What My Entrepreneurial Village Taught Me About Business

Growing up, both of my parents were entrepreneurs, and the same held true for most of my 17 aunts and uncles. Our village evolved into a network of intertwined enterprises, where even us, the younger cousins, were drawn into the mix.

We trudged through bean fields, detasseled corn stocks, and picked rocks. Days spent in the strawberry patches, or at my uncle's (now my cousin's) towing and body shop, taught us the value of hard work.

After college, my dad offered me a job as an accountant at his sheet metal business. The thought of handling accounting tasks for a sheet metal shop all day didn’t resonate with me, and I turned it down.

I learned from an early age that I was destined to become a business owner. But I also knew, from over a decade of observation, that entrepreneurs worked harder than anyone else I knew. Without genuine passion and drive for the work, the journey isn’t fathomable. Entrepreneurship is not for the faint of heart.

My relatives taught me dozens of valuable business lessons, but there are three special ones that continue to resonate with me to this day: identify a skilled financial partner, treat your team as an extension of your family, and be willing to let go when necessary.

Lesson 1: Find the Right Financial Partner

I gained valuable insights into cash flow management through one of my aunts, who emphasized the importance of maintaining a three-month cash reserve. Unfortunately, most of my relatives lacked accounting acumen. Partnering with someone well-versed in this area would have been invaluable for every one of them, leading to different business decisions grounded in accurate data.

Frankly, I believe that many entrepreneurs are hindered from embracing a growth mindset due to the absence of a skilled partner capable of decoding their financial information. Operating a business in a reactive mode prioritizes short-term predicaments over long-term growth strategies.

Still, I find myself amazed when I hear that an entrepreneur still gauges their business’s health by glancing at their bank balance and basing decisions solely on that figure. This metric is insufficient and often misleading when it comes to depicting actual business performance.

You need to find a skilled financial partner in order to transition from a reactive state of business to a proactive state of business. Find a partner that can aid you in establishing streamlined processes, ensuring accuracy and precision, and safeguarding your assets.

Lesson 2: Treat Your Team Like Family

Your team serves as the beating heart of your company. I always say that my company is akin to my fifth child. Nurturing the team – all 103 of them – is a precious responsibility.

Hailing from the small town of Granite Falls, Minnesota, my relatives knew that nothing could kill your business faster than tarnishing your reputation by mistreating a team member.

Now, I understand that having the right people in the right roles makes all the difference. Knowing your core values and ensuring they align with your hiring process is key.

In my business, I’m the final interviewer during our hiring process, and my entire process revolves around clarifying alignment with core values, mission, and vision.

For instance, one of the questions I pose during interviews is whether the candidate has a genuine appreciation for small businesses and sees entrepreneurs as remarkable. Do they have a fondness for nonprofits? If I see confusion, it’s a sign that they lack shared passion with what we do. While you can teach technical skills, core value alignment and genuine passion cannot be imitated or fabricated.

Lesson 3: Be Willing to Let Go of the Vine

When I started my own business, I called my relatives every week. They weren’t of the generation to offer blanket advice, and they certainly wouldn’t describe themselves as my mentors, but they would always pick up the phone and provide candid feedback. Together, they were my wise counsel.

They had a collective pitfall, though. My relatives were prone to having their hands in every part of their business. They were too afraid to trust newcomers to help divide up the work, no matter their qualifications, and it stifled their growth.

I’m a believer that fear of the unknown often compels us to hold onto responsibilities that no longer make sense for us and are no longer serving the business. Refusing to “let go of the vine” is a significant hindrance to your business growth.

On the flip side, being willing to add qualified hires to the team will invariably yield rewards for your business. Focus on your core competencies and find partners to handle the rest. If you’re stuck on how to do so, revert to lesson two. Figure out how to ask the right questions in the hiring process that will help you select the right people for your team.

What I love about entrepreneurs is that they’re bold and willing to take chances. Given the opportunity, they innovate. They know their job is to create real solutions to real problems. I still admire my relatives today as much as I did back when I was a kid, running through the strawberry fields with my cousins. If you’re an entrepreneur, you know that you’ve chosen to embark on an ongoing journey of personal and professional growth. For that, I salute you. Welcome to the village.