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Summer Reading 2025

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Professional development is like getting regular exercise and maintaining a balanced diet—a gift you give to yourself as you strive to become a successful business owner. When thinking of professional development, conferences sponsored by professional associations or skills building courses held at a college may come to mind but think again—professional development is available in a variety formats. Among the most accessible and affordable methods to obtain professional development can be found in books.

Reading has traditionally played an important role in the development of successful business owners and leaders. When you open a book, a world of ideas, information and insights will be there to enlighten you. You’ll find lessons and experiences that can be critical to your growth as a business owner and leader, shared by authors who give first-person accounts of how they overcame challenges and found success. The books you read can teach you how to sharpen your business acumen and use your newfound proficiency to propel your business forward. The practical knowledge contained in a typical business-themed book can result in your discovery of actionable insights that can become competitive advantages, from refining your decision-making prowess to bolstering your effectiveness when working with teams.

In today’s fast-paced and endlessly-evolving business landscape, continuous education is not only beneficial, it’s essential; but in the age of information overload, it may be difficult to find time to read when you devote the majority of your time to operating your business. Furthermore, you may feel too overwhelmed by the process of researching and identifying topics that will be most useful or interesting to you—the business books genre is a wide field. With those realities in mind, I am happy to share with you a selection of books curated to appeal to Freelance consulting professionals and also business owners or leaders. I hope that one or more titles will interest you. First, here are suggestions that may help you find time to read this summer (and beyond!).

  • Schedule. Like scheduling time for any important task, specifying your reading time will help you choose a convenient time and make it easier to honor your commitment to professional development. Consider reading after dinner, to lend a “relax and unwind” vibe to your reading. You may find the 8:00 – 11:00 PM time slot, three or four nights a week, a great way to wrap up your day.
  • Formats. Especially if your commute is 45 minutes or longer, or your fitness routine is self-directed and not in a class format, consider listening to audio books and/or podcasts as your method to obtain professional development. When in transit or working out, insert your headphones and tune in to an interesting book or program that expands your knowledge, builds skills and enhances your performance as a business owner or leader.
  • Topics. There are many business-themed titles published each year, but it is inevitable that only a select few will appeal to you. Reading book reviews of titles that grab your attention—in the business section of your local newspaper, in the Wall Street Journal or other nationally known newspaper, in Kirkus Reviews , or Goodreads—to winnow potential reading choices as you discover and evaluate titles and authors that may appeal to you and maintain your motivation to read and learn. Below are 10 books to cue up on your Summer 2025 reading playlist.

Company of One: Why Staying Small Is the Next Big Thing for Business (2019) Paul Jarvis

Online-tech veteran Paul Jarvis, whose A-list clients include Microsoft and Mercedes Benz, describes the advantages of running a “company of one,” whether as an independent Freelance professional or as an autonomous, corporate employee. Jarvis has most emphatically not bought into the “grow or die” ethos and prefers instead to operate as a “lean and agile” entity. Jarvis explains how running your one-person shop enables you to both achieve a work-life balance that works for you and, just as importantly, enables you to avoid the need to navigate a potentially suffocating corporate hierarchy and sometimes poisonous office politics. In your little empire, you can work efficiently. Jarvis has learned that smart entrepreneurship isn’t about size—it’s about building a better business that works for you.

 Company of One details a refreshingly original business strategy that’s focused on a commitment to being better instead of bigger. Jarvis has discovered that staying small results in maintaining the freedom to pursue more meaningful pleasures in life as you avoid the headaches and complications that are inherent in traditional growth-oriented business. With this groundbreaking guide, you’ll learn how to set up your shop, determine your desired revenues, manage unexpected crises, keep your key clients happy and find self-fulfillment as you do.

Competing in the Age of AI (2020) Marco Iansiti and Karim R. Lakhani

Here’s a book that is an excellent resource for business owners and leaders whose organizations currently use, or are considering, Artificial Intelligence powered tools in their operations. The authors have produced a useful guide to the realities of doing business in today’s digital landscape and present actionable insights into how introducing AI-driven operating models can enable businesses to achieve scale and scope at an unprecedented rate.

