Business Education

Coronavirus Presents an Opportunity to Teach Your Children about Business

The Sword of Damocles tells a very important story about the stark reality of being in a position of power. For those unfamiliar, Damocles is a court sycophant or flatterer, who pines for the power of King Dionysus II. The king gives his throne to Damocles, who in-turn enjoys fine food and drink, opulence, and entertainment, only to be surprised by a razor-sharp sword dangling over his head, held in-place by a single horsehair. In an instant, Damocles learns power comes with a price. That every leader is under constant threat of being replaced or worse.

Crisis can Turn into Opportunity

A pandemic was probably the furthest thing on any business leader’s mind prior to the outbreak of COVID-19. Now, hindsight being 20/20, it’s easy to see the sword comes in many forms. And, it’s a great time to teach your children about the inevitable ups and downs of owning and running a business.

By becoming an entrepreneur — whether it is simply putting up a neighborhood lemonade stand, launching a landscaping business or developing a new app — kids can learn about budgeting, saving, spending and investing. —CNBC.com

You can teach many lessons by having your kid(s) start and operate a small business. But, as we adults know, failure is where the hard but necessary lessons lie. Use this crisis to show your children how to cope and face adversity. It’s a terrific time because there’s no shortage of awareness about the outbreak and quarantines. Meaning, there’s a lot of context and therefore, makes it easier to use real-world examples.

Three Lessons the Coronavirus Business Owners can Teach their Kids

The moment we’re all experiencing as business owners, managers, and team leaders causes us to question a whole lot of things. And, that’s not a bad thing, especially when it comes to teaching business lessons to children who can later use that information. Here are three important business lessons entrepreneurs can teach their kids:

Debt. Everyone knows the risk accumulating debt carries. But, it’s so commonplace, we just don’t appreciate how dangerous it can be when things go wrong. While debt is very often used by companies of all shapes and sizes, when there’s a disruption in the economy, it remains an obligation that can’t be ignored. Debt is sometimes necessary but when it’s used in excess, it can financially ruin a business and even personal lives in a devastating way.
Hard choices. Another important lesson to teach is about having to make tough decisions. Being able to evaluate the circumstances, choose essential personnel, and identify where cuts can be made certainly isn’t easy. But, it’s a wonderful life lesson to relate that will make a life-long impression.
Streamlining. Call it identifying redundancy or creating efficiency. If you take an honest look at everything inside your business, you’re going to find unnecessary duplication or just flat out waste. Use these examples and make them relatable on an age-appropriate level.

What other lessons would you add to this list? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Ways to Build Strategic Partnerships

May 16, 2017 No Comments

There are many ways to build a business, and few are as powerful as establishing strategic partnerships. Ideally, these create win-win scenarios where both parties benefit. The problem with such relationships is they can become more of a burden than a help, particularly when rushed, or, when done with disregard for others. Savvy business owners know the benefit of strategic partnerships, forging an alliance with another entity to provide more products and services to their customers. In fact, a 2014 survey conducted by PricewaterhouseCoopers revealed that in excess of 80 percent of CEO’s looked to create such relationships. However, the sad fact about these partnerships is that a 65 percent were actually successful, so, 15 percent of those did not work out. Ways to Build Strategic Partnerships Strategic partnerships are generally sought in order to expand without the cost of an actual expansion. It allows entrepreneurs to tap into resources with existing structures and increase their books of business. Unfortunately, empirical data shows that half of these business relationships fail. The reasons are many, but it can be avoided if you take the necessary precautions. The formula for a successful strategic partnership may seem easy: 1 + 1 = 3. Indeed, partnerships are a proven way to boost the bottom line. American Express surveyed small businesses in government contracting and found that those who teamed up won 54 percent more prime contracts than average. But creating effective alliances is not always so easy. Partnerships gone wrong can lead to frustration, financial losses and even litigation. —Success.com Of course, no amount of caution or preparation guarantees things will work out without a hitch. Small businesses can really benefit from strategic partnerships, but to do so, you have to establish a good rapport and be transparent as to your wants, needs, as well as expectations. Here are some ways to build strategic partnerships that will help your company grow while benefiting your business partner: Know and quantify your abilities and resources. One of the worst decisions to make is to form a strategic partnership without being able to fulfill your obligations. You certainly don’t want to crack egg all over your face. So, don’t put yourself in such a position and know precisely what you can bring to the table and be upfront about it. Even if you can patch together enough to deliver when necessary, you don’t want the stress that comes with this kind of a situation. Be very clear on your “why.” Another huge, colossal mistake, that business owners make is forming partnerships simply to increase their bottom lines. While that is definitely part of the equation, if you don’t go into a relationship with selfish service in-mind, you’re setting yourself up for big time disappointment. Ask yourself honestly why you want to form a business relationship. If you can’t find an answer other than money, you’re eventually going to sabotage your own efforts. Ask for reasons why potential partners want to connect.What’s true for you is just as true for potential partners. Don’t be afraid to ask penetrating questions to get at the truth. If you discover he or she is on a one-way self-serving mission, you definitely need to pass. Seek those with a shared vision and value system. Take it a step further than just asking questions and get to know him or her before you partner. Build a relationship and during that time, you’ll learn their vision and values. Go slow, learn, and take the time necessary to make the right decision. In addition to these, don’t expect miracles to happen after you form a strategic partnership. In fact, you ought to expect to be uncomfortable from time-to-time by getting out and meeting with your strategic partners face to face. There’s just no way to hedge against every possible contingency, but fostering and developing positive relationships will build trust and eventual business between the strategic partners. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Can Hanlon’s Razor Help Your Business Cut to the Core or Nick the Quick?

