I always say there are three sides to every story: what he said, what she said and then the truth, which lies somewhere in between. As a business owner you have highs and lows, sometimes daily. The trick to sanity, and a full head of hair, is to learn to be somewhere in between the two opposing emotions.

I love talking to people about my business; this process is called selling. I get a little high when I make a sale, but I get wild when we close a large contract…almost euphoric. Accompany a sale with clients paying on time, and I would be having an awesome month.

Conversely, I get down when things turn south. Losing a proposal to the competition, slow paying clients and even the dreaded loss of a client…I could be put on suicide watch. The lows hurt…a lot, and I hate to be there long.

But what about the middle? I don’t think the middle comes easily or naturally, you have to work at it, at least I know I have. The middle takes control, temperament and a long term vision. Get a big contract…good. Have to take 10K from the line of credit to make payroll…it’s ok. Employee decides to put in their 2 week notice…no problem. An existing client has a new project for you…thank you.

Put the middle into action. First, know your triggers for the highs and lows. Second, when either one hits, think of the long term vision you have for your business. And third, don’t overreact. Take time to contemplate the action that caused the high or low and learn from it.

Lastly, people are watching. Your employees are watching. Your spouse and children are watching. Be a leader and take the highs and lows in stride. It’s not easy, but when you can, it will make you a better business owner.

When people take a mechanical view of business, or life for that matter, problems are always seen as a sign of failure.  When we view business from this perspective, we are constantly frustrated because there are always problems.  If we take a more mature and organic perspective, we start to see that problems are more often a sign of growth than failure.  When we grow and evolve our processes, we will constantly be finding new problems and issues we just plain didn’t notice before.

The Illusion of Perfection

From old-farts who sit around talking about the “good ‘ol days” to lizard brain finger pointers, humans seem to be obsessed with the idea that everything was fine until YOU broke it.  Of course solutions and alternatives seldom follow the accusations, just a declaration to “fit it!”  The reality is that nothing is perfect, but seldom is it broken.  Most of the problems we have don’t exist because something broke, they just exist because we haven’t solved them yet.

The Soul of Business

My dad said it best, “My goal isn’t to be perfect, it’s to make less mistakes than the other guy.”  Businesses are about fixing problems and creating systems to fix problems.  Problems are our opportunities to fill a need.  As we continue to fix our own problems and perfect our systems, we become better businesses.  Often, on the road to fixing our own problems, we come up with new business ideas.

Maybe you aren’t “having” problems, maybe you are “discovering” problems.  Those are two very different things.  Sadly the only way to tell the difference between the two is to ask if these are new problems or the same problems over and over.  If they are new problems, then relax, you are on the right track!

Whether you know it or not, whenever you call a plumber, dine out at a restaurant, or go out to movie you are looking for leadership.  We all have a little time in our short lives to become experts in something, but we can’t be experts in everything.  The quality of life we experience today is that we have learned to rely on the expertise of others to show us what we need, how to fix something, or how to have a good time.  When it comes down to it, everyone is looking for leadership.  Your business will live or die on your ability to lead.

The Customer Isn’t Right, They Don’t Even Know What They Want

If you really think about it, we don’t even dress ourselves.  We rely on clothing stores and fashion media to tell us how to dress.  Sure, we pick out which of the available styles we will associate ourselves with, but we are still being led.  Imagine if clothing stores were just stocked fabric and then asked us, “What clothes would you like?”

When referring to clothing, this need seems obvious, but in more service oriented businesses this understanding starts to fall apart.  Consultants and contractors hang themselves by asking clients, “What do you want?”  The point is, clients don’t know what they want, that is why they need you!

Learning to Listen and Lead

The Consultant’s Haiku:
Tell me what you want
Tell me what you can afford
Here is what you need

When you are starting with a clean slate, the imagination is limitless… and expensive.  Customers don’t know what things cost in your area of expertise, and they don’t know what is hard and what is easy.  All they know is that if they “just had _____” life would be better.  While it may seem like people are demanding and unrealistic, usually the problem is that they simply aren’t experts in your field.  The key to listening is t0 hear the core necessities behind all their wants and wishes.

A good consulting relationship starts with, “I can’t give you X, Y, and Z within your budget.  However, I am hearing that you really need Y.  Also, you are really going to need A in order for Y to work.”  Now you are meeting the need, being the expert, and leading the relationship.

As the saying goes, “There are two sides to every coin.” My last post discussed why you should keep your day job…so now you get the other side. I once had an analogy for a company I worked for; the company was a beautiful cruise ship with a great crew but the rudder was broken and the captain was drunk (guess you can imagine I didn’t stay there long).

If you have ever felt that way, maybe it is time you stop complaining and do something about it. Becoming an entrepreneur sounds hard, but I believe, with the right plan, you can accomplish anything.