Iansiti and Lakhani show how reinventing a business entity around data, analytics and AI removes centuries-old constraints on scale, scope and machine learning advantages that have traditionally restricted business growth. Recent examples of companies such as Amazon and Google demonstrate how AI-driven processes vastly improve the ability to scale, when compared to traditional data analytical processes, and allow massive scope increase, enabling companies to straddle industry boundaries and create powerful opportunities for machine learning—to drive ever more accurate, complex and sophisticated predictions that make business strategy becomes a new game.

The authors also outline the inherent risks associated with AI and offer recommendations for rethinking current operating models; they also examine the responsibilities that the introduction of AI requires of its users. Finally, Iansiti and Lakhani are transparent about the potential societal impact of AI and point out the potential for algorithmic bias, privacy concerns and cybersecurity threats, along with the need for responsible AI development and governance.

How To Talk To Anyone About Anything (2021) James W. Williams

James W. Williams has written a refreshingly honest, easy-to-follow guide to meeting and greeting and initiating conversations that’s tailor-made for an era when many meetings and even networking opportunities are regularly held in virtual format. As a result, the only avenue to connect with colleagues and attempt to parlay fleeting interactions into deeper connections is hobbled by a computer monitor. Engaging communication skills are increasingly recognized as a powerful and influential competency. 

While some are born with a silver-tongued gift of gab for many, communication aptitude must be developed and nurtured. Williams’ advice is likely to bolster the social acumen of even the most shy and introverted among us, the wallflowers who feel overwhelmed or uncomfortable when attempting to navigate business-slash-social gatherings. If you’ve ever felt awkward in the midst of a meet & greet, or unsure of what to say after an introduction has taken place, this book will show you how to access your communication potential and learn to become a confident conversationalist.

How to Talk to Anyone About Anything provides a user-friendly roadmap that will enable you to practice, grow and eventually shine in social and professional situations. Active listening, small talk and storytelling are situations that the author discusses, as is how to develop the fine art of appearing approachable to your fellow guests when you’re standing alone and wondering if you’ll talk with anyone. Readers will appreciate the many good examples that provide teachable moments and make this book ideal for professionals and social learners alike. Williams’ book is a great soft-skills business resource, that will be a great help to those who struggle with small talk, pitching to clients, or relationship-building within your team. The insights are perfect for occasions where first impressions and informal conversations can open the door to business-enhancing or career-building opportunities.

10X Is Easier Than 2X (2023) Dan Sullivan with Dr. Benjamin Hardy

Call this book a must-read for ambitious business leaders. When the mission is to level up business growth, here are insights that give an eye-opening perspective on how to achieve exponential, rather than incremental, growth. This no-nonsense read can give business leaders and owners actionable insights into scaling their businesses rapidly, leveraging technology and resources more effectively and positioning their entity to stay ahead—of the competition and customer tastes—in a rapidly evolving marketplace.

Businesses leaders often aim to achieve progress, for example, and may focus on doubling their results year over year. However, Sullivan and Hardy argue convincingly that aiming for tenfold growth is not only feasible but also more practical and rewarding. As they see it, going for 10x requires letting go of 80% of your current life and going all-in on the crucial 20% that’s relevant and high-impact.

Readers will find practical strategies and mindset shifts that inspire you to break through limitations and achieve exponential growth. The authors emphasize the power of thinking bigger, setting audacious goals and taking massive action. For business owners and leaders, this approach is invaluable as it encourages innovation, pushes boundaries and fosters a culture of continuous improvement.

Acting Up: Winning in Business and Life Using Down-Home Wisdom (2019) Janice Bryant Howroyd

“Never compromise who you are personally to become who you wish to be professionally” is the core message offered by author Janice Bryant Howroyd, who grew up in a family of 11 children. Here she discusses the principles and techniques that she used to build a multinational staffing agency. The author guides readers through questions of leadership, risk-taking, developing confidence and networking, among other topics.

