Do you own real estate on your customer's desk?

Your customer has a desk they sit at every day – if they are like many, they probably spend more of their waking time there than anywhere else.  Do you own any of their mind share while they are working?  It’s so easy and they will actually thank you for it.

Useful promotional products such as attractive coffee mugs, cool water bottles, as well as staplers, pens, calendars and fun toys can help you own real estate on your customer’s desk.  Your customer will thank you for your gift.  They will use them every day.  And when they use them, your company is prominently displayed and they will remember you. Even more importantly, they will think fondly of you, especially if you chose a great item. Promotional products create good will. 

In research on the use of promotional products 86% can name the advertiser of items they own at work and at home, and 53% say they have a more favorable impression of the advertiser.  Apparel has the highest ratings overall, especially outerwear and other apparel items.  Over one third (36%) said they were more likely to do business with an advertiser they hadn’t previously done business with after receiving an item.  Because bags and pens are used so often they have the highest number of impressions per dollar spent.

Promotional products provide all day advertising that customers and potential customers won’t forget.  Did you remember the billboards on the way to work today or the ads they heard on the radio?  How about the print or television ads you saw?  Customers will remember your kindness and the great and useful gift you gave them.  That buys you real estate on their desk – or in their kitchen – or in their car.

“Advertising they will thank you for!”

No room for the Social Chameleon -The Case for Authenticity in the Remarkable Workplace

Did you ever wonder why some companies become so amazing and others wither and die?   How do some companies continue to reinvent themselves over and over again to greater heights while others only succeed in elaborate downsizing plans?

  I am convinced that authenticity plays a vast role in business success.

I have had a fascinating career having worked in awesome business cultures and those that were once great but declined rapidly when authenticity went out the window.  With my college degree in hand I was excited to join the greatest brand in the world … at the time.

Eastman Kodak Company 

Kodak was awesome.  There were so many brilliant and exciting people all working toward common goals across the various business units.  And what could be more exciting than selling someone their memories in a $3 box.  I found wonderful role models.  However as the company that invented the digital camera, they saw their demise rather than the opportunity to grow and expand photography.  Truth and fear were buried.  Great separations arose in the company as people aligned with either the growth proponents or those who saw inevitable destruction.  There was very little honesty from management because they feared losing critical talent.  As downsizing accelerated, the musical chairs game was the most popular game in town with less and less chairs every year.  And the survivors?  While there were many great people still striving to save the company, there were more and more social chameleons, the ones who played the game.  In-authenticity was the rewarded behavior.

AirTouch Cellular

I was so fortunate to join AirTouch, an incredible company with the best corporate culture I have ever experienced. As a Director of Marketing I had very little knowledge of the industry except my own insights as a consumer but I was welcomed for what I knew about branding and marketing.  Management was open and honest and on many occasions the head of the company would sit down and truly listen to employees at all levels.  There was trust and respect as employees worked together toward common goals.  Employees gave their hearts and souls to their work and it truly paid off in the results of the company and the rewards we received as employees.  (AirTouch was one of the three companies to become part of the original Verizon Wireless.) 

However, what made this company truly great was that it was okay to honestly voice your opinion.  Sales, marketing, operations and customer service met weekly and we planned together.  If we disagreed because of our different responsibilities, we worked through those disagreements as a team to create the best workable solutions.  And best of all, we walked out of those meetings as friends with no hard feelings because we were all working toward the same goals.  The ability to be honest and authentic unlocks creativity and innovation and it made this company amazing. 

The true difference between these two organizations was how they valued authenticity.  Now that I own my own company, Stowebridge Promotion Group, I apply much of what I learned from these experiences. We have an absolutely incredible team.

Stever Robbins, CEO advisor, consultant and coach, says “transparency and authenticity build a trusting relationship in which people are more likely to bring their full creativity, commitment, and motivation to work. The way you treat your employees will be mirrored in the way your employees treat your customers. Treat your employees poorly and they’ll pass that treatment along to your customers.”

