My grandfather stood 6 feet, 6 inches tall and his personality was even larger. He had a big, booming laugh and spoke to everybody and anybody. Inside that huge body there was also a big heart, one that struggled to say “no” to anyone that asked him for help.
When I was eight, and old enough to understand that grown-ups sometimes talk about things without referring to the actual “thing” in question, I noticed my parents and grandparents often mentioning “that man.” Something in their tones told me that there was a negative connotation to “that man.”
That same year, my grandparents moved into a small apartment. It was only years later that I learned the truth behind the “that man” conversations and the move we had to make.
The Embezzler
My grandpa was a wealthy man. He owned a successful transport business. His work ethic was beyond reproach: he took calculated risks, hired good people, treated his employees well and his customers even better. However, his inability to say “no” would eventually lead to his downfall.
Enter grandpa’s friend, uncle Henry – a.k.a “that man.” Henry was also in the transport business, but had fallen on hard times. Grandpa felt sorry for uncle Henry and allowed him to become his business manager. The arrangement worked well, for the first two years at least. Eventually, uncle Henry was given total control of the finances, and Grandpa trusted him.
Grandma was uneasy though, and when uncle Henry asked if he could become a partner in the business, Grandma was dead set against it. Grandpa, on the other hand, didn’t want to say no to one of his oldest friends.
Five years later, uncle Henry went AWOL – with most of my grandpa’s money.
Henry had wormed his way into every part of the business and proceeded to embezzle a fortune. Grandpa was 60 when he lost his business – and it broke his spirit. He died a mere six years later. And the money uncle Henry had stolen from our family was never recovered.
Join Our MT Twitter Chat!
What: #MTtalk
Where: Twitter
When: November 5, @1 p.m. ET (5 p.m. GMT / 10:30 p.m. IST)
Topic: How Do You Run a Business?
Host: @Mind_Tools
Business as Usual
Running a business is tricky. Just one bad decision can make a successful business go under, as the story of my grandfather illustrates only too well.
Many people think starting a business is a matter of having a good idea, putting up a sign, buying an extra computer, and advertising on social media – and then serving the customers who’ve beaten a path to the door. If only it were that simple!
We often use the phrase “business as usual.” But what does running a business look like?
In his book “On the Origin of Species” Charles Darwin said that it’s not the strongest or the most intelligent species that survive, but rather the ones that adapt to change the quickest. There are countless examples of business giants that, over the years, adapted just a touch too slowly – and today they’re business history.
Creative Adaptation
One of the scaffolds that makes adaptation in business possible, is the ability to think creatively. How can you solve a customer’s problem? In what ways can you outwit your competitors? How do you navigate an event such as the COVID-19 pandemic? What is it that your customers need that they don’t even know they need?
Creativity is vital for answering these questions and thinking differently to solve problems and see what’s coming before it arrives.
It’s important to develop an excellent understanding of your market and your competitors. Who will fork out money for your product, and why? Why would they support your competitors? What can you offer your customers that your competitors can’t or won’t?
Goodbye Henry
After my grandpa passed away, uncle Henry tried to woo my grandma. No jokes. 10 days after my grandpa’s funeral, “that man” came to our house unannounced and after a cup of tea (that I had to make!) asked my grandma to go out with him. The nerve of the man!
He did go out – but out the front door. On his own. We never saw him again.
How Do You Run a Business?
In our upcoming #MTtalk Twitter chat, we’re going to discuss how to run a business.
In our Twitter poll this week, we wanted to know what size workforce would be ideal for the company you run (or want to launch). And it seems people don’t have an appetite for running large teams – an overwhelming majority of participants voted for 2-10 team members. To see all the options and results, please click here.
We’d love you to participate in the chat, and the following questions may spark some thoughts in preparation for it:
- What are the strengths you bring to running your own business?
- What are the areas you would need help with when running your own business?
- Why do you need to review your business plan regularly?
- What’s the biggest challenge you see / have experienced in running a business?
- What’s the difference in outcome when working in your business versus working on your business?
- How might you transition to let others run the business and you provide the oversight?
- What is the one bit of advice you might offer to someone thinking of starting their own business?
Resources
To help you prepare for the chat, we’ve compiled a list of resources for you to browse.
Business Requirements Analysis
Deloitte’s Business Chemistry®
Doblin’s 10 Types of Innovation
Dweck’s Fixed and Growth Mindsets
How to Join Our Twitter Talk
Follow us on Twitter to make sure you don’t miss out on any of the action this Friday! We’ll be tweeting out 10 questions during our hour-long chat. To participate in the chat, type #MTtalk in the Twitter search function. Then, click on “Latest” and you’ll be able to follow the live chat feed. You can join the chat by using the hashtag #MTtalk in your responses.
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