Howroyd also emphasizes the significance of data-driven and strategic business decisions as she simultaneously encourages readers to take a holistic approach to making the most of both their professional and personal lives. The author addresses as well the topic of diversity from the perspective of a black female entrepreneur and urges readers not to define her by demographics. In sum, Howroyd shares in her book the values she lives by and continues to represent: that of a leader who works for good, for growth and for innovation, for her family values and for the same ideals upon which she founded her company—that success is transferrable.

The 1-Page Marketing Plan (2018) by Allan Dib

“The most common way small business owners decide on this (marketing and advertising) is by looking at large, successful competitors in their industry and mimicking what they’re doing. In reality, this is the fastest way to fail and I’m certain it’s responsible for the bulk of small business failures.” Now you know why this book is included in the reading list!

In The 1-Page Marketing Plan, serial entrepreneur and marketer Allan Dib reveals a marketing implementation revolution that makes creating a marketing plan uncomplicated and fast—it’s literally just a single page! By creating and implementing that one-page wonder, you’ll have an effective marketing plan that you can put into motion. Dib understands that small business owners (and Freelance professionals as well) trying to jumpstart their marketing often don’t have adequate resources—money, time, or expertise—provided by employees or Freelance consultants—that big businesses do. The author has devised a credible alternate path that shows how you can create a basic marketing plan to help steer your business in the right direction and, as Dib himself says, puts you on “the fastest path to money”.

Reset: How to Change What’s Not Working (2025) Dan Heath

Reset offers a guide to fixing what’s not working in your business operations—in systems and processes, organizations and companies and even in our daily lives. Author Dan Heath provides real-world stories and actionable insights that can empower you to create lasting change in your organization—and maybe in your life, as well.

What if you could somehow learn to unlock forward movement and achieve the progress that matters most to you, without the need for more resources—like money and connections? Heath shows how, with the same relationships you have and the same financial resources you can access, it is possible to reconfigure the circumstances and bring dramatically better outcomes to your life. Yesterday, you were stuck. Today, you can reset.

The author explores a framework for getting unstuck and making beneficial changes that matter. Heath says that the secret of success is to find the leverage points—places where a bit of effort can yield a disproportionate return. Do that and you can rearrange your resources and activate those pivotal points. Heath also points out that to even experience the feeling of progress can be a leverage point that can accelerate the arrival of the positive change you desire.

The 48 Hour Start-Up: From Idea to Launch in One Weekend (2016) Fraser Doherty

This can’t be done, you say? Well, author and serial entrepreneur and Scottish citizen Fraser Doherty MBE (who was awarded the honorific title Member of the Order of the British Empire for his achievements) begs to differ. In his book, Doherty provides actionable advice on how to identify and shape a viable business idea that is ready to launch in only two days. Doherty’s reasoning behind the 48-hour deadline is simple—he argues that prospective entrepreneurs (aka wantrepreneurs) spend too much time and energy obsessing over the “perfect idea”. The time they waste waiting for the “perfect idea” to appear is time that could be used refining and adapting that business idea for customers who could actually use it.

The book is helpful with the initial decisions that aspiring entrepreneurs must consider when starting a business. In his considerable experience, Doherty has found that launching a business does not have to involve complicated financial projections, elaborate presentations, or extraordinary innovation. A simple, well-executed idea is what it takes to launch and sustain a successful enterprise and Doherty has done it more than once—the first time while still in his teens. 

Doherty also emphasizes that before you invest significant time and resources, quickly reality-test your idea with potential customers and conduct basic market research. The process will help you gauge market demand for your product or service, assess your main competitors, identify and address potential problems early on and, in general, refine your product or service based on the uncensored feedback received from potential customers.

