Business Spotlight 08.2019

CAREERS & MANAGEMENT 6/2019 Business Spotlight 73

Fotos Rawpixel/iStock.com; privat

INTERVIEW

“I realized that I was the problem”

What do you think undermines

the success of a new business?

I think many new businesses

fail because of poor leadership.

The pursuit of perfection is the

arch-nemesis of a good leader.

When you’re constantly pursu-

ing perfection, you can never re-

ally find that good smooth flow

because you have such a high

standard. When a leader aims for

perfection, it’s hard for employees

to keep up. It’s really challenging

to work for a perfectionist, be-

cause they’re never satisfied. I had

that mentality, that pursuit of per-

fection. And I came up against so

many barriers to that pursuit. Then

I realized I was the problem.

And were you able to change that about yourself?

Yes, I learned to be more even-keeled in my approach, which

made for a more collaborative and engaging atmosphere.

Because that’s what I feel creates success. It’s creating really

positive atmospheres that give people confidence, not atmos-

pheres that make people feel defeated at the end of the day.

I’ve learned to provide support instead of always pushing

people beyond their limits. People naturally go beyond their

limits, but in a more organic way. And that is a lot more inter-

esting to be a part of.

What is the most important attribute for a person starting

a business?

Humility is key. Always be open to what other people know,

and never act like you know everything, because clearly, none

of us do. Find a successful formula that is working, and don’t

be afraid to ask for help or advice. You never want to assume

you know what you’re doing. I still don’t, and I’ve been doing

this a long time.

Do you believe the success or failure of a small business

depends on the person who starts it?

No. A lot of businesses are started by very creative people

with an entrepreneurial spirit. Many times, however, peo-

ple with those personality traits aren’t the ones who know

how to make a business successful in the long term. Like me,

they often have short attention spans because it’s exciting to

move on to the next project. The creative spirit pairs well with

a person with the ability and maturity to accept the long-term

commitment necessary to make any business work. My wife,

Alice, who is also my business partner, has the long-term de-

termination and focus that has made our business a success.

It’s important to find the right personalities and meld them

to make a great team.

arch-nemesis

[)A:rtS (nemEsIs*]

, Erzfeind

barrier [(bÄri&r*]

, Hindernis

challenging

[(tSÄlIndZIN]

, herausfordernd,

schwierig

collaborative

[kE(lÄbErEtIv]

, gemeinschaftlich,

teamorientiert

commitment

[kE(mItmEnt]

, Engagement,

Verpflichtung

contracting company

[(kA:ntrÄktIN )kVmpEni]

, Vertragsunternehmen

engaging [In(geIdZIN]

, ansprechend

entrepreneurial

[)A:ntrEprE(n§:riEl*]

, unternehmerisch

(denkend)

even-keeled

[)i:v&n (ki:&ld]

, ausgeglichen

humility

[hju(mIlEti]

, Bescheidenheit

in the long term

[)In DE (lO:N )t§:m]

, langfristig

inn [In] , Wirtshaus

maturity [mE(tSUrEti*]

, Reife, Mündigkeit

pursue sth. [p&r(su:*]

, nach etw. streben

pursuit (of)

[p&r(su:t (Ev)*]

, Streben (nach)

run sth. [rVn]

, hier: etw. betreiben

trait [treIt]

, Charaktereigenschaft

undermine sth.

[)Vnd&r(maIn*]

, etw. untergraben

JORDAN LLOYD owns

Hambleton House LLC,

a food contracting

company in Maryland,

U.S.A. He has started

nearly 20 different

businesses, including

the Bartlett Pear

Inn, which he runs

with his wife, Alice.

equity [(ekwEti]

, Anteilskapital

loan [loUn*]

, Darlehen

revenue [(revEnju:]

, Einnahme(n)

viability [)vaIE(bIlEti]

, Realisierbarkeit

widget [(wIdZIt] ifml.

, (beliebiges) Gerät

for funds, venture capital firms often demand equity:

in other words, part ownership of the business. An

“angel” is a wealthy individual who provides funding

under similar terms as venture capital firms but will

often provide support early on, before most investors

are willing to take the risk. You can also fund your

business through crowdfunding, or you can apply

for a small business loan.

And remember: It’s not about how much money

comes in; it’s about how much you keep. To remain

in business, you need a positive cash flow, which is

when more money comes into your business than

leaves it.

Unfortunately, this simple principle is often ig-

nored. Gordon Tredgold, writing for Inc.com, says, “It’s

good to be focused on revenue, but you also need to

understand your profitability, as it’s profitability that

determines the viability of your business. It doesn’t

matter how many widgets you sell if you’re selling

them at a loss. You will go out of business.”