Lis Calandrino

My friend and associate Caren McCabe, of McCabe Training, sent me an article recently called The Family Run Business: The Good, the Bad and The Ugly of Succession Planning. Here's a snippet:

"Family run companies are in many respects the backbone of American business. They are typically the most stable of small businesses, with a much lower failure rate than other small business models. Some of the largest and most successful companies in America are family owned and operated, yet 70 percent of family run businesses don’t make it to the second generation; a full 90 percent never make it to the third generation.

These statistics are not new, but appalling just the same. So why the high failure rate? Most experts chalk it up to poor succession planning, as if a plan would somehow make it all better. No plan will correct fundamental weaknesses in a business unless its managers recognize and address those weaknesses. These weaknesses prevent many family owned businesses from realizing much of their real potential."

I came across a great article recently talking about the rise of Generation "G". They are the under-40s who belong to the video game generation. To quote Trendwatching:

Most people in this demographic grew up with games, and many of them still play now. They are familiar with gaming conventions relating to movement, exploration, cooperation, competition, and communication. Additionally, interaction with video games from an early age has created a foundation of familiarity and interest in computing technologies. 

Happy New Year again!

Yesterday I was looking at Craig’s List under “events.” I often go there to look at acting jobs, gigs and voice overs. Occasionally I hit upon other things of interest. Today I answered an ad that went "Someone looking to hire a person to write a business plan." Now, a business plan is pretty straight forward: you go find the outline and fill in the blanks. The tough stuff is what fills up the blanks though and you have to do things like provide a market study.

It was a great conversation with a budding entrepreneur (or maybe he has a good job but wants more). We talked for about an hour and I realized that it was the details that were the problem—I told him the outline for the plan was online, what did he really need? As it goes, he needs to do the work. By the way, I think the idea is a good one, simple, can make money without inventory. But I thought whatever it is it takes work and work isn’t always fun. But he’s willing to do the work, already has a successful thing going on and I think just needed a push.

My experience is most people don’t want to do the work—they look for short cuts. But short cuts make it longer to get where you need to go, and the long cuts take time.

Life is pretty much a series of “long cuts” and work.

Anyway, it started me thinking, can you create a job that is entrepreneurial in nature? Can you have more with what you have or do you have to take huge risks, go out on your own and give it your all? The entrepreneurial stuff isn’t for everyone. 

Can the job require more of you? I would say lots more. You just have to make some decisions. You’ve heard life is short and all that but add this—life not only is short but for most people it’s pretty boring. I think a short exciting life is probably better than a long boring one. You pick! I was talking to my BFF ("best friend forever" for those of you who are not social networkers–or 12 years old) and we decided that excitement was truly important and that we have to try our best.

If you pick the less boring, how do you do it without betting the farm and using all your savings?

You’ve probably heard this before, do you own a business or a job? Michael Gerber wrote a book several years back called the E-Myth: the Myth of the Entrepreneur. In his book he asks whether you own a business or a job. His experience being that people go into business because they love what they do rather than looking at a business for what it’s designed to do–which is make money.  Why are you doing what you’re doing? Do you love it, do you have goals for the job or is your job just filling up space until another one comes along?

Are you making money?

How about taking your job and turning it into something special? I don’t care where you work or what you do, decide how you are going to get the most out of your job. Decide to become the entrepreneur of your life.

Yes there’s a difference between being an employee and an entrepreneur…

Employees get paychecks and get to complain about the boss. Entrepreneurs get to take risks, share responsibilities and have no one to blame other than themselves. They also get to make their own glory. How does it sound so far? Hey, you can stay where you are, but life is short and it might be short and boring. What a combo!

Got purpose? Once you decide that you want more from your job, decide what gives you meaning and purpose in your life and how you can work this into your existing job.  Purpose will help transform you into an entrepreneur.

Take action, do something! Take a step forward; doesn’t have to be big just take the step.

Don’t wait to be perfect. If you wait too long, the rules will change. Besides, waiting to be perfect is just an excuse for not doing anything. It’s the “I’m not perfect, I was born with low-self esteem thing.” We were all born with low–self esteem. Self esteem comes from getting out there, trying stuff, having some wins and some losses. You know the rest, dust yourself off and take another swing at life.

You’re in charge. You change it, you make it happen. Get some goals that makes sense. Don’t take short cuts, do the work. Need a business plan do the work? Get the statistics, find out what people think. Get creative with what you need. Read books on your career, advertise on Craig’s list for people with interests like your own.

Trust yourself that you know where you’re going. You don’t need to talk with what I call the “dream stealers" — those who are lazy and judgmental, the ones that know how to do everything but don’t  produce results.

Work at it even if you don’t feel like it. This is the true sign of people who make changes in their lives, they do it because they know they’re on the right path: their path. You never know what this will turn into.

Resources:

• Motivart – visual motivation

• Brian Roy's Blog

Ramona's restaurant quietly sits on Lark Street in Albany, New York. There isn't much signage and you have to walk down a step to enter the restaurant. If you're a regular, Ramona is sure to greet you with a big smile and a genuine hello. She remembers your name, your boyfriend's name, your dog's name, what you like to eat and anything else you've told her.

What makes Ramona’s special is, well, Ramona. She's entering her 8th year of business, which means she's come far. While undercapitalized and on a shoe-string budget, she's succeeding for no reason other than her entrepreneurial spirit. Her goal is to not only have good, simple food, but to help feed the hungry and those in need. When I'm home, I have breakfast and lunch at Ramona's — not only to get fed but also to find out what's going on in the neighborhood. Ramona pretty much knows everything that goes on in the neighborhood.

Like other single entrepreneurs, Ramona is tired, but she loves her customers, loves knowing that her customers like her and her food. She also loves being part of the neighborhood. I know that if I needed anything, I could call Ramona. She goes above and beyond running a restaurant.

How has Ramona made it? Here's what I gather from talking to her:

1. Keep it simple; know what you can do and what you can't do. At one point Ramona tried to extend her hours and take in a partner; it didn't work. Her regular customers didn't like it without Ramona.

2. Do what you know. Ramona tried to make the menu more sophisticated; instead of hamburgers and omelets, she added soups and shrimp dishes; customers clamored for the hamburgers and omelets and the shrimp went bad.

3. Love your customers, all of them. They're what keep you in business.

4. Know what's special about each of your customers; remember their names and what they like to eat. (Remember to save something for their pets.)

5. Reinvest your money back in your business. Ramona has painted and bought new equipment.

6. Talk with your customers; ask how they feel about your food and your service. Ask if there's anything they would like you to do to make it a better experience.

7. Keep in touch with your customers by phone or by email. One of Ramona's long time customers, who lived alone, had not been in for breakfast for several weeks. Ramona called and eventually found out that he had died. Ramona was very close to her customer, he also helped with her computer, and she wished she had kept in better touch. "My customers are my friends," says Ramona, "and I need to keep track of them."

A good motto for anyone in business.