Teri Hockett, founder, owner, and Chief Empowerment Officer of What's For Work, agrees that transparency and authenticity are critical elements of the workplace. “Employees expect it nowadays, and they’re looking for employers to be authentic and transparent about things, because they want to help. When work environments invite everyone into the process of improvement, they excel in the marketplace and end up with employees that become extremely loyal.”  (http://www.forbes.com/sites/jacquelynsmith/2013/10/04/how-to-create-an-authentic-and-transparent-work-environment)

Authenticity is a huge differentiator in the workplace – it makes all the difference.  Do you want to spend your day being creative and innovative, focused on driving the company to great success?  Or do you prefer to spend your day in competition with other employees to impress management through flattery, attempting to stand out in meetings, and creating the most impressive PowerPoint presentations?   I choose the authentic workplace.

Coming soon – How to create the authentic workplace.

Kathy Finnerty Thomas is the President of Stowebridge Promotion Group. She leads a company culture based on a strong vision and values which can only happen with strong authenticity, integrity and trust.  She actively volunteers at the university level speaking to students and mentoring as well as giving talks about exceptional customer service, a values base culture and leadership.

Are you a Social Chameleon

Are you a Social Chameleon?    

The Risk of Faking Authenticity

There is a great line from the movie Into the Woods spoken by Prince Charming - “Hey my mother raised me to be charming, not sincere.” And that is how some choose to live their lives.
Authenticity has become the gold standard for leadership (Harvard Business Review). Authenticity is just that –to be authentic. Authenticity is defined as true and accurate, real and genuine. And yet there are those who choose to mask their insecurities and vulnerabilities with charm, always putting “the sale” before all else; whether the sale is an actual product or service or selling themselves.   It often seems to be the ones who say “Trust me” and preach about how authentic they are, that turn out to be the ones most lacking in true authenticity.

The Growth of Authenticity as a Leadership Principle...

Trust and authenticity are intricately woven together. As a leadership virtue authenticity has grown rapidly in popularity in recent years for a variety of reasons – Multiple scandals and distrust of companies and management making employees and shareholders suspicious, cynical and skeptical. In 2012 trust in business leaders fell to an all-time low (Edelman Trust Barometer.) A lack of authenticity, trust and transparency led to a huge mistrust of the American Banking System and many financial institutions following the financial crisis.
Employee engagement or those who are psychologically committed at work, has also reach a low point. In a worldwide Gallup poll only 13% of employees were engaged at work and the greatest reason for changing jobs was a result of mistrust, misalignment of values, frustration and burnout. The growth of authenticity has developed from this lack of confidence by the public and low employee morale.
When leaders lead with true authenticity their words and actions match. They are truthful and honest and open and they inspire their employees to a higher commitment and extraordinary efforts. It is no wonder that companies are now focusing on the importance of this trait. It doesn’t require that a leader bares their soul and details all their weaknesses, vulnerabilities and insecurities. However it does require a confidence in their own strengths and the ability to acknowledge that these exist. Some of the best leaders openly acknowledge that they don’t know everything and respectfully lead those who bring strengths lacking in themselves.
 Richard Branson openly acknowledges his dyslexia. Openly admitting weakness is both liberating and draws people to great leaders.   Great leaders are not afraid to hire people who are smarter than they are.

"Never hire someone who knows less than you do about what he's hired to do." (Malcolm Forbes)  

"Hire people who are better than you are, then leave them to get on with it. Look for people who will aim for the remarkable, who will not settle for the routine."
(David Ogilvy)

The Social Chameleon...

However many business leaders and politicians have been driven to become chameleons to cover their vulnerabilities and insecurities. Because of this flexibility they often rise rapidly in organizations and this plays best to the skill of the social chameleon. However, they often talk a great deal about authenticity and its importance while they fake. This type of person needs to move rapidly in an organization before this inauthentic behavior is discovered. Some are incredibly skilled at this technique and lead others to believe they are truly authentic. However, molding yourself to please everyone, can create problems of its own leading to the disintegration of this authentic perception.

“Everyone wants to make a good impression, but for some people it is almost a way of life. Such social chameleons, who in every situation strive to make the best impression they can, do so at a psychological cost, new research suggests.

