Adam Braun's Blog

In recent years, sustainability has transcended its status as a buzzword to become a driving force in the business world.

Companies around the globe are increasingly recognizing that adopting sustainable practices is not only a moral imperative but also a strategic necessity. Embracing sustainability can offer businesses a unique competitive advantage that leads to long-term success and positive environmental and social impacts.

Let’s explore how companies can leverage sustainability to gain a competitive edge and thrive in a rapidly changing business landscape where 95% of employees expect their employers to become more sustainable.

Meeting Consumer Demands and Enhancing Brand Reputation

Modern consumers are increasingly environmentally and socially conscious, and they are gravitating towards companies that share their values. Embracing sustainability initiatives, such as reducing carbon emissions, using renewable energy sources, sourcing ethically-produced materials, and promoting fair labor practices, resonates with these consumers. A brand that is seen as genuinely committed to sustainability gains a loyal customer base that feels good about supporting such a company.

A positive reputation can also boost a company’s ability to attract and retain talented employees. In a competitive job market, workers are more likely to choose companies with a strong commitment to sustainability and ethical practices. This not only enhances a company’s talent pool but also improves employee morale and productivity.

Cost Savings and Efficiency Improvements

Sustainable practices often lead to cost savings and operational efficiency. For instance, implementing energy-efficient technologies can reduce utility bills, while optimizing supply chains can minimize waste and transportation costs. Adopting circular economy principles, such as recycling and repurposing materials, can save on resource expenditures and disposal expenses.

Furthermore, companies that invest in sustainable technology and innovation are better positioned to adapt to changing regulations and market demands. By staying ahead of the curve, they avoid costly compliance penalties and capitalize on emerging market opportunities.

Risk Mitigation and Resilience

Sustainability initiatives can significantly mitigate risks associated with environmental, social, and governance (ESG) factors. Companies that take proactive steps to address environmental issues, human rights, and ethical business practices reduce the likelihood of facing reputation-damaging controversies. By adhering to sustainability standards, businesses safeguard their operations against potential supply chain disruptions, resource scarcities, and legal and regulatory risks.

Incorporating sustainability into the corporate strategy also fosters resilience during times of crisis. Companies that have already integrated sustainable practices into their operations are better equipped to weather economic downturns and unforeseen challenges. This can be particularly critical in industries vulnerable to climate-related risks or faced with changing consumer preferences.

Access to New Markets and Investment Opportunities

Sustainability-oriented businesses have access to a growing market of environmentally-conscious consumers who are willing to pay a premium for eco-friendly products and services. By aligning with these consumer preferences, companies can open new revenue streams and expand their market share.

Additionally, sustainability practices can attract responsible investors who seek to invest in businesses that prioritize long-term value creation and sustainability. Many investment firms are integrating ESG criteria into their decision-making processes, making it more attractive for sustainable companies to secure funding and capital for growth.

Driving Innovation and Collaboration

Sustainability challenges often require innovative solutions, pushing companies to think outside the box. Embracing sustainability can lead to a culture of innovation within the organization, encouraging employees to develop new ideas and solutions to complex problems. This culture of innovation can extend beyond sustainability efforts, becoming a force multiplier all aspects of the business.

Sustainability is no longer just an option for companies; it’s an essential component of a successful business strategy.

By adopting sustainable practices, businesses can enhance their brand reputation, attract environmentally-conscious consumers and top talent, reduce costs, mitigate risks, access new markets, and foster innovation. The journey towards sustainability may require upfront investments and commitment, but the long-term rewards far outweigh the costs.

Companies that embrace sustainability as a competitive advantage position themselves not only for a brighter future but they can attract and retain top talent in a market where the question of “where does your company stand on sustainability” is become more important by the day.

The post Is Sustainability the New Competitive Advantage? appeared first on Adam Braun.

This is actually a guest post from Nick, a reader of The Promise of a Pencil:

I just turned 30, am working in a well-paying but emotionally bankrupt job and have found my life lacking the purpose or compelling mission that I so desperately want.

Your post, 3 Essential Steps to Uncover Your Purpose and Become Unstoppable laid out the “what” very well—but giving your audience a follow-up on “how” could be super useful. Here are four potential actions for each of the three main steps you encouraged others to take.

 

STEP 1: GET OUT OF YOUR COMFORT ZONE Rejection Therapy

This is a great way to overcome irrational social fears and disconnect ourselves from outcomes—allow yourself to fail. You’ll be surprised what you’re capable of when you do.

Set a Colossal Ambition

This requires you to discipline yourself and accomplish smaller goals first. For example you can register for a Spartan Race or marathon that will require weeks or months of training. Or start planning a huge travel trip. Aim to learn a new language. The options are massive.

Allow a Friend to Make Plans for You

Give them complete control of an evening filled with unknown activities. Do this consistently to build the habit of being okay with uncertainty. A core tenant of improv comedy and storytelling is the Agreement Principle: to never say “no”, only “yes”, to whatever is presented. Try living your life that way and you may find it and yourself changed.

Enter a Competition Where You’re Likely To Lose

We learn very little from our successes. It’s through failure that we gain the greatest knowledge, yet we rarely set ourselves up for those types of experiences. Failure is a necessary experience for growth, and you’ll be surprised by how losing can lead to a thirst for perseverance and success.

 

STEP 2: NEVER TAKE NO FROM SOMEONE WHO CAN’T SAY YESSpend Time Around People More Successful Than You

Being around people who are influential and have accomplished things you admire can be beneficial IF you use it as inspiration and motivation. Jim Rohn once said, “You are the average of the five people you spend the most time with.” Up the average!

Figure Out What’s Important to Others – Outside of Work

This is huge in today’s world. A 2013 Cone Communications Study indicated over 90% of millennials said they’d switch brands to one associated with a good cause – i.e. cause marketing works! Aligning yourself with a decision-makers’ personal motivations is a great way to gain their attention.

Position Yourself Where Successful People Will Mingle

Successful people are often tough to get in front of in business settings, but doing some research to identify their passions and get involved in those areas. Use social media to your advantage. What do they have linked and liked on their pages? People are proud of what they’re passionate about. A little homework can put you in the right place at the right time.

