All business owners will face obstacles; that’s just part of the game. According to Joe Jedlowski, the difference between good and bad business owners is how they handle these obstacles.
With that being said, there’s no reason to reinvent the wheel. There are experts out there who have seen and conquered any obstacle you’re liable to come across, and they have an ample amount of advice to throw around.
Experts like Joe Jedlowski have been the CEO of multiple companies and helped launch countless startups. Joe Jedlowski has overcome many obstacles that most business owners will face and has worked out the best practices for business owners through his experience.
I asked Joe Jedlowski for an interview so I could pick his brain about how he overcame these obstacles, and he agreed!
Does it matter who you go into business with? Or can a good business owner make it work, no matter who their partner is?
Having a bad business partner is like having a bad leg. You might be able to start the race, but you’re not going to finish a marathon.
It absolutely does matter, and I think it is crucial to be picky with your co-founders and associates. Someone can be a fantastic friend and person, but that doesn’t mean they’re going to be a good partner.
Maybe they’re a good business person as well, but your styles happen to clash in a way that you can’t make things work. It’s important to communicate before going into business with someone so that you can figure these things out.
Frugality in business will definitely come on top of the list. Hard work, I believe, is already given. Someone isn’t going to start a business without putting in effort and hard work. However, a frugal owner is something that not every business has.
Microsoft once sent out a memo asking employees to order wieners instead of shrimp when paying for dinner on the company dollar. I think a lot of small businesses can benefit from this mindset.
Developing a growth mindset will also be crucial in order to overcome business obstacles.
Stubbornness is a business killer, believe it or not. This may be surprising since many business owners are pretty stubborn – myself included.
You want to avoid the sunken cost fallacy. If something isn’t working, it isn’t working, and it isn’t going to work just because you throw more time, money, and workforce into it.
Knowing when to nip something in the bud is an important skill to have as a business owner. Turning losses into lessons can help you navigate through business obstacles.
I’ve heard that businesses should know their competition, market, and product inside and out. Is there anything else they should know that may be less obvious?
Businesses should understand what their number one obstacle is. Think about this. If you could eliminate one thing that would make your business boom, what would it be?
Maybe you have trouble finding and attracting top employees with the right skills. Perhaps you have a problem with financing projects. Think about this, and then you can make plans to conquer it.
They try to do way too much. Do what you know. Do what you know, and do it well. If you’re starting a landscaping business because you love mowing, trimming, and taking care of lawns, then do that.
You don’t have to add in exterior decoration or pest control. Stick with what you know, and keep things simple. Maybe you can expand your model in the future.