Winston Churchill could have been an entrepreneur to have so eloquently dramatized the thrill associated with building a business.
Whether you own it yourself or share it with partners, it’s yours to build, to mold according to your dreams and values.
You may be building it from scratch or seeking new opportunities to jumpstart a mature company. In either case, I hope this will help you on your journey.
Why do you have your own business?
Independence, many will say, the chance to run my own show?
Be my own boss?
Do things my way – maybe because you’ve seen them done the wrong way and you can do better?
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– Mark Twain
Barely 500 years ago, Girolamo Savonarola was an outspoken and strident critic of the current order, angrily vilifying the worldly possessions that tempted people to become sinners.
He was ultimately excommunicated from the Catholic church, condemned for heresy, stripped of his priestly garments, hanged, and his body burned in the town square in Florence, Italy, a stark and ignominious ending to a life committed to vows of poverty, chastity and obedience.
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“If you don’t like change,
you’re going to like irrelevance even less.”
– General Eric Shinseki, retired Chief of Staff, U. S. Army
A rose is a rose is a tulip? No, that’s not right. A rose is a rose is … well, by any other name, I think it’s still a rose. Right?
We’re pretty famous in this country for euphemisms, aren’t we, particularly for unwelcome issues.
Eternal rest.
Cement shoes.
Adult entertainment … I think you catch my drift.
There are also a lot of ways that the entrepreneurial mentality has been described.
We first read about “constructive paranoia,” a phrase popularized by Andy Grove, the former CEO of Intel in his book, Only the Paranoid Survive.
It’s hard to argue with his mantra:
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Every Tuesday, we’re sharing valuable and practical leadership tips and tools to help you BE a better leader so you can BECOME a better leader. Remember … you won’t BECOME a better leader until you start BEING a better leader … implementing NOW the changes necessary to adopt the proven strategies of successful leaders. You might start by building on the communication matrix and making sure you’re defending the castle to get done what only you can do. Make sure to take some time so you’re thinking past today. Don’t forget our 12 part Leadership series.
I continue to examine some of the first 100 newspaper columns I’ve written … and continue to be struck by the timeless issues that we face as we build our businesses. We’re human, we make mistakes, we don’t always get done what we intend, we miscalculate, things don’t turn out as planned. Stuff happens. We know we’re on a journey and not just seeking a destination, but that doesn’t diminish our struggle to overcome many of the same forces that have plagued progress throughout civilization.
New metrics to Define Financial Performance?
In the tumult surrounding the 3D maelstrom (Debt Ceiling, Downgrading and Deficit) of several weeks ago, you may have missed another chilling corporate finance update on the relentless pursuit of performance metrics that extol the sunshine while you’re in the heart of darkness. Yes, there may be some economic value for certain of these metrics, but they’re dangerous barometers of realizable value and highly misleading as to future achievements of tangible operating profits and free cash flow.
Most of us recall the “eyeball counting” that preceded the Dot-Com-Bomb and those certain “Signs of the Apocalypse”, as when your cab driver is telling you what stocks you should buy.
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Nothing in life travels in a neat formation accompanied by bugles and cavalry. A lot of it shows up filthy and unkempt, prominent in the mess we’ve made around our foxhole. These lessons are typically the offspring of hubris, naivete and ignorance … or from overlooking the land mines hidden beneath our feet.
Every Tuesday, we’ll share valuable and practical leadership tips and tools to help you BECOME a better leader. Remember … you won’t BECOME a better leader until you start BEING a better leader … implementing NOW the changes necessary to adopt the proven strategies of successful leaders. You might start by building on the communication matrix and making sure you’re defending the castle to get done what only you can do. Make sure to take some time so you’re thinking past today.
This article continues our series on the building blocks of L.E.A.D.E.R.S.H.I.P. Don’t miss the introductory article, The Cornerstones of Effective Leadership.
Isn’t there something almost magical about having a loyal friend? They know when we need help and even better, offer their help without our asking. They’re committed to a lasting relationship with us and they inspire us with their loyalty. They don’t judge us, they overlook our shortcomings, and they expect nothing in return. We have no trouble understanding that kind of loyalty.
But there are others we know as “fair weather friends,” good friends even. We enjoy their company, they’re responsive when their help is sought, but they wouldn’t be our first choice to join us in a foxhole.
What is loyalty and how important is it to successful leadership? Some philosophers think loyalty is only a sentiment; others argue that it’s more of a test of conduct than an intensity of feeling. Some argue that it’s a virtue; some claim that disloyalty is a greater vice than loyalty is a virtue.
