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.

Like this article?

How to Get Business Referrals in Secretive Industries

May 16, 2017 No Comments

Referrals are one the most important parts of a successful business. When these come in and you deliver, more are likely on the way. In addition, these are a surefire sign that those you serve are more than satisfied and want to show support and appreciation. Unfortunately, there are industries which operate under a significant amount of discretion (read: secrecy). Examples are sports agents, investment bankers, ghostwriters, healthcare providers, and even business development professionals. Because of this, it’s a lot more difficult to get referrals. You can’t necessarily ask your clients to spread the word since they don’t want others to know what you’ve done for them. To the outside world each client is successful on his or her own and not because you provided advice, action plans, and of course work product. Although you feel a sense of accomplishment and pride, you can’t just use these experiences freely. How to Get Business Referrals in Secretive Industries Referrals are a cornerstone of doing business, and it’s what entire entities are based upon — examples include Angie’s List, Yelp, Healthgrades, and Home Advisor. These services provide consumers with real customer reviews and that relatable trust is what gets people to pickup the phone. In some industries, like those listed above, the provider might not be able to tap into the same resources. Your best source of new business is referrals from happy customers or clients. You cannot receive a better lead than one that has been sent your way with a strong referral. You cannot have a more motivated prospect arrive in your store or restaurant than someone sent there by a raving fan. —Forbes If you want to get referral business, but are in a business that’s subject to secrecy, you can still do so you just need to be a little more creative. This is especially true if it’s not just based on discretion but also guaranteed with non-disclosure agreements. Here are some ways to get business referrals in secretive industries: Use a “degrees of separation” approach. One way to get referrals when you’re subject to secrecy is through former industry insiders. Connect with individuals who use to be in the business and speak with each about being a brand advocate. The friend-of-a-friend approach is also worth giving a try to get more referrals. Ask a willing client to speak on your behalf. You might have a current or former client or two that are willing to speak with others about doing business with you and their experiences. Take advantage of this and show your appreciation with a gift, discount, or another way of saying, “Thank you.” Give potential customers more control. One thing that scares new prospects is the fear of making a big and/or long-term commitment. To overcome this objection give potential customers flexible and short terms. Openly demonstrate your plans. Possible customers might also be unsure of what you’ll be able to deliver — because of this, the secretiveness balloons into a larger problem. To combat issue openly demonstrate your plans and let him or her evaluate and ask questions. Another thing you can do is to give away a little to entice potential clients to doing business with you. By doing so you’re demonstrating your confidence in your abilities and willingness to do what it takes to earn his or her business. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Business Owners, Pay Attention to Employees Who Bring Bagged Lunches, Because They Usually Share These Impressive Qualities

August 14, 2024 No Comments

Business Owners, Pay Attention to Employees Who Bring Bagged Lunches, Because They Usually Share These Impressive Qualities As a business owner, it’s easy to overlook the small, everyday habits of your employees, but sometimes these seemingly minor details can reveal a lot about their character and potential. One habit that might catch your attention is when employees consistently bring bagged lunches to work. While it might seem like a simple cost-saving measure or a personal preference, employees who take the time to prepare their meals often share some impressive qualities that can be invaluable to your business. That’s right. These individuals may possess bigger, untapped potential. With this in mind, we’ll take a little time to explore why those brown bag lunches might be a sign of the discipline, foresight, and commitment that could make these employees your next top performers. 6 Qualities Bagged-Lunch Employees Usually Possess Okay. You’d certainly notice if a particular team member brings in beneficia new business or implements a different way of doing this or that, greatly increasing productivity. But, there are also smaller, more subtle telltale signs someone might have a lot more to offer. For instance, employees bringing brown bag lunches to work can reveal much about their potential, habits, and mindset. Here are some insights that might be gleaned from this seemingly simple behavior: Discipline and planning. Bringing a brown bag lunch indicates that an employee takes the time to plan their meals ahead of time. This level of foresight and preparation often translates into their work habits, suggesting they are organized, proactive, and capable of managing their responsibilities efficiently. Such employees are likely to be reliable and disciplined, making them strong candidates for tasks that require attention to detail and long-term planning. Financial savvy. Employees who bring their lunch often do so to save money. This behavior shows an awareness of budgeting and a focus on financial responsibility, which can be valuable in roles that involve managing resources or cost control. Their financial mindfulness could indicate a practical, resourceful approach to problem-solving, making them suitable for roles that require fiscal prudence or operational efficiency. Health consciousness. Preparing a brown bag lunch allows employees to control what they eat, often leading to healthier choices. This shows a commitment to personal well-being, which can reflect positively on their overall energy levels, productivity, and ability to handle stress. Health-conscious employees may have the stamina and mental clarity needed for demanding projects, making them strong candidates for roles that require sustained focus and resilience. Self-sufficiency. Bringing lunch from home indicates a degree of self-sufficiency. These employees are not reliant on external sources (like restaurants or cafeterias) for their needs, which can translate into their work ethic. Self-sufficient employees are often independent thinkers who can take initiative and work without constant supervision, making them ideal for leadership roles or positions that require autonomy. Commitment to routine. Consistently bringing a lunch shows a commitment to routine and a structured approach to their day. This can reflect an ability to stick to schedules and follow through on commitments, important traits for any role that requires dependability. Employees with a strong sense of routine are often reliable and consistent, traits that are valuable in roles that require steady performance over time. Focus on productivity. Bringing a lunch means less time spent going out to eat, which can lead to more time focused on work. This indicates that the employee values productivity and may prefer to use their break time efficiently. Such employees may have a strong work ethic and a drive to maximize their productivity, making them valuable assets in fast-paced environments where efficiency is key. While bringing a brown bag lunch might seem like an insignificant, everyday decision, it can offer insights into an employee’s character and potential. Traits like discipline, financial savvy, self-sufficiency, and a focus on health and productivity are all positive indicators that can suggest strong future performance and growth within an organization. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

