Calling all Entrepreneurs

[Shaun @ Tru6]

Now and again I pick up a business magazine, usually one that has an entrepreneur cover story or an editorial slant like Inc. and friends are always sending me stories as well.

They typically break down as 33/33/33:
1. long and slow growth: nothing great happened along the way, but also nothing tragic...just good steady growth, maybe a blip or two.

2. Two years out, guy make $10 billion on $20K invested, golden touch, all the breaks, etc.

3. Successful at time of article, but did everything wrong along the way, everything was hard, no lucky breaks, but they made it.

Other story types you've seen? What's your story, or friends and associates? What's reality in Small Business America today? Thoughts on Service vs. Wholesale vs. Manufacturing?

[911Rob]

Life IS Sales

[Joeaksa]

Originally Posted by 911Rob

Life IS Sales

You sell yourself from day one and if you don't then there is always Wal Mart...

[911Rob]

as long as you don't sell yourself out?

[Porsche-O-Phile]

The #1 thing I've learned (and I hope to put this into practice for myself in a year or two) is that in a service business, don't forget to provide SERVICE.

I've seen a number of other firms and consultants get schit-canned over the past few years and it is ALWAYS for a lack of courtesy and customer service, never over a technical error or omission. Technical accuracy is important and if you're blowing that constantly you shouldn't be in practice in the first place, but nobody expects perfection 100% of the time. Mistakes happen. Clients get that. It's about how you handle the situations when the mistakes do happen. . . and how you handle your relationship with them even when things are going smoothly.

It's easy to get so obsessed with producing PRODUCTS like drawings or models or studies or reports (which are instruments of professional service) that one loses sight of the fact that the most important thing you bring to the table is how you service your customers. They can get the PRODUCTS from any one of a thousand other firms. Why they choose YOU is because of how you take care of them and provide them SERVICE along with the instruments of that service (the products).

It's almost inconceivable how otherwise smart individuals can totally blow it on this simple concept. Simply being there for your clients and giving them the reassurance, feedback and comfort level they need to know everything's going fine (without being involved in every little detail or nuance) puts you ahead of fully 75% of the others out there. No joke. It really is that simple.

[911Rob]

[911Rob]

Excellence!

It’s the things you consistently do that are above and beyond what others expect; it’s the note; it’s the greeting; it’s the thank you; it’s the anticipation of a need before it’s expressed; it’s the proactive reaching out to others who need help before they ask for help; it’s the commitment; it’s the demonstrated caring; it’s the honour, the respect and the courtesy that validates others; it’s the thought, the design or the action that redefines what’s possible; it’s the speed of response or depth of response that amazes others. Most of all, being EXCELLENT and outstanding means that you do the work the way the work was meant to be done!

– author, The Pursuit of Excellence, Mike Lipkin.

[on2wheels52]

Given the choices I'm in group #1. I bought an existing business (25 years ago) but in hindsight would have been better off starting the same type of operation from scratch.
Jim

[Paul T]

Originally Posted by Porsche-O-Phile

The #1 thing I've learned (and I hope to put this into practice for myself in a year or two) is that in a service business, don't forget to provide SERVICE.

I've seen a number of other firms and consultants get schit-canned over the past few years and it is ALWAYS for a lack of courtesy and customer service, never over a technical error or omission. Technical accuracy is important and if you're blowing that constantly you shouldn't be in practice in the first place, but nobody expects perfection 100% of the time. Mistakes happen. Clients get that. It's about how you handle the situations when the mistakes do happen. . . and how you handle your relationship with them even when things are going smoothly.

It's easy to get so obsessed with producing PRODUCTS like drawings or models or studies or reports (which are instruments of professional service) that one loses sight of the fact that the most important thing you bring to the table is how you service your customers. They can get the PRODUCTS from any one of a thousand other firms. Why they choose YOU is because of how you take care of them and provide them SERVICE along with the instruments of that service (the products).

It's almost inconceivable how otherwise smart individuals can totally blow it on this simple concept. Simply being there for your clients and giving them the reassurance, feedback and comfort level they need to know everything's going fine (without being involved in every little detail or nuance) puts you ahead of fully 75% of the others out there. No joke. It really is that simple.

Absolutely spot on!

