I found this entry from The Brand Builder Blog quoting Dave Armano and really liked the concepts.  As a small-business owner it’s vital that you find people who can branch out beyond their core competency.  Each member of the team has to expand to fit the needs of the company.  Not only does it get more done, but it’s more fun and offers each person the opportunity to add to her bank of experience.  Are you “sun-shaped” ?

I seem to write about money a lot.  I’m learning that in order to be successful at maintaining and growing your small business, you have to know where your money is at all times.  Big corporations may have the advantage of having huge budgets and big backers- but they don’t have the flexibility that a small company has in managing it.  Rich and Ron have a system for handling their accounts receivable that I’ve never seen anywhere else.  A couple weeks ago, we updated the “board.”  The AR board is where Rich and Ron list, in detail, the people/companies that owe them money, how much money is owed, and when it’s due.  Right now, by simply turning my head, I can see how much money we’re meant to get and when.  What may be scary about this system is that anyone can know at any time how many accounts the business is handling, if they’re making money or riding on reserves, or if people are reluctant to pay.  On the other hand, I am able to properly handle different types of relationships with supplier/customers as they come in/call, and feel like a part of a team.  The knowledge I’m entrusted with helps me to feel invested and responsible for all aspects of the business, not just my specific jobs of editing and answering phones.  It wouldn’t work in a larger environment- but it’s a perk of being and entrepreneur and a small business owner.

A lot of people go into entrepreneurship because they want freedom. Freedom from the corporate world, bosses, other people’s schedules, etc. Ironically, a lot of times a personal venture can demand a lot more of your time than a 9-5 job. Maintaining your own business can require late hours, long weekends, and bringing your work home with you from time to time. So where is the freedom? Well, once you’ve got something going, you have a lot more control over your schedule and the way things are done. Entrepreneurship isn’t freedom from work, it’s just the freedom to do it your way.

How do you balance your time? Perhaps one of the reasons you wanted to start your own business was to spend more time with your family and loved ones. What do you tell them when you work just as much, if not MORE than your old day job?

In Bootstrap Business, Rich and Ron say that communication is key. Make sure that you explain that the time spent at work is a choice now- not someone else’s requirement. It will take a lot of time intitally to get things started, and everyone once in awhile there will be a big push. But BOUND it. Make sure that if you say things will calm down in two weeks- you make things calm down in two weeks. Reward yourself and your family by taking a trip or spending a long weekend at home while you leave everything at the office. If you make a promise to your family or someone you love, make sure you come through.

Another great thing about owning your own business is that you also have control over your office environment. Make it a friendly place where family members feel like they can drop by. Rich has the candy drawer for the kids that stop by, so that they know there’s something for them here.

Obviously, there are going to be times where deadlines must be met, but just make sure to communicate the needs of the business clearly, and keep your promises.

One of the most aggravating aspects of any job is lack of flexibility. People who love what they do say they want two things from a job: the chance to use their talents to make a meaninful contribution and the opportunity to expand their skill-set. Of course, salary and bonuses also come into play. In all actuality, (and many of us have experienced this) lack of flexibility can cause you to hate your job, and your life. The Entrepreneurial Mother caught my eye today with her discussion of flexibility. There seems to be quite a lot of chatter about the worker shortage lately. How would that be affected if there were more positions available for mothers and fathers who want to keep a school schedule, students who need to be able to work between classes and from home occasionally, and people who simply like to keep busy doing a variety of different things? There are an incredible amount of talented people who simply don’t fit into “the schedule.” With a small business, the freedom exists to create whatever kind of schedule works for both you and your employee. Does he need to take time during the summer to take camping trips with his sons? Does she need every other Friday afternoon off to take her daughter to the orthodontist? Or maybe your employee simply needs the flexibility to compete assignments between classes or on the weekends. The beauty of entrepreneurship is that you don’t have to lose talented people over scheduling issues: it simply takes a little collaboration.

The last job I had was incredibly, outrageously inflexible. There were certain needs that I had, and as much as my supervising manager (said she) wanted to work with me, the company would not allow her to. Although there were aspects of the job I enjoyed, and I was content sticking with it for awhile, I had to quit. I simply couldn’t fit my life into the job. I thought I should be the other way around. Guy Kawasaki had an interview with Penelope Trunk who says that it’s not all about just “working hard.” Putting in the most hours doesn’t always mean that you’re the best employee. What are you producing? What are you innovating? What are you contributing? And how much life can you enjoy while you’re getting it done?

Is Mitt Romney an entrepreneurial candidate for the presidency? When looking for people to hire, I’ve heard Rich and Ron say they look for someone who has big expectations for the project as well as his or her ability to contribute. It doesn’t necessarily matter how much experience the person has. If they can prove that they can do the job, their relative inexperience could work in their favor. Inexperienced, passionate people often accomplish quite a bit as a result of their naivete. They don’t believe the naysayers. In Romney’s case, he claims to have big plans and big passion. There are quite a few naysayers- but as this video has been going around the office, I’ll put it out there. I wonder if his experience in business and his can-do attitude would allow him the success he claims to be able to have if he gets into office. As someone coming from Massachusetts, I haven’t decided what I think yet. And if you were wondering, yes, Mitt does have an account on MySpace.