Jason A. Wach
JEWISH X-PRESS STYLE!
Jacob
Sharon
Phyllis Apple
Tzachi Gadish
Lawrence A. Gottfried
Of course, you're
waiting for me to say, "first, do your research. Find out about the
business you want to go into. Make sure that if you managed a business,
say a restaurant, that you learn about the business end before taking
the plunge into entrepreneurship. Maybe then I might tell you to consult
with me and people in the business. When you have a deal in hand, see
your lawyer and me, and we'll help you out with the decision as to whether
to incorporate and the other paperwork". The technical steps which
you may read about in other sources, I think, hold true. Make sure that
you have enough money to cover your expenses for the first six months
and watch your cash flow carefully. As another C.P.A. named Woody Levitan
said, "plan! plan! plan!" What that means to me is that although
we must plan in the business world, the world of business is really more
of a crap shoot than a chess game. The ability to make contingency plans,
or back-up plans, and to adjust on the fly, is in my opinion more important
than a good initial plan. Maybe that is why military men and women are
often successful in business. Maybe it is like a war.
All that may be OK technically, but that is not what I suggest that you focus on first. Surprise, I want you to go talk to your rabbi first! Or, talk to the other person in your life who knows you well, and is willing to give you honest advice. A business-man's greatest enemy is not lack of technical knowledge, but not knowing himself or herself. From my own experience and observing executives and entrepreneurs, I have concluded that it is very easy to succeed in business and fail in life. My late friend, Marty Copan, is a compelling example of one who did the opposite. I'm sure that had he lived differently he could have made more money, but he won in life. I worked together with Marty in a North Pennsylvania accounting firm where his boss was more or less the same age as Marty. The boss was worlds more successful in the business world than Marty. Marty resented his boss's authority, and the boss looked down on Marty. Following the boss's lead, the other employees "dissed" Marty also. Marty had changed jobs many times, being among other things over-aggressive. Why was Marty, nevertheless, a winner? I never became friendly with the boss's family, but I saw enough of them to get an impression that they were followers, not leaders. I doubted their ability to make it in life without their wealthy father. Marty, on the other hand, soon after separating from the job went into a nice, quiet, semi-retirement in his townhouse with his sweet, beautiful wife. Although on the surface Marty was less than successful, what he left behind is outstanding. His two sons are a physician and an investment banker. I know Rick, the investment banker, well enough so that I can assure you that he learned to treat others with respect from Marty.
Now, we'll test my skills. I'll list the Top Ten reasons that I believe cause people to be successful in business and failures in life. Then, I'll ask three Captains of Industry for their perspectives. Finally, I invite you to E-Mail me with your valued opinions. The editors of The Jewish Xpress will decide which of your responses to share with the rest of us.
My Top Ten
are:
1. Ego! Ego! Ego! It is tempting when running even the smallest business
to believe that one is like a king, or even G-d.
2. Not knowing when to take a break. I retain a visual image of a client
who "pushed it" by working three jobs who wound up pale and
sick.
3. Always putting business first. The personal problems will pile up,
and come back to haunt you.
4. Believing that sacrificing personal relationships is OK. Of course,
if one of your personal relationships is with the dollar bill, you may
want to rethink your priorities. Money is for paying the bills, nothing
more.
5. Attempting to fix a relative's personal problems by bringing him/her
into the business. If they can't stand the heat, keep them out of the
kitchen!
6. And, of course, the classic, mixing business and personal lives. We
can't always separate them completely, but we owe it to ourselves to try.
7. Don't neglect your health. You are not superwoman, and I am not superman.
8. Don't treat other people like inferiors. You'll be in danger of entering
a lonely world of which you are king or queen. The ego problem always
looms large whenever I see someone successful with tragically painful
personal problems.
9. Don't buy into it when people tell you that none of your business associates
are real friends. If you do, you are really throwing away a big chunk
of your life.
10. Get not only the approval, but the full support of your life-mate.
You don't want it to be a subpoena server who tells you that you were
working too much.
Now for our
panel. First, Richard Kwal, C.P.A., a partner in my firm.
His experience has taught him that it is crucial
1. To have
sufficient cash flow for the new venture without sacrificing family priorities
(e.g. education, medical , etc.)
2. To have a supportive family unit in order to go through the lean times.
3.Being self-fulfilled and enjoying your new venture. It will most likely
reflect in the quality of your work.
4. To have a little "mazel." However, to paraphrase Thomas Jefferson….He
was a great believer in luck…and the harder he worked, the more of
it he had.
Now, for some contrast with us "suits", a fellow who may have been shaped much more by real life. Which is better? I've always pondered that question myself! Yosie Lipskar, a real estate professional of Miami Beach, is interesting because he combines a rich Jewish background with his business experience. He made the point to me that he is a layman, not a full-time scholar or a rabbi.
His perspective is that a business-person who is honest and ethical in all his ways will do well. The unethical approach often seems glamorous in the short-term, but in the long-run those people never do well. I asked him two questions. The first was, "Isn't it the children and grandchildren of unethical business-people who truly suffer, because an unethical person can never guide them into a good life? On the other hand, often unethical business-people in the news seem happy with their wealth". He replied that "no, the person who makes the money themselves unethically also winds up unhappy". The second question was whether or not someone who is unethical yet does nothing illegal is better than one who breaks the law. His answer was that my question was off-base because "unethical and illegal behavior go hand in hand". Now, it's your turn. Show us why you are a success in business and in life! Write us or E-mail us with your valuable life-perspective. And, if you really want your business to succeed, advertise in the Jewish Xpress!