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Showing posts with label entrepreneurship. Show all posts
Showing posts with label entrepreneurship. Show all posts
Sunday, April 8, 2012
Thursday, April 5, 2012
4 To-Dos for the "Someday" Entrepreneur
By Adelaide Lancaster
I talk with a lot of people who want to start a business “someday.” And as a result, I often think about the factors that determine which “someday” entrepreneurs will actually become business owners, and which will continue to say “I wish” for years to come.
Surprisingly, the ability to take the plunge has a lot less to do with people’s personalities, and a lot more to do with how accessible and familiar the experience of entrepreneurship is to them. Those who can picture themselves running a business often do. And those who continue to think of entrepreneurship as a big, scary thing that other people (perhaps more gregarious, sales-oriented, or risk-tolerant people) do tend to never move forward.
So, if you, too, dream of someday being your own boss, an important first step is just getting acquainted with the nature of the beast. Here are four things that will help you do just that.
1. Make New Friends
One of the best ways to learn what entrepreneurship is really like is by getting to know some entrepreneurs. Not necessarily the fancy, media darling types, but just normal, low-key people who work for themselves. To start, connect with entrepreneurs who match your own demographic—it helps you to start thinking “hey, if they can do it, so can I!” But be sure to branch out from there, and also to meet people in a wide variety of industries. There are lots of styles of entrepreneurship, so the more diversity you can experience, the better!
If you don’t know any entrepreneurs, just start asking people to make some introductions. Or, join groups on LinkedIn or Facebook, and start paying attention to the discussions that are happening. Ask someone you find interesting to have coffee and take it from there. Pick their brain about useful resources, groups, or meetings, and see if they can introduce you to even more entrepreneurs.
2. Pick Some New Role Models
In addition to making some new pals, it’s important to identify role models who are a little more established in the business world. You might not be able to take them to coffee, but you can learn a lot by observing them and their companies from afar.
Select three brands or companies that you like and admire. Find as many ways to follow their leaders as possible—be it their blogs, articles, or Facebook profiles. Read their books if they have them. Read their press and interviews that they’ve done. Think about how their personalities and leadership styles have shaped the brands and the companies they run. Stay abreast of their company news, and take note of what they share about their own experience.
3. Fall in Love with Small Business as a Customer
There’s a certain romance to small business. As a customer, there’s always something more special about the experience. Sometimes it’s witnessing changes over the years, other times it’s the connection to the owner, others it’s the attention to detail that’s given to the product or service.
And there’s a lot to learn from that! So, in addition to making friends with entrepreneurs themselves, it’s important to also make relationships with some actual businesses. Think about the small businesses that you currently patronize, or the new start-ups whose products you love. What do you know about their owners or story? What are their goals and where are they going? What do they do that’s memorable, distinct, or unique? What do they do particularly well? Thinking about your own experiences as a customer will give you tons of insight into running your own show.
4. Demystify “Business” Speak
Most would-be entrepreneurs get scared off by the “business” side of things. They overestimate the skills and knowledge that are needed to run a business and assume that there are huge mountains to be climbed and learning curves to overcome before even getting started.
But it’s important to confront the monster under the bed—it’s not as hard as you might think, and you certainly don’t have to have an MBA to do it. Pick a small business magazine like Inc. or Fast Company and invest $15 to get a subscription. Peruse it each month, but feel free to read only what’s interesting to you. You’ll soon see how un-mysterious business can be. From behind-the-scenes business profiles to questions about how to handle particular challenges, you’ll begin to learn a lot about the experience of entrepreneurship.
As you start talking to people, expanding your reading list, and thinking more and more about the what it’s like to be an entrepreneur, you’ll soon see that it’s not as big and scary as you might think. And that “someday” will inch a little bit closer to today.
http://www.forbes.com/sites/dailymuse/2012/03/07/4-to-dos-for-the-someday-entrepreneur/
I talk with a lot of people who want to start a business “someday.” And as a result, I often think about the factors that determine which “someday” entrepreneurs will actually become business owners, and which will continue to say “I wish” for years to come.
Surprisingly, the ability to take the plunge has a lot less to do with people’s personalities, and a lot more to do with how accessible and familiar the experience of entrepreneurship is to them. Those who can picture themselves running a business often do. And those who continue to think of entrepreneurship as a big, scary thing that other people (perhaps more gregarious, sales-oriented, or risk-tolerant people) do tend to never move forward.
So, if you, too, dream of someday being your own boss, an important first step is just getting acquainted with the nature of the beast. Here are four things that will help you do just that.
1. Make New Friends
One of the best ways to learn what entrepreneurship is really like is by getting to know some entrepreneurs. Not necessarily the fancy, media darling types, but just normal, low-key people who work for themselves. To start, connect with entrepreneurs who match your own demographic—it helps you to start thinking “hey, if they can do it, so can I!” But be sure to branch out from there, and also to meet people in a wide variety of industries. There are lots of styles of entrepreneurship, so the more diversity you can experience, the better!
