once or twice in one's lifetime, and you must take it! Also, at 37 years of age, if it didn't work out, I had the chance to recover career-wise.
energy and money on a project, it better have a potentially high return on what I invest. Ask yourself, can I accept the downside and recover, or is it a career and business-ending result? Also, is the reward large enough to offset the risk being taken? When all aspects of the project risk are considered, the answer usually appears.
Who is a risk taker you admire? Obviously, in South
Dakota business it would be Denny Sanford. He invests in people, and these people transform the face of South Dakota!
What’s 1 thing people don’t know about you? I grew up with horses and rodeo and I am a closet cowboy!! u
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5
BIZ Legal
by Scott Swier, Attorney
LESSONS THAT A STRUGGLING BUSINESS CAN LEARN FROM THE BOSTON RED SOX
Most successful people have failed at one time or another. If you’re a new entrepreneur, you may feel overwhelmed. If you’re an experienced professional trying to save a sinking company, you might find the obstacles a daunting challenge. The 2004 Boston Red Sox set the standard for perseverance. They broke curses, rejuvenated a long-suffering fanbase, and defeated the detested (at least in Boston) New York Yankees. Nearly every baseball fan cheered for them when they became the only team in baseball history to win a best-ofseven game series after trailing 3-0. Here are five lessons from the Red Sox spectacular comeback that leaders of a South Dakota business embarking on a “comeback” might find helpful.
1. W inning teams have great leaders. Terry
Francona was the charismatic and unshakeable leader of the 2004 Red Sox. Francona provided the strategy to lead his team to the great comeback and reach a level of excellence most Red Sox fans believed impossible. Similarly, every business needs a great leader that has vision and passion.
2. It’s a marathon – not a sprint. The baseball season is long, with 162 games. Just like the Red Sox, most businesses need some time to organize, practice and “warm up” in the beginning. A business is a marathon, not a sprint.
3. Every player makes a big difference. The Red
Sox superstars - David Ortiz, Manny Ramirez, and Pedro Martinez – all played significant roles in the comeback.
However, the Red Sox lesser-known players – Jason Varitek, Johnny Damon, and Dave Roberts – ignited the Red Sox championship season. Without these players, the Red Sox season would have ended the same way the previous 86 seasons had – without a World Series victory. Every executive and employee in your business, from the superstar to the bench player, makes a difference. Make sure everyone in your business feels valued.
4. Preparation is the key. Winning a World Series
takes planning. The Red Sox did their homework before each game. They studied the strengths and weaknesses of their own players and opponents. Likewise, business planning allows you to analyze the risks, develop a strong financial base, and prepare for the “curveballs” that always come. Taking the time to prepare can lead to a successful win for your business. Be sure to review your plans and contracts with a lawyer.
5. Learn from past mistakes. The Red Sox had to
overcome 80 plus years of disappointment. By creating a winning culture, overhauling their roster, using modern technology, and employing “data-driven” analytics, the Red Sox reversed decades of simply doing the same thing. The worst thing that can happen after a business setback is to learn nothing from the past and repeat the same mistakes. Conducting an objective analysis of your business gives you great insight into the changes that you’ll need to create a winning team. u
About the Author. Scott Swier is the Founder and Managing Member of Swier Law Firm and served as Assistant Attorney General for the State of South Dakota.
September 2014 | BizNOWmagazine.com | 11
8
Smart BIZ
by Casey King
WARNING SIGNS YOUR PROJECT MAY BE FAILING
AND HOW TO TURN IT BACK INTO A SUCCESS
12 | BizNOWmagazine.com | September 2014
Smart BIZ It’s hard to predict if a project will succeed, so how do you know if you should continue once you’ve started? No one wants their project to be delayed or worse, fail. That can be a huge expense and waste of time. Here are some warning signs your project is heading toward failure and some tips that can get you back on the right track. 1. Unclear objectives. Without clear objectives, the
project is doomed. The goal or scope of work must be clearly defined and everyone must understand their function or required contribution. If the objective is unclear, problems will arise that could cause major setbacks and result in lost productivity. People will lose interest and not be committed to the project.
2. Lack of management commitment. If management is constantly moving personnel to other tasks, it implies a lack of urgency or commitment to this one. Once a team is up and running, they must be given adequate resources and allowed to focus on their objective. A few personnel swaps are fine, but too much churn could kill your chances of success. If too many members have multiple goals, their priorities can get muddied, leading to an unorganized environment and ultimately the team may not work well together. Maximize efficiency by having the right people working on the right projects with adequate resources.
