Entrepreneur essons learned from going t

Entrepreneur essons learned from going to work with dad as a kid! http://www.thedailymuse.com/entrepreneurship/the-entrepreneurship-lessons-i-learned-from-take-your-child-to-work-day/ Today is Take Our Sons and Daughters to Work Day—a day that will always remind me of long, hot Boston summers doing manual labor on construction sites. My dad was an entrepreneur who ran a construction company, and from age 6 to 15, I spent my summer days on the job, doing everything from observing to fetching coffees to learning how to wield a hammer and cleaning up a construction site. While I was there, I was expected to pull my weight—no excuses tolerated.

Those summers changed my view of my own professional path and taught me a lifetime of lessons about entrepreneurship, especially now that I’m building my own business. Here are a few of the big ones.

1. Fight Through the Rough Patches

There are times when things in your business just aren’t working—maybe you have tough client or the wrong staff in place. But during those times, you can’t give up. On the contrary, you need to learn, up your game, and push harder to take things to the next level.

One time, I witnessed one of my father’s clients fail to pay him on time, which jeopardized a month’s pay for more than a dozen families who relied on the crew’s wages. And then I watched my dad, after some complex wrangling, secure an advance on another job that then required him to personally work weekends for months to complete. It wasn’t easy, but it was what he had to do. When something isn’t going according to plan, you need to fight it out and find the energy to change course.

2. Distinguish Yourself from the Competition

When all the firms in your space are competing for the same business, you’re often forced into a price war. But do that, and you’ll end up in a race to see who can go broke the fastest. Instead, you need to find a point of differentiation.

In the construction business around Boston, my father’s major competitors scrambled for big jobs in high-end communities. He, on the other hand, took smaller, less glamorous jobs in rough neighborhoods. By doing so, he built a reputation around a specific clientele and was able to leverage that into a long-term customer base. Looking for opportunities where others don’t, or solving similar problems in new markets, is often a much more effective strategy than trying to compete on price.

3. Be Careful of Friendships

When you’re in the trenches of building a company, you often form deep friendships with your employees and colleagues along the way. This is one of the best parts of running your own show, but it can also be one of the hardest. Tough decisions and conversations are sometimes avoided out of fear of offending one another, and transitions that are natural in the evolution of a business can get delayed.

My father found a longtime ally in a struggling alcoholic nicknamed Rookie, who I remember most for a love of baloney sandwiches and a willingness to show up and do the hardest jobs, on short notice, with no complaints. But eventually, his drinking and drug abuse were interfering with safety and client delivery, and it came time that they should have parted ways. My dad just couldn’t do it—and as a result, he lost a number of jobs, which had a significant financial impact on his business. He learned the hard way that, when you’re working with friends, you still need to make sure that the lines of friendship and business are clearly delineated.

4. Set up Systems and Support

The freedom to determine your own schedule and be fully responsible for your own success is why many people become entrepreneurs in the first place. But when you add client demands, staff needs, administrative processes, and everything else it takes to run a business, your “free” spirit can start to suffocate. It can actually feel worse than when you worked for someone else.

My father was amazing at dealing with customers and conceptualizing…

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About nancytnguyen

First Generation American Entrepreneur Author of The Networking Diary Ms. Corporate America 2011
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