Reach Out To Those Who Work With Leaders You Admire

Many great romantic relationships start as friends-of-friends – business is no different. Talk to people you already know and work with to see if there are introductions to be made. Linkedin has a new Introduction feature, use it!

 

STEP 3: CHOOSE TO MAKE YOUR LIFE STORY WORTH TELLINGFind a Passion That Makes You Come Alive

Don’t look around for what the world needs, ask what excites you and moves your emotions. What the world really needs, and what every great story has, is a character that’s electrified by the pursuit of something that matters to them.

Work Your Ass Off Every Single Day

Ironically, the best dreams happen when you’re awake, present and working on something you’re truly passionate about. The stories that resonate most clearly with us have a character that is working creatively, tirelessly, in pursuit of a vision for the future.

Understand What Creates Happiness

Read Gretchin Rubin’s The Happiness Project. Make a happiness plan and stick to it every day! You have to pave your own unique path. A successful life is defined differently by everyone – but one thing remains true, we’re all looking for happiness. The best story you can tell is one with a happy ending.

Let Go of The Past and Live In The Present

Hindsight is 20/20. Life can only be understood backwards; but it must be lived forwards. We learn from the past, and live in the present. Time is the only truly unrenewable resource we have – don’t waste it by dwelling on what you cannot change. Do something today to move towards the compelling future.

The post 12 Actions to Discover Your Purpose and Become Unstoppable appeared first on Adam Braun.

This is an abbreviated version of the original article that appeared in the First Round Review called “The Habit Behind This Founder’s Fast Financings, Product Development and Book Deal” on September 20 2017. Written by the First Round team.

The night Adam Braun received his final term sheet for MissionU’s Series A investment he put his fundraise on hold. The round for his newly launched college alternative startup was oversubscribed in less than three weeks. Most founders dream of being in this situation, but Braun had more calls to make. Specifically, 23 more he’d place over the next 24 hours. He refused to make a decision until he heard what each carefully-selected person on his list had to say. These conversations are part of what Braun has coined a “listening tour.” These days, he activates one before every critical decision.

Braun embarked on his first listening tour as a recent grad, when he was deciding which first job he’d take out of school. Now, five listening tours later involving 80+ people, the practice has not only launched his career, but also companies. It’s helped him raise $30 million for his non-profit Pencils of Promise, which has built over 400 schools in developing nations, land his book The Promise of a Pencil on the New York Times and Wall Street Journal bestseller lists, and most recently, scale MissionU with partners like Spotify, Warby Parker and Casper.

Some readers may write this off as asking your network for advice. Don’t. These tours are structured processes, ranging from a week to six months, and require specific criteria and techniques to be followed.

In this exclusive interview, Braun breaks down exactly how he organizes his listening tours, including how he identifies who to meet and what to ask them. He walks through how to structure your process to not only make the decision at hand, but also to build lasting relationships with potential hires, partners, advisors and investors.

Why Listening Tours Are Different

First, let’s define it from the get-go:

Listening tour | [lis–uh ning too r] | (noun): a structured allocation of time to question a carefully selected group of people with the belief that hearing their answers will provide critical clarity on the right decision to make.

As with any definition, it can be as helpful to define what it’s not. “It’s not a passive declaration that you will ask everyone the same one question or that you will set up a meeting with your advisors,” Braun says. “Nor is it like a customer visit, focus groups, a board of directors or corporate coach. There are distinctions from each of these practices.” Here they are:

Meetings must be 1:1. There must be no risk of groupthink or passive participation. There are questions to work through and you must hear each person’s response to every question in-depth. Ideally every listening tour is in-person, but it’s not necessary. A phone call or video chat will suffice for those who’ve met and interacted with you before.

It’s about processing, not presenting. A significant part of a leader’s job is to communicate information and channel it to the relevant groups. The beginning, middle and end point of listening tours is not about dispersing information in and of itself. It’s about discovering or sequencing information you hadn’t previously.

People must welcome your context. You must be vulnerable, but that’s only part of the equation. It’s also what they do with it. Those on your listening tour must have the history, willingness and/or ability to suss out the key points and players in your situation. While he’s reached out cold to people before, most people who’ve been part of Braun’s listening tours are those he’s known personally or were one warm introduction away.

Before a listening tour, you truly don’t know the answer. You’re not begging the question — you’re in service of it.

So what decisions suit a listening tour? Braun uses the following lines of inquiry to determine when one is warranted:

Is this the single most important decision I’ll make this year? If yes, he continues to the next question.

Will it also have a transformational impact on my life and the well-being of my organization? If yes to that one, he asks himself the next question.

Do I know with absolute conviction exactly what the best path forward is? If that answer is no, he makes time to engage in a listening tour.

The Anatomy of a Listening Tour

Startup culture rewards speed as a habit. In many respects, that’s golden advice. But not for listening tours, according to Braun, who’s seen the benefits of this deliberate, methodical practice. “Listening tours unfold, not unleash. You commit to a concrete, time-bound process where the jury is out until you meet with every person,” he says. “One conversation — one question even — can change everything.”

For example, prior to launching MissionU, Braun asked a person on his listening tour whether the program should be accredited or non-accredited. He said to Braun: “If you go the route of accreditation, you’re asking for somebody to out-innovate you.” That single comment dictated the foundation and future of MissionU as a college alternative. And that advice came from the 15th person he talked to on the listening tour.

All to say, listening tours take discipline, and that requires structure. Here’s how to run one:

Nail your timeframe.

Listening tours range from one week to six months, depending on the urgency of the decision and one’s time to organize the tour. On average, they run between one to three months. Of course, each person will have her own business context to consider but, here’s a rule of thumb: the long-term ramifications of a decision should be directly correlated to the length of the listening tour.

There are occasions when a decision needs to be fast-tracked and speed listening tours are necessary, such as when term sheets are about to expire. That’s why Braun delayed closing MissionU’s Series A to conduct an expedited listening tour where he completed 23 calls in 17 hours. “On one of the calls, a founder within an investor’s portfolio shared how even during tough times, the investor stepped up to support the company,” says Braun. “It’s easy to imagine how great an investor can be when things are going well, but it’s not until you talk to people who’ve seen how a fund operates when things aren’t perfect that you gain real value. The conversation convinced me that this investor would have our back through good and bad. It’s not something I would’ve known without a listening tour.”

