Make hard Decisions — At times the leader will have to make hard decisions to keep the team going and the company open. Sometimes these decisions during turbulent times will not be something the leader wants to do but must. It is not always easy and fun to be the leader but it is a must to recognize you are looked at to make the hard decisions. The best way to do this is to have all the facts, do your research and do your best. The decision will not always be a popular one but sometimes it needs to be made for the greater good.
As part of our series about the “Five Things You Need To Be A Highly Effective Leader During Turbulent Times”, we had the pleasure of interviewing Ofir Ventura
Ofir Ventura is a well-respected lawyer, businessman and entrepreneur, with a passion to give back to the community. Ofir is passionate about all things NFTs, and currently is a top collector in the space.
Ofir also owns companies in real estate, financial services, casino gaming intellectual property as well as in the field of food and beverage. Ofir has no plans of slowing down anytime soon because main and sole focus right now is in NFTs. Ofir’s drive to succeed stems from family and friends whom he considers as his greatest supporting cast.
Ofir exudes passion, dedication and the drive to succeed in all aspects of his life. But one passion close to Ofir’s heart is charity work. Ofir currently sits on the board of several charities in the Las Vegas area. Ofir strives to stay involved and be a strong advocate against human trafficking, and a strong advocate for the homeless and less fortunate. He understands that with the success in his businesses, leads to more opportunities to do more to help in his community.
The most exciting thing in Ofir’s life are the NFTs! Ofir believes that NFTs will be 10x more valuable in the future and that we are just in the infancy stages of the NFT boom. When asked about what has helped in his successes, Ofir shares “Building a team and a community of whom are loyal and who understand my vision helps a great deal.” As an entrepreneur, Ofir has learned many lessons along the way. Ofir was awarded as a Lawyer of Distinction in 2020 and 2021.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
From a young age I was always looking for ways to either invent something or start a business. When I was in college, I knew I wanted to be a leader and an entrepreneur. I went to law school and received my law degree but still knew I wanted to practice law but on my own terms. With that came a string of entrepreneur ventures and they continue to until today. I tent to have an idea ( I have invented numerous casino games) or want to start a business in a niche that is hot ( I am an NFT investor and promotor) and I make sure to focus on what I want to accomplish and go for it. I believe I was born with an entrepreneurial spirt and have always wanted to be a business owner.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lessons or ‘take aways’ you learned from that?
Early in my career I would always dress up for meetings no matter who they were with or what it was in regards to. I remember walking into a meeting on a Friday ( casual Friday but no one mentioned that to me) and everyone are in jeans and t shirts and I was in a suit. I think what I learned from this is, it was ok for me to be dressed up but it is also ok to dress casually, its more about what you are presenting and speaking about then what you wear.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?
For me that would be my father, someone that built the American Dream, coming to America at a young age with nothing but a skill and building his dreams and giving his family the opportunity to have and live theirs. He has always been my mentor, confidant and guide till today.
Extensive research suggests that “purpose driven businesses” are more successful in many areas. When your company started, what was its vision, what was its purpose?
My vision has always begun with, How can I help others, and I always knew I would be successful in my company and career. I think that the knowing helps even when you fail. When you focus on believing you can it is half the battle. During the failures I learn just as much as I do when I succeed. I think I am a purpose driven individual and business and focusing on the goal at hand each day, having the right team and plan is what gets me to accomplishing my visions over and over again for my businesses.
Thank you for all that. Let’s now turn to the main focus of our discussion. Can you share with our readers a story from your own experience about how you lead your team during uncertain or difficult times?
For me my success with leading my different teams in my businesses comes from caring about the individual, recognizing the person must believe you have confidence in them and what they are doing for your company.
An example of this would be when March 2020 and the pandemic happened, my team looked at me for reassurance that we were going to stay open and they would still have jobs.
This is when a business owner or leader must step up. It is easier to lead when things are going well, the trust test is leading your team when things are uncertain and challenging.
I made sure I had weekly meetings with my team, that they had the support they needed working from home and that the vision of the company was clear. This helped their confidence and continued the success of the business.
Did you ever consider giving up? Where did you get the motivation to continue through your challenges? What sustains your drive?
I have considered giving up multiple times in my entrepreneurial life. I think it is normal and many people do. Its not about how many times you consider giving up, its about do you find your motivation and drive and get through it and don’t give up. My motivation is what drives me to not give up , even when I feel like it. That motivation is my wife and my two children. I want to provide them a life where they have choices, and they do not go without. I want to show them they can do and be whatever they want. My youngest is 9 and always talks about having his own business and even has a piggy bank and saves his money from birthdays and more. My drive seems to be related to recognizing balance is important. Quality time with my wife and my children, vacations and even when it is hard, stepping away from work to be there for them when they need me and when we have family time.