3. Cost overruns. Poor budget planning leads to cost
overruns and potential disaster. Planners must be vigilant with their budget assumptions and be able to shift monetary resources to reflect reality. Exceeding a budget is not always a bad thing and is sometimes necessary to realize a quantifiable return on investment within a defined timeline.
4. Milestones aren’t being met. When preplanned
milestones are not being met, it’s a flashing red sign that your project is headed toward failure. Create and execute an action plan to address the problems and quickly get back on track.
5. I ssues are not being resolved. If problems continue
to arise faster than they can be resolved, a setback is looming. Stop the project, analyze and fix the root causes. It could be anything - lack of skills, communication, missed checkpoints in the pipeline, suppliers, technology, or poor quality.
6. Poor communication. As George Bernard Shaw
said, “The single biggest problem in communication is the illusion that it has taken place.” Technology has introduced a whole new language and the English language itself has its faults, such as ‘last night we had our grandparents for supper.’ Large teams must have clearly defined communication channels while small teams can be more informal.
7. Leadership conflicts. Matrix management, such as
technical, personnel and financial have differing goals to ensure efficiency, but can lead to confusion at the lower ranks. Management inconsistencies, egos and boundary creep must be addressed by upper management or the project will suffer. If problems Project managers continue to arise faster must ensure that clear and consistent than they can be resolved, responsibilities are a setback is looming. Stop defined to keep the team working the project, analyze and fix efficiently.
the root causes.
8. Working overtime.
Overworking is another sign that failure could be on the horizon. While short bursts can be energizing and actually boost morale, too much leads to burnout, poor diet, lack of energy, and an inability to work as efficiently as possible. Mistakes are more easily made as well. Working overtime is just the quick fix to mask the actual problem that is causing you to run behind schedule.
These signs don’t necessarily mean your project will fail, but it’s important you take action immediately. The sooner you can identify a problem and its cause, the quicker you can turn it around and put your project back on the road to success! u
Sources: network.projectmanagers.net; cioupdate.com; and base36.com
September 2014 | BizNOWmagazine.com | 13
BIZ Finance
by Alan Dooley
WARREN BUFFET’S
“PERFECT” BUSINESS Warren Buffet once described the Property and Casualty Insurance or P&C business as “the perfect business” during inflationary times. Companies collect premiums now and may or may not have to pay a claim in the future. In the interim, they get to invest your money free of charge and keep the profits. Buffet says the insurance industry is the only one where people loan you money free of charge. Further, if you can realize an underwriting profit, as Buffet says, you will “get paid for holding it.” Life insurance is also good, but the ‘insured event’ will absolutely happen, whereas for P&C there may never be a claim or there could be multiple claims, so there is some risk.
Here is an example of how underwriting profits are made: If you began paying $2,300 premiums ten
years ago, you would have paid $23,000 to your P&C agent. If you had a car accident that cost them $14,000 and we subtract $4,140 in administrative costs, they will realize an underwriting profit of $4,860.
You will have paid them to hold (and invest) your money for their gain. Any other business would have to pay you interest to use your money! Buffet sums it up, “It’s like taking out a loan and having the bank pay you interest.” With so many P&C variables, there can be a wide range of contract prices, making the industry very competitive and relatively easy for new competitors to enter the market and offer lower premiums. This forces existing companies to lower their premiums until a bottom is reached and eventually claims will drive some out of business. With the poorly run companies gone, prices will again rise to profitable levels for the remaining P&C companies. With high profits and low barriers to entry, the cycle will continue. Inflation adds to the profit base because future claims will be paid using less expensive dollars while the free investment premiums collected at today’s value will provide higher future returns for the company. u Sources: Stansbury Advisory Report
"Perfect" South Dakota ? “South Dakota is an extraordinary place to start or grow a business. “ Photo by A. Dooley
“We need greater economic growth nationally to release the entrepreneurial spirit in this country.”