Those who always try “to be the right person in the right place at the right time,” according to Mark Snyder, a social psychologiest at the University of Minnesota, became extraordinarily attuned to the ways others react to them. They continually monitor their social performance, skillfully adjusting it when they detect that they are not having the desired effect.”   (http://www.nytimes.com/1985/03/12/science/social-chameleon-may-pay-emotional-price.html)
The challenge for those choosing to fake authenticity while also attempting to say and do whatever is necessary to please everyone is that our brains give more credence to body language and actions than they do to words. When the words and body language don’t match, audiences believe the visual clues and distrust the words.
This chameleon approach to pleasing others and constantly working to make a good impression by changing oneself into what others want to see and believe can spill over into personal relationships as well with less stable and satisfying friendships and relationships. Long term friendships become much more difficult to maintain when they lack authenticity. The chameleon in some cases has lost sight of who they truly are at their core rendering them incapable of a true and honest relationship at work or personally.
Once a lack of authenticity is perceived it can color everything that has been said leading up to that discovery. Using words that belie their meaning just to please or impress leads to mistrust of anything that is said before or after resulting in a loss of employee morale, distrust by customers, a loss of votes for politicians and a damage to personal relationships.
In politics we have seen examples of this in Hillary Clinton’s 2008 campaign when she described her flight into Bosnia and the danger she experienced only to have photographs from that day exposed revealing her lie. We also saw the same with Mitt Romney during debates where his lack of authenticity was revealed in both body language and impromptu comments that contradicted his intended message.

Can trust be rebuilt?

So if you have lost credibility by faking authenticity, can it be rebuilt? Can confidence be regained once it is lost through the lack of authenticity? Trust, once lost, can often never be fully regained. In many cases it does depend upon the extent of the damage. It also is dependent in many cases on the amount of knowledge others have about the person. For example, if you know a person well or for a long time, small occurrences of in-authenticity are overlooked. However, if there is not a strong relationship or a lack of knowledge, one occurrence can cause others to assume that everything that person has said is untrue or said only to impress or flatter or mislead. We have seen this often in the political arena where a politician rises rapidly in popularity, only drop off the charts in a few weeks.
I believe it can be rebuilt but regaining trust is never easy. The leader has to own their mistakes which may be the hardest step of all for the chameleon and an impediment that prevents many from attempting to restore trust. The value of the relationship often determines the willingness to commit to such a task. Personally accountability backed with consistent and trustworthy actions are critical. Trust can only be restored over time and it doesn’t happen overnight.
In business, in politics and in our personal relationships, it is a choice to act in an authentic way or to choose the path of the chameleon. However, there are many benefits for those that choose to be authentic.
True effective leadership requires authenticity and trust. It leads to success through employee commitment and engagement in addition to strong customer loyalty. These are the initial building blocks to great organizations and are critical to the successful implementation of a true vision and values based culture.
Kathy Finnerty Thomas is the President of Stowebridge Promotion Group. She leads a company culture based on a strong vision and values which can only happen with strong authenticity, integrity and trust.  She actively volunteers at the university level speaking to students and mentoring as well as giving talks about exceptional customer service, a values base culture and leadership.

BizBlock, Transforming students into business professionals

BizBlock, transforming students into business professionals

I recently had the pleasure to serve as a judge for the BizBlock program at Northern Arizona University.  This program is an intense nine credit block class consisting of marketing, management and business communications. The students are broken into seven person teams based on personality testing and are instructed to create a business plan from creation to the stage just before funding would be received. This is an intense process and tests the team's ability to manage its time, resources, and the members in that team. They are asked to identify real world product opportunities based on consumer needs for their very first day of class. Teams are required to show creativity in their creation and to do extensive research and planning to determine if the business is viable.

