It’s not about how much you know, but how much you care
Back in the early days of starting our business, I remember the excitement and happy feeling of putting together a plan to grow our tiny little ideas. There were long days and nights of brainstorming with my wife, strategizing between our kitchen table and our bedroom. We reviewed hundreds of small details that were necessary to get our ideas going to turn them into actionable steps.
We had many years of training in the academic world. I had just earned my master’s degree in business administration and had over seven years in “real world” banking and finance. There was so much we did not know when it came to running a business including the long-term effort, dedication, determination and sacrifices it would take to get it going.
To this day, the entrepreneurial journey has been one of the most painful yet rewarding experiences of our lives.
What we have found out is that in order for the business to become viable and to be able to stand on its own, there are several factors you must focus on if you want to build something long-lasting, meaningful and rewarding for all involved.
Being financially savvy can be a great asset as you build your company, but it’s not enough to make it go. There have been many financial “gurus” involved in building businesses that fail early on. Their numbers skills may not have been enough to make their company move forward. Having a solid understanding of your niche and technical expertise is not enough to guarantee a successful business.
In our journey, we have seen many great chefs who open restaurants and fail within a year. We have also seen companies that thrive with a special chispa! You must have a combination of good financial people and talented technical people, but also require a leader with a high degree of emotional intelligence. You must be able to bring everyone together from financial to technical to marketing and everything in between. The leader’s ability to bring everyone together to complete the mission and vision of the company is essential and a determining factor for every company’s success.
When I was a manager at a national bank, I saw many businesses that were put together by owners cashing in their life savings and retirement accounts — and they did not make it. I have also seen groups of well-capitalized investors that started businesses and did not make it. One of the common denominators that caused the business to fail was a lack of strong leadership at the top. One of my favorite sayings is “People don’t care how much you know, until they know how much you care.”
Building a business is about people. In business and in life, it’s all about how you make other people feel. As a leader, I spent much of my time connecting and getting to know every one of my team members. It definitely helps that I’m a people person. The thought of connecting with my team energizes me. When they see their leader making an effort to get to know them and their family while taking an interest in their growth and future, amazing things can happen for all involved.
One of the most amazing and satisfying experiences for me is the feeling I get when one of my team members realize their lifelong (or short term) dreams. It’s rewarding to see them buy their first home, complete their education, pay off bad debt and get health and dental insurance for the first time.
There is no monetary value equal to the emotional satisfaction you get when this happens. Once your team recognizes you as a leader who genuinely cares about them and their family, amazing things start to happen. When you build a culture where people care and hold each other accountable, respect one another and care for one another, this is the special sauce that will keep the company moving forward.
Always remember that in business and in life, it’s all about how you make other people feel. Be kind.