Learn this Uber London Quebec Business Lesson Right Now

October 4, 2017 No Comments

Uber just lost its operating license in London. Then, Quebec passed tough new regulations. That caused Uber to announce a cessation of operations starting next month. There are many cities, municipalities, and unions suing Uber. Their claim is the ride-share company isn’t restricted by the same rules as taxis and like services. However, Uber remains popular with the public. It provides a different experience and often for a lower cost. But, it is definitely learning taking on government regulations is no easy task. 4 Helpful Tips for Entering a Regulated Business Industry You might want to start a business to help people. And, that’s what many others do successfully. Although, if it’s in a heavily or even a moderately regulated industry, you’ll face several extra obstacles than entrepreneurs in different fields. The truth of the matter is, starting a business in any industry presents inherent risks. But, this certainly doesn’t mean it’s impossible. If you’re building a new social network, creating a tech-enabled food delivery business, or developing an artificial-intelligence translation tool, there aren’t many demanding rules to adhere to. But if your startup deals with issues such as health care, finance, or education, things can be rather more difficult. —MIT Technology Review It’s actually far from impossible. You just have to be realistic and pragmatic. In fact, you need to take many things into account before you jump into a regulated industry. After all, you’re chances of stumbling or outright failing are undoubtedly higher. That’s okay, if you take it as a challenge, you’ll probably get some worthwhile lessons along the way. Here are four helpful tips for entering a regulated business industry: Conduct extensive research. This should go without stating but sometimes the obvious really needs emphasis. You need to conduct a lot of research before you take step one. Knowledge is power and there’s nothing more damaging than ignorance. As the saying goes, “You don’t know what you don’t know.” And, that’s not a place to start. So, do all the research you can. Talk to people already thriving. Chances are excellent there’s already somebody, somewhere succeeding in that particular industry. Find him or her and personally reach out. Be upfront and honest about your ambitions. If you are respectful and open, they’ll be far more generous with important information. Start very small and scale up slowly. One bit of advice that works quite well in every industry is to start small and scale up incrementally. It’s very risky to jump right in, front-loaded with debt, and hope everything works out. So, start small, test the market, get to know it, and grow little by little. Keep abreast of all pertinent regulations. Regulations don’t necessarily stay the same. The rules can change at any time. Understanding and accepting this is key. Do yourself a huge favor and keep up with those changes so you aren’t taken by surprise. Have you built a business in a heavily regulated industry? What other advice do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Coronavirus Presents an Opportunity to Teach Your Children about Business

Crisis can Turn into Opportunity

Three Lessons the Coronavirus Business Owners can Teach their Kids

Like this article?

Related Posts

How to Get Business Referrals in Secretive Industries

Business Owners, Pay Attention to Employees Who Bring Bagged Lunches, Because They Usually Share These Impressive Qualities

Learn this Uber London Quebec Business Lesson Right Now

Imagine Selling Your Business…

How Would Your Life Change?

Thank you for your interest in learning what your business is worth. We will be in touch shortly.