Jerry Osteryoung
Jerry Osteryoung is a consultant to businesses—he has directly assisted over 3,000 firms. He is the Jim Moran Professor of Entrepreneurship (Emeritus) and Professor of Finance (Emeritus) at Florida State University. He was the founding Executive Director of the Jim Moran Institute and served in that position from 1995 through 2008. His latest book, coauthored with Tim O’Brien, “If You Have Employees, You Really Need This Book,” is a bestseller on Amazon. Email Jerry @ jerry.osteryoung@gmail.com
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Drafting is a Great Concept for Business
Being in the lead position does have its benefits. You garner market share and name recognition, both of which are so important. The more you have of these two elements, the greater the probability that you will stay in the lead.
Teamwork is a Core Value
As with most things, building a team environment takes time and work. Start small by building teams that you know will be successful. You can then use that success to help spread the concept to the rest of the organization.
The Problem with Hiring Relatives
Hiring relatives of employees can be a dangerous policy for so many reasons. Early in my academic career, the small department where I taught hired a husband and wife as teachers.
Find the Cause of the Problem Before Trying to Fix It
So often, managers and business owners assume they know how to solve every problem simply because they have had many years of experience. However, experience often leads to decisions that worked in the past, and past decisions are not always applicable in the current environment.
Challenge Your Staff for Greater Productivity
I think one of the most common mistakes managers make is not challenging their staff. Managers spend so much time with their workers that they tend to become complacent and fail to provide challenges, which are so critical to helping their staff grow.
What Do I Do About Succession Planning?
No one can be certain what tomorrow will bring, so it is critical that every entrepreneur or manager has a successor in place. This is typically a two-step process: First, you have to find the right individual; then you have to provide training to ensure the person is prepared to handle the demands of the role.
Learn From Your Competitors to Beat Them
Competition is tough, but it can also benefit you if you know how to make the most of it. No one has a patent on great ideas, so watch your competitors closely, and when you see them doing something you can legally do as well, go for it.
Entrepreneur Businesses Are Everywhere
When people find out about the work I do helping small businesses, they often say there are just no more opportunities out there. When I hear this, I try very hard not to laugh, but this statement could not be further from the truth.
How Do I Name My Business?
A business name is so important, as it communicates what the business does and how it can help its customers. Basically, it represents in words what you do, and it must be vetted very carefully to ensure it says the right thing.
Don’t Waste Time in Meetings
Ask any executive and nearly every one will say meetings are their biggest time wasters. As Dave Barry put it, “If you had to identify, in one word, the reason why the human race has not achieved, and never will achieve, its full potential, that word would be ‘meetings.'”