The Olympics have rolled around again, which means a return of the armchair experts on diving, badminton, fencing and Greco-Roman wrestling (and arguments about whether synchronised swimming is really a sport). At some point though, most of us watch the Olympic competitors with awe, and muse about what it must take for them to compete at that elite level.
Most small business owners are not so different from our Olympians. It takes stamina, commitment and many hours of hard work to build and grow a successful business. If you have been in business for longer than two years, you are amongst the ‘elite’ – and you have many similarities to Olympic competitors.
There would be few (if any) Olympians who have not experienced setbacks. To get where they are, they have learnt to be resilient, to ignore the critics and to bounce back from negative experiences. These are all extremely important attributes for business owners. Firstly, it is being aware that there will be setbacks (business, like life, is not perfect!) and then it is being determined not to let those experiences defeat you.
All Olympians know that it is not enough just to have ability. Passion is vital: it is what will keep you going and willing to jump through hoops. Without passion, your business will become ‘just another job’ and won’t survive the long term.
Ian Thorpe, one of our best known Olympians, had a wonderful attitude before one Olympic final, when he was allocated Lane 5 (historically the ‘fastest lane’ is Lane 4). His response was “There is water in every lane, so it is OK”. It is this sort of pragmatism that is important for business owners too. There will be times when it appears that we have missed out on the best pathway to success, but sometimes we need a dose of pragmatism to realise that we need to make the best of what we have in front of us.
And to end with a classic Aussie way of viewing things, here is a quote from Olympic shooter Russell Mark: “A silver medal gets you as many free beers as a gold medal does”.
Michelle Grice writes a weekly column for business women in The Western Weekender

When I started my business, I had no financial backing. I was in a fortunate position of having some paid maternity leave and a partner who worked full-time. But I was faced with the challenge of building a business with resources other than money.
Do you find that the majority of accolades relating to achievements in business tend to focus on young people? While it is a great feat to create a successful business by the time you are 25 years old (or even 35), those who are older might be forgiven for thinking that they are ‘too old’ to start a business.
Most often, business advice is full of things that you should do. But sometimes it is good to know what not to do, and what mistakes to avoid.
A customer named James requested an itinerary via online travel website ‘Skyscanner’ and was surprised to find a 47 year (yes year!) stopover in Bangkok. In good humour, he posted this question on their Facebook page: “Hi Skyscanner. Just wondering what you’d recommend I do during the 47 years layover your website has suggested?”.
Sometimes business owners aren’t as happy running their business as they thought they would be. Most seem to understand that building a business will take hard work, a large volume of work and a certain amount of stress. But if you are rarely happy in relation to working in your business, perhaps it is time to ask some questions.
With the conclusion of the 2016 Olympics, conversations in Australia range from pride for those who competed, to disdain at the number of medals won in relation to the public money spent. Whatever your stance, most of us can appreciate the astounding accomplishments of ‘Triple/Triple’ gold medal winner Usain Bolt and Michael Phelps with his record-breaking 23 gold medals. Many of us can also appreciate the accomplishments of those who didn’t win medals but overcame enormous hardship and difficult circumstances just to compete at the Olympics (such as those in the refugee team).
Being ‘busy’ does not always equate to being ‘productive’. Many business owners find themselves working long hours but feel like they are treading water when it comes to moving forward in their business or increasing profit margins. Perhaps the answer in many cases is to ‘work smarter not harder’.
I was recently driving behind a van belonging to a business and underneath the business name was the tagline “When Quality Matters”. It is a great tagline, however, I was somewhat unconvinced they would live up to it, as the lettering was faded and peeling off the van. It gave the impression that despite their promise, they weren’t really committed to ‘quality’. They quite possibly do provide a high quality service – but unfortunately my first impression of them defied that promise.
Business owners, especially those new to business, can be overwhelmed with information. So here is a list of books that I think every business owner should read:
The short answer to whether small business owners should mix business with politics is that it is an individual decision. However, in a similar vein to the articles I posted recently on aligning your business with charities, there are some things you need to consider.
Following on from last week’s article about having a social conscience and the ethical dilemmas associated with misaligned values of our clients, this article takes this idea a step further: should your business actively seek to support social causes? Make sure you consider the following as you seek to answer this question:
Today I was watching an episode of Mad Men (a TV show about advertising agencies in the 1960s), where one of the company partners, Don Draper, pens a letter and publishes it as a full page spread in the New York Times. In response to a recently severed relationship with a tobacco company, the letter says “…there was money in it. A lot of money. In fact, our entire business depended on it. We knew it wasn’t good for us, but we couldn’t stop. And then, when Lucky Strike moved their business elsewhere, I realized, here was my chance to be someone who could sleep at night, because I know what I’m selling doesn’t kill my customers.”
Whether you work from home or in a more traditional workplace, there are distractions everywhere. Some of those distractions are unrelated to work – chatting with co-workers about your weekend, losing yourself on social media, etc. But other distractions can be work tasks that you know you really shouldn’t be spending your time on.
If you are on social media, you have probably viewed, or at least heard about, the “Chewbacca mask video” (if not, type that phrase into Google and you’ll find it!). It was a video of a woman in a van, filming herself wearing a Chewbacca mask that roars – which makes her laugh hysterically. It was streamed via FacebookLive to her friends, but quickly broke records and has been viewed over 150 million times.
With another season of Australian ‘Shark Tank’ on television at present, we all have the opportunity to cringe at the blunt feedback, cheer those who snag a great deal with a Shark and become an armchair expert on all thing entrepreneurial.