This semesters products included a heated sleeve to prevent your coffee from getting cold; a website that works to build links between non-traditional students, vocational training and employers interesting in hiring for vocational trades; and a group prepared to address the shortage in available cricket flour, a sustainable source of high protein made from crickets and used to add protein to bars and shakes (and yes, there were samples).
The training goes far beyond the normal course schedule for these classes. Every team has contacted real potential customers for the products they are creating to get feedback. They are responsible for finding others in the industry so they have a more thorough knowledge of the industry for their products. They are also trained on professional dressing and grooming, how to conduct professional presentations down to the level of a session on hand gestures and what to do with your hands while presenting. They are videotaped and critiqued and coached. They even attend a business meal to practice what they have learned about the etiquette of eating at a business meeting.


At the end of the program, the teams present their ideas along with complete financials to real life

“investors”, usually alumni, in an attempt to receive mock funds which equate to extra credit for the winning team.  Their final reports summarize their complete work running between 70 and 80 pages with a complete business plan including market analysis, key target markets and SWOT analysis. The presentations take place in a beautiful board room ostentatious enough to prepare them for any future board rooms.  The question and answer session following each presentation is intense. This program is a requirement for all management majors and is generally taken the first semester of their junior year.

As judges we were discussing the merits of having this program occur so early in their education. However, the professors who have been associated with this program for many years explained that while they have not taken many of the business classes for their degree, they approach the rest of their education with a much great context to apply the learning.

I was inspired by the hard work of these students.  The effort, time and deep thought they put into creating a business from initial idea down to very fine details is simply amazing.  The fact that they work with a team they didn't select themselves and bring it all together is a critical skill they need to work well in any business.  The student presentations are extremely professional from their attire and first impression they create the minute they walk in the room, to the delivery of the material and their ability to answer any question that is asked of them on the spot.  Every team demonstrated a true knowledge of their subject matter.

As a business owner I am very drawn to this program because it truly prepares students beyond the classroom theory.  They do more than raise their hand in a classroom – they learn to find the answer, find the experts in the real world to learn about the business they are creating and truly master the knowledge of every aspect of that business.  These students have been taught to truly think in depth about a subject and solve real world problems unlike any other program I have seen.

In addition to the massive amount of work the students do to create a business, I am also incredibly impressed with the additional skills they are taught by this outstanding group of professors.  These students are prepared well beyond the educational theory of the courses bundled in this program.  They learn in depth presentation skills including how to gesture and use your hands during a presentation.  They are also taught proper business etiquette and proper business dress (as shown in these pictures from this year's program).  I do not know of any other university programs that teach these important and differentiating skills.  It makes NAU students standout above the rest.

I truly enjoy working with this brilliant group of professors – Mary Bowers and Chris
Scherpereel along with instructor Elizabeth Hobbs. They bring a great mix of knowledge and business experience and are a fun team to be with.  They work so well together that they could finish each other’s sentences but they are each unique with a different set of strengths to offer the students.

We have already hired Victor Martinez, a member of the winning team from 2013, to work at Stowebridge Promotion Group.  He is far more polished and professional as well as driven to be successful than most of the students I see coming right out of college. This is a program that prepares students to hit the ground running once they leave the educational environment.

Thank you Northern Arizona University WA Franke College of Business for allowing me to spend time working with amazing students and professors.

Kathy Finnerty Thomas is the President of Stowebridge Promotion Group. We help companies be memorable through the use of promotional products, the only advertising customers will thank you for. We work with customers all over the United States as well as Canada, Australia and many other countries. With over 20 years of experience Stowebridge has taken a different route to helping customers with their promotional items.  With our in house graphics department we make the artwork process easy and creative.  In house production of screen printing, embroidery, large format printing, vehicle graphics and wraps, and laser engraving give Stowebridge a huge benefit over our competitors. We work closely with our key suppliers to be the most knowledgeable promotional products partner you will find. 

Do you really want to trust your $600 cell phone to a cheap power bank?

Do you really want to trust your $600 cell phone to a cheap power bank?

Power banks are everywhere and they are the hottest, fastest growing new item in the promotional product industry.  They are convenient and a real life safer if your battery goes dead.  But as with all exciting new tech items, it isn't long before someone makes it "cheaper".  Here are some of the differences you should look for when purchasing these items.   However, in this case, "cheaper" can be truly dangerous.

