nce after I spoke at a college commencement ceremony, a young graduate approached me with a question. “Mr. Lowe,” she asked, “since you’ve become a successful entrepreneur, I’d like to ask your advice about a venture I have in mind.” Of course, I lent her an ear.”I’d like to set up a dry-cleaning business,” she explained. “In Paris.”
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.
“Entrepreneur’s Adviser — Business for Sale” Question: “What steps should we take to sell our company, and how do you put a price on the business?”Answer: Look at your company through the eyes of a knowledgeable buyer. Every company has a few warts. Identify yours and clean them up. Obsolete inventory? Get rid of it. Noncollectible receivables still on the…
“Your Move — Thinking About Thinking” Relying on instinct works for only so long. Do you spend much time thinking about your company?Dumb question. Of course you spend a lot of time thinking about your company. But do you think about your company in the right ways? Do you, for example, think about how you think about your company? Understanding…
“Your Move — The Power of Peer Learning” A CEO roundtable helps you work on your business. Bruce Corson Bruce PetersAlthough the concept of peer learning is exploding in the academic world, it’s sadly underutilized in business circles. Some CEOs are intrigued with the idea of joining a peer group, but hesitate to show up until they solve the problem…
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.
“Extreme Measures — Managing With Style” Hecky Powell, owner of Hecky’s Barbeque, Evanston, Ill., repeatedly asked the young men working the take-out counter to pull up their pants — to no avail. Saggy pants and exposed boxers continued to appear, and Powell didn’t believe the fashion statement conveyed the right message to customers.Then Powell relented — sort of. The men…
“Don’t Litigate: Mediate!” Mediation avoids the adversarial arena and brings dispute resolution back to basics – both sides talking to one another. It could pay your company in human and business relationships, as well as in time and resources, to seek out the services of a professional mediator. OVERVIEW [top]When in the course of human events disagreements arise, it’s best…
“Your Move — Trading Places” Why do entrepreneurial businesses flounder after they’ve survived the startup phase? Lloyd E. ShefskyAt some point, a growing business moves from being an entrepreneurial company to being a managed one. And if the entrepreneur can’t make the leadership transition — or isn’t willing to relinquish control to a professional manager — the company will fail….
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.