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As a business owner, you know what it’s like to lie awake at 2 a.m. Maybe it has happened when you are excited and full of new ideas for your business. More often, it’s because you are worried about issues you will face the next day. Sometimes, it’s because you just woke up with the solution to a problem. I’ve experienced all those emotions about my businesses over the years. Awake at 2 o’clock? is where I share them with you, and hopefully help with answers that will let you sleep.
John F. Dini, CExP, CEPA
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Small business owners are the Hunters of the 21st century. We are 3% of the US population, and yet we create over half of all American jobs. As Hunters, we may not be inclined to manage by the numbers or stick to systems. Are you a Hunter or a Farmer?
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How prepared are you to exit your company?
The Assessment breaks down the four major categories of exit readiness; Finance, Planning, Operations and Revenue/Profit.
Tag Archives: small business advice
Tell Me What I Want to Hear
Those of us who are Hunters tend to be in a hurry. Hunters are linear; we move from objective to objective in as close to a straight line (allowing for our ADD “squirrels”) as we can. The completion of any … Continue reading
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A New Game Theory – Stop Playing!
I am not a Gamer, as the term is currently used. I tried my hand at Pong on my home TV, and at PacMan in the arcades, but quickly lost interest. Text based strategy software, role-play and first-person shooters never had … Continue reading
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They Who Giveth Can Taketh Away
Many business owners I know are troubled by the NBA’s insistence that Donald Sterling must sell the Los Angeles Clippers, and can do it only in a manner and to whom the league approves. Mr. Sterling has personally been banned from … Continue reading
4 Responses to They Who Giveth Can Taketh Away
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The comments about diversifying from one major contract only becomes a necessicity when the contract is up for renewal. I am guilty of falling into a false sense of security and have been financially setback by a large contract changing.
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Professional sports teams are essentially a franchise. If the owner of a McDonald’s or TCBY store violated rules in a way that publicly harmed the overall brand, would their removal still be considered “troubling”?
That said, the main point about avoiding too much concentration is on target. In fact, it does not just apply to a single customer or contract. Being in too narrow a market or niche of a particular industry can result in similar risks.
Small business owners have to do what they know and are good at. It is a balancing act for that fact to not leave the business vulnerable to a single contract or market shift. Do not forget to keep looking around as you move forward.
David Basri
Point Enterprises, Inc.
https://www.pointent.com -
John – thanks for the great discussion on customer concentration and on franchise challenges. Essentially, he was a franchisee of a very valuable franchise and the franchisor decided he broke the rules of the arrangement. Many baby boomer franchisees are looking to exit and need to understand that who they sell to and many of the other deal issues could be impacted by their franchise agreement. They need to understand any limitations, so they can be prepared when they’re ready to exit.
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Where Will All the Small Businesses Go?
What would the small business landscape look like if over one million small businesses disappeared? Get ready, it’s about to happen. I write and speak frequently about the passing of the entrepreneurial generation. Driven by competitive pressures to succeed, the … Continue reading
One Response to Where Will All the Small Businesses Go?
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Hi
Congratulations on your award. I ran across your book and your IBPA award in the newsletter I am one of the relatively few lawyers around with a foot in the publishing and food and ag entreprneurship camps. I blog at http://schellacres.typepad.com/ and your book would be a natural to review if you are interested in having a review on the blog. Best Success with your book, I think it’s a crucial insight about temperament–can’t make cows hunt, can’t make lions graze (happily).
Best
Rich Schell
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Business Owners are Glubricants
Utility Infielder, Jack-of-All-Trades, Mr. Fixit, Chief Cook and Bottle Washer, Know-It-All, Do-It-All, Swiss Army Knife, Center of the Universe. There are many ways to describe the myriad business roles filled by the owner of a small business. Here’s another. The … Continue reading
From a definite hunter, I would agree that farmers prefer cycles and prefer predictability. However, I would also argue that farmers, at least real ones, are some of the best there are at dealing with variables and unpredictability. They know what the optimum cycle should be, and they know that the weather is unlikely to cooperate, the price of fuel is volatile, and they have to plant today to get commodities prices they do not control six months later. Throw a wrench into the engine and most real farmers will figure out a way to fix the fan blade to finish the plowing.
Hunters might adapt by choosing a different goal or strategy. Farmers adapt by fixing the specific issue to get the cycle back on track.
The difference in communication style is real. Metaphors only go so far.
David Basri
http://www.pointent.com