“Control your own destiny or someone else will.” This quote from Jack Welch, GE’s famed former CEO, is the inspiration for today’s Lesson Found.
I recently came across an article reconsidering the maxim “The Best Predictor of Future Behavior is … Past Behavior”. While the article’s focus is not business oriented, it does offer lessons on the current business environment. (more…)
I recently heard an economist identify “opportunity costs” as “the most useful idea in economics”. That comment sparked this Business Lesson Found.
According to Investopedia “opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another.” (more…)
These Lessons Found truly are inspired from expected and unexpected sources. For example, my favorite kaleidoscope inspired this Lesson Found.
I love kaleidoscopes. I even have one in my computer-bag and regularly take “kaleidoscope-breaks”. While this may sound silly, my kaleidoscope-breaks benefit my productivity and results in three key ways: (more…)
Family businesses Forever 21 & Nordstrom offer a contrast in management styles. Within this contrast is a Lesson Found for other family businesses.
Founded in 1984 by the Chang family, the fast-fashion innovator Forever 21 expanded rapidly in the early 2000s only to file for bankruptcy last month. The cause of this change in fortunes can be traced to the Chang family’s management style. (more…)
I recently was privileged to sit in on a board meeting for a family business. How the board came to a decision on a contentious issue is a Lesson Found for all of us.
The business’s only remaining founding member* started the debate with an impassioned plea (more…)
My son and I started watching Game of Thrones; him for the second time and this is my initiation. After GOT’s disastrous season 8, my son asked if I wanted to watch that final season. That is where this Lesson Found begins. (more…)
Greeks elected a new prime minister last week, Kyriakos Mitsotaki, who is also the son of a former prime minister. His ascent as leader of Greece offers a valuable Lesson Found for family businesses.
Mr. Mitsotaki’s election is the culmination of his path into the “family business”. (more…)
My mother and I recently traveled to visit my sister and her family. Except for the occasional meal out, we stayed in the house, simply being together as family. And we had a wonderful time! On the trip home, I considered the contrast and how stereotypical sibling conflicts burden some family businesses. The source of and ways to mitigate these conflicts are this week’s Lesson Found. (more…)
This week’s Lesson Found comes from a friend, Debby Abel, who recently wrote a beautiful essay on her family’s business and the legacy of integrity her parents gave her. (more…)
A participant at a recent family business workshop was surprised when I said business planning should be part of the succession planning process. This founder’s business had a succession plan but lacked a coordinated plan looking at the future of their business. This founder’s surprise is a Lesson Found for all family businesses. (more…)