Good Strategy Bad Strategy (2011) Richard Rumelt

It is a given that developing and implementing strategy is the primary task of a leader—whether military leader, business leader, baseball manager, or tennis coach. The definition of a good strategy could be expressed as a specific and coherent response to—and approach for—overcoming the obstacles to progress. A good strategy works by harnessing and applying power where it will have the greatest effect. Yet, author Richard Rumelt asserts that there has been a growing and unfortunate tendency to equate Mom-and-apple-pie values, fluffy buzzwords, motivational slogans and financial goals with “strategy.”

Rumelt displays an astonishing grasp and integration of economics, finance, technology and history to expose and clarify the often-muddled thinking that is the foundation of too many so-called strategies and his book details a clear way to create and implement a powerful action-oriented strategies that will be effective in the real world.

The book helps readers to recognize and avoid the trap of bad strategy and guides them to adopt good, credible, action-oriented strategy that honestly acknowledges and responds to the challenges that businesses encounter. Rumelt cautions readers that strategy should not be equated with ambition, leadership, vision, or planning; rather, strategy is a coherent, action-backed plan supported by a rational argument.

Rumelt emphasizes that strategies are often confused with goals and visions and points out that a plan is what sets strategies apart from goals and gives you a clear idea of what is necessary to succeed. To evaluate and decide which strategies are suitable for your organization, the author says it is necessary to confirm whether you have the resources to implement your strategy and, in addition, ensure that your strategy fits with your current situation. The actions need to fit with your present circumstances and work together to give you the best possible advantage. After this, you’re well on your way to a faultless strategy implementation.

The Courage To Be Disliked (2018) Ichiro Kishimi and Fumitake Koga

Strictly speaking, this book is not a business book. One might consider it as an accelerator that gives the determination to push forward with a desire to launch a business entity or achieve other important goals. Kishimi and Koga present their book as a dialogue between an older philosopher and a young man. Over the course of five enlightening and thought-provoking conversations the philosopher, who happens to draw from the theories of Alfred Adler, a late 19th- and early 20th- century psychologist and thought leader in that discipline (along with Sigmund Freud, Carl Jung and B. Fred Skinner), explains to his pupil how each of us is able to determine our own life, free from the shackles of past experiences, doubts and the expectations of others. The wisdom that the philosopher reveals is deeply liberating and enables his pupil to develop the courage to change and to ignore the limitations that others, or even the pupil himself, may use to control him.

The result is a book that is both highly accessible and profound in its importance, yet it is not without controversy; certain of authors’ premises you may find shocking or, at least, unrealistic. Still, the book is, at its core, about reclaiming your power and using it to shape the life that is meaningful to you.

Thanks for reading,

Kim

Image: ©Beli_photos

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Business Rescue Strategy—Push Through, Pull Out, or Pivot?

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If the fluctuating and unpredictable economic conditions that have impacted the U.S. economy since well before the arrival of the coronavirus pandemic have taken a toll on your Freelance enterprise, know that your struggle is not an isolated incident. The persistence of those fluctuating and unpredictable economic conditions have been so prevalent that they’ve given rise to a group of defensive business practices collectively known as agile. Agile business practices equip organizations to respond quickly and effectively to adapt to unstable economic circumstances and position the organization to survive and perhaps even thrive when encountering a challenging business landscape.

Business owners and leaders, including Freelance professionals, who typically operate as a single-person entity must, as they navigate unexpected shifts in marketplace conditions, identify viable trends and other potential opportunities that will cushion their organization from destabilizing economic conditions. In some circumstances, the business owner or leader may eventually realize that the best way to access more favorable marketplace conditions is to institute substantive change within the organization’s business model and/or its product or service line. it may become apparent that in order to guide the company toward sustainable profitability, it will be necessary to pivot.

What is a pivot?

