Kids in Business: The Insurance Adjuster Wins

Our first Kids in Business meeting—with spur-of-the-moment guest Lyla Lindquist—was awesome. Lyla is an insurance adjuster who runs her own business, and since she wasn't waylaid by any recent disasters, she made time for us on short notice. By the end of our meeting, I said I lost five pounds from all the laughing (and now we are thinking of how we might market Lyla as a weight-loss solution).

Besides hearing stories of old men who pretended to get run over or who lived in sub-zero trailers that got ransacked in the middle of nowhere, we learned about the relativity of correct business attire. (Jeans for burrowing under houses. Khakis for above-ground investigations of floods with left-over mold. Slacks for meetings with distressed parents whose children have been bowled over by rogue domestic animals.)

Pajamas, we learned, could potentially suffice as home office attire if they are t-shirts and sweats, but for reasons of focus and a basic sense of professionalism (and to avoid the overwhelming desire to nap between calls), we were told (and mostly agreed) that it is not a bad practice to actually get dressed every day (especially if you have no curtains on your windows).

Though every business is ultimately unique, and this was so evident in a discussion of insurance adjusting, one of the main takeaways from our time with Lyla was the idea that most businesses will be more profitable if you have:

1. knowledge in your area of interest
2. professional contacts (or an effective way to quickly obtain them)

We also discussed what makes a business different from a hobby:

1. it's not something you can just stop doing, because you are trying to make money from it
2. it's not something you can just stop doing, because you have spent money trying to make money from it

Of course you could walk away from a business. Instagram just did that, right? Okay, yes, for $1 billion from Facebook. 

As for the business of insurance adjustment, we learned that it helps to be:

1. braver than the mailman (German shepherds are not uncommon in the field)
2. faster than the mailman (scary and sometimes dangerous situations occasionally arise)
3. really funny or at least appreciative of found-humor (otherwise cynicism about old men who pretend to get run over might turn you into a grouchy person)

I figure it was a rousing success, because my girls would love to talk to Lyla again—about business or anything else she'd care to share. After all, both girls agreed that as far as story-telling goes, J.K. Rowling has got nothing on Lyla, except maybe a few more movies and a few less German shepherds to her name.

Kids in Business: The First Day

This morning I was feeling the need for business colleagues. Oh, I have plenty, really. But none that I see face to face.

As I was writing about this in my business journal, it suddenly occurred to me that maybe I *do* have colleagues, right here in my own home. I just need to think about them that way. Thus, our new Friday afternoon routine: Kids in Business.

The girls (12 and 14) and I will meet for one hour on Fridays and sometimes host guests. We are really looking forward to speaking with Claire Burge next Friday, for instance. And today, spur of the moment, Lyla Lindquist has graciously agreed to Skype with us.

I don't know where we'll go with all this, except that today we'll start to think about our direction together. I'm coming to the meeting with a a list of ideas. I'll share these with the girls and ask them to come up with more ideas.

So far, this is what I've got. It's just messy thoughts:

—read business articles or a chapter from a business book and discuss; maybe watch a TED Talk or other interesting video

—host fun entrepreneurs who can chat briefly with us

—teach skills like bookkeeping, how to run a meeting, how to use accounting software

—share our business dreams

—have the girls share some research they might do about other kids in business—or anyone in business, for that matter

—cover a host of important topics like financing, branding, marketing, selling, Internet meeting and connecting tools

—share about our respective business goals and accomplishments (the girls have a few non-income-producing "businesses," so we could start with these)

Both girls are happy with the idea (so far :) and they are even dressing up for the meeting. Sonia felt that it was important to look "creative," since we are dealing with entrepreneurship. Thus, her nail polish. In different colors. Sara is set to go too. (Look, she's already doing phone work in her fancy meeting clothes. Gotta love that desk, too. First benefit of working for yourself. You get to choose your own office equipment. ;-)

The 5 Must-Follow Principles for Personal Finance

I still remember when my grandmother sat me down, when I was just out of college, and she explained the exact principles of personal finance to me (you'll see them in the TED video).

And I remember my father telling me around the same time... to never, ever carry credit card debt. "Pay it off every single time," he said, "and if you aren't going to be able to pay it off, don't buy."

Wow.

Who knew how important those two conversations would become? And who knew that about 61% of Americans live from paycheck to paycheck, because they never get this education, not from their families, not from school?