14 | BizNOWmagazine.com | September 2014
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September 2014 | BizNOWmagazine.com | 15
BIZ Feature
by Casey King
INCREDIBLE SUCCESS STORIES THAT BEGAN WITH FAILURE
Have you failed yet? If so, you’re in great company! If not, maybe you need to risk a little more. Here are some stories of world-famous visionaries who failed, and then went on to achieve amazing success:
Lady Gaga
Mark Cuban image: livrigames.com
Stefani Germanotta, more famously known as Lady Gaga, was first signed by Def Jam Records, but dropped by the label almost immediately -- leaving her to perform on her own in clubs. It wasn’t until she was recognized by rapper Akon and signed with his label that Lady Gaga became one of the biggest pop stars in the world.
Jerry Seinfeld
Theodor Seuss Giesel image: earlymoments.com
A young Jerry Seinfeld was actually booed offstage during his first performance at a comedy club. The story goes that he was so nervous; he looked out into the audience and froze. The next day he came back to the same club and performed a successful set. Seinfeld is currently the richest actor in the world with an estimated net worth of $820 million.
Most of us are very familiar with Green Eggs and Ham and The Cat in the Hat, but did you know that Theodor Giesel, aka Dr. Seuss, was actually turned down by over 20 publishers for his first book And to Think I Saw It on Mulberry Street? He went on to sell 6 million copies of the book.
Vera Wang
Harrison Ford
After the filming of Dead Heat on a Merry Go Round, the studio VP told Ford that he would never make it as an actor because he just didn’t have what it takes. He then went on to star in one of the most successful movies in American history, as Han Solo in Star Wars.
16 | BizNOWmagazine.com | September 2014
image: verawang.com
image: hollywoodreporter.com
image: hennepintheatretrust.org
image: urbansplatter.com
Cuban, who is now worth about $2.6 billion, began his career working as a carpenter, cook, and waiter, all which he failed at. “The fear of failure motivates me more than anything,” he claimed. He currently owns the Dallas Mavericks and is the chair, president, and CEO of HDNet, a TV channel dedicated entirely to movies.
Famous fashion designer Vera Wang started off by failing to make the 1968 US Olympic figure-skating team. This failure allowed her to take a job as an assistant at Vogue magazine. During the following 15 years she became the editor, and now owns her own billion dollar fashion empire, designing gowns that are celebrity favorites.
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“So be sure when you step, step with care and great tact. And remember that life's a great balancing act. And will you succeed? Yes! You will, indeed! (98 and ¾ percent guaranteed) Kid, you'll move mountains.” - Dr. Seuss, Oh The Places You’ll Go! “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” - Thomas Edison “The biggest risk is not taking any risk... In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” - Mark Zuckerberg “We all have big changes in our lives that are more or less a second chance.” - Harrison Ford “Think like a queen. A queen is not afraid to fail. Failure is another stepping stone to greatness.” - Oprah Winfrey
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We work inside your business 5024 S Bur Oak Place, Suite #117 • Sioux Falls 57108 Phone: 605 362.2616 • Cell: 605.310.7197 sharonf@aceshr.com • www.aceshr.com September 2014 | BizNOWmagazine.com | 17
BIZ Guest Column
“"It seemed like a good idea at the time."” Can you relate to that quote? I sure can. It’s from Steve McQueen’s character “Vin Tanner” in The Magnificent Seven. I think that often when we use the word “mistake,” what we really mean is – a poor choice. No one ever sets out to make a poor choice; especially when it’s financially or physically costly, and few poor choices aren’t.
