Innovation

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

    Linchpin

    We are often told that being extraordinary makes us special. We each write our own story in life, but as Neil deGrasse Tyson suggests, perhaps the sameness of our cosmic composition is what makes each of us fundamentally special from beginning to end. This eliminates the need for permission and actually invites us all to be remarkable.

    The factory, which can be thought of as any existing organization with established systems, relies on profit margins and replaceable cogs that follow instructions to keep the vast machine churning. The factory was designed to maximize productivity during the Industrial Age, but in our connected era, factories are fading. Gone are the days of clocking in on time and keeping your head down just long enough to climb a ladder built to resist change. The factory worker’s willingness to play it safe may extend a sense of security, but this choice makes you easy to replace with cheaper labor, faster tools, and advancing technology.

    In 2010, Seth Godin gave those who choose to be indispensable a name: linchpins. Linchpins are artists who go beyond mediocre. Linchpins solve interesting problems and make judgement calls without a map. They welcome weird. They are scientists who stay curious. They are generous and passionate about the art of connection. Through an inclusive, positive-sum lens, linchpins lead and let others lead without seeking credit. They are fearless in that they are unafraid of things they don’t need to be afraid of. Linchpins leave resumes behind by curating a body of work that transcends time. They keep building at the speed of trust and relentlessly #GiveFirst, knowing that accelerating others generates unmatched energy.

    Cogs in a machine are replaceable and therefore can be paid less. When you are a linchpin, you leverage your own superpowers and get rewarded for creative expressions that are rooted in lasting purpose. The skills of a linchpin are hard to quantify with traditional metrics, but a willingness to bring your true genius to work is an open invitation. Over time, the linchpin’s art becomes meaningful to many, which makes work less about trading time for money. This also brews a centered state of indispensability, where nobody can compete with being you.

    Extra Shot

    “Leaders don’t get a map

    or a set of rules. Living life

    without a map requires a

    different attitude. It requires

    you to be a linchpin.” –Seth Godin

    If indispensability is accessible to anyone, why doesn’t everyone accept the invitation to be wonderfully weird?

    One primal reason is the indoctrination of an education system that was designed to produce factory workers. From an early age, we are brainwashed to pursue perfection, to color within the lines, to follow instructions, to care what others think, and to define success by worldly consumption.

    Fortunately, progressive teachers are activating modern students to go beyond the system. Instead of molding obedient factory workers who hope to be taken care of by factories built on promises of the past, we can teach people to take initiative. To honestly assess Playforce Principles. To invite doubt and to solve interesting problems while leading with reverse charisma and confident humility.

    Extra Shot

    What makes you indispensable?

    Whether fueling innovative action as an intrapreneur, diversifying your career portfolio with an inventive side hustle, or building as an entrepreneur, we may only live once, and life is too short not to enjoy your work.

    Brewed From Within
    #38 📖 Leadership

    By Ben McDougal, ago

    Sequencing

    When an audience feels informed, confidence increases and the opportunity for lasting collaboration is refined. Perhaps everything is an enumerated collection of objects in which repetition and order matters?

    Understanding how everything connects is impossible for even the most methodical mind. Be it system thinking, design thinking, meta synthesis, neural networking, or whatever mindset you choose, the abstract intensity of complexity makes it hard to see how a few things relate, let alone immeasurable members in infinite streams.

    Machines add computed awareness. But the squishy nature of each member within a sequence feels like it will remain a futile enigma, forever transforming based on if, who, what, when, where, why, and how something is being observed.

    The processing power required to source the connection(s) of every moment would paralyze your thoughts. The mind is effective, thanks to sequenced memories and staying light enough to deduce answers with limited real-time input. This saves time, but it’s interesting how this type of internal sequencing actually quiets the depth of each sequence.

    Enjoy the moment and be a serendipitist but keep tabs on where each member fits into a sequence.How sequences are pieced together keeps strategies in harmony. This brews appreciation from the past and adds a lightness for the moment. Delivering less information gives people only what they need when they need it. Added depth can then arrive down string to make a timelier impact.

    Brewed From Within - Layers of Understanding

    Layers of Understanding

    As a sequenced narrative stretches, depth that rhymes will meet people where they’re at and more effectively guide the curious through new layers of understanding.

    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

    Overtime

    Meaningful moments can form faster without an agenda.

    When so much of business communication is graded by productivity, meetings, pre-planned talking points, goals, and recorded remains, there is mysterious value in extended conversations that have purpose, but no end goal.

    Extended discussions create space to pass interesting anecdotes, unstructured opportunities, and unforeseen knowledge grenades. While it’s uncommon, consider how bonus time connects friends who simply haven’t met yet.

    Extra Shot

    Most are oversubscribed. This creates an illusion of being busy, but a peculiar conversation is rarely a waste of time.

    Long-term leaders expand minds while tightening impact networks along the way. Respect the extra time required, but let’s invite these verbal volleys and when asked to go into overtime, stay thirsty and see what happens.

    By Ben McDougal, ago