The growing pains of small business
Juggling business and personal goals is just one of many challenges facing owners in their drive for success, notes Bill Sex, president of New England Coaching, in an exclusive interview with the Worcester Business Journal.
WBJ: What are the chief hurdles that small firms face today?Sex: The obvious one is insufficient financial resources. Secondly, many entrepreneurs cannot properly articulate their product or service and their served market. And without a deep personal drive and passion for the business, you won’t even get to first base. Finally, you need good support from family, a mentor or fellow professionals. Too many business people are unwilling to ask for help.
WBJ: How often do people go into business for the wrong reasons?
Sex: Sometimes I see an element of escapism. People are fleeing an unhappy situation in a big company, and maybe they have always had this burning desire to go out on their own and be the boss. But you really need to think long and hard about making such a change. Being an entrepreneur is not an easy life by any stretch of the imagination. However, if you go in with your eyes wide open, you can have a very fulfilling and rewarding experience.
WBJ: What considerations do new business owners overlook most?
Sex: There’s the "twice-as factor." It will take you twice as long to turn the corner on your business, and it will take twice as much money as you think you’ll need. Most importantly, make sure that you give yourself the breathing space to focus on the business you set out to develop. It typically takes two or three years to build a good foundation.
WBJ: Do entrepreneurs need to hone their leadership skills?
Sex: Yes. Entrepreneurship and leadership are two very different things. Entrepreneurship is very much about personal drive, independence and making things happen yourself. Leadership revolves around your ability to make things happen through other people. I see very bright and talented entrepreneurs who, in order to move to the next level, need to acquire better interpersonal skills — the ability to interact successfully with others. But I do believe that people can learn and develop these skills.
When I work with clients, I help them identify the gaps between where they are at and where they need to be on the leadership learning curve. Then we develop a plan for acquiring vital skills, such as proficiency with listening, questioning, breaking through resistance and accountability. Ultimately, you are looking to empower people to do what you pay them to do. Business owners also need to step back and look at the big picture. That requires working on, rather than in the business. This also allows them to concentrate on the prime values that they bring to the organization, such as leading it.
WBJ: What do you see as the essential ingredients of good leadership
Sex: There’s the common notion that ideal business leaders should be visionaries and risk takers. These are important qualities, but at a fundamental level a very strong professional resolve leads to a much clearer understanding and drive for what needs to be done in the business. However, this needs to co-exist with a strong personal humility. In a leadership role, it is not about you; it is about everyone else around you and your ability to influence, motivate and mobilize them willingly. You’ve got to set aside your own ego and address the needs of your employees, shareholders, and customers. Therein lies the basis of your success.
WBJ: How about the importance of setting priorities in your business?
Sex: On a periodic basis, business owners need to reassess their business and the market they have targeted. This will drive the sales and marketing effort. You also need to set firm business goals with specific timeframes. Finally, small business owners should always ensure that business goals mesh with personal goals. If you need to work 80 hours a week to reach a growth goal and seriously neglect your family or health in the process, what have you really achieved? It’s critical to strive for a balance in everything you do.
This interview was conducted and edited for length by WBJ Chief Editor Larry Maloney.
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