Entrepreneurship

Small Business Owners

Words matter. When “small business” and “small business owner” are overused, it becomes belittling. Breakthroughs await those with expanded vocabulary.

First, let’s get an elephant in the room. There is a need for categorization between different types of businesses, and size is an obvious differentiator. This determines how government policies, regulated programs, and other environmental resources are distributed.

Unfortunately, broad categorization leads to business owners not thinking of themselves as entrepreneurs.

Whether it’s the size of a company, revenue, or other quantifiable metrics, using “small business” may be required for economic structuring, but it limits how many leaders think about their own potential.

The opportunity to shift this narrative exists within events where the assemblage is comprised of small business owners. In these settings, use small business terms to target the promotional messaging, then find ways to release those technical terms at the event. Emcees, speakers, panelists, and staff can embolden the audience by using “small business owners” when necessary but then intentionally using more alternative titles that add depth to the attendee’s mindset. Instead of everything being focused on small, use synonyms that describe greatness, importance, appreciation, and yes, small business owners:

  • Entrepreneur
  • Founder
  • Leader
  • Student
  • Innovator
  • Heretic
  • Dreamer
  • Creator

    By using these synonyms, we can quietly inspire more inclusivity through fresh assimilation at events. Even if public policies remain rigid, more people will learn to celebrate and identify with more codifications.

    Over time, more people who may have kept themselves in a box will start to feel enlisted in all that is an entrepreneurial lifestyle. As more small business owners hear, use, and relate to enlivened vocabulary, the expanding taxonomy exposes new ideas, untapped resources, and unexpected realms to confidently explore within the local communities we love.

    Brewed From Within
    #36 📖 Leadership

    By Ben McDougal, ago

    Listen

    Listening is louder than it sounds.

    The more obsessed, the more vociferous we get. Idea machines must be willing to share compelling stories, but listening is part of any transmission. This is obvious, but with precious airtime up for grabs and knowing so much about our own interests, listening can devolve into feeling like a required distraction.

    Extra Shot

    Hearing is passive.
    Listening is active.

    As we guide people through the layers of understanding, active listening forms a bond much faster than forcing ourselves to be heard. The fear of not having time to deliver our message will linger, but when we truly tune into what another person is saying, it shows we care. Active listening also helps us better harmonize our thoughts within the moment and counters the common mistake of overloading others with too much numbing details all at once. Knowing each conversation is part of a broader relationship journey, good listeners are almost always given a chance to make a bigger impact.

    Ready for an experiment? The next time you meet someone new, embrace your inner scientist. Set your introverted/extroverted mindset aside and focus your attention on asking as many thoughtful questions as you can. The less you talk, the better. This will feel awkward if you just fire question after question, so be concise with each response, then return to thoughtful questions for a more natural interaction. Consider expanding this social experiment by purposely doing this throughout an entire networking event. Remember who you talked with and track how the listening-focused conversations evolve. Over time, how do these relationships compare with others where you’ve been less intent on listening?

    Here are tactics to support your listening practice:

    • Center your internal attention.
    • Stay engaged with eye contact.
    • Use jarring questions to dodge small talk.
    • Don’t interrupt or jump to conclusions.
    • Occasionally paraphrase what was said.
    • Avoid the urge to make it about you.
    • Ask curious questions to go deeper.
    • Use non-verbal cues to express attention.
    • Record and share a few key takeaways.
    • Exit gracefully, without a sense of rush.
    • Follow up with one more question.
    • Ask about progress next time you meet.

    This type of active listening will not only extend your ability to hear. It will also make your responses more in-tune with what others are thinking versus always trying to prove your point. Selflessness may keep a conversation from landing exactly where we want in that moment, but as we move from one topic to the next, we learn how others work.

    Extra Shot

    Listening within a support network ignites optimism, connection, and motivation. A healthy balance involves listening to challenge networks, which keeps us intellectually humble and rooted in reality.

    When done well, an unspoken bond is formed. This synchronization curates future conversations that are enforced by shared enthusiasm.

    Brewed From Within
    #34 📖 Leadership

    By Ben McDougal, ago

    Fructifying Fortitude

    Watching toddlers learn to walk is adorable. This instinctive right of passage reminds us that fresh motivation may be needed when progress stalls.

    At first, early moves feel natural, and then crawling did the job. As children see what’s possible, expectations rise and success begins to feel inevitable. If progress stalls, parental motivation can lose its luster and concern sets in. But what if the breakthrough simply awaits fresh encouragement?

