-
Exit: Terminating Family Members
This is a big one. Some people are of the opinion that family members can’t be terminated under any but the most extreme circumstances like theft or doing something detrimental to the family. My view is that like performance bonuses, termination must also be linked to productivity. To allow the business to suffer losses because…
-
Career progress for family members
What must they do to progress in their careers? Is anything in this different from what professional managers must do? Short answer: Yes. It must be more difficult, the standards higher, the challenges more exacting because your child is an owner and so must be an example-setter. Also that is how he will gain respect…
-
Careers in Family Businesses
There is much confusion in most business families about what to do with non-contributing family members. The only way of ‘taking care’ of family seems to be by keeping them in the business. However negative or incompetent people have a disastrous effect on the morale of others, especially when they are themselves seen as powerful…
-
Family business is more about family than about business
“The business and family love are two different, mutually exclusive issues. When the two mix, both self-destruct.” Current Existence & Growth: Who has the power and why? Performance versus identity: Who are you versus what did you do? Succession: Family or business: Which comes first? Competence versus connection: Which is more important? Families that understand…
-
The Question of Edge
In GE, during the time of Jack Welch, there used to be what were called, ‘The 4 – Es’ of GE Leadership: Energy, Energizer, Edge, Execute. We taught this in Crotonville and focused on them in every GE Leadership Course that we taught anywhere in the world. The values statement of GE read: All of…
-
An Entrepreneur’s Diary – Interview
My logic was that I planned to succeed, so I was not going to think about what to do if I failed. That has always been my logic and it works. Not having contingency plans seems like gambling, but in my experience, contingency plans take the edge off entrepreneurship. Your fears then drive you and…
-
Advertising
Advertising is not about selling. It is about influencing; about kindling desire; about fueling passion. Advertising is about converting ‘want’ to ‘need.’ It is about mind steering. Advertising is powerful so it must be used responsibly. Think of your favorite Ad. What does it seek to do?Then ask yourself, ‘Is it true?’ Is it true…
-
What makes a winner?
Before I begin on the three fundamental principles that make winners, let me state one thing: In life, only winners are rewarded. So the first requirement of winning is to be passionate about winning. To realize that a real win is one that is gained fairly, with integrity and without harming anyone. Only that is…
-
Entrepreneur’s Tools for Success
I have formulated 6 rules which I call David’s rules. These are for anyone facing the big one – the big apparently insurmountable challenge which the whole world tells you to run away from. But you are among those who are uniquely deaf to the advice of those who are too frightened to think straight.…
-
Football – What did I learn?
I have a habit of asking, ‘So what did I learn?’ with everything that I do or experience. Can’t say that I actually ‘followed’ the World Cup in South Africa, much to the disgust of most of my friends who are keen on football but I still thought I’d share some thoughts on what I…