What do you love? - Archive May 2010

The last few articles dealt with managing your own business, and the "what if's" that will inevitably happen. Now it's time to talk about something more uplifting for your business.

I ran across this on CNN, and there is a great video story about Amish businesses. The 5 year failure rate is less than 5%, while the rest of the country struggles with at least a 50% failure rate.

Here is the article: http://money.cnn.com/2010/05/04/smallbusiness/amish_business_success/index.htm

Wow, so all it takes is selling what you know, which is what Amish business owners do well. If you know and love fishing, sell fishing gear. If you know and love cooking, sell kitchen gadgets. If you know and love cars, sell car parts. Seems pretty simple doesn't it? Most US businesses that fail, do so because the owner lacks the knowledge and/or passion for the service or product offered. The Amish succeed because they only operate businesses doing what they know and love, and pass on their joy to their customers.
Now, what do you know and love?
Are you selling it?
If not, when are you going to start?

You run yours, forget about theirs - Archive May 2010

This year I have broken ties with a group of business owners. I have been involved with them for about 3 years and was really believing in a lot of what I was "taught" about my business. Well, that stopped a couple months ago.
Here are three things I have learned from that experience.

1. There are hundreds of people willing to lend an opinion about your business. Those same people are always willing to help until you disagree with their opinions. Once that happens, you are cast away as a misinformed idiot who has no clue how to run a business. Trust me. I know all too well.
2. There is no one, I mean no one, who understands your business. I don't care how long they have run an identical business, they don't know how to run yours. If you try to follow their plan, it won't work because it is their plan. You have to formulate your own plan from scratch, taking the best of the best ideas only to fit your business.
3. If any person who advises you makes a habit of attacking other business owners, avoid their opinions. If you don't, you will fall into the same line of thought. I used to write regularly on a e-business attack and flame forum regularly with the same "advisers" I am speaking of, and I took their attacks as my own. While doing this I not only let my business slide (actually slalom) down the hill, but I also took myself to a personal low point I didn't know I could reach.

Over the past few years, I made many enemies, and I made a few friends. Someday maybe I can make peace with them, but if not I will move on the path I have chosen today. This path is the same one I have criticized for over 3 years. And now it's mine.

The whole point of this post is to give you one piece of advice, the only thing I will ever tell you that you must do to be successful:

Make your business yours. Treat it like your home, keep it clean, neat, and organized, and always be prepared for the collapse.

Talk to you soon!