If you don’t know any entrepreneurs, just start asking people to make some introductions. Or, join groups on LinkedIn or Facebook, and start paying attention to the discussions that are happening. Ask someone you find interesting to have coffee and take it from there. Pick their brain about useful resources, groups, or meetings, and see if they can introduce you to even more entrepreneurs.
2. Pick Some New Role Models
In addition to making some new pals, it’s important to identify role models who are a little more established in the business world. You might not be able to take them to coffee, but you can learn a lot by observing them and their companies from afar.
Select three brands or companies that you like and admire. Find as many ways to follow their leaders as possible—be it their blogs, articles, or Facebook profiles. Read their books if they have them. Read their press and interviews that they’ve done. Think about how their personalities and leadership styles have shaped the brands and the companies they run. Stay abreast of their company news, and take note of what they share about their own experience.
3. Fall in Love with Small Business as a Customer
There’s a certain romance to small business. As a customer, there’s always something more special about the experience. Sometimes it’s witnessing changes over the years, other times it’s the connection to the owner, others it’s the attention to detail that’s given to the product or service.
And there’s a lot to learn from that! So, in addition to making friends with entrepreneurs themselves, it’s important to also make relationships with some actual businesses. Think about the small businesses that you currently patronize, or the new start-ups whose products you love. What do you know about their owners or story? What are their goals and where are they going? What do they do that’s memorable, distinct, or unique? What do they do particularly well? Thinking about your own experiences as a customer will give you tons of insight into running your own show.
4. Demystify “Business” Speak
Most would-be entrepreneurs get scared off by the “business” side of things. They overestimate the skills and knowledge that are needed to run a business and assume that there are huge mountains to be climbed and learning curves to overcome before even getting started.
But it’s important to confront the monster under the bed—it’s not as hard as you might think, and you certainly don’t have to have an MBA to do it. Pick a small business magazine like Inc. or Fast Company and invest $15 to get a subscription. Peruse it each month, but feel free to read only what’s interesting to you. You’ll soon see how un-mysterious business can be. From behind-the-scenes business profiles to questions about how to handle particular challenges, you’ll begin to learn a lot about the experience of entrepreneurship.
As you start talking to people, expanding your reading list, and thinking more and more about the what it’s like to be an entrepreneur, you’ll soon see that it’s not as big and scary as you might think. And that “someday” will inch a little bit closer to today.
http://www.forbes.com/sites/dailymuse/2012/03/07/4-to-dos-for-the-someday-entrepreneur/
Monday, April 2, 2012
10 commandments of the Gokongweis
By Mary Ann Ll. Reyes, The Philippine Star
Posted at 03/13/2012 8:20 AM | Updated as of 03/13/2012 8:20 AM
MANILA, Philippines - No in-laws.
This is the first of 10 unwritten commandments which John Gokongwei, founder of the Gokongwei group of companies, followed in running the family business “the Gokongwei way.”
Lance Gokongwei, president of JG Summit Group, shared his and his father’s secrets in running a successful conglomerate and in effectively transitioning from a company that is basically family-owned to one publicly-owned and listed.
At an Ateneo forum yesterday, the younger Gokongwei said that during his father’s generation, his aunts (married to his dad’s brothers) and his mother were involved in the business, but the elder Gokongwei soon discovered that this was not always ideal.
“There were situations where some of the marriages did not work. Loyalties change. Sometimes relationships between the different in-laws from the second generation become strained. Feelings get hurt. It is tricky deciding which in-law is more deserving, which is smarter, which would do a better job,” he said.
And so for the second generation, led by Lance, the rule of no in-laws was instituted – with some exceptions (the first commandment).
The second commandment is no moonlighting. Lance said the family rule is that if one is working for JG Summit, one can only own passive assets that do not require their attention such as property, shares, bonds and the like.
“If you work for the company, you must be either fully in the business or completely out. In running the business, you must be actively involved, with full-time commitment and focus,” he explained.
No conflict of interest is the third commandment. As a family member, one cannot set up a business involved in supplying or transacting with the JG Group of Companies.
“Around 20 years ago, my family learned this lesson. In one of the family manufacturing companies we acquired, one sibling was involved in an outside business supplying the company. Another was involved in a business that sold the final product for commission, and another was involved in a business that sold the scrap. As each party was concerned with his own interests, nobody was thinking of the interest of the family business,” Lance said.
The fourth commandment is “no work, no pay from the company.”
“The family member must work to receive a salary. There should be no fake pay. You must have a real, full-time position in the company. In my family, we do not receive allowances after graduating from college. If as a parent you want to give your child money from your own salary or dividends, that’s your prerogative. But the family is not going to pay for this,” he pointed out.
Fifth is that personal assets should be kept separate from company assets.
Lance said that personal expenses should be paid from one’s own pocket – including personal travels via the family-controlled Cebu Pacific and personal hotel stay at the family-owned RLC hotels, and even shopping at the Robinsons retail stores.
