One common mistake that most people make when starting a new business is the impression that everything must be perfect to succeed. A small business owner must decide to shape their vision rather than allow external pressures to dictate or “dictate” their vision.
This example story could be used to teach successful small business owners how to inspire confidence in their employees and vice versa.
From your experience, what would you consider to be “the most important” or “rare” mistake that small business owners make?
In my experience, both partners of a law firm started as partners. This was an unusual situation. His partner began as a bookkeeper and partner more than 30 years ago and by the time the others started law school he was let go. However, his partner continued to work as a bookkeeper and partner and continued to avoid professional development. After six months, he was fired for failing to comply with documentation requirements. He was later reinstated and went on to be a successful attorney for the next many years.
Many businesses have important customer service factors in addition to the value of the product or service. What are the consequences for the business when the customers do not feel that they are appreciated or valued?
This business dealt in construction services. The decision was made to become a business focused on R&D (research and development). The agreement was that R&D funds would be returned to the business. In every contract the client would pay the employees using R&D funds but they would have to transfer R&D funds into R&D accounts. They would then have to pay hourly fees on those funds and return the fees to R&D accounts when the projects were completed. This is what they chose to do. At the end of this agreement, the agreement was in place, but this never happened. The money never got returned to the small business and several other small businesses followed this method to their demise.
If your business has a long history, what does it tell you about the most important traits and experiences of successful entrepreneurs?
The best way to choose your business owners is to trust their judgment. The best thing I have done in my own business is to have high standards for most every aspect of the business. However, when I can trust my employees to be active in business and spend time seeking knowledge as they acquire it, I want the best people in my business. The best way to find these people is to teach them. I have learned that to help business owners succeed in this type of environment I should offer resources and knowledge to assist them in leading their businesses to success. My teachings are aimed at anyone of any age who wishes to become a business owner. In the end, the choice for success or failure is in each person’s hands.
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