December 12, 2024 No Comments

There’s certainly no shortage of tricks to use to get at the heart of a matter, Occam’s razor being one of the most famous, it’s a principle that states the simplest explanation tends to be the right one.

5 Effective Strategies Business Owners Can Use to Conquer Their Fear of Public Speaking

August 17, 2023 No Comments

Public speaking is a skill that many business owners must master to succeed in their ventures. Whether it’s delivering a sales pitch, presenting to investors, or addressing a room full of employees, effective communication is essential for building credibility and fostering connections. However, fear of public speaking is a common obstacle that can hinder business owners from reaching their full potential. 5 Methods Entrepreneurs Can Use for Getting Over the Fear of Public Speaking It’s generally known that public speaking is a widespread fear plaguing many people, but it can be especially daunting for business owners. After all, as a business owner, you need to be able to speak in front of different groups of people on a regular basis. If you’re a business owner who’s afraid of public speaking, don’t worry – you’re not alone. There are plenty of effective tips and tricks that can help you overcome your fear and become a more confident public speaker. 1) Understand and Acknowledge Your Fear Let’s begin with the obvious. The first step in overcoming any fear is to acknowledge its presence. Recognize that feeling nervous or anxious about public speaking is entirely normal. Understanding the root cause of your fear can be helpful as well. Is it a fear of judgment, making mistakes, or forgetting what to say? Identifying these triggers allows you to address them directly and work on building your confidence. 2) Prepare Thoroughly Preparation is the key to reducing anxiety and boosting confidence in public speaking. Rehearse your speech or presentation multiple times to internalize the content. Familiarity with your material will help you feel more in control and less likely to forget important points. Create an outline or use note cards to keep you on track during your presentation. 3) Start Small and Build Gradually If public speaking terrifies you, begin by speaking in front of smaller, more supportive groups. Consider joining local networking events, workshops, or even speaking clubs. These environments offer a safe space to practice your speaking skills and receive constructive feedback. 4) Visualize Success Visualization is a powerful tool used by many successful public speakers. Close your eyes and imagine yourself delivering a confident and engaging presentation. Picture the audience responding positively to your words. Visualization can help boost your self-assurance and create a positive mindset before the actual event. 5) Focus on the Message, Not Perfection Rather than striving for flawless delivery, concentrate on conveying your message effectively. Audiences appreciate authenticity and passion. Let your enthusiasm for your topic shine through, and don’t worry about minor mistakes. Remember that mistakes are a natural part of public speaking, and they often go unnoticed or are dismissed by the audience. With a little practice and effort, you can overcome your fear of public speaking and become a more confident business owner. Remember, you’re not alone. Many people are afraid of public speaking, but it’s a skill that can be learned with practice. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.