In this vein, nailing the duration of your listening tour means taking two main factors into account: scope and urgency. Here’s are three questions that Braun asks himself to calibrate the right amount of time — not too short or too long — for his listening tours:

What’s the deadline by which I need to make a final decision? If there isn’t an external forcing function, set a mental deadline that serves as one.

Who are the best people in my extended network from which to solicit feedback? Note the “essential” people, those who will bring outsized value and weight in their feedback. Chat with each one before the choice is made.

How long will it take to connect with them? Consider several options, but it needs to be live (phone, video chat, in-person), not asynchronous (email).

A major component to designing a successful listening tour is setting expectations with the rest of your team or company. “I understand that, to many, this may seem like an unreasonable amount of time to be away from your team. But it’s not a sabbatical — it’s in immediate service to the company,” says Braun. “But that’s why being candid and clear about the tour and its purpose is critical. In my experience, anytime I’ve been leading a company or holding a full-time job, my listening tours are short, concentrated experiences between a day and two weeks — versus, say, two months. Tell your leadership team that you’re embarking on a listening tour that’ll require the majority of your time over the next day, week or weeks. Don’t check your phone or email during those meetings — you must honor that time for them to respect it.”

Source and set your list of people.

A listening tour is not emailing the closest people in your network with a question or asking three investors for their opinion. It is a tightly curated list of people who fulfill certain criteria. For example, the day after incorporating MissionU, Braun brainstormed a list of 12 people. They embodied specific traits that could be summarized as follows: high-integrity individuals who he knows personally, trusts and who are building or have recently been involved in building a company valued at $200M or more. This criteria is meant to be inspirational and aspirational

Next, create a list. It need not be fancy, just comprehensive. Braun writes lists of everyone he knows — from college to his work with the United Nations Special Envoy for Global Education — to ensure he’s casting the widest net possible. Most professional or social platforms allow you to export your network — this can be a good starting point from which to add and remove.

Don’t limit your list to people you’ve known for years, either. The listening tour is a unique opportunity to transform weak ties into strong ones. “You create a family-like dynamic when you tell someone: ‘I’m facing one of the most important decisions of my life and I’d really value your advice,’” Braun says. “Right away, they have to think, ‘Wow, this person really values what I think and we’ve only met once.’ Some of my best relationships have evolved this way, like Adam Grant who I reached out to for advice on how to launch a book and has since become a friend who consistently provides me with thoughtful advice whenever asked.”

Structure and start your outreach.

Once you compile your list, draft and queue up a brief, personal email for each person. It’s less important to provide a ton of context in a long missive — and often counterproductive. “The thing people get wrong asking for someone’s time is they try to justify it with a long email,” says Braun. “Before your start, you create the feeling that whatever you’re asking for is going to be onerous. Include everything you need in three lines or less.” Here’s an example from Braun’s fundraise:

Hi XXX,

A few months ago you suggested that when I was ready to raise capital I should touch base to hear your thoughts on how to best run the process. Considering the team is assembled and we’re going to start the raise in [INSERT MONTH], I’d love to get together to to get your thoughts and guidance.

Feel free to cc an admin if it’s easiest. I’m flexible next Monday, Thursday and Friday. I’ll also send through the deck beforehand.

Thanks!

Adam

There are a few key points to highlight here:

Prioritize words like advice, insight and guidance. Even if you have a close relationship with this person, you need to demonstrate that you are coming from a vulnerable place and respect their opinion.

Convey flexibility. “The one thing I always do is request that the conversations are in person if at all possible,” says Braun. “Aside from that, work around people’s schedules and make it clear that you value their time. Show, not tell this, too. If asked for dates and times when you’re free, don’t give fewer than three options if possible.”

Find neutral ground. While some people may ask to meet at their office, when possible, Braun suggests getting together outside of the work environment to minimize distractions and create an informal feel. To be convenient for them, that may be a coffee shop near their work — or even a nearby park. Choose a place where you’ll be undisturbed.

Once you’ve got your template set, send them. Ideally, on the same day. “Since you’re trying to speak with everyone in the allotted timeframe, sending in a batch gives them — and you — the most time to respond and set a time,” says Braun. “However, if you’re in the early stages of building your network, start with the people you are most confident will meet you. Then, if needed, reference one or two of the conversations you’ve already had to increase the likelihood of others responding.”

Compose your questions — in three tiers.

A set of questions is the engine for any listening tour. Braun breaks his process into three steps:

Research. Spend significant time reading articles, books and websites to get as smart as you can on the topic on which you’re asking. Listen to podcasts of those who have achieved a successful outcome in the space you’re pursuing and lean on that collective set of information to identify what the key variables and levers to success are.

Relate. You must cover each question, but not each one is equal. “When I create my list of 12-15 questions, three to four questions separate from the bunch as the most critical. I know this because, if needed, I can often nest three to five other questions underneath them,” says Braun. “When I draft the questions, I’ll star the ones that are the most critical three to four. These, taken together, answer the highest level question to be answered: the one that addresses head-on the obstacle to making a decision. This tiering may evolve as conversations happen, but stack your questions the best you can to prepare.”

Recite. The physical act of having researched and written down questions gets them ingrained. Adam still takes a list of questions with him to check-off each one during a conversation, but when asked about them years later, his recall is precise. “It’s like learning your lines for a play. The more you take them to memory, the more you can focus around your emotion when asking them — as well as others’ emotion,” says Braun. “It gives you license to pick up signals from the person across from you that you may miss staring at your notebook.”

Active Listening is Disciplined and Structured

Your listening tour is as much about what you ask as how you ask. Over 11 years, Braun has refined the most effective strategies to extract the most out of meetings. Here’s how:

Engineer a student/teacher dynamic.

The secret to a successful listening tour is vulnerability. From your first email, you are admitting that you need guidance to make the right decision. Follow that same thread in your interview. “Your objective is to gain as much knowledge as you can from the person you are with,” says Braun. “Listen with the intent to learn. As soon as you find yourself debating or interjecting, stop. Aside from asking questions, you shouldn’t be speaking very much at all.”

Braun brings a notebook to every meeting with his questions listed so he can check them off and take notes. “It creates an environment that mirrors a college lecture. They’re telling you everything they know about a particular subject and you’re writing it down. It causes them to think very deeply because their observations are being captured and considered,” says Braun. “The mere act of writing in someone’s presence shows acknowledgment and a weight of importance to each word spoken.”