A good mistake, then, is something we learn from and that opens the door to a new or better opportunity. There are countless stories of success that were a breath away from being wiped out. Or in some cases, were wiped out...sometimes more than once. For example, most of us are familiar with Colonel Sanders and Abraham Lincoln and their trail of “failures” that led them to the successes they are most known for now. The common denominator is that they didn’t quit. I saw an opening act for Ike & Tina Turner when I was in college at USD, and this poor guy was dying on stage! I felt bad for him – he lost his audience in the first few minutes of his act and it wasn’t until almost a half hour later that the first row or two started gradually paying attention. Within five minutes that attention washed to the back of the auditorium like a wave, and for the last few minutes he finally got the audience back. He was very unique; balloons wrapped around his head, playing a banjo, an arrow through his head wearing a white suit. Later while watching Saturday Night Live I recognized that opening act as….. Steve Martin! Like many “overnight successes,” for years he was a bad day away from a different profession. More specific to the business world and despite his trademark hyper-
18 | BizNOWmagazine.com | September 2014
by Greg Leonard
self-promotion of continual success, Donald Trump has had several flaming failures that he doesn’t like to talk about. However, as time has passed, those failures are further and further in his rearview mirror, and smaller than his successes as he has worked to improve his game. We should all see failure this way – as just a small bump in the road. I believe that we are best served to learn from our mistakes and always deal from a position of strength; to associate with honest, optimistic people; and most importantly to trust our instinct. When I look back on my own poor choices, I made those decisions against my inner voice. Rather, I was influenced by someone that didn’t warrant my confidence and I instinctively knew it, just didn’t act on it. We all have intuition that protects us, but it’s easy to disregard it and listen to other voices. Sometimes that input is good, sometimes not so good and sometimes flat out bad. But that inner voice should be the one we most closely listen to; it is the song of truth. As Kenny Rogers sang in The Gambler, “Every hand’s a winner, and every hand’s a loser; it’s knowing what to throw away and knowing what to keep.” u
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12
BIZ Feature
Biz Staff reports
MISTAKES THAT
CHANGED THE WORLD
6 Mistakes that turned out to be Genius Inventions
The Color Mauve Inventor: Chemist William Perkin in 1856
Mauve
1 4
Attempting to make: an artificial version of the malaria drug quinine.
How created: His experiments produced a dark oily sludge
that turned silk a light purple, didn't wash out, and looked more vibrant and brighter than existing dyes. Later, Paul Ehrlich used the invention of the color mauve to pioneer immunology and the first chemotherapy, winning a Nobel Prize.
2
X-Rays Inventor: Wilhem Roentgen, physicist Attempting to do: Investigating cathode ray tubes.
How created: While shining light through the tubes he noted fluorescent papers in his lab were illuminated even though his machine had an opaque cover.
5
Penicillin Inventor: Sir Alexander Fleming, a scientist Attempting to make: A "wonder drug"
Ink-Jet printers
that could cure diseases.
Inventor: A Canon engineer
How created: He threw away his experiment and later noticed that the Petri dish he discarded contained a mold that dissolved all the bacteria around it. The mold contained the antibiotic, penicillin.
How created: Accidently placing a hot iron on his pen, a few moments later ink was ejected from the pen’s point. This principle led to creating the inkjet printer.
Scotchgard Microwave ovens Inventor: Percy Spencer, Raytheon Corporation engineer Attempting to do:
Conducting radar research with a new vacuum tube
3
How created: The candy bar in his pocket began to melt during his experiments. He then put popcorn into the machine, and when it started to pop, he knew he had a revolutionary device. 20 | BizNOWmagazine.com | September 2014
Inventor: Patsy Sherman,
3M chemist
Attempting to do: Develop
6
a rubber material that would not deteriorate from exposure to jet aircraft fuels.
How created: She accidentally dropped the mixture on her shoe! While the rest of her shoe became dirty and stained, one spot remained bright and clean.
BIZ Feature
‌ and 6 FUN Mistakes that became Wildly Popular!
7
The slinky
Silly Putty
Inventor: Richard Jones, naval
Inventor: James Wright, General Electric engineer
Attempting to make: A meter to monitor power on battleships
Attempting to make:
engineer
How created: A tension spring fell and kept bouncing from place to place, thus the slinky.
8
Chocolate-chip cookies Inventor: Ruth Wakefield, Toll House Inn owner Attempting to make: Chocolate cookies
How created: Being out of unsweetened Baker's chocolate squares, she grabbed a sweetened chocolate bar and broke it into small pieces, adding them to the dough. Instead of melting, the little bits stuck.
Potato chips Inventor: George Crum, a chef Attempting to make: Fried potatoes
9
How created: A customer kept sending back his potatoes asking for them to be more fried and thinner. Losing his temper, Crum sliced the potatoes extremely thin and fried them until they were hard as a rock. The customer loved them!
A rubber substitute during WWII since rubber was needed for airplane tires, soldier boots, etc.
10
How created: : Experimenting with silicon oil, Wright added boric acid to the substance causing it to bounce. No practical use, but a fun toy!
11
Post-it notes Inventor: Spencer Silver, 3M researcher Attempting to make: A strong adhesive
How created: Silver accidently created an extremely weak adhesive. Years later a colleague spread the substance on little pieces of paper to mark his place in his choir hymn book because it could be pulled off easily and did not leave a mark.
