The Risk of Failure
The risk of failure has probably been one of my biggest hurdles throughout my career. I have created successful programs and received recognition for them, but there is much more happening in my little brain than I let on. I have so many ideas all within the premise of my personal mission:
To leave a legacy which will enrich the lives of others in my community, to bring my community closer to prosperity, using my God-given talents and spiritual gifts – all to magnify the glory of God and edify his kingdom.
I wrote this mission in 2002 and still believe in it today. The “how” is what I have struggled with since that writing. I have put in time and learned so much since then… I know my calling is in entrepreneurship…
So back to my original topic – I have many ideas for what to do with my time in 2010, I just have to get out
and share them. There are many concerns that come with that though – will it succeed? what will make it different from other similar attempts? etc etc.
Since Christmas, I have been watching my youngest son attempt to crawl. He is 5 months old now (it flew by!), he has the position right, it’s just when he tries to move, he falls. It has been a lesson to me about dusting yourself off and trying again. He falls, then gets back up and attempts again… then falls, and keeps trying… it’s a great cycle. If he can make attempts like that for his livelihood, I know I can for mine (and his, and his brother’s, and their father’s, and now a new puppy)!
In a few days, I will share with you the ideas I am looking forward to in 2010. I would love your thoughts on them. In the meantime, consider sharing with me what you would like to accomplish in 2010… I would love to help you get there!
When You Give, You Receive
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Tonight, I went to see the movie Invictus and was blown away by its storytelling, its overall message, and most of all Clint Eastwood! In case you do not know, Invictus is based on the true story of how former South African President Nelson Mandela used the game of Rugby to unite his nation after the fall of Apartheid. As I was watching the movie, I saw lessons that could be used in business and any other leadership role. Really, I just gathered lessons on how to be a better human being.
One lesson that I would like to share with you is about giving. This rugby team was struggling in the beginning of the movie. At one point, President Mandela ordered the team to do rugby clinics in the local neighborhoods – teaching others the game they were so passionate about. The team unwillingly participated but ultimately had a good time and began winning some games! I drew several nuggets from this storyline, but want to highlight one…
When the rugby team gave their time to the community, they gained more accountability and a harder push to succeed. Of course they already had fans, but they never got so up close and personal with them. In this part of the story, they were teaching kids the game of rugby – they had to follow through with their lesson and not let the kids down by continuing to be a losing team. Children are ones you really do not want to disappoint – they could carry that disappointment beyond your lifetime.
To translate this into business, when you contribute some portion of your resources to the community, there becomes more at stake for you than simply making a profit. Others are depending on you to help them get to a place where they can do more for themselves. That could be learning a new skill, getting much needed attention and advice, receiving donated resources… any number of things that can help a person go to a higher level than where they are. This act of giving not only helps your community as a whole, but hopefully gives you more gumption to create success within your firm.
One business owner I know who epitomizes this is 2009 SBA North Carolina Small Business Person of the Year, Lisa Pineiro. She successfully owns and operates Technical Services, Inc, a construction staffing company based in Durham, North Carolina. Her way of giving back is by training at-risk youth and young girls about the construction trades. Although her business is doing very well and she is receiving more accolades than ever for what she does in business, she started these programs before the recognition and I believe they contributed to the overall success of her business.
Although there is talk about the validity of some parts of the storyline in Invictus – this is Hollywood – I believe we can all learn lessons from the movie on how to be better humans and even on how to run better businesses.
Have you see the movie Invictus? Share any lessons you may have learned from the storyline, or even from what you know about Nelson Mandela’s style of leadership.
Announcement: First Webinar of the New Year
On Tuesday, January 5, 2010 at 1pm, YB Consulting will be hosting the webinar – Financial Planning for Your Small Business. This webinar is for those who do not understand business financial planning but want to learn how to create financial projections for their business.
This is sure to be a highly interactive webinar – the audience size is limited to ensure this!
