Why are family members so important to a new business or acquisition?

“Whether you have a spouse or a significant other and children or other close family members he/she and or they will be very important to your success.  No one should engage in a new business venture without the support of the family, who from one perspective, at least, are taking a risk and should be asked if they are willing to take it.

For example, Little Johnny should be asked if he is willing for Mommy  or Daddy to miss the Thursday soccer game, because the parent now is required to travel or otherwise be engaged in the obligations of running a  business with new and more demanding requirements than previously experienced. Money may be tight and financial sacrifices will be made by all. Lifestyle issues should be given special consideration.

Just as you must deal with your fear, the family will have fears as well, and they need to know how well or not well things may be going and what action is being required of all in the context of the endeavor.  Keeping family members in the dark, under any circumstances, is unfair and will likely cause you to lose credibility and trust.  People, at most any age, can deal with problems, if they know the truth.”

Quoted from  The Successful Entrepreneur, Second Edition, now available in print or eBook from Amazon.  Or contact http://www.yorkinc.com.

Advertisements

Why are strong interpersonal relationships so critical to business success?

One of the most misinterpreted words in our lexicon is networking.  The erroneous assumption is that networking is making contact with people.  However, that’s just the beginning.  The real power comes from converting contacts to relationships, which means that we get to know as many people as possible who in return know us and the value that we represent.  Once established and reinforced, the relationships open doors and provide conduits to the opportunities that can be identified.  The best opportunities may not even exist until one walks in a door and makes a connection with the person or people whose need will be precisely what that person may uniquely fulfill.  Setting and maintaining a goal to have face-to-face meetings with a specified number of people every week is critical to success, because establishing a consistency of effort produces quality results.  Using social networking tools, helps find new people and reinforce established relationships.”

Quoted from Thriving in the Changing Workplace, now available in print or eBook from Amazon.com.  Or contact http://www.yorkinc.com

When considering the right business, why is ego-centrism so dangerous?

“Ego-centric people not only want the world to be the way they want it to be, they are narrow-minded when faced with the truth–don’t bother me with the facts, my mind is made up. Once they set a plan in motion, they tend to be unwilling to change or modify it, using new, more relevant information.  Such an attitude becomes a formula for failure.  In this world of technology-driven information, the rapidity of new sources of information requires business owners and decision-makers to modify their plans frequently.  This means change and most of us don’t like change.  We tend to like the way we’ve done our work and we are inclined to be reluctant to do things differently.  Consequently, we must seek to be open-minded and be willing to embrace new and better ways of doing things.”

Quoted from  The Successful Entrepreneur, Second Edition, now available in print or eBook from Amazon.  Or contact http://www.yorkinc.com.

Why is communication so critical during times of career-related change?

Periods of transition are frightening for families for several reasons.  First, if the  primary breadwinner has lost his/her income, spouses and children will likely feel that their lifestyle is threatened as will be their status in the community, the school, church, etc.  If the lost income producer is a male, he may be humiliated and embarrassed and  as such seek to keep his progress, or lack thereof to himself.  This as a huge mistake.

Periodically, every week or so, the family, as a group, should meet together to update the status of the campaign, including a sharing of the group’s feelings, strategies, hopes and  concerns in order for all to feel a part of the process and to have the opportunity  to ask any questions or to express any concerns.  This level of interdependent communication should alleviate much anxiety, especially since  the one in transition, will likely experience a boost of confidence and commitment.  And if major adjustments must be made, they will be easier since everyone has been engaged.”

Quoted from Thriving in the Changing Workplace, now available in print or eBook from Amazon.com.  Or contact http://www.yorkinc.com

 

What’s the advantage of having a non-partner partner?

Should you elect to become an independent consultant, you will be in business for yourself and by yourself.  That may be fine for the most part; however, being alone can have many disadvantages. Even if you have an advisory board your board will only meet periodically.  Consequently, having someone to exchange ideas with on a regular basis can keep you energized and creative. Otherwise you may have to fight depression, especially when you fail to achieve a major goal, like losing business.

“You may find it desirable to “partner” with someone who is not part of your business but with whom you can communicate and trust with specific information of mutual benefit, yet who is not a competitor.  Such a person might be serving the same market, but with a different product or service.  Someone you might share office expenses with or travel with, as the case may.  The main advantage to such a relationship is that while you are still in business for yourself, you’re not totally by yourself.”

Quoted from  The Successful Entrepreneur, Second Edition, now available in print or eBook from Amazon.  Or contact http://www.yorkinc.com.