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Top of Mind: January 28, 2016
January 28th, 2016
by Bill Boyajian

The Honest Entrepreneur

One of my clients is a classic entrepreneur. He built his business from the ground up, starting as a gemologist and appraiser and moving to an estate jeweler and retailer of some of the finest jewelry pieces I’ve ever seen.

But as time wore on, he recognized that the things that made him so good as an individual entrepreneur do not fit with the structure of a growing company now boasting of 20-plus employees, many of whom are specialists in their field requiring significant time, attention, and training.

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So this is a classic case of someone who knows how to build a business from scratch, but doesn’t enjoy the task of managing the people side of a growing enterprise with all of the operational headaches that come with it. So instead of making himself crazy, trying to be all things to all people, he hired an outstanding executive who takes care of the day-to-day grind, which now allows my client to do what he is best at doing: buying right, creating magnificent jewelry, and selling to people who understand and appreciate the rare and extraordinary.

The lesson, of course, is to first recognize what you’re good at, and what you’re not. This mostly comes from realizing what causes you stress and frustration, and, conversely, what provides vitality and joy in your work. But the second, very important step is to commit to doing something about it.

I know what you’re thinking….. a top executive or manager costs money; but the freedom my client now has to generate more money through growth in the business pays for the extra cost of building a business, while giving him the freedom and excitement to do what he loves to do.

This isn’t rocket science, but sometimes entrepreneurs have to be brutally honest with themselves, and to learn to get out of their own way. If any of this makes sense to you, and if you need a second opinion on what you should do, drop me a line or give me a call. I’d be glad to help.

 

Business Tips: 

  • People work with you, not for you. Show respect and dignity to your staff and co-workers. Build relationships that matter.
  • If you really believe in your product or service, you shouldn’t be afraid to guarantee it. This is the true test of your confidence.
  • Know the difference between being an expert in your field and owning a business in that field, before you go out on your own.

 

Life Tips:

  • Attitude trumps aptitude in most cases because smart people can gain skills in needed areas, particularly when their attitude is good.
  • Vision is about the future. It springs from your core values. It answers the question: What must we do? It rocks your soul.
  • Be flexible in handling the curves and bumps in the road of life without wavering from the direction set and your personal values.

  

Here are a couple past articles written by Bill:

What If You Work For An Entrepreneur?

To Be, or Not To Be, with People

People Leaders vs Project Leaders

 

 



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“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”

–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL

"Our family needed some guidance on business transition and succession planning. We asked Bill Boyajian to help us because we knew we could trust him to tell us what we needed to hear. Bill became a valuable resource for our company and our entire family. He has the ability to meet each of us where we’re at and it has served us very well."

–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA

“We needed a plan to transition our business to a non-family member and we asked Bill Boyajian to help us. His experience in the area has really paid off, but we didn’t expect the added value of putting us together with a financial planner who helped organize our retirement needs. We now have the fundamentals to transition our business successfully, and we have Bill to thank for it.”

–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS