Family Business

This week has been a good one.  The snow is melting and this semester is coming to a close.  My $100 business challenge goal has been reached and studying is going well.  This week we focused on buying business and we had a focus on family businesses.  Although I think family businesses can be interesting, I struggle on putting tender relationships on the line with a family business.  I think if I were to venture into having a business with other family members, having a written plan before hand and proper ownership, liability, and roles on paper before getting into business would be key.  Making sure everyone was on the same page beforehand to minimize the likely hood of problems moving forward.  As we know, problems will arise, but I think this kind of documentation can really help.

We also looked into purchasing businesses.  I think this could be an interesting part of being a business owner.  The idea of instead of being creative and trying to think of a new idea or business, it would be great to take a business that is underachieving and coming in and making it profitable.  I think this would be exciting and something I could be good at.

11 is Heaven

So here we are in week 11 of my business class.  It has been extremely satisfying so far and I'm extremely glad I have been able to learn so much.
A small update on my $100 challenge.  Things have been going well so far, but I have run into a bit of a snag.  It has really slowed down as I have gotten busy with my new job, but I think it is something I can easily fix with another push.
This week we focused on franchising.  It is an interesting concept that I don't think I would personally do unless the perfect opportunity fell into my lap.  Don't get me wrong, I wouldn't turn down the right deal, but I think building a business and learning how to do it well is all part of the thrill. Although franchises can reduce risk, give all the stuff you need to you, there is also a big cost as well as other fees associated with it.  I would much rather plan and make money on my own. I would prefer to be my own boss, or even working with a team were my opinions matter and I have control over my own destiny.  That is the power in business ownership and taking the risks that needed to be taken.

Burt's Bees

This week has been a rollercoaster in my life.  I had surgery this week and I’ve been recovering ever since.  As they say though, the show must go on.  This week in class we focused on process improvement and production, operation, and location. 

This week we also did a case study on Roxanne Quimby, one of the founders of Burt’s Bees.  It was an interesting story about how finding a business and doing well isn’t the end.  Quimby had made a great business making natural, handmade products out of beeswax and other natural products from Burt’s beehives.  She had grown it naturally and organically.  She used inexpensive local labor, and really had a love and a passion for what they did.  They were also growing at a steady rate, but it wasn’t enough.  She saw the writing on the wall and knew they couldn’t keep growing where they were.  She had to make a hard choice and move the company.  Was it the right decision?  What was the future of the company?  Many people in our class discussed how moving and changing what they made wasn’t in line with the vision of the company.  I disagreed.  Too often people think a company’s vision is what they make.  I think a company has to have a bigger vision than that.  A vision is about helping the customer, changing the world, and I think Burt’s Bees’ stayed to their vision and continued to be a successful company after the move.

Finding The Right People

This week in my small business creations class we focused on how to hire the right people and even how to get rid of the wrong people when needed.  We talked about going through the hiring process and what is important in that process.  We discussed the idea of hire slow and fire fast.  This talked about how we need to take our time in the hiring process, from the initial question of do we even need to hire someone.  In that process of hiring someone, take your time in the interview process, get to know the person and make sure they fit into the company.  It's okay to have more than one interview and look for the potential and their talents.  When the decision has been made, make sure we spend the time to train the new hire and that they know what they need to do.

On the other side of that, if someone doesn't fit, take care of it quickly.  Make sure it isn't just a need to move them to a better position.  If that isn't the issue, get with the program and let them move on.  It is not fair to waste the businesses time, or that person's time.  Do it swiftly.