Donna Flagg

Small Business: Passing Along Some Family Advice
February 24, 2008

I’m not from a family in family business per se, but I am part of a long line of entrepreneurs. From butchers to bakers to financial advisors and artists, my brother and I mark the latest generation to carry out the family tradition of running a small business.

It would be hard to encapsulate all that I learned from being surrounded by entrepreneurs while growing up. Most of it, I’m sure was through osmosis. But there were a few “lessons” handed down that I find myself thinking about quite often as I navigate the ups and downs of managing my own company.

First, it was a comment from my dad when I was starting out. He told me to remember that a business was like a train. It would not suffice to just focus on the front (e.g. driving sales), because all of the other cars, including the caboose needed to remain connected in order to be driven too. Without the right coordination and alignment, neglecting one car, would very likely derail the whole train.  I got it.

Second, after we'd both had tough years, my brother said that a really good entrepreneur is someone who is able to manage his or her business efficiently, without losses, regardless of how the top-line ebbs or flows. This, was what he said gets companies through unexpected hardships and enables them to sustain stability and growth over time.

And lastly, my mom stressed that it’s never worth worrying about what anyone else does. She reminded us that there would always be someone better, faster and smarter. There had to be.  “Get used to it,” she said. “They’re out there.  But you’ll be the one to pay the price if you choose to chase someone else’s dream.” Her point was that the real pay off comes to those who focus on how well they do the things they do well.

All told, I was lucky, I suppose.  These are the nuggets that money can't buy.

Posted by Donna Flagg on February 24, 2008 | Comments (0)