Saccharin (artificial sweetener) Inventor: Constantine Fahlberg,
researcher at Johns Hopkins University
Attempting to do: Investigating the
12
oxidation of o-toluenesulfonamide, whatever that means!
How created: He forgot to wash his hands after spilling a chemical on them causing his bread to taste very sweet. He immediately requested a patent and mass-produced Saccharin. Sources: businessinsider.com, inc.com
September 2014 | BizNOWmagazine.com | 21
BIZ Interview
interview by Charlotte Hofer
DICK BOHY, SIOUX FALLS ICON:
THE IMPORTANCE OF FAILURE
A Sioux Falls leader in the health industry, Dick currently serves on the executive board of the Sanford Health Foundation, and the boards of the United Way, the Midwest Division of the American Cancer Society and a local bank. Volunteering is more than a hobby for him, it’s a passion. He’s also passionate about learning from failure, and after 40 years he has lots of experience – in both failure and success. Here he shares how he’s taken the tough lessons and what he’s learned from them.
“If the horse is dead, get off it. It’s an art to know when to let go.”
What is your greatest achievement? I’ve had the
good fortune to be involved with a lot of groups– either as an employee or volunteer – that improved the human condition. I’ve tried to live by the idea, Leave the world a little better than you found it; and the organizations I’ve been involved with have done that. Sanford has grown from a good community healthcare system to a world-renown enterprise.
Your best mistake? Those are the things you try to forget! For me, it was putting faith in people in key roles and then not being sensitive or involved enough to know when they were floundering --and perhaps not being able to resolve issues soon enough. On the other hand, one of the keys to success is to recognize that failure is situational. That’s when you don’t have the right resources -- human, financial, infrastructure, marketing – and the project can’t succeed. My boss would say, “If we don’t have any failures, we’re being way too safe.” I believe that! He also said, “I’ve determined that over the years we’re a lot better at starting things than stopping them.” Part of the thing with failure is, our ego gets involved. We hate to admit that something wasn’t nearly as good an idea as we thought – or that our implementation was less than stellar – or that the market just wasn’t ready for it (situational) and we can’t let go of it when it isn’t working. But if the horse is dead, get off it. It’s an art to know when to let go. 22 | BizNOWmagazine.com | September 2014
How do you know when to give up on a struggling project? That is what separates the really
successful from the not-so-successful. I’d suggest you create a set of metrics to help make the determination. Give yourself a certain time period, then let someone else take the project over and see if they are any better, or abandon the project. It takes a unique organization to do that; some organizations don’t tolerate failure very well. Look at targets, deadlines, tracking, your business plan and ask, Are we showing progress? How much of your resources are you willing or able to put into the activity? Realize too that there are opportunity costs when working on a flawed idea; what are you sacrificing by not working on what could be a new and amazing idea? Are you robbing from Peter to pay Paul? Another thing that gets organizations in trouble is trying to do too much: they embrace every new idea that comes along which almost always destines them for failure. Sometimes we don’t put the proper resources in the proper relationships, which can create more opportunity for failure. Teams are better at starting than stopping.
What about people with life struggles – bankruptcy, divorce – what do you say to them? You need a support mechanism, people you can be candid with and whom will be candid with you-- an inner circle. And you need a good self-image. Remember, you are NOT your failure. You have to separate yourself from it. It doesn’t matter where you are in your career – the ones who get ahead are always the ones who work just a little harder. u
BIZ Interview
“You’ve gotta think bold. Have big expectations. And you learn from the failures. “
DICK BOHY’S TIPS ON HOW TO AVOID FAILURE • D o your homework; make sure you understand the business. Do the research. • D on’t stray into fields you don’t know anything about. • S urround yourself with people who are content experts, advisors, motivators. • L earn from your competitors. Ask, what are they doing? Not doing?
• S tay relevant. Join activities and groups to bring new experiences to your life: volunteer to be on industry teams, on company committees. • L ook for leadership opportunities within your company. • E xamine where you spend your money AND your time; is it leading you to where you want to go?