You will find that many power banks and chargers look identical on the outside – but the inside can be very different and that is reflected in the price.  Poor quality power banks have been known to explode and catch fire as well as damage the phone and simply not work after a few charges.  Over 10,000 factories have opened in the past 4 years due to the high demand of power banks.  However, many of these are small, underfunded and lack expertise required to produce a quality battery pack.  They sell based on price and do not warranty their products or care about safety issues.

Here is what you need to know first.  All Power banks or mobile battery chargers have a mAh rating.  mAh is commonly used to describe the total amount of energy a battery can store at one time.  Different devices require different capacities to charge fully.  For example you can charge most cell phones with a 2200 - 2800 mAh. ASamsung Galaxy S4 has a capacity of 2600 mAh.  An iPad requires a charge of around 11,000 mAh.  Chargers can be found with as much as 50,000 mAh but the price and weight increase as you purchase more mAh in a charging device.  It is important to know how the charger will be used.  It will not help to purchase a low mAh charger if you are interested in charging your iPad. 

How to buy a reliable Power Bank:

One of the most popular style power banks -
they all use the same casing but it is important
 to know what is inside.

First off, and most important, are the batteries Grade A batteries?  Batteries are graded with reference to capacity, internal resistance, continuity and leak proofing.  Those that don’t meet the standards are classified as B or C grade and sell at lower prices.  Used batteries are also recycled and introduced into the battery market as a way to lower the price of power banks.

Premium batteries go through the following tests: drop testing, thermal shock testing, microcomputer vibration testing, battery impact extrusion prick testing, aging testing.

Does it have an anti explosion valve built into the battery?

Certification and Safety – Are the batteries UL listed?  Are they FCC and CE certified and do they comply with UN 38.3 regulations for safe transportation?  All these are assurances of quality and testing.

 

Is there a manufacturer warranty? 

Good chargers charge more quickly and also shut off after the device is fully charged to prevent over charging and damaging the device.  Also these chargers with premium batteries will last longer, and hold a charge longer as well.

Chargers come in a variety of styles - some are fashionable, some look like other items all together.  Style can be important and enhance the presentation of the item whether given as a gift or an employee reward or incentive.  

We have a large variety of shapes and styles and can even create totally custom shapes to fit your brand or promotion.  We can also create beautiful gift sets combining a charger with other items to further enhance your gift.

This is definitely an item that you want to purchase with care from a reputable distributor working with an excellent supplier.  

Kathy Finnerty Thomas is the President of Stowebridge Promotion Group.  We help companies be memorable through the use of promotional products, the only advertising they will thank you for.  With 20 years of experience Stowebridge has taken a different route to helping customers with their promotional items.  We work with companies all over the United States as well as Canada, Australia and many other countries.  We have our own in house graphics department to make art easy and creative.  We also have our own in house screen printing, embroidery, large format printing, vehicle graphics and wraps, laser engraving.  We spend a great deal of time working with our key suppliers to be the most knowledgeable promotional products partner you will find.  

What's your story?

What’s your story?

The most incredible stories often come from people who cross our paths that we are unlikely to take the time to know and sometimes don’t even notice.  They pass quietly through our lives and are forgotten moments after they are out of our sight.  Often we are distracted by our surroundings, our cell phones, our thoughts.  They are often waiters in restaurants; checkers at the store; people who help us carry heavy items to our car.  I am equally guilty of this.  But every now and then, I pause and take the opportunity to learn more about a person and their life and more often than not, I am amazed and inspired.

Recently, I was sitting in a restaurant in Las Vegas.  The waiter, Nicola, asked where we from while taking our drink order with his very heavy accent.  So I in turn asked him the same question.  He had just moved here from Italy two months ago to have more of an opportunity in life.  It seems in Italy the older people have a “job for life” and for obvious reasons employers no longer do that.  But if you don’t have a “job for life” the banks will not loan money for a home or a car.  It’s hard to find work and there was not much opportunity.  The last three presidents were appointed rather than elected and his comment was “that is not a democracy that is a dictatorship.”  He spent over 7 years trying to get his green card.  He was so proud to be in America. 