1. You’re unemployable.

Job jumping stinks. If your resume contains more than two pages of job history, maybe you should look at starting your own business. Society tells us to work for someone from 9 to 5 for 25 years and then life will be good. If that sounds as terrifying to you as it does to me, you should be an entrepreneur.

2. There is a need for what you want to sell.

Identifying a niche product or service is important but you don’t have to recreate the wheel. Many new business have been started because an existing business has poor service or quality; another is started that trumps it.

3. Money isn’t everything to you.

Yes, there is more to life than money. Being an entrepreneur doesn’t guarantee anyone a millionaire’s bank account, but it might give you their lifestyle. Taking time off when you want or working the hours you desire sometimes is more important to people than a fat paycheck.

4. You’re young and single.

Let’s face it, being a family man (or woman) has its challenges. Priorities, in my opinion, should always be placed on what is best for the family. Having said that, being young and single is the best time to venture out on your own. Not only are your expenses going to be less, but your time investment can be more substantial because of your lack of commitments.

5. You desire to “be the man”.

Some people just want the ball. They thrive on pressure, excel in battle and when beaten to a pulp, they can wipe off the dust and get back up without having to be coddled. Sound like you? If so, you’re gonna love being the man.

6. You love sales.

Let’s face it, everyone is selling something…and if you are good at it, why do it for someone else’s benefit? If you have a tattoo that says “ABC” on your arm you very well could be the next Mark Cuban.

It is in our nature to personify everything.  We think our computers hate us, we accuse stoplights of picking on us, and don’t get me started on “the universe”… the jerk.  When you get your company’s brand solidified, you have just created a “person.”  From now on, every single encounter a human being has with your brand will be translated as personality now accredited to your entire company.

One bad experience means that your whole company is now seen as a mean, inconsiderate, or incompetent person.  We have all said or heard someone say, “I hate {insert company}, they are {insert inappropriate expression}.”  Every company has to deal with this reality, and you can’t make everyone happy.  However, there is a lot you can do to make sure your brand is seen as a positive “person” to others.

Make Sure Your Customers Can Quickly Get to an Empowered Individual

To be realistic, as companies grow in size it is impossible to make sure that everyone at the customer interaction level is going to provide a 100% positive experience.  The worst thing a company can do is keep unhappy customers from moving up the ladder.  Once the everyday business model has failed to provide a good customer experience, customers need to be able to access someone with decision making abilities quickly.  Businesses need to make sure there are enough people with enough authority available to handle customer issues.  There is nothing more insulting than a store manager who is only authorized to shrug and say, “I am sorry, there is nothing I can do.”

Have Actual People Take Over the Role of Your Brand

When something has gone very wrong, the worst thing to do is interact with the customer or audience in the voice of your “brand”.  Have an actual individual in your company come to the front and take responsibility.  They need to personally apologize and take action to resolve the issue.  This does two things.  One, it takes the heat off of your brand.  Two, it calms the customer or audience down by knowing a real person is actually paying attention.

Treat Your Brand’s Relation with Customers Like It Really IS a Person

When real people are trying to form a positive relationship with other people, they act a certain way.  They send “thank you” cards and ask if “everything is OK” when they sense tension.  They pay attention to the other person’s interests, likes, and dislikes.  They “check up” if they haven’t heard from them in a while.  The most well thought of brands are from companies who have developed processes to imitate these behaviors.  It isn’t going the extra mile, it is doing what is expected of any relationship.

Ever had a rough day at the office? Sometimes do you say to yourself that now is the time to start that business and take a chance on that brilliant idea your friends all think is a home-run? Have thoughts swirled around your head about walking into your boss’s office in the morning and saying a few choice words, such as, “I QUIT!”?

Well let me give you some free advice…don’t. Becoming an entrepreneur sounds exciting in theory, but carving your own path, leaving that 9 to 5 job and being your own boss isn’t for everyone. I’d say stay put…and here are my top six reasons why.

1. It takes a long time to start making a profit.

The initial phase of starting your own business is extremely frustrating and demanding. It could take years for you to break even, much less make a profit. The level of uncertainty in creating your own business is extremely high, and it is never set in stone how quickly you will start making money, if ever.

2. You have to invest a lot of time.

Starting your own venture means hours upon hours of work. While a 9 to 5 job sounds stale, at least you know how many hours you will be working. With a new business, you’ll have to invest a lot more time, especially at the beginning. (You hate working 8 hours a day, let alone 14!)

3. Initial financing is difficult to attain.

A substantial investment is often required in opening your own businesses, and for some entrepreneurs this may be difficult to obtain. And since making a profit usually takes a while, it’ll be even harder to pay back your original loan. Don’t even get me started on the practice of how banks lend money and collateral.

4. There is a lack of benefits.

No longer working for a “normal” company means losing out on the benefits you receive with your employment: 401k, health benefits, life insurance, etc. You do have the option of purchasing them, but at a much higher price.