September 2014 | BizNOWmagazine.com | 23
4
BIZ Real Estate
by Alan Dooley
Ways to Control Your
REAL ESTATE INVESTMENT RISK Real Estate deals come with risk. The other half of the cliché ‘the greater the risk the greater the reward’ is ‘or the greater the failure’. As investors, how can we control those risks to enhance our chances of greater rewards? Creating several exit strategies before you begin a venture can help mitigate or control the inherit risks:
1. Avoid. Simply don’t take the risk. Before you consider
buying a house to renovate and sell, do you have a buyer lined up? Create a list of other investors who want a turnkey home they can rent. They become your pipeline of buyers. As you network with friends, someone must be looking for an upgrade or they know someone who wants to move. Keep a list of potential buyers and what they want, then when you find a deal, you would have it sold before you invest in a renovation project.
2. Reduce. If you don’t have a buyer lined up for your flip, plan your renovation project so you can sell it quickly below market value and still make a nice profit. Use a professional realtor to get it sold fast.
If you are going to be the landlord, validate there is a ready rental market before you invest and put in new appliances to ensure fewer hassles and perhaps attract a better quality client. Your contract should state the renter is responsible for any damages other than normal wear and take pictures of the property as evidence if needed. Use a professional service to validate the prospective renter’s credit history and collect a one month security deposit.
3. Transfer. Banks transfer risks to the buyer by requiring
insurance and a loan to value (LTV) ratio that puts pressure on the borrower to perform. Structure your flip deal by having the buyer partner with you – have them make a down payment so they will not be tempted to back out while the renovations are being made. As a landlord, use a property manager to free up your time, enabling you to work on your next deal. You won’t want to fix a toilet in the middle of the night or when on vacation; and let the experts handle a potential eviction.
4. Accept. As an industry, Real Estate has created wealth for many people, but there are plenty of options and other risks to weigh, so learn about them and what you can and cannot control. Keep up with economic and demographic trends and stay politically aware, as rules and regulations are always changing. For example, if foreclosures become more difficult for banks to process, then they will lend less, or require a greater down payment, reducing their risk. u
24 | BizNOWmagazine.com | September 2014
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Smart BIZ You lost . unt the big acco loyee p Your top emour leaves. Y ut. c budget was
by Steph Laska
How to REGAIN
MOMENTUM AFTER A LOSS
Failure has driven many successes throughout history. It took Thomas Edison around 10,000 failures before he developed one of the most familiar objects in every household: the light bulb. Mistakes are bound to happen in business. It’s what we do with those failures that bring us one step closer to our triumphs. Whether its losing that big account or the project of the year fizzles or your top employee leaves, you’ve gotta move on. So what can you do to change the tone of the office after a setback?
1. Cheerlead, especially if you are the boss. If the
leader, or even a couple key members of the office can, in the face of defeat, have an actively positive attitude, it is bound to spread around the office like wildfire.
2. Motivate others by incentive. The reward should
match the risk. For innovation, maybe it’s a $1000 bonus. If an employee knocks themselves out to get a project completed before deadline, maybe it’s a dinner for two. Small motivators can include pizza lunch for the team, extra jean
days, or a flex day off , even Happy Hour on the company’s dime if everything else is accomplished.
3. Get back on the bandwagon. You fell off for a split
second. It’s time to hop back on as soon as you can. This could mean getting back into “think-tank” meetings, hitting business development harder, or finding a great fit for the employee who just left. No lag time is key.
4. Don’t focus on the negative. Now, we know that some
clients don’t like certain policies or the VP won’t give you that extra money for the project. There is no need to get down about it. You learned something. Apply it to the next big project or client.
It’s never easy to bounce back from a failure, but those who do are the individuals who rise above and succeed in the long run. Here at BizNOW, we are thankful Thomas Edison didn’t give up. Otherwise we would be writing these articles by candlelight! u
Sources: MdAtlanticIRA.com; Equity Trust Co
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26 | BizNOWmagazine.com | September 1101 W Russell Street • Sioux Falls, SD 571012014
Phone: 605-336-4444 • Toll Free: 877-789-3773 • Fax: 605-274-9034
www.FischerRounds.com
by Alan Dooley
BIZ Health
Is your thinking holding you back? REPROGRAM YOUR MIND FOR SUCCESS Most of us were programmed from childhood not to fail. Not necessarily to excel, but to not fail. This trend has been exacerbated recently as we do more and more to protect our kids from physical and perceived emotional harm. Everyone must be valedictorian, don’t keep score, if one person can’t participate, then no one can play. That is simply not how the world works and we are doing the next generation a disservice. Let them scrape a knee and learn not only the dangers of their actions but how to safeguard against them. Someone invented the helmet and knee pads as a result of one too many injuries. Every failure or problem presents an opportunity for discovery and potential for a breakthrough product or service to help others.