  

We often become discouraged and displeased with our country and our government, especially with all the dysfunction in our federal government.  But seeing our country through the eyes of an immigrant, gave me a real sense of pride in our country and our way of life – it’s certainly not perfect, but so much better than so many other places.  It opened my eyes by seeing through another person's eyes.

It was a slow evening in the restaurant and I spent quite a lot of time talking to the Nicola.  His journey was amazing and his pride in a simple job waiting tables was inspiring.   Shortly before we left the restaurant while Nicola was tallying our bill, a few of the other waiters standing together commented chuckling that he loves to talk.   I couldn't help but think – what is your story?  Do you have a compelling story or do you just sit by letting the world pass, biding your time?  I can tell you, Nicola received a very large tip at the end of the evening.  We felt bonded to him because we had shared in his story.

A compelling story elevates you as a person and can also elevate your business.  It bonds people to you and makes you memorable, helps you stand out from the crowd.  I love learning people's stories.  

Our company, Stowebridge Promotion Group, was born in upstate New York when my husband and I realized that raising three children with two parents, both working corporate jobs, didn't work.  He was winding down on a position that he held and started the company in the basement of our home.  Today it has grown to over 20 employees with a strong passion for helping customers market their business, build their brand and thank their customers and employees. Our roots have led us to create a great company that understands the importance of family while still having a passion for taking care of our customers. 

Our passion for helping customers has also led us to create a very unique type of promotional company. We never like to say no or we can't.  We have a full graphics art department so our customers never have to worry if they don't have their artwork and to create some very cool designs for the products we produce.  We also have invested in a full production department so we can make promises others can not by producing it ourselves, making our company different than our competitors which consist mostly of sales staffs.  While it can make for some long days and late nights, we love that we can help our customers, especially when they are in a time crunch.

So what is your compelling story?

Entrepreneurship - Is it for you?

Entrepreneurship - Is it for you?

Create, Invent, Own your destiny. Be your own boss, never be laid off again, build something of value. Its sounds as enticing as a vacation at a beautiful secluded resort. Lately there has been a lot of great buzz about entrepreneurship – But are you the right type? Is there a “right type” of person to be an entrepreneur or can anyone become an entrepreneur?

I grew up in a very entrepreneurial family working for my Dad from childhood. My Dad is a brilliant but unassuming man who really never liked working for others – okay maybe that’s too politically correct. He couldn't work for anyone else, wouldn't work for anyone else. No one was as smart as he was and he might have been right. As a child he started buying packs of gum and selling it by the stick on the playground. He hunted small animals and sold their fur, invested the money in bonds and paid for his first house. He owned a great business and spends his retirement advising and teaching other entrepreneurs about business.

Some people are an entrepreneur in their very heart. I was fortunate to have worked for my Dad as well as in large and medium size companies - I have seen both sides. I learned a lot from my Dad although they may not have seemed like lessons at the time. As I left my Dad’s business I was excited about the prospects of working in a large company, climbing the ladder, making a name for myself – it was great but I found it hard to follow strategic direction that I didn't agree with. I had an entrepreneurial spirit even in the larger companies I worked for.

There are people who truly excel at climbing the ladder, impressing the right people, and navigating the political landscape. I truly admire them and wish I had that skill. I marvel at their talent. I pulled it off for a while but I had trouble following the corporate direction when it didn't make good business sense to me.

For the last 14 years I have been the President of Stowebridge Promotion Group, the promotional product business my husband started 20 years ago. I offered to help out for a few months and never left. We have an amazing, truly differentiated business with an outstanding staff. While he is the visionary and founder, I run the operations side so he can spend most of his time working with customers. When I started, there were just the two of us but we have seen explosive growth every year since then. I love my job, I love my customers but I don't believe it is for everyone.
So if you have been thinking about being an entrepreneur, here are some things to think about before you take the leap. (This is written for ordinary people – for someone thinking about starting their own company. It is not written for someone with wealth who just buys an existing business and it may not apply to all businesses.).

