When people ask you about the nature of your business, do you answer correctly? This may seem hard to believe, but I maintain that many entrepreneurs don’t truly understand what business they’re in. I should know, because sometimes I’m one of the worst offenders.
My friend Kenny Rogers sang one of the most famous pieces of advice in country music: “You gotta know when to hold ‘em; know when to fold ‘em.” Gambling aside, these words could easily fit an entrepreneur when it’s time to cut a deal.In the cat-box-filler industry, clay-rich lands feed our manufacturing furnaces. Cut off the raw-material supply, and our business would shut down almost overnight. Such an occasion forced me to make one of the costliest deals of my life.
It may just be me, but I think that entrepreneurs make lousy golfers. I’ve tried golf, but I feel like the time spent playing 18 holes — plus that extended 19th one at the end — is better spent elsewhere. I even built a golf course on my Big Rock Valley estate, complete with inverted pickle barrels for cups to accommodate my atrocious putting, but I hardly ever take the time to use it, except for occasionally entertaining my distributors and salespeople.
This rule came from my Grandpa Huber. Actually, it was part of a trio of warnings he gave me, including, “Never eat at a restaurant named ‘Mom’s,’ ” and “Never play cards with a guy named Ace.” These last two rules are easy to understand, but I never fully comprehended the first one until I bought Jones. Jones is a…
This column is one in a series that will explore the thoughts, ideas and unadorned advice of an entrepreneur who made it, Edward Lowe. When he “brought the cat indoors” with a revolutionary cat-box filler, Kitty Litter, he created an industry that changed the lives of millions of cat lovers, not to mention cats. During his life, Ed Lowe used “plain talk” to speak about the bottom line from the bottom of his heart. We believe these writings, revised and updated after his death, offer value for both your business and personal life.
Entrepreneurs are usually seen as “big idea” people. But as they used to say in the Michigan towns where I grew up, a great idea and a dime will get you a ride on the streetcar.Dimes Into Dollars The “Eureka moment” — when you get that inspiration that will somehow change life as we know it — is a prerequisite
“Right off the bat, I was pleasantly surprised,” says Jeff Wood. “There are no frills, no fluff. It’s candid conversation with other business owners — responses that I wouldn’t find in any book.”
Richard Milam says his roundtable members hold nothing back — a sharp contrast to consultants with a specific viewpoint or employees who may be reticent to criticize the boss’s ideas.
“Instead of being immersed in the day-to-day problems, the roundtable allows me to take action on bigger issues to drive growth,” explains Pacer Group’s John Swiatkowski.
Richard Rogers values the diverse talent in his roundtable. “I’m getting face-to-face exposure to sales and accounting issues, areas I’m currently working on, and the group helps me fill in gaps.”