You’ve no doubt heard the term dozens of times in the last 10 – 15 years, but do you understand what a pivot entails? A pivot means to change direction and often refers to dance, sports, or business. Referring to the business realm, a pivot requires the company owners and/or leaders to implement a course correction, a change of direction intended to alter the organization’s business model strategy and, in many cases, alter the product or service line and target customer segments. The pivot confirms that an organization’s owners and leaders recognize that its products and/or services are not, and may never become, viable performers in the marketplace. The pivot is intended to jump-start revenue and grow market share; the pivot is a relaunch into what is expected to be a more favorable competitive environment that will enable the company to grow and thrive.

A pivot that performs and produces the outcomes you need requires considerable preparation, skillful execution and good timing. Preparing to pivot begins with moving beyond merely entertaining the possibility of launching a pivot to rolling up your sleeves and doing the necessary work that will tell you whether or not a pivot will be a good choice for your company and which components of your business that should pivot. You’ll use relevant data to guide the strategies you’ll develop to implement a pivot that’s capable of saving your company.

Will the Key Performance Indicators you choose for the pivot recommend that you stay the course and push through—or pull out and close the company? Or, do your KPIs support your plan to pivot and take the company in a new direction? What elements of your business will it be beneficial to change—products or services, sales or distribution strategy, or the target customers? Whatever your data and organizational capabilities indicate as the best format and execution for your pivot, agility, flexibility, collaboration and communication will be central to achieving long-term success.

As I’m sure you’ve guessed, pivoting is a risk and only you can define what represents acceptable risk. Define your capacity to create and manage change by measuring the cost of implementing your pivot and then weighing that cost against the potential rewards. Knowledge is key—a data-driven decision has the best capacity to bring about the best outcomes and it is therefore essential that you access trustworthy sources of relevant data. You may also want to engage the services of an experienced business coach to advise you with the pivot. The Small Business Association SCORE program can be an excellent resource; it is free and available in all 50 states.

When should you consider a pivot?

From technological advancements to the evolving preferences of target customers, from economic upheavals in your local, regional, or national location to cratering company performance metrics or the appearance of an aggressive new competitor, either internal or external factors can force a company to consider pivoting in response to difficult changes. Business owners and leaders are advised to continually observe the environment in which they operate and that includes recognizing signs that indicate it’s time to respond to powerful changes in your marketplace that may indicate the need for radical response—that is, a pivot.

In contrast, not every pivot is a response to negative factors. Sometimes, an attractive opportunity presents itself, providing motivation to hop on board, perhaps by entering a new and potentially lucrative market niche. be advised that pivoting isn’t a magical solution for all business problems; a decision of this magnitude requires due diligence. You might consider a pivot when:

  • Substantial investments of focus and capital have not produced adequate progress
  • The ability to find new customers reaches a plateau and ceases to show a significant upward trajectory
  • Customer response to your products falls short of expectations
  • Intense competition in the market blocks growth

Decision process

1. Understand the business’s strengths (and weaknesses) If you recognize that there must be a pivot, then confirm which areas of your business will change and why. It is imperative to recognize the value of those elements of your strategy and operations that are still relevant. Have the wisdom to play to your strengths and maintain what works.

2. Check in with customers Talk to customers through surveys, feedback forms, or social media to confirm their needs and pain points. This exercise will either tell you that the core offering is not the problem, or it will tell you where, within the offering, change must occur. Additionally, consult the customer data produced by tools like Google Analytics and customer relationship management (CRM) platforms. Analyze all of your customer behavior, such as how they used the product or service, what pages they visited, and how long they spent there. Customer preferences will emerge. You can also monitor social sites to see what customers are saying about your brand. Figure out where the market is, what customers actually want, and go from there. Conducting extensive market research, data analysis and forecasting is essential before deciding whether or not to pivot.

It is well known that the cost of acquiring a new customer costs significantly more than that of retaining an existing one. During the pivot, do your best to keep existing customers. Whether you are a B2B or B2C business, a change in your operating model could mean significant disruption for customers; show customers that they matter by developing and communicating a transition plan as a way to make continuing to do business with you seamless and pleasant. It is in your interest to maintain customer trust and prevent an expensive post-pivot acquisition campaign. However, understand that the pivot will not appeal to everyone. As long as you have consulted customers beforehand and know how the majority feels, you can be confident that those expressing discontentment with new prices or useability, for example, do not represent your base. If you have done your homework, you will already know who these customers are, just as you will have identified those likely to benefit most from the pivot.