Great News – you get to be your own boss…but can you lead and inspire yourself?

There is no one to tell you what to do, when to come to work, no useless meetings. You no longer have to work for someone you don’t respect – however, you no longer get to work for someone you do. It’s great to be your own boss but I push myself harder than any boss ever could because I have to. I am totally dependent on this company for my income and also responsible now for the livelihood of more than 20 other people.

Are you able to get yourself out of your jammies in the morning, even if you are working from home, and get to work? Can you hold yourself accountable? Are you great at driving yourself? Can you persist through the hardships without giving up? But at the end of the day are you disciplined enough to close the door and call it a day? When I worked at home I would often work all day, fix dinner and then go back to work until bed time – it was just so convenient to go answer a “few more emails”.

Are you comfortable with risk?

When you are your own boss, there is no comfortable, consistent paycheck being deposited in your account every two weeks. And you are the last person to get paid behind employees and suppliers.
On September 11th, 2001, we were a company of two employees working from home, our entire income dependent on the company. Business was going well. But nothing could have prepared us for the disruption and disaster of an unexpected terrorist attack. We were in the midst of several projects all of which got cancelled and the phone stopped ringing for two days. Fortunately in a promotional products business we have many things we can sell and were able to turn from the fun, promotions, events and sales meetings that were cancelled to patriotic items such as flag pins and items that enhanced security such as lanyards and badges.

When the great recession hit we were a larger company – we had recently purchased a building for our business with room to grow but with significantly more overhead than working from home. We were in the midst of purchasing additional equipment for our production operation. We did cancel our order on equipment which was supplemental to our operation but purchased a large format printer which opened the door for us to make banners, decals and other items that our customers were already buying, but purchasing somewhere else. That purchase in 2009 actually helped us increase sales over previous years while businesses were failing all around us. Taking on debt when the economy is crumbling is a scary endeavor leading to many sleepless nights. We were able to hold on to our exceptional staff without layoffs but there were many times that they got paid and we did not. We trimmed every nonessential expense and created a stronger company because of it. We became much more aware of our financial picture on a daily basis rather than monthly, managing every detail and every line item on the financial statements.

One of the hardest and riskiest steps is to go from one employee to two. Can you afford to split the income and make it grow enough to support an additional person? If you like to sleep well at night – this might not be for you. However, there is a great sense of accomplishment when you can hold it together against all odds and come out stronger in the end.

You are often on your own..

When you are at the top, when you are your own boss – there isn't always someone to discuss next steps, how to solve a problem, how to deal with a recession or a major unexpected change. I miss having peers that I work with. My husband and I do work together but our strengths and backgrounds are entirely different. It is important to find advisers you can trust keeping in mind they don’t share your risk.

So can you find great advisers but also sift through their advice with the knowledge that only you have? Equally, can you change your perspective and see opportunities through the eyes of an outsider? (Why would a successful entrepreneur hire a coach?)

I want to be rich..

Everyone I've met who hasn't owned their own company thinks that it will make you rich. And it can, eventually. However, you are the last one to get paid after your employees and suppliers. As a child I could never understand how my Dad had such a great and robust company and there was never any money for our family – more importantly for the things I wanted. Now I understand! Sometimes there is a nice payout but most of time the money needs to be reinvested in growth or goes to an unexpected expense. I made a great salary working for other companies and my salary as an entrepreneur is much smaller. Profits go toward growth and expanding our capability. One year we purchased a new exposure unit rather than the new car I was admiring. It was the better investment.

I know my payout comes at the end when I can sell my business, but are you comfortable watching your friends pull down big salaries while you are not?

Do you thrive on attention and public recognition?

Do you love that great feeling of being promoted, being presented with a large bonus or amazing trip, being recognized at the company meeting, having a head hunter call you about a great new job that will propel your career? As an entrepreneur, that doesn’t happen. This was hard for me to give up, especially every time one my friends gets a new promotion, starts an exciting new job. You are at the top – there are no more promotions and you might get a big bonus but there is no one else to see the presentation.

Can you be your own cheerleader? Are you comfortable patting yourself on the back for a job well done? You have the great pride of what you have created but there are no more promotions.

