10 Comments

  1. Katherine,
    I also think that we need to have a plan for our business. Having a plan will help in making decisions for your endeavors. My business has been going strong for 21 years. I chose early on to maintain control. I will agree that you do give up some of the wealth and growth to maintain control. I wanted to be able to make my own decisions without having to adhere to what others think I should do. I do not know what is right I just know what is right for me. Thank you for the great summary.
    Tina Jones

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  2. Tina,
    It is such a hard balance I think. I know many people want to be their own boss and be able to come and go as they please. In the beginning of any business venture, that is probably not an option of coming and going. If you want to make money and get your business where you want it, you are just about married to it. I believe having the freedom to make your own decisions is worth giving some of the wealth to the ones you trust will operate your business as you would. Congratulations on 21 years and I know many more to come.

    Katherine Pearson

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  3. Katherine,
    I also found the idea of starting my own business daunting. I think that one of the major reasons why it has taken me so long to really delve into building my business. I had no idea what to do besides make things to sell. I agree with your statement that in order to be successful you need to establish your end goals… and research, research, research! That s exactly why I enrolled in this program 🙂
    I like that you mentioned the close network of friends and family. Utilizing this group is a good way to maintain control of your business. I feel it is easier to dictate to people I already know. However, bringing in people from outside your circle may help you build your business faster. This would especially be the case if they have the skills or capital that you are lacking to move forward.
    I actually left a business that I helped build after we bought in to an outside management company. The company began to slowly take over more aspects of the business besides management. I didn’t like the direction the business was moving in and left. I have this experience in the back of my mind which makes me weary of sharing control.
    Good luck in the course and look forward to working together!
    -Bri

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  4. Bri,
    It is hard decision of giving up control or wealth. I know this program will help answer many of the decisions and questions we have. The experience you have had will most definitely help guide you in the direction you want to go. Hard decisions when you are talking about what you do day in and day out.

    Katherine

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  5. Hello Katherine

    I really enjoyed reading your post. I have similar feelings and beliefs about investing in your employees. I believe that would be the biggest hindrance to giving up control of my future company. I worry too much about the well being of my employees that have bought into my vision. I see that in my current career. I was hesitant to take a promotion last year because I was worried about the employees that reported to me at the time and how they would be under a new boss. I eventually took the new job but had a hard time letting go because I had gotten them to buy into my vision for the department. I can only think this would be magnified if I owned a business and had to make the decision to keep control or relinquish it.

    Thanks

    Brandon Guidry

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    1. Brandon,
      I agree. Some very hard decision that have to be made while beginning this venture. I really think giving up control especially at the beginning would be very hard to give up. I said it to someone earlier, but letting go of my vision would be harder I believe. This class and these books have opened my eyes so much and I look forward to learning more.

      Katherine Pearson

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  6. Hi Katherine,

    I enjoyed reading your post and felt it had many great points. The quote really resonated with me. So many times we tend to forget how emotionally-charged business can be and it is of the utmost importance to have employees “buy-in” emotionally. Regardless of the nature of the occupation, there is much to be said for owners who really have the happiness of their employees at heart. After working for major corporations and smaller ones, I have found that I preferred the smaller companies that made me feel like family (even thought I often took a substantial pay cut to take those positions.) I agree that wealth, while important for the livelihood of the company and its employees, shouldn’t be the only focus for a company.

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    1. I agree, I love the family feel of a small company. I would much rather be happy where I am and live comfortably than to have a lot of money and just not happy. You have to find what is most important to you.
      Katherine

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  7. You hit the nail on the head. There really are so many things that entrepreneurs have to think about in the process of building a business. That is why not everyone is built to be a founder. It take a macro perspective to do so. You really do need people to care about what they are doing, and maintaining that caring while possibly moving is intense. Great piece!

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  8. Turner,
    Thank you. Founders wear every single hat in the business. You have to be ready for that and able to juggle every aspect. You will find out quickly if you are built for that role or not.
    Katherine

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