Family Business

This week in my New Business Creation class I learned a lot about family businesses. While learning about family businesses I asked myself, “Would I ever consider owning and operating a family business?” Before my studies this week I would have probably answered yes! It sounded like a fun prospect to work with my family and pass a business down from generation to generation. But after reading case studies and articles about family businesses, the prospect no longer seems that appealing to me. Often the mix of family and business does not blend well and decisions, such as equity stakes, create conflict in family relationships. I certainly don’t want that. Conflict in family businesses can be lessened or avoided through effective planning and structuring, but that takes time and money. If I ever do consider starting a family business, I would want to refer back to this helpful article: “12 Keys to Family Business Success.” Keys to family business success include “treat family members fairly,” “treat it like a business,” “set boundaries,” “develop a succession plan,” and so forth. Here is the link to the article: <http://www.startupnation.com/articles/12-keys-to-family-business-success/>.

As I reported last week, my $100 Challenge business, Pedi’s for Mommies, is finished. Currently I am working on a presentation for “investors,” which I will present to my class for review and feedback. Working on the presentation has helped me to reflect on the lessons I have learned in my business and my goals moving forward on my entrepreneurial journey. Next week I will also post my presentation on this blog so I can have it for future reference.

It Takes Hard Work and Passion

One of the readings that truly inspired me this week was a talk by Elder Lynn G. Robbins titled “Making a Living and a Life.” I especially love how he teaches a lesson using two main characters from one of my favorite movies, “It’s a Wonderful Life.” In this film both the protagonist, George Bailey, and the antagonist, Mr. Potter, are business owners in a small town called Bedford Falls. George Bailey (as pictured above) is a hard worker who has a love for his fellow man and a sincere desire to help families. Mr. Potter, on the other hand, is cynical and only cares for money. To me George Bailey is an example of high moral character and integrity. On my entrepreneurial journey I seek to learn from and follow the examples of other businessmen like George Bailey.

As of this week, Pedi’s for Mommies is closed for business. My $100 Challenge business lasted four weeks, with 20 man hours, and $155 in profits. I am very proud of my business and the services I was able to provide for women in my community. While running my business I learned many lessons, but I think the greatest lesson that I learned is that running a business takes hard work and passion. The next time I decide to start a business, I will remember my experience with Pedi’s for Mommies, then roll up my sleeves and work hard.

God First

One talk that I read, and really enjoyed, for class this week was “United in Building the Kingdom of God,” by Elder L. Tom Perry. The talk is about the importance of putting God before the riches of the world. Those who are blessed with prosperity are more susceptible to feelings of pride and haughtiness, which prevent them from doing the work of the Lord. However, there are also those who are lacking in worldly goods that become consumed with what they do not have and they blame others for their situation. Elder Perry teaches that “the Lord condemns both the preoccupation with worldly possessions and the lack of occupation with building His kingdom, whether it is a consequence of having too much or too little.” God does want each of His children to be happy and prosperous, but the key is that they love God and not riches. My goal is to one day have a very successful and profitable business, but I need to always put building the Kingdom of God as my first priority.

Business at Pedi’s for Mommies was fairly slow this week. However, I am looking forward to next week because I have six pedicures already scheduled. Running my own business has been more enlightening than I could have ever imagined. I have learned about the importance of vision, marketing, and having a quality product or service with low costs. Pedi’s for Mommies has given me the motivation to continue on my entrepreneurial path. 

Get the Right People

In my New Business Creation class this week I studied hiring and learned the importance of finding the right people. This can be a time consuming task, and yet is one of the most important things an organization can do to be successful. There were many great readings and videos this week, but one of my favorites was an article by Jim Collins called “Good to Great.” I have actually read his book with the same title and it is a great read. Collins introduces multiple concepts for why certain companies are able to maintain greatness (with stock 3 times the General Stock price over a 15-year period) and others do not. The great companies never had a “miracle moment,” they simply improved one day at a time until the momentum of their work carried them off into success. One principle that Collins teaches is called the “Who Before What” principle. This means that before you determine the direction of your company or a project, you need to make sure you have the right people “on the bus” (on your team). The right people are those that have the necessary skills and experience, but are also self-motivated and passionate about serving the company. When I need to hire employees someday, I will want to read Jim Collin’s book again to remember just how important it is to get the right people first, and the right people in the right seat (position where they will excel).

My $100 Challenge business, Pedi’s for Mommies, is doing well. I had a cool and new experience this week… a returning customer! Talking about my business all the time has really paid off. She had a pedicure by me last week and she loved it so much that she called me to schedule another one for next week. Not only that, but she asked if I would also do pedicures for two of her friends. I am getting referrals! It is exciting to have the business progress and I look forward to a busy week next week.