Every failure or problem presents an opportunity for discovery and potential for a breakthrough product or service to help others.
We have to fail in order to learn from our failures and we need to embrace an educational environment where failure and learning from that failure are encouraged. Our forefathers created the bankruptcy laws in order to encourage intuition, creativity and risk taking. Corporate bankruptcy is offset by investors who assume the risks for a greater reward, it’s a wonderful system for those who understand it and are willing to take a risk. We must learn that we are not all the same, but we do have equal opportunities. The difference is how much work and effort we expend to achieve our goals and dreams. Those who work harder get ahead faster or create their own opportunity for success. Learn to create success, and stop searching for it. There is no straight line to success, but we can learn from other people’s experiences. None the less, trial and error, research and modification are required to grow. If we are going to move forward we must take some risks. If we only do what we know we can do, we will never advance. To force yourself to change, do something new for 30 days to train your mind – read, write, create, think, converse, have an open discussion with someone who has opposing view. Be open to new ideas and embrace new technologies, you never know what is possible until you try. u
Try, fail, learn, change, and repeat. You may be disappointed if you fail, but you are doomed if you don’t try. –Beverly Sills In order to succeed, your desire for success should be greater than your fear of failure. –Bill Cosby Remember that failure is an event, not a person. –Zig Ziglar I'd rather attempt to do something great and fail than to attempt to do nothing and succeed. — Robert H Schuller
September 2014 | BizNOWmagazine.com | 27
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28 | BizNOWmagazine.com | September 2014
Abby Joachims Madison, SD A b b y i s m e m b e r o f Te a m L a u r a . To h e l p f i n d a c u r e f o r FA , t h e y have set a goal to raise $35,000. Join Abby and others who seek a cure for FA, Sunday, October 12, 2014 at the Ride Ataxia Philadelphia event in Blue Bell, PA
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Biz Spiritual Series:
FAITH
BIZ Spiritual
by Father Paul Josten St Agatha in Howard; Church of the Epiphany in Epiphany; and St. William in Ramona, SD.
YOU CAN. YOU WILL. YOU DO. A politician is thrown out of office A long marriage ends in divorce, Plans that once were set Now seem to be off course. These, like death and dying, Put us in darkness, we ask, where the light? One thing for certain as things seem to worsen, We must keep up the fight. For whatever rhyme or reason, when we deal with adversity our minds can imagine the most awful scenes. OR, we can choose to find faith. In business and in life, things don’t always turn out the way we hoped; people don’t always act the way we want them to. How do we respond when things don’t go as planned? What to do when all is lost and it seems like the end? We keep on going. We keep up the fight. And if we’re given to asking questions like “Why me?” maybe we can start asking “Why not me?” Sort out the things we have control of and those
we don’t. Then get busy about keeping on. Remind yourself that many other people have faced similar circumstances. Speaking to some of those people can be helpful too. Life is unpredictable. One just never knows. The phrase: “Ten minutes from now I will have done what ten minutes ago I thought impossible to do” reminds us to keep at it. “Why me?” Do you remember Job from the Bible? He became famous for having patience. Job had faith and perseverance. He was willing to keep on keeping on no matter what. Briefly, Job once had everything going for him: land, property, business, family, wealth, everything anyone would want. And then, quite suddenly, he was left with practically nothing. All of this was out of his control. One day, Mrs. Job, fed up with all of their newfound misery, told Job that he ought to just curse God and die. And Job said, “Curse God and die? The heck. We bless God when things go our way, shouldn’t we bless Him when they don’t?” He never gives us more than we can handle, so when faced with trouble, adversity, loss or sure failure, well, just keep on, with courage, perseverance and fight. u
Call for Writers
This is part of a new series of articles on Spiritual Principles & How They Can Help You in Business. View them online starting with our July issue at www.biznowmagazine.com. We define spiritual strategies as part of an overall approach to life – ways of thinking, doing, believing, and engaging with others that can enable us to live toward our highest potential and guide our everyday business transactions. If you are interested in submitting an article on how a principle of faith has helped your business (such as honesty, patience, compassion, gratitude, humility, generosity, etc.) contact us at info@biznowmagazine.com
September 2014 | BizNOWmagazine.com | 29
BizNOW Calendar
Send items to: info@biznowmagazine.com
what's now
Sept 3 YPN Morning Buzz 7:30 AM - 8:30 AM Panera Bread Network with other YPN members over a cup of coffee. Bring a friend.