You can find more details below. I highly recommend this session and hope that you do the same! Interested parties can register using the form below, the form to the right, or by going to http://ybcfinancialplan.eventbrite.com
Review and Renew in 2010
Any current business owner should have gone through the goal-making process for your next fiscal year by now, especially if that begins in January. If you’re a procrastinator like I can be, maybe you have not done this yet. Honestly going through a process of assessing the current state of your business, identifying any issues and needs, then planning for the next year is a vital process for company growth. I plan to have a solo company retreat on Sunday to really assess YB Consulting and all the other pieces of my career path to understand what I really want to do in 2010. If I do not do this, it will hurt my business and future plans which ultimately hurts my family -not an option.
If you think your company does not have goals, you are mistaken. There are a few basic goals that all businesses will choose from in their next fiscal year:
- Grow Revenue. Revenue growth can be accomplished through increasing current sales and/or adding a new product or service. It may require the addition of new resources but this could be a good thing.
- Reduce Expenses. Expense reduction can be a difficult task. It may involve reducing the products or services you offer, changing suppliers or even the quality of supplies, relocating your place of business to a cheaper venue, maybe even reducing your staff.
- Improve Customer Service. No one can go wrong by improving customer service. It definitely helps in retaining current customers and may even entice them to refer new customers – always a plus for business! It may involve hiring more staff (or outsourcing), purchasing new software programs, or just adopting a new system to interact with your customers complete with new policies, new branding, or new marketing tactics.
- Maintain status quo. Maybe business is going really well and you are content with where things are. If you add more business it may overwhelm your firm, or there really is nothing left to reduce. Maybe your goals are prioritized with your personal life and strengthening those relationships since so much time was put into your business this year. If this is you, congratulations for this revelation.
- Exit. Sometimes it is just time to cash out. Try something new. Retire. Reaching this point in a business can be exciting because it allows you to focus on a true end goal that will bring you to a new start. I remember meeting with the owner of a very successful software company. She and her husband built the company to great success but at this time, she wanted to concentrate on her personal interests and real passion (she was not the software type). At the time of our meeting, they were in the middle of executing a plan to position their company to be bought by whoever was interested. They were already planning out their next phase of life but had to be released from this major responsibility. It takes a plan to do it right.
Yes, at least one of the goals above will fit your company. I will be pursuing two – grow revenue and improve customer service. On Sunday, I will block off time away from my family and buckle down to write an action plan towards this. I consider an “action plan” a list of goals with measurable actions to accomplish specific results, like S.M.A.R.T goals for business. Also, I have thought of new ideas and been presented with additional opportunities that need serious consideration and planning (if they will be pursued). I have reached the point of sink or swim – I’m striving to be like Michael Phelps in my space!
I’m excited about 2010 and hope that all other business owners are as well!
Which of the goals above best fit with your business plans for next year?
Entrepreneur Evangelist
I have spent more than a few years advocating for, encouraging, and teaching small business ownership to people in my community. Over the last year, I have been doing this evangelism strongest with some of my closest friends, neighbors, and former classmates. The environment has been ripe with corporate downsizing and life awakenings. Given my background, they come to me for advice and I freely give it (literally).
Entrepreneurship is not only good for the business owner, but also his or her community. A commonly referenced 2004 study by Civic Economics, Inc showed that in Chicago, IL, $1 spent at a locally owned restaurant would yield 27% more back to the local economy than a chain restaurant. When it came to retail, the benefit was increased to 63% when comparing local to national chains, and 90% more for services (uhem). This is because the local firm is more likely to use local suppliers and spend profits locally as well whereas the national firm sends many expenses back to their out of state headquarters to pay for overhead and is likely supplied by out of state vendors. The benefit is called the “local multiplier effect”.
Several areas across the country have started “Buy Local” organizations for their communities… unfortunately, I have learned that my community does not have a formal organization. Anyway, these organizations can act as advocates for locally owned businesses – a great support for anyone wanting to get into business.
Because of what I have seen accomplished by random entrepreneurs, I am convinced that anyone can own a business and be successful just by making sure they do, at the very least, these three things: follow up, follow through, and get support – it takes a village applies to so many areas of life.
What have you done to support the success of local entrepreneurs? Do you feel an obligation to spend a percentage of your disposable income on local business? Let’s discuss in the comments.
