Have you ever heard of an entrepreneur named George Mecherle? How about George Jenkins, William Durant, James Casey, or Paul Orfalea?
While you may not know their names, we are all familiar with the businesses they founded.
George Mercherle founded State Farm Insurance in 1922 in Bloomington, Illinois. Mercherle, who was a retired farmer, thought it was unfair that farmers had to pay the same auto insurance rates as drivers in the big city of Chicago.
George Jenkins founded Publix grocery stores during the Great Depression.
William Durant first founded General Motors, and then, after being forced out of his leadership position in that company, founded Chevrolet.
James Casey launched a bicycle messenger service when he was nineteen. This small business became UPS.
Paul Orfalea was a college student when he took out a ,000 loan co-signed by his parents to start Kinko’s. His first store sold school supplies to fellow students. He also had one copy machine in the back of the store, selling copies for four cents each. FedEx bought Kinko’s thirty-four years later for .4 billion.
There is an important lesson that cuts across all of these entrepreneurs stories.
All of them created great companies that still endure today. During their time, each of them was a well-known business leader. Some of them can be credited with creating completely new industries.
And yet, very few of us remember their founders’ names today.
In the excitement of growing a successful business it is easy to get consumed with the growing recognition your success brings to you from your industry and even the general public. As success continues, you may even begin to contemplate your legacy as a successful entrepreneur.
But recognition and fame can be relatively short-lived. Attention eventually shifts to the next new entrepreneurial success story.
So what really matters in your career as an entrepreneur?
Character. Certainly, the reputation you create as you build your company is important. But your reputation is built on the actions and decisions you make as you start and grow your business. And the actions and decisions you make are what shape your character.
Culture. Your values and priorities become institutionalized through the culture you establish in your business. If intentionally developed, the company’s culture can endure long after an entrepreneur is no longer involved in the day-to-day operations of the business.
Family. Although no entrepreneur goes into a new business with the intention of its success coming at the expense of their family, it is a more common unintended outcome than people realize. As you work to build your business, continue to work equally hard on strengthening your marriage and your family. In the end, your family is your only true enduring legacy.
Walt Disney is one entrepreneur who almost everyone recognizes due to the success he had building an entertainment empire that endured long past his death. However, his advice on what is really important in life is what all entrepreneurs should remember.
“A man should never neglect his family for business,” cautioned Disney.
There is no excuse for putting a business over your family. Sometimes families work together to start a thriving business. Restaurants especially. Either original or franchise, families usually start as the staff before it grows and the family can enjoy the business growing together.
Paul Orfalea founded Kinko’s in 1970 near the University of California at Santa Barbara with a simple idea: provide college students with products and services they need at a competitive price. The space that Orfalea rented for his copy business was so small that the copy machine had to be lugged out onto the sidewalk. From its modest beginnings, Kinko’s is now the world’s leading business services chain. Today, there are over 1,500 Kinko’s worldwide.
A man should never neglect his family for business because it is the main reason why he is working so hard.Sometimes we forgot our responsibility with our family because of our busy schedule.Thanks for reminding us Jeff!
This is a great post, with so many truths in it. It is easy to fall into the trap of the glory and attention that comes with success, although it should be about the business and not about the entrepreneur. Your wisdom goes so far beyond business Dr. C.
Family first! Thanks for sharing this great post!
Learn from people who want to teach you. Improve the shortcomings of others and you can never fail. That is what character means to me. There is always a better way to do things. Especially in running a business.
A true entrepreneur is one who creates balance between his personal and professional life. Sometimes business needs some extra time so family should also understand and cooperate in this situation as no life (personal and professional) can be smooth without understanding of each other.
I shared these facts with a coworker and we were both amazed with the scale these companies’ success came from. Billion dollar companies don’t start that way. Make smart choices and honest choices and there is no reason a business can’t succeed.
As much as entrepreneurs want to turn a spark into a flame, this is a helpful piece to remind them to stay humble and remember what is really important to them. I would hope that many entrepreneurs would start a business for the right reasons, such as to benefit society, to make their families proud, not with the intention of becoming a household name. As mentioned, it seems more times than not, we are more familiar with the brand than the brains behind it. I like the quote that this post ends with. Personally, I think family should be the most important factor considered. They can be your biggest supporters on your ventures, and you should never take that for granted!
Never in a million years would business come between family for me. Family is everything to me and will always be that way. Because no matter what your family in some circumstances will be there to help and guide you along the way.