5. Guess who does everything? You.

Just because you’re the boss doesn’t mean you get to skip out on all the mundane, boring work required. Accounting, HR, Legal, Operations, Sales, Customer Support, are all areas that you would be responsible for, and while you could hire people to help you, that would bring a whole new paradigm to having a business…employees. Don’t get me started there.

6. Selling yourself is difficult.

Becoming a successful entrepreneur relies on your ability to sell your company, garner buzz and attract attention. If you’re even the least bit introverted, shy or lazy, you’ll find yourself at a big disadvantage when trying to vie for business against a seasoned, confident business owner.

A friend of mine introduced me to a book called A Whole New Mind: Why the Right-Brainers Will Rule the Future, by Daniel H. Pink. It presents powerful evidence that creativity, inspiration, and innovation are the true keys to business and personal success. Companies that foster these qualities thrive even in today’s terrible economy. However, most CEOs and business leaders are still running their workplaces in such a way as to punish and discourage creativity and innovation.

Just Like the Body, the Brain Is Not a Machine

How does an athlete train? They work their bodies and push them to the limit, but then they pamper and feed their bodies to recover. An athlete would know better than to starve themselves. Brainthletes have similar needs. One the one hand, they need to create personal goals and disciplines. On the other hand, they need to make sure there is time to recharge and rest the mind. Just ask someone who lives completely off the products of the mind how difficult it is. Artists and writers know very well that the most valuable and limited resource is their own ability to find inspiration.

You Can’t Get “Outside the Box” While in the Box

The best ideas don’t come from sitting at a desk or in a cubicle. They come while jogging, taking a shower, at a favorite cafe, etc. Creative minds know they have to develop personal habits to nurture inspiration. These habits often cause a lot of tension in a traditional work environment. Managers and business owners have to learn to compromise with good talent to give them the freedom needed to do what they do best without having complete chaos.

Having Fun is Good for Business

Everyone does better with less mental stress, and nothing relieves mental stress more than play. Workaholics tend to look at play as irresponsible and unproductive. The truth is that play is right up there with sleep on the “you have to have it” scale of mental health. If people can have fun with their job, they will do better at it.

“Pleasure in the job puts perfection in the work.” – Aristotle

Personal Time is Profitable

Since its inception, Google has allowed its employees to spend 20% of their time on personal projects. Google now says that 50% of its products have come from that 20% of time employees had to develop ideas. It can seem counter intuitive and wasteful to give employees time to work on ideas that are not directly income related, but it is ultimately what keeps modern businesses relevant and ahead of the game. Without that time, you are doomed to see another company surpass your products and services “while you were working”.

Read More:

Lifehacker – Set Up Your Own Google Style 20-Percent Time to Try New Projects

A Whole New Mind by Daniel H. Pink on Amazon.com

This world is full of jaded, discouraged, and broke people who thought they had a great idea for a product or businesses. It all seems so perfect in their heads, and then when the time comes to get out and implement it, they fall flat on their face. What people need to learn, and experienced investors already know, is that ideas are almost worthless. The ability to execute an idea, to lead, to propel it into the market, to maintain quality, to manage a sustainable business… these are the skills that pay the bills. All of which we can sum up as “competency”.

The Absurdity of Conceptual Patents

When someone discovers a new substance that can cure a disease, a new form of combustion, or other very tangible discoveries, patents are very useful and deserved. However, business and innovation today are tied in knots with absurd patents and lawsuits around loose concepts. Everyone and their uncle tried to sue Apple over the iPod. Just as asinine, Apple seems to sue everyone who uses icons on a smartphone. People can copy ideas all day long and still not produce a comparable product to a competent competitor.

Who cares if someone copies a feature or element of your software or process? Are they capable of supporting it? Do they have the expertise to use it like you do? Can they keep it updated? The reality is that copycats have to imitate good businesses because they are incompetent. Ultimately, consumers and clients can tell the difference.

Avoiding Entitlement Mentality

A lot people crash and burn in a new business because they feel like “it was their idea” and they have contributed their full measure. The “idea guy” will often feel underpaid, undervalued, and yet do almost no work. Everyone else is riding the wake of their brilliance and should feel honored they even have a small piece of the pie. The reality is that the idea doesn’t sell itself; the selling is a lot of hard work. So is the building, the distribution, the fulfillment, etc. If you have a great idea, find great people to work with and be generous!

Learning to Let Ideas Go

As habitual entrepreneurs, Todd and I have had a lot of ideas over the years. We used to froth at the mouth over each one. We have probably started/stopped over a dozen businesses. Over time, as the one we stuck with took off, we realized that ideas aren’t special. The character and discipline we have learned in growing our main business are much more valuable than any ideas we can hope to think of. The best part is, there are always ideas out there, but competency is rare.