I get to choose the people I work with..

One thing I love about owning my own business is I get to create the type of culture I want to work in and work with people I like. On the other hand managing people is one of the most difficult things I do. You can like them but you can’t be friends. It is challenging and hard work to create a culture and keep it on track. Coaching people to better performance while keeping them motivated, letting people know when their work is off track and dealing with employee conflicts takes up a large amount of my time. Personnel issues are the problems that often keep me up at night. While you may manage and lead people in your corporations, their salary is not coming out of your personal income.

Can you manage and lead and inspire people? Can you also fire people who are not performing even after you have given them your best efforts to lead and inspire?

Are you willing to learn new things and do some less than enjoyable jobs?

I am a marketing person – that is what I love. Yet, somehow I have become the “IT guy.” Friends who know me know how truly frightening that is but there are times when computer problems need troubleshooting that can’t wait. I fortunately have a real “IT guy”, a great back up, but at $100 an hour, I have had to learn a lot about computers. Plus we can’t waste valuable time waiting for help to arrive. I am the HR manager and have to negotiate benefits such as insurance, as well as create, implement and monitor HR policies. I have to be the CFO and the head of accounting. I need to keep up with business and employment law. My husband has to worry about building issues and repairs as well as equipment issues – when to repair, when to replace, how to get the most production out of the equipment we have. You have to be willing to take on tasks that you might not be trained for or want to do, until you grow to the size where you can hire someone to do these tasks. And yes, you can hire outside help for these jobs but that all takes away from profit and income.

Are you willing to spend some of your day doing things that have to be done but might not be pleasant, might be something you need to learn? I hate negotiating insurance rates and plans. I am frustrated when I have to stop in the middle of something important to fix a computer problem preventing an employee from doing their job. I dislike worrying about credit card processing rates. But it’s all part of running a small business. And I do actually enjoy the variety and fast pace of my day. In the course of the day there are many interruptions that can take you away from your daily plan, important strategic work needed to run a business and satisfying customers. If you love being focused on your task at hand without interruption or if you don’t like your plans to be altered by the unexpected, this might not be for you.

Can you control the hungry beast?

Running your own business is like trying to control a hungry beast. It takes over your life. I am fortunate in some respects that I work with my husband so he understands and works as many hours as I do. I don’t know that owning a business with a spouse is great for a marriage but we have made it work. However, some spouses may not understand. (Why Entrepreneurs are bad at relationships) I work long hours – generally 12 – 14 hour days. I like to be here when my production employees start. It is often the only time my production manager and I have time to talk. I like the quiet of the early morning before the office staff starts to arrive at 7:30. And I often stay long after everyone has left because it’s the only time I get uninterrupted time to plan and get work done. While my office staff is great and do their best to keep things going, I frequently work during my vacations because it is hard to walk away from customers and employee needs. A friend challenged me to take three days off without working during my vacation. Sadly it is simply not easy – at least for me and the type of business I have.

Will that work for you – no long vacations disappearing from the stresses of work and office communications? You can’t turn your cell phone off and enjoy an extended holiday. Do you have an understanding spouse who is willing to share you with this hungry beast?

Today …

I love what I do. This business is now 20 years old and every year gets easier as we grow and can hire people to take over some of the tasks and allow us to run the company. However, with growth there are additional challenges as well. Do we need to add staff, equipment or do we need a larger facility? I know others look at our business from the outside or when they come for a tour of our facility and think how great it would be to be an entrepreneur. And it is great, most of the time – exciting, rewarding, challenging on so many levels and fulfilling. However before you embark on starting your own business based on the fanciful articles I see written, you need to understand the early stages of starting your own company. There are many sacrifices, and many rewards. I don’t believe being an entrepreneur is for everyone. However, it can be a great fit for the right person.

I would love to hear the thoughts of other entrepreneurs – I am sure you can add many more pluses and minuses to this list. And of course, for those of you thinking about venturing into the world of entrepreneurship, I look forward to your thoughts and comments. It is a great life - just not a great fit for everyone.