IBJOpinion

HETRICK: Ten tips on the way out the entrepreneurial door

Back to TopCommentsE-mailPrintBookmark and Share
Bruce Hetrick

On Sept. 30, I shut down an 18-year-old business.

On that final day, I eliminated half-a-dozen high-paying jobs, including my own.

I eliminated many others by attrition in the years leading up to the fateful decision.

I sent talented people scrambling for other employment, health insurance and the means to support themselves and their families.

I stopped supporting printers, broadcast producers, media companies, content editors, retirement plans, insurance companies, computer consultants, office-supply and -equipment firms, attorneys, accountants, phone- and data-service providers, community organizations and the deli on the first floor of our building.

Our landlord now has a full floor of Class A downtown office space for lease.

And once the books are closed and all things reconciled with the Internal Revenue Service and the Indiana Department of Revenue, the United States of America, the state of Indiana and all the cities and counties where our former employees reside will be without our token contributions to the public good.

I’ll spare you the guilt trip I’m on and the emotional baggage I carry from the shut-down decision.

But in the hope that someone out there is hesitant to hang out a shingle and build a business, I’ll surprise you with this: Try it. For despite my decision to call it an entrepreneurial day, this was the most rewarding career move I’ve ever made. It supported many individuals and families for many years, contributed to the local and state economies, and—most important—made a positive difference for scores of clients around the state and nation.

Few things are forever in this world, businesses included. But in the hopes that yours might last as long as you want it to last, I’ll offer 10 tips on what I did right and what I’d do differently.

Get good counsel. A respected accounting firm and a respected attorney helped me set up shop in 1993. They still represent me in 2011. Their advice has been invaluable.

Think small unless you’re sure you want to get into management. Most entrepreneurs start personal—something they know how to do or make. Adding that first employee makes you a manager, teacher, provider and worrier over someone else’s well-being. Be sure you’re willing and able.

Involve partners. I operated a sole proprietorship. If I had it to do over, I’d never go that route. Life is too unpredictable. If a sole owner gets ill, goes into mourning, has a change of heart, or whatever, everyone’s affected. What’s more, all the lonely-at-the-top rumors are true. And yes, few employees perform with the same commitment as owners. If I ever start another business, it will be in partnership with others who can share the load, deliberate over the details, and support one another.

Look like what you want to be, not what you are. When I started out, I was ready to buy some cheap business cards. But a smart graphic designer convinced me to look good from day one. That initial design built instant credibility and didn’t need refreshing for more than a decade.

When you sell your time by the hour, you lose the value of ideas. This one’s for professional-service providers. A friend shared it with me before I opened my company doors. I didn’t listen. I wish I had.

You’re managing a river, not a dam. This one’s from local business coach Ron Ernst. Many leaders bemoan turnover in their organizations. While I never celebrated departures, I’m proud of what former staffers went on to become and grateful for the fresh perspectives of newcomers in our organization.

Don’t put your name on the door. While rarely to their benefit, some clients want to work only with the person at the top. In many circumstances, that costs clients the best talent available and makes other staff members feel about 6 inches tall.

Be a friendly competitor. I went head-to-head with people in my industry for 18 years. I liked beating them for new accounts. But more than that, I liked breaking bread with them, referring business to them when my firm had a conflict, and getting referrals from them when they had a conflict.

Everyone’s in sales. I’ve heard smart, talented professionals say, “I’m a writer,” or “I’m a designer,” or “I’m a PR person,” coupled with the words, “I’m not in sales.” But the fact is, every interaction either adds to or detracts from an organization’s reputation. If marketing is a department, it will fail. Marketing is a state of mind. Everyone is in sales—especially in a small business.

Be transparent. While our firm’s decision to close was disappointing to all, it wasn’t a surprise. We showed financials to every employee every week for years. If people understand where the business stands, they’re better able to affect the company’s bottom line, and their own.•

__________

Hetrick is an Indianapolis-based writer, speaker and public relations consultant. His column appears twice a month. He can be reached at bhetrick@ibj.com.
 

ADVERTISEMENT

  • So True
    Bruce, I am vigorously nodding my head in agreement about so many of your points! It was the combination of numbers 2 and 7 that drove me to rethink my business about 7 or 8 years ago. I made the scary and difficult decision to give my staff notice that I was scaling back to a one-person shop and would only take on the work that I could do myself. Looking back, it was the right decision both personally and professionally. I know you will do well at whatever life has in store for you next. I wish you all the best in the next phase of your life!
  • Thanks
    I've been fortunate to have benefited from your entrepreneurial venture and also to have been referred by you on several occasions.
    Thanks, Bruce. And good luck with whatever you choose to do.
  • Class Act
    Several years ago, in the midst of a job search, I made a networking cold call to Bruce at the recommendation of a friend. Not only did he take my call, but provided some excellent counsel as well as a job lead. Not to mention, he followed-up a few days later to check my progress and provide another lead. It's no wonder he's so highly respected in the communications field.

    I'm not certain what the future holds for Bruce, but I'm certain he has nothing to worry about given his stellar reputation.
  • Right On
    As someone who shut down a business this year after being in business for ten, I'd agree with almost every point Mr. Hetrick made. The only one I might disagree with is the number of owners for a company. Depending on the size and other various factors, the "right" number of owners may be one.

    And I'd also encourage anyone who has the desire to have their own business to try it. Like Mr. Hetrick, I'm glad I did.
  • Crying Shame
    It is a crying shame that a creative genius like Bruce Hetrick and his entire team has had to close in this stupid economy. Since the day I met him back in 1983 or 84 (I can't remember that far back) I knew he would be behind some of the best advertising and marketing campaigns this city would see. It really is a crying shame that marketing and PR budgets get slashed first when in rough times businesses actually need them the MOST to SAVE THEIR BUSINESSES!

    Bruce, you should write a book. You're a GREAT writer, and hopefully that would help set you up for life. I hope you keep writing for the IBJ because that's the first place I look when it comes! Good luck, friend!

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Can your dog sign a marriage license or personally state that he wishes to join you in a legal union? If not then no, you cannot marry him. When you teach him to read, write, and speak a discernible language, then maybe you'll have a reasonable argument. Thanks for playing!

  2. Look no further than Mike Rowe, the former host of dirty jobs, who was also a classically trained singer.

  3. Current law states income taxes are paid to the county of residence not county of income source. The most likely scenario would be some alteration of the income tax distribution formula so money earned in Marion co. would go to Marion Co by residents of other counties would partially be distributed to Marion co. as opposed to now where the entirety is held by the resident's county.

  4. This is more same-old, same-old from a new generation of non-progressive 'progressives and fear mongers. One only needs to look at the economic havoc being experienced in California to understand the effect of drought on economies and people's lives. The same mindset in California turned a blind eye to the growth of population and water needs in California, defeating proposal after proposal to build reservoirs, improve water storage and delivery infrastructure...and the price now being paid for putting the demands of a raucous minority ahead of the needs of many. Some people never, never learn..

  5. I wonder if I can marry him too? Considering we are both males, wouldn't that be a same sex marriage as well? If they don't honor it, I'll scream discrimination just like all these people have....

ADVERTISEMENT