What would you say is the most critical role of a leader during challenging times?
To be a leader and lead his team, to recognize that each person on the team or in the company will handle challenges differently and there isn’t a one method solution for everyone. To pay attention to the team members reactions to changes, to challenges, to anything that is happening in the company and in the world that could affect that person. To recognize these are people, not numbers, not robots and to treat them like individuals.
When the future seems so uncertain, what is the best way to boost morale? What can a leader do to inspire, motivate and engage their team?
The best way to boost morale is to have regular team meetings and check ins, if they are in person or virtually. To hold retreats, when possible, with team building exercises and opportunities for the team to hear and learn about the company’s vision and goals. To provide positive reinforcement to the team members and recognize stress is higher during uncertain times, more obligations show up and more distractions that can not always be controlled.
What is the best way to communicate difficult news to one’s team and customers?
If possible, face to face, starting with the positive role the team member has made in the company and then sharing the difficult news honestly and straight forward. Also, having the best plan available to support that person with tools, resources, guidance and more. For customers, I would use similar methods. Any time difficult news needs to be communicated honest and straightforward will always be the best way.
How can a leader make plans when the future is so unpredictable?
By understanding past patterns in the business and the economy and having the best plan possible for the future with structure and steps for the company and the team. But also a plan that is flexible in recognizing a lot of the planning is guessing at times and tomorrow can not be predicted.
Is there a “number one principle” that can help guide a company through the ups and downs of turbulent times?
“ Communication” do not hide things from your team or company. Even in difficult times, it is best to open and honest with the possible outcomes in preparing for the worst but hoping for the best, then hide it and it comes out of nowhere.
Can you share 3 or 4 of the most common mistakes you have seen other businesses make during difficult times? What should one keep in mind to avoid that?
- Panic- some businesses panic and make harsh immediate decisions without looking at all the factors before.
- Financial help- Many businesses prefer going under then asking for financial help and researching options to possibly survive until the times change.
- Growing to fast- During difficult times it may make more sense to stay where you are now and be stable then trying to grow to fast and then not being able to handle the growth.
The best way to avoid these common mistakes is to have a business plan specifically for difficult times in place to be as prepared as possible when it happens. Also, revisiting that plan when you are in the midst of the challenging times and adjusting it will be key to implementing the plan and success.
Generating new business, increasing your profits, or at least maintaining your financial stability can be challenging during good times, even more so during turbulent times. Can you share some of the strategies you use to keep forging ahead and not lose growth traction during a difficult economy?
Researching the market and growing my knowledge in the area of my business. Then I set specific goals to accomplish and anything not related to those goals is a no. Lastly, I revisit income and expenses on a regular basis and ask myself, where can I cut expenses without hurting the business and where can I increase income with spending minimal to do so.
Here is the primary question of our discussion. Based on your experience and success, what are the five most important things a business leader should do to lead effectively during uncertain and turbulent times? Please share a story or an example for each.
- Lead with Authenticity — A leader must recognize that he must be real and authentic with his team and employees. When challenges come up and problems occur in a company, many times the leader is looked at for direction and to see how he reacts or handles these situations. Being authentic means you don’t hide the truth and what is actually happening from your employees and team. In stead you are honest and you have a plan of action to implement that will provide solutions and direction.
- Have a plan — Having a plan in advance for turbulent times will benefit the company, the leader and the employees. Many people during the shutdown did not have a plan to go online and were scrambling to figure out how to take their brick-and-mortar business virtually. Having plans for different potential scenarios that might show up will prepare the company for change and challenging times. Sharing this with the team will benefit the leader and the company.
- Make hard Decisions — At times the leader will have to make hard decisions to keep the team going and the company open. Sometimes these decisions during turbulent times will not be something the leader wants to do but must. It is not always easy and fun to be the leader but it is a must to recognize you are looked at to make the hard decisions. The best way to do this is to have all the facts, do your research and do your best. The decision will not always be a popular one but sometimes it needs to be made for the greater good.
- Ask for help — Have brainstorming sessions with your team and employees, Share the details of what is going on and ask for ideas. Sometimes those that are in the middle of it working with customers or managing employees may have ideas that the leader might not think of. This gives the team a feeling of being a part in place of being held in the dark with what is happening. It also shares ideas which is always a good thing. The more people figuring out solutions the better chance of success.
- Be Prepared- At a moments notice things can change drastically in the economy, in the world , in the way a leader is used to lead. Be prepared for change and do your best to step back, look at the whole picture and take your time making decisions and implementing any other change. Looking at the entire situation is always a better idea than making a decision on the whim or reacting to change that is out of your control.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
“Live life to the fullest, do what you love, and help others along the way.” By Ofir Ventura
Everything I do is directly related to this quote.
How can our readers further follow your work?
Thank you so much for sharing these important insights. We wish you continued success and good health!