3
Sept 4 YPN Outdoor Cooking & Fishing 5:30 PM - 7:30 PM The Outdoor Campus 4500S. Oxbow Ave, Sioux Falls Network with members. Bring your family. Free classes. RSVP Lauren at lfosheim@ siouxfalls.com. Sept 5 DTSF First Friday 5:00pm Downtown Sioux Falls Shopping, entertainment and special events at your favorite downtown locations like Coffea, Museum of Visual Materials, Old Courthouse Museum, Washington Pavilion.
9
September 9 Sioux Falls Chamber Mixer 5-6:30pm LifeScape 4100 S. Western Ave. Complimentary hors d'oeuvres, beverages, $3 RSVP to 605.373.2014 or plund@siouxfalls.com. Sept 11 Brandon Chamber Mixer 5:00 - 6:30 PM Tailgators Grill & Bar 1013N Splitrock Blvd
Sept 12, 13 3rd Annual Fall Festival of Artists 12:00 noon - 9:00pm Sept 12 12:00 noon – 6:00pm Sept 13 Wilde Prairie Winery, Brandon, SD North of Brandon off Hwy 11; 1.5 miles west on 259th Street. No outside alcohol, food or pets.
September 19, 2014 POW MIA ceremony 6:30-7:30pm Veterans Memorial Park honoringveterans.blogspot.com Open to public, free. Contact: Duane 605254-8067
19
Sept 20 DSU Trojan Day Parade & 5K Run 7:00 AM NE 6 & Washington First Bank & Trust, Madison Sept. 23 SME Membership Meeting 11:30 to 1:00 PM Holiday Inn City Center Speaker: Mike Michalowicz “The Business Makeover”
Sept 23 Brandon B2B Member Luncheon 11:30 - 1:00 PM 212 The Boiling Point, Brandon
Biz Lunch Spotlight Need a nice lunch spot to conduct business?? 18th Amendment Not far from Downtown Sioux Falls on 41st St is the 18th Amendment. An oasis from the busy world around it you will find a large outdoor patio secluded by vine covered fencing and a menu of robust salads, pizza, burgers, sandwiches or wraps with tasty salad sides, fries, or kettle chips. Have the 2fer lunch for $9.99. Stay inside on rainy days and enjoy the bar or conversation tables and catch the news or a sports update.
Got a place we should know about? Send in your own review in 75 words or less we’d love to hear about it, and credit your business for finding it! info@biznowmagazine.com
30 | BizNOWmagazine.com | September 2014
Sept 25 YPN Off the Clock 4:00 to 7:00 pm Tre Lounge, Sioux Falls Network with members.
25
Sept 26 Evening in the Vineyard 6:00pm - 9:00pm Wilde Prairie Winery, Brandon, SD North of Brandon off Hwy 11; 1.5 miles west on 259th Street. No outside alcohol, food or pets.
Sept 29 Siouxland Annual Dinner 5:30 to 9:00 Sioux City Convention Center 801 4th Street, Sioux City, Iowa Speaker: Marcus Luttrell, Navy Seal and author. $80 712.255.7903 Sept 30 YPN Power Lunch 12:00 to 1:00 pm Minervas, Phillips Ave. Sioux Falls Network with members. October 2 Sioux Falls Chamber Mixer 5-6:30pm Brown & Saenger 1409 N “C” Ave. Complimentary hors d'oeuvres, beverages, $3 RSVP to 605.373.2014 or plund@siouxfalls.com.
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Oct.2 SME Youth Benefit Auction Sioux Falls Convention Center Doors open 5:00 PM; Dinner 6:00 PM Funds scholarships for SD college students and SD Youth Business Adventure. $50; Info@smesiouxfalls.org
Oct 4 Harvest Festival 12:00pm - 6:00pm Wilde Prairie Winery, Brandon, SD North of Brandon off Hwy 11; 1.5 miles west on 259th Street. No outside alcohol, food or pets.