The only path forward is saying you don’t know the path forward. Say it, mean it: “I need your help to get there.”

Watch the clock. Pace your agenda.

To get through each question requires strict time management. Instead of calculating your time per question, consider Braun’s templated agenda to stay on track:

5 minutes: Thank the person. Share context that the person doesn’t already have. Emphasize that you’re learning to make a critical decision. Assure them this is one of many meetings, following a structured process to achieve an intended outcome.

40 minutes: Move through your question list as deliberately as you can. It’s natural that most meetings will center on a few questions, but guide the conversation forward. Give a heads up before jumping in that you don’t want to interrupt, but will watch pace.

15 minutes: Save your three to four most important questions until last. “ It’s common to want to ask your most pressing questions first to guarantee they’re answered, but people need to warm up. And that takes having a better grasp of the context and key variables before delivering a truly thoughtful response.

Take one of Braun’s top three questions for MissionU’s fundraise: Who is the ideal investor for us? “If you ask a question like this at the start of a conversation, you’re going to hear about the best investors on paper. You don’t want the best investors on paper. You want the best investors for you,” he says. “When you ask it at the end, they evaluate your business model and existing relationships first. And so are better positioned to answer the question from the standpoint of: ‘Based on my understanding, here is who I think you should target.’”

Your last question is meant not to trigger the last word, but the first word for future conversations.

Braun’s final question is always: Is there one person you really respect and think I should also be speaking to about this? “Many of the most instrumental people I’ve met for the first time are because of asking this question on listening tours,” says Braun. “Half of the time people will give you an answer and offer to connect you themselves. On my listening tour defining the MissionU product, Jeff Raider [co-founder of Harry’s and Warby Parker] suggested I connect with Joey Zwillinger [co-founder of Allbirds], who has become a great friend and highly endorsed the branding agency Red Antler that we later worked with to build the entire MissionU brand identity. Without Jeff introducing me to Joey, MissionU would look completely different today.”

Because listening tour meetings are so dense, there will be times when you feel as if you have all of the information you need to make a decision. Don’t fall into this trap. Default to completing the tour. Braun takes it a step further and doesn’t think about his decision formally until he has spoken to everyone. “The goal of the tour is to learn as much as you can in an allocated period of time. It is not to make a decision,” he says. “If you spend your meeting deliberating on the decision — even in your own head as the other person speaks — you’ll not only miss formation, but the entire purpose.”

The listening tour is a listening tour — not a deciding tour. Making a choice at the wrong time can eliminate options.

Make your decision only once the tour’s complete.

At the end of the listening tour, Braun dedicates 4-5 hours to review his notes, typically over 1-3 days as his notes from listening tours can be upwards of 50 pages. Most times, after reviewing his notes, he’ll have a sense of where the consensus is on the major decision. “At this stage I recommend two practices: long, solo walks and handwriting your thoughts. Walks help clear the distractions of a nonstop flood of email and social media,” says Braun. “As for handwriting thoughts, I’ll write unstructured journal entries to activate my ‘subconscious listener.’ I find that, when I handwrite a journal entry — specifically with the expectation that no one will ever read it — I tap into the voice of that listener. That’s my gut, my intuition. That’s the voice to follow.”

The outcome of both of these practices is not to suss out the consensus from those on the listening tour — but to find your inner voice while in acknowledgment of that consensus. “Sometimes, you’ll agree with the consensus. Other times, you’ll completely disagree. But it’s not about consensus. That’s a critical tenet of listening tours. Again, it’s not about consensus. It’s about what your gut tells you after you understand where the consensus lies. It’s how the context shifts after you’ve shared it with those you trust.”

Circle back to close the loop.

It’s basic manners to follow-up with those you’ve met — both to thank them and share the outcome of your process. Most will send a mass email or perhaps a customized templated email. Braun will typically leans away from group updates, and toward a more personal quick text. “It’s informational, but not long. Something like: ‘Hey, I just wanted to let you know that this where I landed on the decision. I can’t thank you enough for all of your insights. I hugely appreciate you. If I can ever help you in any way going forward, please just say the word.’ That’s it,” says Braun. “If your intent is to seed and build a long-term relationship, you don’t need to deliver a long report. But more an authentic recognition for their time and support, and an intent to reciprocate.”

Bringing It All Together

There are step-by-step guides for the perfect sales hiring process, replicable blueprints for onboarding and detailed outlines for product prototyping. But when it comes to something as basic as listening to make decisions, people dismiss any concrete regimen. But don’t make that mistake: give the structured, time-bound process of a listening tour a try. First, determine if the decision is worth the investment. Nail your timeframe and prime your team so they can support your pursuit. Source your list of people according to specific criteria and trigger your outreach. Compose your questions in three tiers — and work through each one, for everyone. Circle back in the same way you met: 1:1. Then get distance to process your notes and make the decision solo.

“VCs aim to make decisions that’ll have a high return on their initial investment. I wouldn’t have categorized them together at first, but I’ve come to expect listening tours to perform similarly — I want a high return on that time, both belonging to those on the list and me. That means that how we spend that time should not only serve the decision at hand, but the future decisions we might share with each other,” says Braun. “Over the long term, that starts to manifest as advisors for your company, future board members — and ideally, advocates for your mission and movement. This structured way of investing in decisions leads to many more good choices to make. That’s really what you hope to line up as a founder.”

The post The #1 Success Habit: Listening Tours appeared first on Adam Braun.

Last month, I noticed a few people on my Facebook feed sharing a link to a Reddit post that announced the launch of something called the Pineapple Fund. The person behind it wrote that they’d been an early investor in Bitcoin and felt as though at a certain point, enough money is enough, and he or she now wanted to donate $86M in Bitcoin to charities.

Although I stepped out of the active CEO role at Pencils of Promise at the end of 2015 to launch MissionU, I’m still involved as Founder & Board Emeritus and constantly look for ways that I can support our work. I immediately sent the link to the team and said that we should fill out an application form for a donation through the Pineapple Fund website, which the team submitted right away.

We heard nothing in response.

A few days later, Susie from the PoP team saw that charity: water became the fifth recipient of a Pineapple Fund grant (in the amount of $1M) and encouraged me to email my friend Scott Harrison (Founder & CEO of charity: water) to ask for advice on how to succeed in the application process.