Sixth is pay must be based on contribution to the business. He said that in order for the family member to live and think independently, the family business must pay the right salary for the right job, but the pay must be adequate enough so that the family member will not be dependent on the parents for support.
“The amount you will receive is based on merit and not who you are in the family totem pole,” Lance added.
The seventh commandment of the Gokongwei group is that being family is no guarantee of employment.
“There comes a time when there is not enough jobs for everyone in the family. Oftentimes, professionals may even be better in running the day to day operations,” he said.
Eighth is avoiding working directly under one’s parents, specifically at the start of a career.
“When I first started, I did not report to my father. I worked for my uncle and another manager. If you are too close to the person, you usually won’t get good feedback. The parent might spoil the child or he may be too harsh. There is also danger of bringing issues and arguments home,” he noted.
Ninth is “give the next generation wings.” Also part of this rule is “have a fixed retirement age” for the business.
“I have seen many families where the patriarch passed on the responsibilities to the next generation successfully and some passed it on too late,” Lance cited.
The tenth and the most important rule is that “there can only be one boss.” He explained that this rule is related to succession. The role of the family and owners is to prepare a board to appoint a successor.
“You must establish a process to appoint the leaders. My dad and his brothers established a clear process on who can decide who the next leaders will be. They created an outside board whose role is to appoint and fire the CEO. This is critical so that a business can smoothly pass on from generation to generation, and achieve longevity,” Lance stressed.
Posted at 03/13/2012 8:20 AM | Updated as of 03/13/2012 8:20 AM
MANILA, Philippines - No in-laws.
This is the first of 10 unwritten commandments which John Gokongwei, founder of the Gokongwei group of companies, followed in running the family business “the Gokongwei way.”
Lance Gokongwei, president of JG Summit Group, shared his and his father’s secrets in running a successful conglomerate and in effectively transitioning from a company that is basically family-owned to one publicly-owned and listed.
At an Ateneo forum yesterday, the younger Gokongwei said that during his father’s generation, his aunts (married to his dad’s brothers) and his mother were involved in the business, but the elder Gokongwei soon discovered that this was not always ideal.
“There were situations where some of the marriages did not work. Loyalties change. Sometimes relationships between the different in-laws from the second generation become strained. Feelings get hurt. It is tricky deciding which in-law is more deserving, which is smarter, which would do a better job,” he said.
And so for the second generation, led by Lance, the rule of no in-laws was instituted – with some exceptions (the first commandment).
The second commandment is no moonlighting. Lance said the family rule is that if one is working for JG Summit, one can only own passive assets that do not require their attention such as property, shares, bonds and the like.
“If you work for the company, you must be either fully in the business or completely out. In running the business, you must be actively involved, with full-time commitment and focus,” he explained.
“Around 20 years ago, my family learned this lesson. In one of the family manufacturing companies we acquired, one sibling was involved in an outside business supplying the company. Another was involved in a business that sold the final product for commission, and another was involved in a business that sold the scrap. As each party was concerned with his own interests, nobody was thinking of the interest of the family business,” Lance said.
The fourth commandment is “no work, no pay from the company.”
“The family member must work to receive a salary. There should be no fake pay. You must have a real, full-time position in the company. In my family, we do not receive allowances after graduating from college. If as a parent you want to give your child money from your own salary or dividends, that’s your prerogative. But the family is not going to pay for this,” he pointed out.
Fifth is that personal assets should be kept separate from company assets.
Lance said that personal expenses should be paid from one’s own pocket – including personal travels via the family-controlled Cebu Pacific and personal hotel stay at the family-owned RLC hotels, and even shopping at the Robinsons retail stores.
Sixth is pay must be based on contribution to the business. He said that in order for the family member to live and think independently, the family business must pay the right salary for the right job, but the pay must be adequate enough so that the family member will not be dependent on the parents for support.
“The amount you will receive is based on merit and not who you are in the family totem pole,” Lance added.
The seventh commandment of the Gokongwei group is that being family is no guarantee of employment.
“There comes a time when there is not enough jobs for everyone in the family. Oftentimes, professionals may even be better in running the day to day operations,” he said.
Eighth is avoiding working directly under one’s parents, specifically at the start of a career.
“When I first started, I did not report to my father. I worked for my uncle and another manager. If you are too close to the person, you usually won’t get good feedback. The parent might spoil the child or he may be too harsh. There is also danger of bringing issues and arguments home,” he noted.
Ninth is “give the next generation wings.” Also part of this rule is “have a fixed retirement age” for the business.
“I have seen many families where the patriarch passed on the responsibilities to the next generation successfully and some passed it on too late,” Lance cited.
The tenth and the most important rule is that “there can only be one boss.” He explained that this rule is related to succession. The role of the family and owners is to prepare a board to appoint a successor.
“You must establish a process to appoint the leaders. My dad and his brothers established a clear process on who can decide who the next leaders will be. They created an outside board whose role is to appoint and fire the CEO. This is critical so that a business can smoothly pass on from generation to generation, and achieve longevity,” Lance stressed.
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