PROFITS Principles Community Blog

Musings of an entrepreneur

by Rosalie Lober on May.25, 2009, under Uncategorized

Owning a Business is Difficult
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Perhaps you now face a competitor’s new product on the market that sells like hot cakes, stealing your market share percent by percent.

Maybe a valued employee leaves your company, after you’ve sent her at a $5000 seminar and confided your five most exciting growth ideas for next year.  Your most reliable supplier discontinues a chemical you require for your product line and customer demand is in the triple digit range.

Business life, even as we strive with dignity and class, is usually messy and inconvenient.  Did the thought ever cross your mind – “This wouldn’t impact a Fortune 500 company.  No way! They’re bigger.  They have other divisions to absorb the loss of this product.  They have more people and can switch gears quickly.”
Your thoughts are certainly realistic and I’d like to add one tidbit of information – Fortune 500 companies can trip over their complexity.  Many large companies may know what to do and the big question for them is:  Can they deliver the results they promise and in what timeframe?

Small companies must use everything they can to succeed.

In his new book,The Strategy Paradox, Michael Raynor states, “The external environment in which we find ourselves is very uncertain, where changes in regulations, the economy, competitors’ behavior, customer preferences or new or disruptive technologies could each, or in combination, dramatically change the operating landscape.  The ability to take bold action with urgency, while maintaining strategic flexibility has never been more important.”

I invite you to please share your musings and thoughts as you concur that we are not alone in the entrepreneurial journey……


3 Comments for this entry

  • Bob Light
    May 27th, 2009 on 6:25 am

    Hi Rosalie,

    Perhaps your statement that “we are not alone” is a global truth in the broad world of entrepreneurs, but clearly, being one often means standing by yourself, at times defiantly against those who say it can’t be done or it was tried before and it didn’t work, in an effort to make a dream a reality. In my opinion, the true entrepreneur is not one that never fails, but one who fails, learns and tries again. They don’t have a fear of failure, but a narrow-minded reluctance to not try.

    I agree that large companies don’t always get it right either, and the amount of politics and approval layers can make them less than nimble, which is what creates the cracks that allow entrepreneurs to create and thrive.

    I haven’t read your book, but like the concept of improving profits, when today most companies are thrilled to just break even.

    I wish you luck with this endeavor.

  • Dr. Hadji
    June 1st, 2009 on 7:40 am

    Dear Dr. Lober,

    For years I have been dreaming of opening up a chain of Dr. Hadji Special Medicine kiosks which sells medicine that I make up from all natural and organic ingredients.

    After reading you excellent book, I now have the confidence to do so. As you say, it is now or never.

    Thank you very much Dr. Lober for a wonderful book and such inspiration.

    Sincerely, Rhumba Hadji, Ph.D.

  • Rosalie Lober
    June 5th, 2009 on 8:39 am

    Bob -
    Absolutely!
    Learning from others (and your own failures and successes too) appears to be one of the most important success factors for both intrapreneurs and entrepreneurs (see study by Lominger,Inc.)

    In Run Your Business Like a Fortune 100: 7 Principles for Boosting PROFITS, you will find over 60 case illustrations of intrepreneur and entrepreneur ‘learners.’
    A prime example is Andree, the COO of Builders Square who learns what works best for her customers - and also, what works best with her management team. It was through trial and error that she found her solutions.

    Melanie, too, of Environmental Inc. learns from several experiences while outsourcing some her supply chain functions. She finds that vendor management was an area she needs to learn more about. Over time, she learned that knowing the vendor company was as important than knowing her other customers.

    Indeed, entrepreneurs are courageous, are not afraid to stand alone and also learn from others.

    Thank you Hadji. How exciting for you!
    Which of the PROFITS Principles and tools did you find most helpful?

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