Scott replied right away and shared that he’d simply cold emailed into the website and advised me to use a subject that would grab attention.

Over the next few hours I crafted an email from the heart, with a subject line that I knew would get opened. Here’s the actual text of my email:

Subject: You are the reason I started Pencils of Promise

HI, my name is Adam Braun and after seeing your support of my friend Scott Harrison’s organization charity: water (an amazing charity) I reached out to him and he suggested I shoot you a note as well.
 
To give you some background, 12 years ago while walking through the streets of India I met a young boy begging on the street who when I asked him what he wanted most on the world, simply answered, “A pencil.” It turns out he had never been to school before, which I learned was the case for 57 million children around the world. Inspired by that boy, several years later I founded Pencils of Promise to build schools, train teachers and increase access to quality education for children in the poorest parts of the world where education is needed most.
 
The organization began with just $25 and the goal to enable any person regardless of age, status or location to change lives. Truthfully, what you are now doing is the exact reason the organization was created, to show that philanthropy can be a vehicle to inspire others… This is now our 10th year of operation (founded Sept 2008 and now incorporated in the USA, Laos, Ghana and Guatemala), and from the beginning we’ve always believed the impossible could be made possible. From the start, we crowdsourced our early donations through small contributions from youth across the country, and over time have grown into a global movement that’s built more than 400+ schools around the world for nearly 75,000 children so far. Most important though, we’re completely data-driven and are pushing new boundaries of transparency in the education space (see here for examples).
 
I can assure you that if you were to select Pencils of Promise for one of your $1M grants, we would be able to immediately use those funds in the communities we serve across Asia, Africa and Latin America to transform tens of thousands of lives through building new schools, training teachers, providing holistic community support and implementing our e-reader program that truly transforms learning for children in rural poverty.
 
What you are doing is insanely inspiring to so many of us who have dedicated many, many years to this space and I hope you’ll enable us to support even more children going forward. If you have any questions please don’t hesitate to let me know!
 
In gratitude for your consideration,
Adam

Over the next seven days, I heard nothing in response.

But on the eight day after my email was sent in, on my way home from brunch with my wife and twins, I saw an email from Pineapple Fund. Here’s what it said:

Hi Adam,

First, apologies for my delay in getting back to you. I’ve been super swamped with emails and personal / family commitments around this festive season.

We’d love to make a $1 million contribution to Pencils of Promise, even though it is outside of the scope of work we usually fund. Would you be able to set up bitcoin payment processing facilities?

Best,

Pine

As I read those words, my heart started beating out of my chest. I was absolutely thrilled, but nothing is definitive in my mind until funds hit the bank.

Fortunately, our brilliant team member Carlo had already setup www.pencilsofpromise.org/bitcoin as a processing gateway in the hope that this contribution might come through, so I shared the URL with our mystery donor and held my breath.

10 minutes later, Pencils of Promise received $999,999.99.

At that point, I ran around my house with joy, and danced with our twin babies to celebrate (we do a lot of dancing together) the impact that I know that donation will have in the world.

Major shoutouts to the whole PoP team for helping make this happen, and to Scott for your generous advice.

Pine, whoever you are, I hope that one day you’ll reveal yourself so I can thank you in person. The world needs more people like you… Thank you for inspiring us all!

The post The True Story Behind A $1M Donation… in Bitcoin appeared first on Adam Braun.

Within the last year, I have moved across the country, immersed myself in a new industry, and launched a new company. But most notably, I became a father.

With the joy of welcoming newborn twins into the world this past November, I experienced a tectonic shift. My personal vision, my professional rituals, and my overall life mission ceased to be certain to me.

During my twenties and early thirties, before I had children, I assumed my purpose was to effect as much positive change onto as many people as possible. It was with this understanding that I launched Pencils of Promise, a global organization that’s built more than 400 schools around the world for children in poverty, and began to lay the groundwork for MissionU, a debt-free college alternative. My goals were all associated with broad, world-scale impact.

Our collective societal instinct is to use professional success as a marker for achievement. And I’m guilty of it—my primary methods of evaluating my professional worth before becoming a dad were my job title and my performance.

News flash: babies do not care about your job title. Whether you’re an intern or a CEO, all they care about is your presence. What I had always wanted on a macro scale simply melted away after I became a new father.

After my wife and I brought our twins home, I faced a new dilemma: To live big or live small? Was it wrong for me to put focus on my newly-built company when I had new babies at home? What about the guilt that I’d inevitably feel about the late nights and early mornings that come with being an entrepreneur?

I’ve only been a dad for eleven months, so I’m not going to tell you how to hack work-life balance. What I’m trying to figure out is what our personal lives mean to our professional selves, and how can we optimize the two while supporting fellow working families in the process. While I don’t think anyone has all of the answers, these are strategies I’ve chosen to implement in my own life and startup.

Address the elephant in the room

Even though it’s often the most important aspect of a parent’s life, family commitments are usually avoided in conversation amongst male executives. While women deal with incredible pressure and harmful stereotypes when it comes to balancing work with family, men often simply avoid the conversation about family altogether to bolster the traditional image of being “work at all costs” businessmen. An unspoken pressure to execute, deliver, and operate in the workplace has placed a silent stigma that stops many dads from talking about their families with their colleagues. Rather than avoiding this enormously important part of my life, it’s often one of the first things I share. By owning it, I set the tone in my interactions that there is no professional part of my life that isn’t impacted by what is additionally happening in my home life.

Reexamine prioritization

For many professionals, it’s difficult to say no. Whether it’s to a new project, a new partner, a new venture, or a new opportunity, it’s much easier to say yes, yes, go. But as most parents can agree, children teach you the true value and meaning of no. It was only once I had children that I began to recognize that every time I agreed to one commitment I was, without realizing it, removing time I could be allocating to something else, and each professional commitment dipped into the limited time I have with my children when I leave the office.

I started my career at Bain & Company, which introduced me to the concept of “pushing back” on work requests. This is a term used to reframe expectations with a boss, that enables both of you to determine the highest value work to be done and fully focus on that top priority. But as my career has progressed, I’ve come to expect my colleagues at MissionU to not just push back, but oftentimes state an outright rejection of an idea. By learning to say no, I’m now able to much more effectively say yes when I really mean it.

