Business Spotlight 08.2019

(Nancy Kaufman) #1
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.”
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