Alexa von Tobel is hoping that the principles of personal finance will go viral. That's definitely an idea worth spreading.

5 Secrets to Making it in Business

Over the past few months, I've been thinking more than ever about what it takes to make it in business.

I come from a long line of entrepreneurs—my father's grandfather was a watchmaker, my grandmother owned a salon and later a yarn shop and a framing business, my father was partner in a chemical company, and my uncles have had their share of boat businesses.

In Rumors of Water, I recall, fondly, my own forays into the agriculture business (a road stand at the end of my grandmother's driveway, where my sister and I would sit in the shade and eat more berries and cherries than we ever sold; needless to say, I have never lived into my Ten Acre Dream).

There is so much to learn from reading about other people's business dreams, and I've been doing that. A few books on my recent shelf are:

Stall Points: Most Companies Stop Growing—Yours Doesn't Have To

Good to Great: Why Some Companies Make the Leap... And Others Don't

Chocolate Wars: The 150-Year Rivalry Between the World's Greatest Chocolate Makers

The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

Delivering Happiness: A Path to Profits, Passion, and Purpose

The lessons in these books are many, but when I consider the central messages, I come up with these five secrets:

1. sell what you love or believe in. Tony Hsieh of Zappos didn't believe in shoes so much as he believed in Customer Service (though I'm guessing he enjoys a good pair of shoes.) He built Zappos to be, more than anything, an experience in great Customer Service, and it's not surprising that today his interest has begun to shift into the idea of "delivering happiness," a movement of sorts.

Is it possible to sell something you don't love? Maybe. There are always exceptions to every rule. But since these are *my* secrets, we'll have to stick with love. (I was the only person to sell one dismal stuffed animal in a high school fundraising campaign. I didn't believe in stuffed animals, especially those cheap and unattractive ones, and therefore I couldn't market them beyond Mom—sorry Mom, you shouldn't have bought one either... forgive me?).

2. give everything you have to make it work. Across the board, whether we're talking George Cadbury, Eric Ries, Tony Hsieh, or my dad, we can note a terrific dedication that extends to both time and money. It's as if the business is our life itself. We feed it, clothe it, give it our choice moments. If we can't do this, maybe we don't really love or believe in the business. Maybe it's time to eat the cherries, cut our losses, and close up the stand.

3. Stay humble. In Good to Great: Why Some Companies Make the Leap... And Others Don't, one of the outstanding qualities of the Great companies was a humility in top leaders.

Now this is a tricky one, because we don't necessarily think of a Steve Jobs as being humble. We think *bold.* But humility comes in different flavors. A bold leader might actually be humble when it comes to listening to customers or understanding that a company's, or an industry's, position is never a foregone conclusion.

In Stall Points: Most Companies Stop Growing—Yours Doesn't Have To, one of the prime reasons for downturn was this very issue: neglecting to humbly understand that a position can be wrested from us by a "lesser" company that *is* paying attention to customers, price points, or new technologies.

4. Know who you are, and who you aren't. Also in Stall Points, a major factor pinpointed in downturn was overreaching and diversifying too much. These days, I am watching Amazon with fascination, because it actually seems to be engaged in excessive diversification. (And yes, the bookseller did acquire the shoeseller Zappos). Yet perhaps Amazon is about something other than books. Maybe it is about E-commerce, the way Zappos was about Customer Service. So it will all work out in the end.

For my own part, I recently decided I'm chocolate (not peppermints), tea (not coffee), hot pink or red (not maroon). Around early June, I hope to be able to show you what I mean. In any case, it has helped me focus, to know who I am and who I am not.

5. Make the hard calls, without burning bridges. Not long ago, I heard from a guy whose business was going down the drain. And he was still trying to be all things to all employees, hold on to the past of what the company had been. The result was that he was losing everything. This is such a delicate matter. We need to maintain our compassion and good-dealings, but if something is "failing," we need to be realistic too, and save the ship by necessary means.

For me, this is one of the biggest challenges, as I never want to hurt people. It takes a lot of vision to see beyond the current circumstances, to understand what is ultimately at stake, and to make the necessary hard calls. This is where *loving* the business will ultimately serve us. And if we find we can't love the business that much, we should probably close the stand, after all.


How about you? Have you tried making your way in business? What are your favorite secrets?