    As new motivation is introduced, even when it’s unplanned, progress proceeds almost all at once. We scramble for the camera and those precious first steps are beloved by all. More practice is still needed, but this achievement renews momentum that keeps little ones moving upright and forward.

    Extra Shot

    For parents smiling as they read this, know that Pure Wonder, Wayfinders, Winding Whys, Training Wheels, Playforce, Santa is Real, and many timeless episodes from You Don’t Need This Podcast are energizing extensions on this topic!

    As we build into new quests, our dance with innovation may also require shifting gears. Next time an engine stalls, step back to consider an alternate angle, talk to peers with different perspectives, take time away, or show up unannounced to adapt and get back on track.

    Brewed From Within
    📖 Entrepreneurship

    By Ben McDougal, ago

    Shifting Gears

    Imagine the howl of a distant motorcycle bolting through the night. Hear the speed and wait for that clutch to drop, knowing more power awaits.

    The first gear is dedicated to initiating motion within an engine. It won’t get you far, but as the red line wraps, a shift brings you into the next gear that builds on the momentum. As that next gear tops out, yet another shifts moves you farther, with higher gears that bring you to full speed.

    Extra Shot

    After pushing a motorcycle to 150mph, twas time to sell that bullet on wheels. A face full of wind is still invigorating, but a convertible will now suffice.

    Any journey is a dance, but reaching your destination requires an ability to temporarily lose power in exchange for more lasting capacity. Whether it’s personal or in business, recognizing a limit prompts a well-timed shift in gears to keep moving forward.

    Brewed From Within
    📖 Entrepreneurship

    By Ben McDougal, ago

    Head Start

    The entrepreneurial lifestyle resists definition.

    Business owners paint with strokes of curiosity, determination, and innovation. When people build with creative ambition, experience is valuable, but the symphony of desire and attitude plays an equally important role. It takes heart to start and resilience to execute early moves, manage focus, build teams, maintain sales, and provide lasting customer service to maintain momentum.

    The best part about an entrepreneurial lifestyle is that it’s accessible to everyone. This can be seen as students explore projects that transcend the classroom. It’s intrapreneurs fueling positive change in existing companies. It’s startup founders achieving product-market fit with new ideas and others who acquire an established business.

    EXTRA SHOT

    This contribution was written by Sheldon Ohringer. Along with helping us buy a business, Sheldon is an investor and board member who led large sales teams, developed acquisition programs, and as CEO took a technology company public.

    Starting a brand new business is one way to explore the entrepreneurial lifestyle, but buying an existing business is also an interesting way to write your own story.

    While there may be a higher cost for the head start, acquiring an existing business presents an interesting side door to the entrepreneurial lifestyle.

    Organic growth is important, but there are added benefits in augmenting internal development with external acquisitions as well. As you consider a business to buy, avoid future headaches by understanding industry requirements, such as licenses, permits, zoning, and environmental requirements. As you work with existing ownership to determine a purchase price, a valuation based on capitalized earnings, excess earnings, cash flow, and tangible assets are all methods to guide fair negotiations. In the end, the right price is one that delights the seller and excites the buyer.

    As details come together, partner with legal and accounting experts who focus on mergers and acquisitions (M&A) to document the transaction. A letter of intent, confidentiality agreement, contracts, leasing documents, financial statements, tax returns, and sales agreements are all important documents to talk with your M&A team about. Many transactions include a vesting schedule as well, so stay in tune with these details to avoid unwanted surprises.

    There are a variety of strategic ways to acquire a business, but once the transition takes place, new owners are given keys to a kingdom that hails an established team, customer base, and operating procedures. As we see in the Exit section of the Results chapter in YDNTB, there will be challenges during these transitory times, but in the end, virtuous leaders listen to keep the culture balanced.

    All the good that comes with a business is important to maintain, but an audit of negative aspects is important too. This focus on areas that need improvement is stressful, and concerned employees may exaggerate issues to make their own contribution seem important. To stay proportionate, talk with everyone for context, invite resolutions that may solve issues, get hands-on, and stay optimistic to keep your assessment honest and weighted against the big picture.

    Searching and finding undervalued, cash-flow businesses may take time, but it serves as a viable alternative to growing a business from scratch. Intentional candor with areas to improve allows new owners to build on past success while charting a renewed vision for lasting prosperity.

    By Ben McDougal, ago