What is the Certified Hedge Fund Professional (CHP)?

The Certified Hedge Fund Professional (CHP) designation is an online-based hedge fund training and certification program. The CHP program is a popular and trusted certification program built exclusively by and for hedge fund professionals.

What makes the CHP designation different from other professional designations? There are three main differences: focus, practical knowledge, and study aides.

• The CHP is focused exclusively on hedge funds and fund of hedge funds. It is in-depth and comprehensive coverage of this niche area.
• The CHP program offers practical knowledge that can easily be applied to a variety of hedge fund positions such as due diligence, compliance, analytics, consulting, or marketing and sales.
• The CHP program provides participants with more study aides than anyone else at no additional cost. Participants who register for the CHP get access to over 60 educational videos for free, require no purchasing of expensive external study aides, and complete all of the required testing 100% online to avoid the hassle and costs of dealing with testing centers.

Read testimonials about how CHP Program participants have fit this designation into their overall career plans. To find the requirements of the 2 levels for certification, click on the options listed on the CHP home page.

Disclaimer: This blog post was retained by the Hedge Fund Group as a paid promotion. The writers and administrator on this blog are not liable or responsible for the information presented here or on the linked sites.

Rules for Bootstrapping a Startup Business

In the Bootstrapping Your Business chapter of the book “School for Startups" the authors Beach, Hanks, and Beasley, offer us 23 rules for bootstrapping a business. Below is a summary of those rules for anyone thinking about starting their own small business.

1. Get operational quickly by selling. This maybe easier for a service business because you are selling you, but it can also be done whether or not you have a stockpile of products as long as you plan inventory wisely. (Inventory is covered in detail in another chapter of the book.)
2. Look for quick sales to jump-start your business. Remember you are not in business until you sell something.
3. Offer high-value products or services and make sure you sell the value proposition to get higher pay for your items. (Value proposition is covered in The WOW Factor chapter of the book)
4. Forget the crack team of recruits and do all the jobs yourself using advisors and mentors to help with the tasks you are less familiar with.
5. Under staff by doing it yourself and using contract workers only when needed.
6. Keep growth in check because slow growth requires less cash outflow than explosive growth.
7. Focus on cash, not profit to stay in business for a longer time so the customers will continue to sign-up and profits will eventually come.
8. Associate with other’s brand names through sponsorship, product-line, or loose partnership to build your credibility.
9. Do everything in-house – consider mailing and shipping yourself rather than hiring marketers or other outside vendors.
10. Do sales yourself in the beginning rather than utilize a salesperson. When you do decide you need another salesperson, do it based on commission rather than salary.
11. Start in your house or garage rather than rent or buy space to save overhead costs.
12. Don’t pay yourself or others get family and friend to volunteer to help until you can afford paychecks.
13. Argue every price because you do not know where you can save, how much you might save, or other options the vendor might offer you unless you negotiate.
14. Harness word-of-mouth advertising as it costs nothing and is one of the best methods for getting new business.
15. Use the royal “WE” to make your company sound bigger than 1 person when talking to potential customers.
16. Use free labor, such as interns found through the government, schools, or local networking groups.
17. Look for import/export opportunities by finding international suppliers or becoming one.
18. Get advances or deposits from customers to have money to buy necessary items before starting their job so you are not out any money.
19. Let customers fund your research for the next hot item by keeping your ears open for what they really want in the future.
20. Forecast from the bottom-up to figure out how much profit you must make to control your startup costs and continue your business growth.
21. Ship first, then test by sending new products to customers who can find the bugs for you without your investing time and money in the process.
22. Service businesses are easier to start than a product sales business because they require little upfront investment.
23. You do not need a formal business plan to start selling.

Phased Approach to Change

The other day, Apple released the newest version of their professional video software, Final Cut X. This release, while touting several new features, also introduced a new process for editing video. This change is so severe, that the new software won’t even read the files of the old software. Needless to say, this release has garnered a lot of press, much of it negative. In fact, the announcement was a trending topic on Twitter the day after the release. Thinking about Apple’s decision, which in the short term at least, is a controversial one, got me wondering how other businesses approach making major changes.

Over the last several months, I observed a local business transition ownership. The original owner, in business for over twenty years, had an established clientele and a specific way of doing business. He was old-school in his approach. While adding some new things, such as a business web site, his business worked the same in 2011 as it did in 2001. And he was very successful. So successful, he decided to retire and sell his business to a new, younger individual. The announcement of the sale, in conjunction with the new owner’s youth, immediately caused some concern in the long time customers. It was educational to see how this new owner smoothly transitioned the business while easing the concerns of these customers.

