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Posted by: Adam Murphy on 12/6/2011 | 1 Comment

Most likely, you are reading this post because you have some interest in operating or starting a small business, whether as a current owner or someone considering the leap. Of course, you may also be looking into Big Bang LLC as a potential customer, vendor, or employee, or perhaps you've simply followed a thread from somewhere else. Regardless of the rationale behind your landing here specifically, the general goal is learning about small business.

So, my question is, where do you go for learning about small business and entrepreneurship? Books? Blogs? News shows? Friends and family? Other business associates? Here's a few that have impacted my personal and business philosophy.

Books: Some fluff, some anecdotal, some analytical, and some deeply personal, in no particular order.

Rich Dad, Poor Dad by Robert Kiyosaki
Great by Choice by Jim Collins
Where Have All the Leaders Gone by Lee Iacocca
Why Work Sucks by Cali Ressler and Jody Thompson
Illusions by Richard Bach
The 10 Laws of Enduring Success by Maria Bartiromo

Blogs: I love the immediacy of blogs, and I find the comments amusing! From a business perspective, I regularly read the New York Times Small Business Blogs, called "You're the Boss."  Specifically, I'm a fan of:

Paul Downs - The best questions about his own business
Bruce Buschel - The most divisive blog I read
Jay Goltz - Just plain great small business advice

Do I agree with everything from these sources? Of course not. Often times I disagree, actually. And some times my opinion changes over time, or I re-read a book or posting and get something new out of it.

As for other sources - I am always talking business with people, whether they're asking about Big Bang or I'm seeking advice from them. My father bought his sales rep business from the previous owner. My mother is entrenched in the politics and unique chaos of the VA hospital system. My wife travels the country for Northwestern Mutual training and working with financial reps. The ideas and suggestions of my employees have proven vital throughout the years, and I continue to go to them to tap their wisdom or to get their perspective.

My point is that there is a tremendous amount of information available, and in business, like in poker, the more information you have and the more open your mind to possibilities, the better a decision you can make. Where do you go for small business inspiration and wisdom?

Posted by: Adam Murphy on 11/29/2011 | 0 Comments

In the previous three posts, I have laid out my thoughts on why I feel having strong relationships with a business banker, lawyer, and accountant is important. These three individuals need to provide you with ideas, support, and information on topics that are critical to your livelihood and likely not within your area of expertise.

Here's the challenge though - What happens when you don't agree? The primary responsibility, or duty even, of these three individuals is to look out for your business, and they should take that very seriously. However, there will be times when you don't necessarily see eye to eye.

The problem that I have seen arise is that because we view these people as experts, we naturally want to defer to their opinion, even if it contradicts our instincts. I would argue that in some cases they may even expect us to defer to them. However, as the owner, the decisions associated with these three areas in particular, are ultimately ours to make and the business consequences ultimately fall on our heads. Let me give you an example.

Of the three professions mentioned, I think that having a lawyer that you philosophically agree with is the most critical. It is important to have a discussion early on in the relationship. Explain to him how you do business. If you don't mesh on business philosophy, it doesn't mean you have to find someone else, but it could certainly be a warning sign. Maybe you can learn from each other and work well together, or maybe you are simply going to butt heads.

A few years ago, I had a contract negotiation with a distributor. After a several days of calls, emails, proposals, legal wrangling, etc., we had agreed to definitions and terms. The lawyers wanted to meet once, face to face, to finalize the deal and ensure everything was covered. When everyone arrived at my office, the lawyer for the distributor suddenly informed us that he did not agree to the terms! The distributor's owner, someone for whom I had tremendous respect, sat there, hands crossed and head down, and said nothing. I was flabbergasted as I had thought the deal was done.

Eventually I asked the lawyers to leave, and nearly had to throw the distributor's lawyer out when he refused and told me, "I don't feel comfortable leaving my client alone." I can guarantee that if my lawyer had performed like this in front of me he would have been fired on the spot. A few days later we finalized the contract in person, without the lawyers. The repercussions of their lawyer's performance though? The new terms favored Big Bang more than the original agreement, and I lost a level of respect for our distributor.

What it comes down to, is that even though your outside professionals are experts in their fields, they are not necessarily experts in relation to your business, or your business relationships. You must filter their expertise and advice through your personal philosophy. You may not always agree with their suggestion, and that can be a very difficult thing to accept when we're paying them a tidy sum, but it's OK. Better to have to sleep with your decision than have someone else misrepresent you.

 


  • About Big Bang Blog

    There are many reasons to write a small business blog, we wanted to bring you at least a few reasons to read one. The Big Bang Blog covers the ins and outs of running a small software business, as well as a variety of small business marketing and media topics. Please leave us your comments and questions.


    About Adam Murphy -  

    Adam is the President and Owner of Big Bang LLC and espouses a pretty progressive small business philosophy based primarily around hiring the right people and getting the hell out of their way.
     

    About Nate Bauer -  @nbauer

    Nate is the Marketing Director for Big Bang LLC and pretty much spends his days tip-toeing on the pinnacle of how to most effectively implement strategy given the wide open cookie jar of small business marketing possibilities.
     


     

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