Change the workplace mentality

Congress’ introduction of The Family Act earlier this year (which would provide a federal baseline for paid family leave) is a good step toward jump-starting the narrative around commitment to family in the workplace, but we can do more to optimize our responsibilities for both roles. Families aren’t distractions, and we can’t let traditional views categorize them as such. In fact, I’ve found it easier to develop stronger professional relationships through the openness and acknowledgment of life outside the workplace. I’ve developed dozens of close new relationships by sharing stories of late-night baby tantrums, which serve to humanize even the most high-powered executive. Talking about our children and sharing our stories of commitment to family is what we need to expect from leadership, so that same culture can diffuse in a top-down fashion to others.

A recent Bank of America study supports the claim that many of us believe professional achievement is the end-all-be-all, with small business owners touting that their business is four times more stressful than raising children. But while family and work are arguably the two most important aspects of every person’s life, this comparison is unhealthy, and we need to change this damaging narrative. Instead, we should remove the stigma for those who want to do great things for their jobs as well as their families.

The challenges that we face as parents and professionals will never get easier, but the way we handle specific obstacles strengthens our ultimate successes at both. Growing my little family has taught me invaluable lessons, including the fact that failure is just as important as success (to which anyone who has watched a child try to take their first steps can attest), and empathy is a cultural currency more important than gold. From one professional to another, we need to rise up within our companies to celebrate triumphs with our families in addition to our successful accomplishments in the office, as our working culture could learn a lot from the lessons we draw from our spouses and children. Let’s start these conversations. It will not only benefit our colleagues, it will one day help the next generation of future leaders as well.

From one professional to another, we need to rise up within our companies to celebrate triumphs with our families in addition to our successful accomplishments in the office, as our working culture could learn a lot from the lessons we draw from our spouses and children. Let’s start these conversations. It will not only benefit our colleagues, it will one day help the next generation of future leaders as well.

This article was originally published in Quartz on October 17 2017.

The post The New Rules of Career vs. Family appeared first on Adam Braun.

This is an abbreviated version of the original article that appeared in the First Round Review called “The Habit Behind This Founder’s Fast Financings, Product Development and Book Deal” on September 20 2017.

The night Adam Braun received his final term sheet for MissionU’s Series A investment he put his fundraise on hold. The round for his newly launched college alternative startup was oversubscribed in less than three weeks. Most founders dream of being in this situation, but Braun had more calls to make. Specifically, 23 more he’d place over the next 24 hours. He refused to make a decision until he heard what each carefully-selected person on his list had to say. These conversations are part of what Braun has coined a “listening tour.” These days, he activates one before every critical decision.

Braun embarked on his first listening tour as a recent grad, when he was deciding which first job he’d take out of school. Now, five listening tours later involving 80+ people, the practice has not only launched his career, but also companies. It’s helped him raise $30 million for his non-profit Pencils of Promise, which has built over 400 schools in developing nations, land his book The Promise of a Pencil on the New York Times and Wall Street Journal bestseller lists, and most recently, scale MissionU with partners like Spotify, Warby Parker and Casper.

Some readers may write this off as asking your network for advice. Don’t. These tours are structured processes, ranging from a week to six months, and require specific criteria and techniques to be followed.

In this exclusive interview, Braun breaks down exactly how he organizes his listening tours, including how he identifies who to meet and what to ask them. He walks through how to structure your process to not only make the decision at hand, but also to build lasting relationships with potential hires, partners, advisors and investors.

Why Listening Tours Are Different

First, let’s define it from the get-go:

Listening tour | [lis–uh ning too r] | (noun): a structured allocation of time to question a carefully selected group of people with the belief that hearing their answers will provide critical clarity on the right decision to make.

As with any definition, it can be as helpful to define what it’s not. “It’s not a passive declaration that you will ask everyone the same one question or that you will set up a meeting with your advisors,” Braun says. “Nor is it like a customer visit, focus groups, a board of directors or corporate coach. There are distinctions from each of these practices.” Here they are:

Meetings must be 1:1. There must be no risk of groupthink or passive participation. There are questions to work through and you must hear each person’s response to every question in-depth. Ideally every listening tour is in-person, but it’s not necessary. A phone call or video chat will suffice for those who’ve met and interacted with you before.

It’s about processing, not presenting. A significant part of a leader’s job is to communicate information and channel it to the relevant groups. The beginning, middle and end point of listening tours is not about dispersing information in and of itself. It’s about discovering or sequencing information you hadn’t previously.

People must welcome your context. You must be vulnerable, but that’s only part of the equation. It’s also what they do with it. Those on your listening tour must have the history, willingness and/or ability to suss out the key points and players in your situation. While he’s reached out cold to people before, most people who’ve been part of Braun’s listening tours are those he’s known personally or were one warm introduction away.

Before a listening tour, you truly don’t know the answer. You’re not begging the question — you’re in service of it.

So what decisions suit a listening tour? Braun uses the following lines of inquiry to determine when one is warranted:

Is this the single most important decision I’ll make this year? If yes, he continues to the next question.

Will it also have a transformational impact on my life and the well-being of my organization? If yes to that one, he asks himself the next question.

Do I know with absolute conviction exactly what the best path forward is? If that answer is no, he makes time to engage in a listening tour.

The Anatomy of a Listening Tour

Startup culture rewards speed as a habit. In many respects, that’s golden advice. But not for listening tours, according to Braun, who’s seen the benefits of this deliberate, methodical practice. “Listening tours unfold, not unleash. You commit to a concrete, time-bound process where the jury is out until you meet with every person,” he says. “One conversation — one question even — can change everything.”

For example, prior to launching MissionU, Braun asked a person on his listening tour whether the program should be accredited or non-accredited. He said to Braun: “If you go the route of accreditation, you’re asking for somebody to out-innovate you.” That single comment dictated the foundation and future of MissionU as a college alternative. And that advice came from the 15th person he talked to on the listening tour.

All to say, listening tours take discipline, and that requires structure. Here’s how to run one:

Nail your timeframe.

Listening tours range from one week to six months, depending on the urgency of the decision and one’s time to organize the tour. On average, they run between one to three months. Of course, each person will have her own business context to consider but, here’s a rule of thumb: the long-term ramifications of a decision should be directly correlated to the length of the listening tour.