[Dueller]

[Joeaksa]

Originally Posted by 911Rob

as long as you don't sell yourself out?

Not planning on ever doing that. If I did, everything that I did in the past would be a waste...

Hey, how far are you from Victoria Island or Vancouver? May be there in late May for a few days...

[Joeaksa]

Originally Posted by Paul T

Absolutely spot on!

Do not agree with Jeff that often but agree, service is #1 and the minute a company forgets it, they have lost in my eyes.

[the]

Originally Posted by Wayne at Pelican Parts

Pelican didn't make money for seven years,

What did you live off during those years? How did you manage to hang in there? i.e., what was the "light at the end of the tunnel" that you could see that made you hang in?

I love entrepreneurial stories!

[Joeaksa]

Originally Posted by on2wheels52

Given the choices I'm in group #1. I bought an existing business (25 years ago) but in hindsight would have been better off starting the same type of operation from scratch.
Jim

Jim,

A question... why? Do you feel that you paid too much "blue sky" for the place in the beginning?

Joe

[on2wheels52]

Joe
The lot and building were part of the deal. The lot was samll (but a great location) but the building was a disaster. Was a sieve when it rained, I'd have to wipe everything in the back storage area down with oil after a rain. Cold in winter, hot in summer, barely functioning toilet, it was pretty bad. But I survived seven years there.
It pales with the nightmare of the new building I put up on the site. Building permit in November, moved in in March, condemned in July (road widening). Renter since '95.
Jim

[peppy]

My family has been in the fast food business for 35 years. We have had ups and downs, but for the most part it has been more ups.

DETAILS, DETAILS, DETAILS

That is what is most important.

Every customer should be your first priority.

The person that pays the bills should not be the one waiting on the customers!

[Zeke]

I'll take a little different view of Jeff's point: Service is a must, but all too often taken for granted or not appreciated. I'm sure Wayne can concur. No, you need a bit more nowadays, like the value added Wayne speaks of. The world is a very selfish place anymore and the more you cater to another's greed, the more you will gain.

Don't expect much gratification from being in business by yourself. That having been said, the further you are from direct involvement with your customer, the better. An Internet business is one way. Another way is to have a fast paced business that caters to one time purchases only. Oh yes, you have to please and get referrals to other customers, but you don't have to maintain each and every customer. Personal success can and will be your only gratification and remuneration. Get out there at the sales counter every day and you'll get worn down at some point. People just do that to you.

In Wayne's case, Pelican can sell 10 orders to one customer and screw up the 11th. You know what the customer will likely do then. Jump ship. Not fair for all the hard work and integrity, but people are so fickle sometimes they're not worth chasing. Yet, to stay in business, Pelican must do that.

In contrast, a friend of mine had a roofing business that was very successful. Folks don't buy too many roofs in a lifetime. If they do, either it lasts for the rest of their residency or they avoid buying a house that needs a roof next time they move. They are THAT expensive. So the roofer moves quickly through the population not having to get too involved with any one client. Quick, neat, clean and it doesn't leak (or if it does he's right there on the spot) and he gets a recommendation. No customer maintenance here.

One more thing about the roofer, he's up there where few tend to meddle. Almost the perfect business.

[on2wheels52]

"Don't expect much gratification from being in business by yourself. That having been said, the further you are from direct involvement with your customer, the better."
Don't I wish. When I first entered the job market that was what I was after, not a 'people person' at all. Economics forced me into a job where I had to deal with customers and that part became easier.
I'm in a small town with a limited number of potential customers and four competitors. Repeat business is the lifeblood of my shop. I've been here long enough to have their kids (and grandkids) as customers.

[911Rob]

Originally Posted by Joeaksa

Not planning on ever doing that. If I did, everything that I did in the past would be a waste...

Hey, how far are you from Victoria Island or Vancouver? May be there in late May for a few days...

I'm not too far away. 4 or 5 hours from me to Vancouver.
I moved off the island and I swore never to go back; ha,ha.
(stupid gubmint ferry boats)

My grandpa lives at the Coast, maybe I can tag up with you and pay him a visit too? Let me know Joe?

2cents: in order to post about being an entrepeneur, shouldn't you be one first? I get a kick out of the theories. Here's a tip; "It's all about making money. No money, No worky." Tip No.2: "Cash flow is KING".