Timing

Recognizing the need to pivot and deciding to execute are two different things. Conducting extensive market research, data analysis and forecasting is essential before deciding next steps. Listening to what the market tells you to decide in regard to the pivot is most likely the right move. It is often said that too many people fall victim to over-analysis and miss market opportunity.

Realize that every business encounters change and owners must react if they want to stay current with their audiences and be competitive within their industry. The worst thing for a business is to become stagnant and irrelevant. The success of a new business model depends on the ability to adapt to fast-changing marketplace conditions. The window of opportunity opens only briefly, so the confidence in your team, resources and ability to execute are key measurements in evaluating a decision to pivot. Adapting to new market developments is the only way to ensure success, especially and timing is always a consideration.

Successful implementation

The next phase of the pivot is setting everything in motion. Implementation can be one of the most challenging aspects because your business will be vulnerable to push-back from customers and, if you have any, your employees. Change is often perceived as threatening.

This is the phase where clear, effective communication becomes critical. You will feel resistance from your employees who are uncomfortable with change. Stakeholders who weren’t involved in the decision will feel slighted. Your company’s messaging and resolve must be unwavering regardless of who says what. Communicating this shift from the point of empathy and care while respectfully sharing the need for a pivot and how it will work is essential to keeping the process steady. Pivoting your business is never easy, but planning and implementing the process effectively can be successful.

Thanks for reading,

Kim

Image: Bebe Neuwirth models a dancer’s pivot in the musical Chicago (written by John Kander and Fred Ebb, choreography by Bob Fosse, 1975). Photo by Dan Chavkin (1996), courtesy of Dance Magazine Archives.

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Madam Builds an Empire

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“I got my start by giving myself a start.”

Madam C.J. Walker,  founder and CEO of the Madam C.J. Walker Manufacturing Company

Most who aspire to launch a business venture must overcome significant adversity as they build their dream.  It is safe to say that none faced a steeper uphill climb than Madam C.J. Walker,  the orphaned daughter of freed slaves and former laundress who became America’s first female and first African-American self-made millionaire. Born Sarah Breedlove in Louisiana in 1867, Madam Walker founded her hair care products company, the Madam C.J. Walker Manufacturing Company, in 1905.

She was a woman with vision; absolute belief in herself and her business model; passion, determination and courage. As all successful entrepreneurs do, she saw a problem, set about solving it and monetized the solution. That she was female and African-American in a time of enormous discrimination and limitations placed on those of her gender and race was apparently beside the point. The lady was not afraid to dream big.

Madam Walker was a savvy businesswoman who knew her customer (initially, herself).  She knew there was a large and dissatisfied market waiting to be tapped (African-American women).  She entered a business of which she had some knowledge— her four brothers were barbers and owned a shop together. When she developed a scalp ailment that caused her hair to thin, she consulted them for advice and experimented with various remedies, store-bought and home-made.

Madam Walker shared the family flair for entrepreneurship and she excelled in manufacturing, sales and product distribution. Initially, she made batches of her hair care potions herself, in a washtub, and personally sold her products door to door to friends and neighbors in Denver, CO, where she had moved to give herself a fresh start after marrying at age 14, becoming a mother at age 17 and a widow at 20.

Marketing was another of her strengths. To persuade women to try her product, she gave free demonstrations and created plenty of buzz along the way.  Later, she implemented the operational efficiency of mail order, to expand product distribution.

By 1908, she had hired and trained a team of female sales representatives and by 1910, she employed 950 representatives who crisscrossed the country making sales and creating loyal customers.  She also remarried, to Charles Joseph Walker, a newspaper advertising salesman.  She summarily launched successful newspaper advertising campaigns and adopted the name Madam C.J. Walker. A brand was born.