Here is what he did.

Key Focus Areas
The first thing he did was determine what areas he wanted to focus on. He decided on the staff, the products and services, the facilities, and the marketing approach.

Here are some of the things he did. Note that these changes took place over a six month timeframe.

Company Staff
The first thing he did was start working in the business before he actually took ownership. This allowed him to not only get acclimated wih the customer base, but equally importantly, allowed him to begin building relationships with the staff he would be inheriting.

Products and Services
He started out providing the same services as the original owner. Then as the next few months went by he slowly added new services, which complemented existing services. He also expanded the hours of business providing more options to take advantage of these services.

Facilities and Equipment
He moved slowly in making physical changes. These ranged from new room layouts to better utilize the space to new equipment supporting the new services. He even added a TV in the waiting room. These changes were done so subtly, if you weren’t paying attention you might not have noticed.

Marketing and Communication
He saved this area for last. Only once he had introduced the new services, the new facilities, the expanded hours, did he look at changing the name. This was significant, as the business was named after the former owner. For the first few months he kept all access points the same. Then when he finally changed the name, it was expected and not a big deal. With this change, he also implemented a complete set of modern marketing tools. In addition to the name change, he designed a new web site, set up a fan page on facebook, created a Twitter account and introduced a monthly newsletter/blog.

As you can see, this approach is very different from Apple’s. His phased approach to change has allowed him to successfully transition without controversy and has worked very well.

What Is The DISC Behavioral Assessment?

Below is a slide show explaining what DISC personality styles are and why they are important to know.    You can find out more in archived post Productivity and Personal Behavioral Style.  If you are interested in getting a DISC assessment, check out this DISC store.

Importance of Employee Validation

It is validation that drives the motivation and engagement of your employees. You validate your employees when you communicate, connect with, and acknowledge them and their opinions. Validation is a sign of respect.

On May 25, 2011, Oprah Winfrey finished her 25^th television show. During her final episode Oprah shared what she learned and what the show has meant to her. One of the most meaningful things she said that hit home to me as a management trainer and consultant was: "I've talked to nearly 30,000 people on this show, and all 30,000 had one thing in common: They all wanted validation. If I could reach through this television and sit on your sofa or sit on a stool in your kitchen right now, I would tell you that every single person you will ever meet shares that common desire. They want to know: 'Do you see me? Do you hear me? Does what I say mean anything to you?'"

Do you see and hear your employees? Do what they say matters to you? Here are a few ways you can show employee validation:

• Ask Their Opinions – Employees have a view point which may differ from yours since they do the work on a day-to-day basis. Asking their opinions on issues related to their work and then acting on their suggestions shows validation.
• Be Available for Questions– By being open to questions from employees you will learn what concerns them and perhaps find out training needs or barriers that are preventing them from moving forward. This demonstrates that you are willing to make time for them and their issues.
• Provide Recognition – Show your employees that you have noticed their work and appreciate their efforts. Give them credit for their ideas and suggestions when speaking with others. Your employees will see that their work really matters to you and feel validated.
• Complete Performance Reviews on Time – Employees know when their review is due, when their manager is late completing it, they feel unvalued.. When their manager completes the form and has a performance discussion on time, it gives employees the impression that they are worthy of their manager's time and attention.
• Smile – As you pass your employees make eye contact, smile, and say hello. So many managers walk quickly by their employees without acknowledging them making them feel “invisible”. A simple smile says “I see you and I value you”.

Next month’s blog post…another lesson from Oprah Winfrey: “Start embracing the life that is calling you and use your life to serve the world."

Start Virtual Team Meetings with a Little Business Improv

Since I am a contract facilitator at important business meetings or team-building events, I often get asked what should be done differently for virtual meetings verses face-to-face meetings. The basic requirements of any good meeting remain the same – follow the RARA meeting management approach of establishing Roles, starting and ending on time by following an Agenda, keeping Records with all decisions and the decision-making process documented, and assigning Actions before the end of the meeting. The main thing to keep in mind for a virtual meeting is for everyone to be more patient because you will not have the visual cues when someone wishes to talk or is ready to move to the next topic that you get in a face-to-face meeting.

Virtual meetings require the use of technology to communicate effectively. It is important that everyone knows how to effectively use the technology. Plan some training or quick reference guides on all the technologies to be used to start off on the right foot. This will ensure everyone is able to concentrate on meeting topics rather than trying to figure out how to mute/unmute when necessary over the phone or on computer speakers.

