entrepreneurship

I Know What I Was Feeling, But What Was I Thinking?

April 5, 2022 by Jim Blasingame

“I know what I was feeling, but what was I thinking?”

This title lyric of a country song by Dierks Bentley is about a boy letting a pretty girl get him into a whole lot of trouble on their first date. Of course, there’s often no accounting for the unintended consequences of affairs of the heart.

But when these words are in the head of a small business owner, it’s due to an ill-advised decision that causes the proverbial winged sack of money to fly away.

“I know what I was feeling, but what was I thinking?” is often the financial post mortem lament of the passionate but too impulsive start-up entrepreneur. Being passionate about starting a business is very important, [Continue Reading]

Should Mamas Let Their Babies Grow Up To Be Entrepreneurs?

March 28, 2022 by Jim Blasingame

“Mamas, don’t let your babies grow up to be cowboys.”

Country music fans recognize this title and opening passage from the Ed and Patsy Bruce song made famous by Waylon Jennings and Willie Nelson. If there ever was a honky-tonk anthem, this is it.

Every good anthem has a hook lyric and in this song, it goes like this: “He ain’t wrong, he’s just different, and his pride won’t make him do things to make you think that he’s right.”

Wish I had a nickel for every time someone watched an entrepreneur doing what entrepreneurs do, and asked, “What’s wrong with him?” Well, entrepreneurs are a lot like cowboys — they’re not wrong they’re just different. For example: [Continue Reading]

Buying A Business? Focus On These Four Factors

March 22, 2022 by Jim Blasingame

Continuing my series on buying a business, consider these four critical factors when you’re on a small business acquisition quest.

Old sellers are the best sellers

One of the best opportunities to acquire an existing business is when you can buy one from an owner who wants to retire from a business that’s still viable. Two good reasons are: they’re less likely to change their mind before the transaction is complete, and they’re more likely to finance a larger part of the sale price to get monthly income.

Notice I said, “still viable.” [Continue Reading]

Can Your Business Survive Accelerating Inflation?

March 7, 2022 by Jim Blasingame

The current inflation rate is 7.5% and trending the wrong way. Since you probably already don’t charge enough, what’s your plan now?

You might think that a rude and presumptuous opener, but it’s intended as a tough-love reality check for which you’ll thank me later. Because no business owner has experienced such a spike in inflation since Carter tossed the White House keys to Reagan and “The Jeffersons” replaced “All in the Family” on TV. That was more than 40 years ago when inflation was double today’s rate.

Those facts are why we’re going to discuss the impact of inflation on your pricing strategy. Wait! What? You do have one of those, don’t you? I’ll give you a minute. [Continue Reading]

You’re A CEO, But Do You Really Know How To Do The Job?

February 22, 2022 by Jim Blasingame

The hardest job in the marketplace is the Chief Executive Officer of a small business.

So, how could it be harder to be the CEO of Excel Supply, LLC than the CEO of Exxon? Let’s look at the definition.

Investopedia says a CEO is “the highest-ranking executive in a company whose main responsibilities include developing and implementing high-level strategies, making major decisions, and managing overall operations and resources.”

For every element of that definition, Exxon’s CEO has a cadre of presidents reporting to him about how they’re managing battalions of VPs, brigades of managers, and armies of employees. Exxon’s CEO manages that handful of presidents who bring him performance updates.

The CEO of Excel Supply may have managers reporting to her, but she’s never more than one degree of separation from the work, and likely the alpha member of any given task, especially things like capitalization, cash flow, business development, etc.

There is one thing that sets all CEOs apart from every other position and it’s the first item in the definition: high-level strategy. A CEO’s primary job, which can be supported but never delegated, is to determine the long-term direction of the company. Every business, large or small, must have someone doing this CEO job, whether they use the title or not. [Continue Reading]

Two Worthy Heroes To Admire

February 15, 2022 by Jim Blasingame

Olympians and small business owners are kindred spirits.

Watching the Winter Olympic athletes compete, we’re taken to a place where special humans participate in a noble cause. These heroes commit countless hours over many years, pushing their minds and bodies to achieve a level of excellence that might qualify them to … merely be on an Olympic team and represent their country.

Notice neither winning medals nor glory was mentioned. Most Olympians find neither, and yet they try.

Watching an event, we’re at once self-conscious and grateful when the long lens of the camera invades that private moment just prior to the competition. Self-conscious because of the intrusion but grateful to share this moment and benefit vicariously from the Herculean effort about to be delivered.

The camera moves in closer. We can see the Olympian’s eyes and imagine their thoughts. The skier is thinking, “Twelve years and it all comes down to the next few seconds. Must remember the fundamentals.” The skater is having a word with herself, “Today, nothing less than my personal best.”

Then the long lens captures the mouth. There’s a lick to fight the cotton mouth that only those who risk failure have tasted. The lips move slightly to offer a prayer or claim an affirmation, and then, “This is it.”

Small business owners are a lot like Olympic athletes: [Continue Reading]