Madam Walker built an international business: her products were also sold in the Caribbean and South America.  By 1917, she had become the nation’s first self-made female millionaire, founder and chief executive of the country’s most successful African-American or woman- owned business.

Her only child, Lelia McWilliams, was born during her first marriage, joined her in the enterprise first as director of sales and eventually became president of the company.  After Lelia’s death in 1931, Madam Walker’s granddaughter Mae Walker (1898- 1945) and great-granddaughter A’Lelia Perry Bundles (1928-1976), also served as company presidents. The company ceased operations in 1981.

Madam Walker passed away in 1919. She was a revered businesswoman and philanthropist who not only built a spectacularly successful multinational enterprise from the ground up, but also knew how to pay it forward. She championed  women’s entrepreneurship and in Philadelphia in 1917,  she convened what is believed to be the first women’s business conference in the nation. She was no doubt a role model for other highly successful female entrepreneurs who followed her, such as cosmetics business giants Helena Rubenstein, Elizabeth Arden and Estee Lauder.

In 2007,  the Madam C.J. Walker Manufacturing Company became a Harvard Business School case, written by Nancy F. Koehn and Katherine Miller. In February 2016, Sundial Brands, a manufacturer of hair care and skin care products, announced that it would re-launch Madam C.J. Walker Beauty Culture products and that the line will be available at Sephora.

Thanks for reading,

Kim

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Bouncing Back from Adversity

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Every once in a while things fall into place,  our wishes come true and the seeds we plant bear fruit.   But inevitably,  we’re bound to get stung by a territorial hornet.   The strategic plan and common sense precautions fail to produce the expected results.  Adversity strikes and the garden falls apart.

 Maybe you lose your biggest client to a wily or better-connected competitor.   Maybe demand for your services suddenly diminishes.  You’re devastated and depressed,  insulted even,   and feeling like a truck ran over you.  You’re frightened and wonder how the bills will be paid. 

 Nadine Thompson,   founder and CEO of Soul Purpose,   a New Hampshire based direct sales company that produces organic beauty products,   knows this crushing experience intimately.   In 1999,   Thompson founded the herbal beauty care company Warm Spirit.   The company gained national recognition,   was featured in Oprah Winfrey’s O  Magazine,   counted actress Diane Keaton among its celebrity endorsers and had over $16 million in annual sales. 

But  in 2007,    Thompson lost Warm Spirit in a hostile takeover that was precipitated by a power struggle over business strategy with a partner who was providing significant financing.   To her horror,   she realized that not only was she not an equal partner in the business with this financial investor and his partner,   but  she didn’t own even a single share of the company that she created and nurtured.

Shattered,   yet determined to re-group,   Thompson pulled herself together enough to realize her own complicity in the demise.   Obviously,   she neglected to perform basic due diligence and have her attorney and accountant parse the documents and explain to her the full impact of what she was doing when bringing on the  investors.   As a result,   she unwittingly signed away her company in exchange for additional financing.

Fortunately,   Thompson possessed enough clout to quickly secure  financing for a new venture and she was able to launch Soul Purpose in 2008,   less than two years after the takeover of Warm Spirit.   Of her experiences,  Thompson says   “I believe more than ever that entrepreneurship is a journey…..Successful entrepreneurs are those who are able to learn from challenges and use resilience to bounce back from perceived failures.”   Thompson reveals lessons she learned:

1.   Entrepreneurship by definition involves risk.  Accept that.

2.   Opportunities for growth are often disguised as failures.

3.    Intuition is a gift.  Do not ignore it.

4.   Learn from your mistakes and do not repeat them.

5.    When criticized,  hear it with a  “grain of salt”,  but always ask yourself what truth or opportunity for growth is embedded within.

6.   Work not just hard,  but smart.

7.   Allow yourself time to rest and recharge your batteries.

8.   Have faith in yourself and your vision.

 

Thanks for reading,

Kim