There are occasions when a decision needs to be fast-tracked and speed listening tours are necessary, such as when term sheets are about to expire. That’s why Braun delayed closing MissionU’s Series A to conduct an expedited listening tour where he completed 23 calls in 17 hours. “On one of the calls, a founder within an investor’s portfolio shared how even during tough times, the investor stepped up to support the company,” says Braun. “It’s easy to imagine how great an investor can be when things are going well, but it’s not until you talk to people who’ve seen how a fund operates when things aren’t perfect that you gain real value. The conversation convinced me that this investor would have our back through good and bad. It’s not something I would’ve known without a listening tour.”

In this vein, nailing the duration of your listening tour means taking two main factors into account: scope and urgency. Here’s are three questions that Braun asks himself to calibrate the right amount of time — not too short or too long — for his listening tours:

What’s the deadline by which I need to make a final decision? If there isn’t an external forcing function, set a mental deadline that serves as one.

Who are the best people in my extended network from which to solicit feedback? Note the “essential” people, those who will bring outsized value and weight in their feedback. Chat with each one before the choice is made.

How long will it take to connect with them? Consider several options, but it needs to be live (phone, video chat, in-person), not asynchronous (email).

A major component to designing a successful listening tour is setting expectations with the rest of your team or company. “I understand that, to many, this may seem like an unreasonable amount of time to be away from your team. But it’s not a sabbatical — it’s in immediate service to the company,” says Braun. “But that’s why being candid and clear about the tour and its purpose is critical. In my experience, anytime I’ve been leading a company or holding a full-time job, my listening tours are short, concentrated experiences between a day and two weeks — versus, say, two months. Tell your leadership team that you’re embarking on a listening tour that’ll require the majority of your time over the next day, week or weeks. Don’t check your phone or email during those meetings — you must honor that time for them to respect it.”

Source and set your list of people.

A listening tour is not emailing the closest people in your network with a question or asking three investors for their opinion. It is a tightly curated list of people who fulfill certain criteria. For example, the day after incorporating MissionU, Braun brainstormed a list of 12 people. They embodied specific traits that could be summarized as follows: high-integrity individuals who he knows personally, trusts and who are building or have recently been involved in building a company valued at $200M or more. This criteria is meant to be inspirational and aspirational

Next, create a list. It need not be fancy, just comprehensive. Braun writes lists of everyone he knows — from college to his work with the United Nations Special Envoy for Global Education — to ensure he’s casting the widest net possible. Most professional or social platforms allow you to export your network — this can be a good starting point from which to add and remove.

Don’t limit your list to people you’ve known for years, either. The listening tour is a unique opportunity to transform weak ties into strong ones. “You create a family-like dynamic when you tell someone: ‘I’m facing one of the most important decisions of my life and I’d really value your advice,’” Braun says. “Right away, they have to think, ‘Wow, this person really values what I think and we’ve only met once.’ Some of my best relationships have evolved this way, like Adam Grant who I reached out to for advice on how to launch a book and has since become a friend who consistently provides me with thoughtful advice whenever asked.”

Structure and start your outreach.

Once you compile your list, draft and queue up a brief, personal email for each person. It’s less important to provide a ton of context in a long missive — and often counterproductive. “The thing people get wrong asking for someone’s time is they try to justify it with a long email,” says Braun. “Before your start, you create the feeling that whatever you’re asking for is going to be onerous. Include everything you need in three lines or less.” Here’s an example from Braun’s fundraise:

Hi XXX,

A few months ago you suggested that when I was ready to raise capital I should touch base to hear your thoughts on how to best run the process. Considering the team is assembled and we’re going to start the raise in [INSERT MONTH], I’d love to get together to to get your thoughts and guidance.

Feel free to cc an admin if it’s easiest. I’m flexible next Monday, Thursday and Friday. I’ll also send through the deck beforehand.

Thanks!

Adam

There are a few key points to highlight here:

Prioritize words like advice, insight and guidance. Even if you have a close relationship with this person, you need to demonstrate that you are coming from a vulnerable place and respect their opinion.

Convey flexibility. “The one thing I always do is request that the conversations are in person if at all possible,” says Braun. “Aside from that, work around people’s schedules and make it clear that you value their time. Show, not tell this, too. If asked for dates and times when you’re free, don’t give fewer than three options if possible.”

Find neutral ground. While some people may ask to meet at their office, when possible, Braun suggests getting together outside of the work environment to minimize distractions and create an informal feel. To be convenient for them, that may be a coffee shop near their work — or even a nearby park. Choose a place where you’ll be undisturbed.

Once you’ve got your template set, send them. Ideally, on the same day. “Since you’re trying to speak with everyone in the allotted timeframe, sending in a batch gives them — and you — the most time to respond and set a time,” says Braun. “However, if you’re in the early stages of building your network, start with the people you are most confident will meet you. Then, if needed, reference one or two of the conversations you’ve already had to increase the likelihood of others responding.”

Compose your questions — in three tiers.

A set of questions is the engine for any listening tour. Braun breaks his process into three steps:

Research. Spend significant time reading articles, books and websites to get as smart as you can on the topic on which you’re asking. Listen to podcasts of those who have achieved a successful outcome in the space you’re pursuing and lean on that collective set of information to identify what the key variables and levers to success are.

Relate. You must cover each question, but not each one is equal. “When I create my list of 12-15 questions, three to four questions separate from the bunch as the most critical. I know this because, if needed, I can often nest three to five other questions underneath them,” says Braun. “When I draft the questions, I’ll star the ones that are the most critical three to four. These, taken together, answer the highest level question to be answered: the one that addresses head-on the obstacle to making a decision. This tiering may evolve as conversations happen, but stack your questions the best you can to prepare.”

Recite. The physical act of having researched and written down questions gets them ingrained. Adam still takes a list of questions with him to check-off each one during a conversation, but when asked about them years later, his recall is precise. “It’s like learning your lines for a play. The more you take them to memory, the more you can focus around your emotion when asking them — as well as others’ emotion,” says Braun. “It gives you license to pick up signals from the person across from you that you may miss staring at your notebook.”

