{"id":1602,"date":"2013-10-28T10:16:26","date_gmt":"2013-10-28T17:16:26","guid":{"rendered":"http:\/\/dierschow.com\/wordpress\/?p=1602"},"modified":"2013-10-28T10:16:26","modified_gmt":"2013-10-28T17:16:26","slug":"think-like-a-business-owner","status":"publish","type":"post","link":"http:\/\/dierschow.com\/wordpress\/career\/think-like-a-business-owner","title":{"rendered":"Think like a business owner"},"content":{"rendered":"<p>As you may know, my &#8220;day job&#8221; is being a coach for small business owners here in northern Colorado.\u00a0 I just passed my third anniversary with <a href=\"http:\/\/www.smallfish.us\/\">Small Fish Business Coaching<\/a>.<\/p>\n<p>It&#8217;s an interesting setup, because I joined Small Fish as a franchisee.\u00a0 In a very real sense, I am my own business owner, acting in partnership with a larger company which owns the brand I operate under.\u00a0 I make my own business decisions taking into account my partners&#8217; needs.\u00a0 The most recent example is when I launched my <a href=\"http:\/\/www.valuesbasedbusiness.wordpress.com\/\">Values-Based Business blog<\/a> earlier this year.<\/p>\n<p>But I can trace my roots as a business owner back to 1992, when I took over managing a software product business inside HP.\u00a0 <!--more-->This was my first opportunity to operate quite independently, because I was controlling a little-known product with exactly 27 customers around the world.<\/p>\n<p>My organization reporting was within R&amp;D, but I was able to have a number of marketing people (product marketing, documentation, and product support) attached to my team.<\/p>\n<p>Now this is where it really got interesting for us.<\/p>\n<p>Because this was such a tiny product, we weren&#8217;t given a whole lot of support or direction from the larger organization.\u00a0 So I decided to run this as its own little independent business deep down in the bowels of HP.<\/p>\n<ul>\n<li>We contacted each and every customer to find out what they needed from us.<\/li>\n<li>We brought the entire multi-functional team into a consecutive set of cubicles.<\/li>\n<li>We defined and monitored our own success measures.<\/li>\n<li>We developed an independent product roadmap and made our commitments based on what we thought was best and could honestly promise.<\/li>\n<li>We bought a floppy disk duplicator (remember, this was 1992) and manufactured and directly shipped our own product.<\/li>\n<li>We set up direct relationships with specific sales force representatives across the globe.<\/li>\n<\/ul>\n<p>Was the product a success while we were managing it?\u00a0 By some measures yes, but by others no.\u00a0 On the whole, I&#8217;d like to think that we made important contributions to its lifetime which probably extended over a decade.<\/p>\n<p>What&#8217;s 100 times more important for me, personally, is what we learned from the experience.<\/p>\n<ul>\n<li>The incredible power of motivation and teamwork on delivering great business results.<\/li>\n<li>What it means to &#8220;think like a business owner&#8221; even when you&#8217;re inside a larger company.<\/li>\n<li>Why attending to customer relationships is vital to everyone&#8217;s job.<\/li>\n<li>How to balance the realities of managing bosses so that they support you taking initiative and getting stuff done.<\/li>\n<\/ul>\n<p>Many people working for larger corporations feel like they&#8217;re not given the freedom and power to act like a business owner.\u00a0 But that doesn&#8217;t mean you&#8217;re not able to THINK like a business owner.<\/p>\n<ul>\n<li>Understand and talk with real customers, the people who give you money for the value your company provides.<\/li>\n<li>Learn about all the pieces of work it takes to deliver that value.\u00a0 (Hint: most of what matters most is NOT the product or service you provide!)<\/li>\n<li>Map out all the relationships inside and outside your company for what it takes to support business success.<\/li>\n<li>Work out a financial understanding of the business:\u00a0 Where does the money flow?<\/li>\n<li>Even create your own business plan as if you were the top decision-maker.\u00a0 This is primarily a learning exercise, and will help you create future business plans.<\/li>\n<\/ul>\n<p>This level of thinking is what gave me huge opportunities in my subsequent career, and led me to develop a rapidly growing coaching business today.<\/p>\n<p>If you want to increase your independence for the rest of your career, learn to think like a business owner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As you may know, my &#8220;day job&#8221; is being a coach for small business owners here in northern Colorado.\u00a0 I just passed my third anniversary with Small Fish Business Coaching. <a href=\"http:\/\/dierschow.com\/wordpress\/career\/think-like-a-business-owner\" class=\"more-link\">[&hellip;]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,42],"tags":[55,15,37,33],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-carl","4":"has-more-link","5":"post-1602","7":"format-standard","8":"category-career","9":"category-newsletter","10":"post_tag-business","11":"post_tag-career-coaching","12":"post_tag-learning","13":"post_tag-my-coaching-business"},"_links":{"self":[{"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/posts\/1602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/comments?post=1602"}],"version-history":[{"count":1,"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/posts\/1602\/revisions"}],"predecessor-version":[{"id":1603,"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/posts\/1602\/revisions\/1603"}],"wp:attachment":[{"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/media?parent=1602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/categories?post=1602"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/dierschow.com\/wordpress\/wp-json\/wp\/v2\/tags?post=1602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}