My previous 2 posts were about requirements for virtual team members and leaders to create the best team mix. To increase the team’s future success, the team should have their first meeting face-to-face. The team leader should personally contact each member, welcome them to the team by explaining how they fit into the group, and let them know when and where the first meeting will be. Then at that first meeting, conduct an activity that will make the team members more aware of the pros and cons of certain behaviors in meetings that will bog the group down. In the new book “Business Improv” by Val and Sarah Gee, they provide a great activity for this startup meeting. I have adapted this activity for virtual teams to use in their first face-to-face meeting and summarized the instructions below. There are also other activities in the book that can be done in future face-to-face meetings and a few relationship building ones that may be done in virtual meetings or by pairing up members outside the meeting.

Business Improv book

Business Improv Activity for Effective Meetings (#68 in book)

Your Objectives:

• Recognize underlying issues and cause of disruptive behaviors to eliminate them.
• Manage the need to control other’s behavior by creating personal accountability.

Activity Instructions:

1. Before starting the activity, begin with a short explanation of how you plan to handle regular meetings and unscheduled meetings only if necessary. Try to keep this talk under 5 minutes.

2. Do the activity in 4 rounds spending 2 to 3 minutes on each round.

• Round 1: Individually and silently, have each team member think about what behaviors before, during, and after a meeting may cause disruption or annoyance, and result in ineffective meetings They should select, but not share, the one they feel is the worst for the next round.
• Round 2: In small groups of 5-6 people, have the team members hold a mock meeting on any subject they choose. During this meeting, everyone is to demonstrate to the fullest the bad behavior they selected in round 1.
• Round 3: Each individual member must now think about what the opposite behavior of the one they just acted out could be. If anyone can not determine an opposite behavior, ask them to consider a good behavior they think should be used in meetings.
• Round 4: In the same small groups, have the team members hold a mock meeting on any subject they choose. During this meeting, everyone is to demonstrate to the good behavior they selected in round 3.

3. After the activity, debrief by asking the 3 questions below and allowing everyone on the team an opportunity to share their opinions on each question. Try to limit this discussion to 8-10 minutes at approximately 3 minutes per question.

• “What was the biggest difference between meetings that were disrupted and those that were not?”
• “What are the human needs behind the disruptive behaviors?”
• “What specific actions can you take to stop disruptive behaviors during meetings?”

Assessing the Effectiveness of a Virtual Team Leader

In a previous post, we looked at members of virtual teams using information from the book “Manager’s Guide to Virtual Teams .” This post provides a summary of the sample self-assessment based on the 7 competencies of effective virtual team leaders in the book. This mini-assessment is for managers to use to decide if they are ready to lead a virtual team. If this assessment shows the manager is lacking in any area, they can use the book and other tools to fill-in the missing pieces for a more successful team.

To take the assessment, rate yourself by asking the questions below and answering using this scale:
4 = Always , 3 = Frequently, 2 = Sometimes, 1 = Never
Any areas in which a potential leader has a score less than 3 may imply a need for research and learning on the part of the future virtual team leader.

1. Leader

• Help the team understand what it is responsible for?
• Respond to communication from team members within 24 hours?
• Empower the team by ensuring it has the authority, resources, and accountability it needs?
• Provide effective interventions for teams, including face-to-face meetings on a regular basis?          (See my next post for an activity to jump start team meetings.)
• Ensure effective information-sharing, problem-solving, and decision-making processes are in place?
• Manage by sharing info/data, not by unnecessary rules and regulations?

 2. Results Catalyst

• Focus on results?
• Clearly state the limits within which the team can make decisions?
• Actively support team decisions that are within stated boundaries?
• Strive to manage by guiding principles rather than policy only?
• Make sure the team establishes and uses operating guidelines?
• Establish clear performance goals and metrics jointly with the team and discusses regularly?

3. Facilitator 

• Model good meeting preparation and facilitation?
• Help the team use effective decision-making processes?
• Sensitive to group dynamics and deals effectively with dysfunctional behaviors?
• Help the team solve problems; ensures the use of problem-solving tools?                                     (Problem types include: Technical, People, and Business)

4. Barrier Buster

• Actively work to remove unnecessary, policies, procedures, and practices that hinder team performance?
• Correct differences between what the company says it wants people to do and what it rewards people for doing?
• Work with team members to help them overcome feelings of isolation?
• Help the team to understand, recognize, and manage different kinds of conflict?
• Recognize when he/she is a barrier to the team and takes action for improvement?