Active Listening is Disciplined and Structured

Your listening tour is as much about what you ask as how you ask. Over 11 years, Braun has refined the most effective strategies to extract the most out of meetings. Here’s how:

Engineer a student/teacher dynamic.

The secret to a successful listening tour is vulnerability. From your first email, you are admitting that you need guidance to make the right decision. Follow that same thread in your interview. “Your objective is to gain as much knowledge as you can from the person you are with,” says Braun. “Listen with the intent to learn. As soon as you find yourself debating or interjecting, stop. Aside from asking questions, you shouldn’t be speaking very much at all.”

Braun brings a notebook to every meeting with his questions listed so he can check them off and take notes. “It creates an environment that mirrors a college lecture. They’re telling you everything they know about a particular subject and you’re writing it down. It causes them to think very deeply because their observations are being captured and considered,” says Braun. “The mere act of writing in someone’s presence shows acknowledgment and a weight of importance to each word spoken.”

The only path forward is saying you don’t know the path forward. Say it, mean it: “I need your help to get there.”

Watch the clock. Pace your agenda.

To get through each question requires strict time management. Instead of calculating your time per question, consider Braun’s templated agenda to stay on track:

5 minutes: Thank the person. Share context that the person doesn’t already have. Emphasize that you’re learning to make a critical decision. Assure them this is one of many meetings, following a structured process to achieve an intended outcome.

40 minutes: Move through your question list as deliberately as you can. It’s natural that most meetings will center on a few questions, but guide the conversation forward. Give a heads up before jumping in that you don’t want to interrupt, but will watch pace.

15 minutes: Save your three to four most important questions until last. “ It’s common to want to ask your most pressing questions first to guarantee they’re answered, but people need to warm up. And that takes having a better grasp of the context and key variables before delivering a truly thoughtful response.

Take one of Braun’s top three questions for MissionU’s fundraise: Who is the ideal investor for us? “If you ask a question like this at the start of a conversation, you’re going to hear about the best investors on paper. You don’t want the best investors on paper. You want the best investors for you,” he says. “When you ask it at the end, they evaluate your business model and existing relationships first. And so are better positioned to answer the question from the standpoint of: ‘Based on my understanding, here is who I think you should target.’”

Your last question is meant not to trigger the last word, but the first word for future conversations.

Braun’s final question is always: Is there one person you really respect and think I should also be speaking to about this? “Many of the most instrumental people I’ve met for the first time are because of asking this question on listening tours,” says Braun. “Half of the time people will give you an answer and offer to connect you themselves. On my listening tour defining the MissionU product, Jeff Raider [co-founder of Harry’s and Warby Parker] suggested I connect with Joey Zwillinger [co-founder of Allbirds], who has become a great friend and highly endorsed the branding agency Red Antler that we later worked with to build the entire MissionU brand identity. Without Jeff introducing me to Joey, MissionU would look completely different today.”

Because listening tour meetings are so dense, there will be times when you feel as if you have all of the information you need to make a decision. Don’t fall into this trap. Default to completing the tour. Braun takes it a step further and doesn’t think about his decision formally until he has spoken to everyone. “The goal of the tour is to learn as much as you can in an allocated period of time. It is not to make a decision,” he says. “If you spend your meeting deliberating on the decision — even in your own head as the other person speaks — you’ll not only miss formation, but the entire purpose.”

The listening tour is a listening tour — not a deciding tour. Making a choice at the wrong time can eliminate options.

Make your decision only once the tour’s complete.

At the end of the listening tour, Braun dedicates 4-5 hours to review his notes, typically over 1-3 days as his notes from listening tours can be upwards of 50 pages. Most times, after reviewing his notes, he’ll have a sense of where the consensus is on the major decision. “At this stage I recommend two practices: long, solo walks and handwriting your thoughts. Walks help clear the distractions of a nonstop flood of email and social media,” says Braun. “As for handwriting thoughts, I’ll write unstructured journal entries to activate my ‘subconscious listener.’ I find that, when I handwrite a journal entry — specifically with the expectation that no one will ever read it — I tap into the voice of that listener. That’s my gut, my intuition. That’s the voice to follow.”

The outcome of both of these practices is not to suss out the consensus from those on the listening tour — but to find your inner voice while in acknowledgment of that consensus. “Sometimes, you’ll agree with the consensus. Other times, you’ll completely disagree. But it’s not about consensus. That’s a critical tenet of listening tours. Again, it’s not about consensus. It’s about what your gut tells you after you understand where the consensus lies. It’s how the context shifts after you’ve shared it with those you trust.”

Circle back to close the loop.

It’s basic manners to follow-up with those you’ve met — both to thank them and share the outcome of your process. Most will send a mass email or perhaps a customized templated email. Braun will typically leans away from group updates, and toward a more personal quick text. “It’s informational, but not long. Something like: ‘Hey, I just wanted to let you know that this where I landed on the decision. I can’t thank you enough for all of your insights. I hugely appreciate you. If I can ever help you in any way going forward, please just say the word.’ That’s it,” says Braun. “If your intent is to seed and build a long-term relationship, you don’t need to deliver a long report. But more an authentic recognition for their time and support, and an intent to reciprocate.”

Bringing It All Together

There are step-by-step guides for the perfect sales hiring process, replicable blueprints for onboarding and detailed outlines for product prototyping. But when it comes to something as basic as listening to make decisions, people dismiss any concrete regimen. But don’t make that mistake: give the structured, time-bound process of a listening tour a try. First, determine if the decision is worth the investment. Nail your timeframe and prime your team so they can support your pursuit. Source your list of people according to specific criteria and trigger your outreach. Compose your questions in three tiers — and work through each one, for everyone. Circle back in the same way you met: 1:1. Then get distance to process your notes and make the decision solo.

“VCs aim to make decisions that’ll have a high return on their initial investment. I wouldn’t have categorized them together at first, but I’ve come to expect listening tours to perform similarly — I want a high return on that time, both belonging to those on the list and me. That means that how we spend that time should not only serve the decision at hand, but the future decisions we might share with each other,” says Braun. “Over the long term, that starts to manifest as advisors for your company, future board members — and ideally, advocates for your mission and movement. This structured way of investing in decisions leads to many more good choices to make. That’s really what you hope to line up as a founder.”

The post The #1 Success Habit: Listening Tours appeared first on Adam Braun.

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