Others argue that we must set aside good judgment to be loyal; I contend that while steadfast loyalty is a welcome quality, no individual or company should expect mindless fealty.
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Nothing in life travels in a neat formation accompanied by bugles and cavalry. A lot of it shows up filthy and unkempt, prominent in the mess we’ve made around our foxhole. These lessons are typically the offspring of hubris, naivete and ignorance … or from overlooking the land mines hidden beneath our feet.
Every Tuesday, we’ll share valuable and practical leadership tips and tools to help you BE a better leader so you can BECOME a better leader. Remember … you won’t BECOME a better leader until you start BEING a better leader … implementing NOW the changes necessary to adopt the proven strategies of successful leaders. You might start by building on the communication matrix and making sure you’re defending the castle to get done what only you can do. Make sure to take some time so you’re thinking past today.
As a business leader, how often have you paused to wonder, “Am I a very good leader?” “Is it possible that I’m really just a ‘legend in my own mind’ and that when I turn around and look closely, not many people are following?”
Leadership is the centerpiece of our business success. We start out with what God gave us, and stumble, fall, grow, learn and build from that foundation, emboldened by our success, nurtured by our failures.
Your business will not survive … let alone thrive … if you don’t
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“Financial Adrenaline” is a term we love around here because it reflects our commitment to help you turbocharge your business with practical tips and techniques to improve free cash flow, the lifeblood of business. As a further extension of our Financial Adrenaline program, we’re going to share a new Business Finance Tip every Wednesday specifically for those business executives who don’t have a finance background. Our current Big River series started with We’re Making Money. Why are we broke? … then No Cash? Can we borrow what we need?, What if our loan collateral doesn’t cut it? and the need for outside investors.
Last week, we began our conversation about business valuation. We continue that discussion today with a valuable chart that will help you understand some of the key valuation principles.
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“Can anybody remember when the times were not hard and money not scarce?”
~ Ralph Waldo Emerson
John Wilson, CEO of Ace Business Stuff, has been working diligently with his controller, Tom Sampson, to assess his financing needs. They may require an equity investor as he suspects that his controller’s right that bank financing may be insufficient.
“Hi Lary,” John said when he got Lary Blogger on the phone again.
“We’re almost finished with our forecast, but it still looks like we’ll need some equity. I’d like to explore what you said about strategic buyers and financial buyers and see the diagram you mentioned.”
“John, this diagram is only meant as a general overview of some key valuation concepts,” I said when I visited with John at his office a few days later. “It should help you better understand certain key concepts which underlie the valuation of an ownership interest in your company.
“At the top is the Strategic Buyer. In short, he’s looking for more than a simple financial return.
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“Financial Adrenaline” is a term we love around here because it reflects our commitment to help you turbocharge your business with practical tips and techniques to improve free cash flow, the lifeblood of business. As a further extension of our Financial Adrenaline program, we’re going to share a new Business Finance Tidbit every Wednesday specifically for those business executives who don’t have a finance background. Our current Big River series started with We’re Making Money. Why are we broke? … then No Cash? Can we borrow what we need? Last week, we faced What if our loan collateral doesn’t cut it?
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“The worst mistake is to have the best ladder and the wrong wall.”
~ Donald Rumsfeld
John Wilson, CEO of Ace Business Stuff, was thinking about several of the issues that he discussed earlier that day with his controller, Tom Sampson, and what Tom told him:
“Giving our customers an additional 30 days to pay, relaxing collections and neglecting the sale of inventory already on hand, isn’t a very sound strategy.”
Instinctively, he knew that Tom was right and that whatever bank loan they could obtain, it wouldn’t be enough.
Ted Deepockets, his long-time friend, had periodically needled John about the pros and cons of outside investors.
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Welcome to Exkalibur. I’m Lary Kirchenbauer, President of Exkalibur Advisors, Inc. Please take advantage of our resources to help you build your business ... and let me know what more we can do to serve you.
Read my latest column from the NY Times affiliate, the North Bay Business Journal.
In my former position as a tax partner at KPMG, LLP, I worked closely with Lary on the tax aspects of the plethora of business issues that arise in the life cycle of a start up company. It was unusual to see a senior finance person demonstrate a seasoned business acumen in identifying issues and opportunities, grasping the technical issues, resolving obstacles and implementing change.
Jeffrey Bergmann, V.P. Worldwide Tax, VeriSign, Inc.
