Accidental Entrepreneur | A Review of “Good to Great” by Jim Collins
Accidental Entrepreneur | CeSI’s Review of “Good to Great” by Jim CollinsI am one of those somewhat accidental entrepreneurs. I never wanted to own a business. Owning a business was my husband’s idea and even that was not something I knew about until after we had been married for seven years. When we started the business we were intentional about following advice from our business’ attorney and accountant. We found a business niche that we were passionate about and paid for consultants who helped us build skills aimed at delivering effective and affordable services to small businesses. From the start, we knew we wanted to build a business that would last beyond us. And yet I knew that my path to entrepreneur-ism was not typical. My double major in Early Childhood Education and Music had not included courses in business management, accounting or finance. So sometimes I refer to my path to business ownership as a backwards approach. Now some 18 plus years into business ownership and leadership, I am doing the things that many people do before they form a business. My husband and I have entered the “empty nest” phase of life and so I have simply begun asking what comes next. I am finding that I don’t want to radically change my life, I just want to continue to get better at what I am already doing. Recently one of our clients, a second generation business leader, encouraged me to read “Good to Great” by Jim Collins. Once I had finished reading the book, my husband and co-executive asked “What have you learned from reading it?” I answered him that I have learned that:
- I may not be the leader our company needs to get from good to great. It’s not that I don’t want to be or won’t strive to be, it’s just that I don’t see myself as a Level 5 Executive Leader at this time. However, I will continue to work towards becoming that type of leader and/or preparing for the right person to take my place.
- We need to continue to build a superior executive team by getting the right people in the right positions as we continue to grow.
- We need to continue to “Confront the brutal facts and yet never lose faith.” I am hyper-analytical and yet still very much an optimist, so this one doesn’t feel heavy or hard. Except that it’s not always easy for a teacher personality like me to state the facts to others plainly.
- We need to continue to develop a group of people who periodically question, engage in dialogue and debate regarding where our A. unique, core competency, B. economic drivers and C. passions meet, make executive decisions, and analyze the impact of decisions made. This group looks very different for us than for a large public organization. Because we are very small, we include input from one or more clients in this group as part of our advisory team.
- We need to be disciplined people in thought and action. This will entail making a “stop doing list” in order to focus on the services and tools that are most beneficial, and budgeting to the intersection of a, b and c stated above.
Is My Business Healthy? | What We Learned from Peter Busacca of Washington BBI
One day Alice came to a fork in the road and saw a Chesire cat in a tree. “Which road do I take?” she asked. “Where do you want to go?” was his response. “I don’t know,” Alice answered. “Then,” said the cat, “it doesn’t matter.”
–Lewis Carroll, Alice in Wonderland
This quote may seem random or odd when discussing the health of a business, but it couldn’t be more fitting. Many businesses are struggling or even dying because they have no vision, no plan…no idea where they want to go. These same businesses wonder why they’re not meeting their full potential. They may ask what they should do, where they should go or what road they should take, but the truth is none of that matters when you don’t know where you’re going. If you don’t know where you’re going, any road will do.
Planning can be stressful and difficult for all of us, but it must be done and it’s easier than most of us think. Following through is the hard part. A new friend of ours is incredibly helpful in this process though. We met Peter through the Seattle Southside Chamber of Commerce. He owns Washington BBI which is a business brokerage firm serving business owners in King, Snohomish and Pierce counties. They are business brokers with an end-to-end solution.
One of the best things we have learned from Peter is the important role that a work-life balance plays in a healthy business and therefore an important factor in making your business appealing to potential buyers. When you plan better and execute more effectively, YOU SLEEP BETTER AT NIGHT. I’m sure we can all agree that this is extremely important. If you’re someone who thinks that working hard all of the time and never sleeping is the best way to run a successful business, I get the logic, but hear me out. While working insanely hard may produce amazing results for a short while, can you sustain that level of energy and effort for 6 months? 1 year? 3 years?? It simply can’t be sustained for an extended period of time while producing the same results. Your business is better off if you delegate tasks to capable staff or teams. Your life is better off if you keep things more balanced. YOU are better off if you rest, maybe take a vacation once in a while. It may sound impossible, but with a good plan and the right team you can have a healthy business while also having a healthy life.
Along with this work-life balance is the balance between qualitative and quantitative factors that help determine the health of your business. You may think the health of your business is solely based on your financial growth or that is all about the values of your business. It is not one or the other. A truly healthy business has a good balance of both. You should run your business with values always in mind while still keeping the bottom line in the picture. A high quality business can only help the community if it keeps its doors open.
The great thing about a business like Washington BBI is that whether you’re just about ready to sell or you have no idea where to start, they either have ways to help or ideas to get you going in the right direction. Regardless of whether you decide to work with this business or another, the goal is that you’ll find what ways your business could be healthier, set attainable goals to get there and work hard with a dedicated team to achieve those goals. A healthy business is a growing business.