5. Business Analyzer 

•  Communicate information about what is happening in other parts of the organization?
•  Ensure team members know how to use communication technology effectively?
•  Act like serving the customer is the most important priority?
•  Discuss specific data about with the team on a frequent basis?
    (Data includes: Product/Service performance, Competitors, and Finances)

6. Coach

• Build problem-solving skills in and transfer responsibility to others by asking questions rather than giving answers?
• Ensure team members have effective ways to communicate with each other?
• Allocate time and money for training and development activities?
• Deal with poor performance appropriately?
• Exhibit good feedback skills and teach the skills to team members?
• Ensure the team develops and uses appropriate technology protocols?
• Technology includes email, phone, web meeting/conference tools, etcetera?

7. Living Example

• Provide a personal example of the way people act in a team setting?
• Admit mistakes freely and openly?
• Follow through on agreements?
• Willing to do things that are personally inconvenient if it helps the team?
• Will do what is right even if it may be disruptive to personal career goals?
• Behave consistently with corporate values and ethics?

Besides the assessment, another suggestion to team leaders from the book I found interesting was the flipping of the traditional weekly progress report. Not only do the team members send reports to managers or update the team project plan, the leader sends a report to the members of what he/she is doing for team and provides advance notice of when he/she is available/unavailable.

The above assessment is an excerpt from chapter 3 of the book “Manager’s Guide to Virtual Teams” authors Kimball Fisher and Mareen Fisher , copyright 2011 by The McGraw-Hill Companies, Inc.

Permission to reprint was granted by the publisher.  
Disclaimer: McGraw Hill makes no representation or warranties as to the accuracy of any information contained in the McGraw-Hill material, including any warranties of merchantability or fitness for a particular purpose. In no event shall McGraw-Hill have any liability to any party for special, incidental, tort, or consequential damages arising out of or in connection with the McGraw-Hill Material, even if McGraw-Hill has been advised of the possibility of such damages.
See also To Be Productive blog Disclaimer at bottom of site.

Starting a Virtual Team with the Right Membership

In the “Manager’s Guide to Virtual Teams” by Kimball Fisher and Mareen Fisher they state the 3 reasons a virtual team may need to exist are because members: are not located in same office building, may work different shifts or in different time zones, and/or come from varying cultures. Working with virtual teams (a.k.a. GDT) can be hard if the manager has not selected the correct members and does not make the effort required to get all members to work as a team.

In this post, I will focus on summarizing chapter 6 of the book, which is starting up or refocusing a virtual team. The chapter provides tips for 3 typical team start-up activities that can not be skipped for a virtual team, even if they are a temporary project team. The standard activities include:

1. Creating a charter (a.k.a. mission/purpose and results/objectives for team)
2. Defining roles and clarifying responsibilities
3. Establishing operating guidelines (a.k.a. ground rules or team behavior, which in my opinion should include participation in meetings, problem-solving and decision-making processes – the book also suggests some good methods for the last two in later chapters).

Included in this chapter is an activity which I have seen some technical teams optionally put in their operating procedures in order to better work together. It is required for virtual teams as a 4th activity; it is the establishment of technology-use protocols. To save time, I will not write about these 3 team items since it is possible to find many articles on all 3 and find suggested ideas for developing each in many team-building books.

Instead, I would like to paraphrase the attributes that the Fishers believe virtual team members must have, since some of these may be different than the requirements for co-located work or project team members. Here are the attributes to consider for a virtual team member:

• Can work independently with little/no supervision but is not a loner
• Is self-disciplined so that he/she will start and complete tasks
• Will enjoy working on a team and has good interpersonal skills
• Gets good results through use of good judgment and necessary skills
• Is competent in both work/project skills and required technology
• Accepts accountability for self and work responsibilities

In the “Manager’s Guide to Virtual Teams”, the authors also stress the importance of orientation for new members, team training, appropriate training for all in necessary business-related skills, and taking time to celebrate as a team. Continuous learning is encouraged with team-building activities in both live and web/video meetings as key to helping the virtual members feel more like a part of a team. They suggest doing short easy relationship-building activities at least monthly in virtual meetings and then do other types of team-building at event or meeting dates when the group gets together at the same location.

For more from the book, see my next post on Assessing the Effectiveness of a Virtual Team Leader.