Key Ideas.

1. In a partnership, understanding, forgiveness and patience are more important than a lawyer.

Stanley and Teddy have no written agreements. They have operated their business together for 45 years and neither has ever felt a need to formalize their business partnership. Their relationship suggests that it takes more than paperwork to hold two people together. Even though they don't always agree, they respect each other's point-of-view and believe they are better off together than apart.

Topic for discussion:

What is it that keeps these two men together? (A common goal, love for what they do, and respect and admiration for each other.) How should you, if you want a partner, go about finding the right person? (Look for people who think like you do, people whom you enjoy being around, and people whose skills are different from yours.)

2. Offer unique products and services.

While other companies sell fabric, Rosen & Chadick specialize with $250 per yard laces and woolens. They handle exotic imports, unusual blends, cutting-edge fashion colors and they encourage everyone in the costume and design community to trust Rosen & Chadick for the innovative. Stanley and Teddy expect designers to spend hours taking swatches. For the convenience of these professionals, the shop provides swatch cards which help the designers organize their research.

Topic for discussion:

Why has Rosen & Chadick's business changed over the years? (They had to change or die. Originally, they sold low cost fabrics to women who were home sewing for the family. Today, women are working outside the home and not sewing much. Their new customer base is the professional designer, costume shops and a few hobbyists. The store's product mix is determined by the customers.)

3. Love your customers.

Just being in the store, you feel Stanley and Teddy's concern for their customers. They want every customer not only to find the product he or she wants, but to be delighted with the choices and service found at Rosen & Chadick. Their customer service training plan is simple. They love people and they hire employees who love people. It is almost impossible for a big company to communicate such honest affection for the customer. A powerful owner/customer relationship is a strong but competitive advantage that small businesses can have over big businesses.

Topic for discussion: Tell about a time when you, as a customer, felt the owner really cared about you. Tell about a time when you felt the owner didn't care about you. Why is it critical for customers to "feel" they are cared for? (Unless your business offers a service or product that cannot be found anywhere else, service is the only reason customers will keep coming back.)

Quote: " Everything starts at the top and ends there too." - Jim Schell, Brass Tacks Entrepreneur

LawTalk with John Dolan Minutes 11:45-12:48

If your employees earn tips, you as the employer, are now responsible to withhold taxes from the employees' paycheck. You must ask employees to report their tip income.

You're Wired with Cliff Holtz Minutes 12:50-14:16

You can use information gathered from your phone bill to build your business.

Smart Practice with Naomi Rhode Minutes 14:44-16:36

Women are entering professions in large numbers. Naomi describes how they are dealing with balancing their work and their personal lives.

Deliver Your Message with Ray Sparks Minutes 16:36-18:18

If you have more than 200 pieces of mail to send at the same time, you can save money by using "Bulk Mail."

Street Fighter Marketing with Jeff Slutsky Minutes 24:13-25:10

The Street Fighter philosophy is "don't outspend your competition, out think them!" Using a street fighter technique, McDonald's made it impossible for Wendy's to succeed in one particular location.

Business Basic: Writing a Business Plan

Minutes 18:19-23:56

1. Writing a business plan will force you to focus your ideas. Rhonda Abrams suggests that we are afraid to write down our ideas because our dream might evaporate under scrutiny. Actually, the opposite should happen. The more you write about your ideas, the clearer the path to their achievement becomes.

Topic for discussion: What are some other reasons a person might not want to put a plan in writing? (Examples: Doesn't think he has time; thinks he can keep everything straight in his head; or, feels unable to write well. Remember, a written plan is not going to be graded, so, don't worry about spelling and punctuation-- just write.)

Action for the class: Go online and look at those articles about writing a business plan. There are many. Notice the similarities and differences between authors. When you're ready to write a plan for yourself, you now know where to find a guide.

2. A written plan can help you obtain financing. By presenting realistic projections in your business plan, you will show a lender that you have your feet on the ground.

3. A written plan helps you stay on track. It's been said, you can get where you want to go more quickly with a map. The same is true of a written mission statement. It will keep you on track, simplify decisions, and offer inspiration. A good example is Two Hands Inc.'s mission statement, "You make a living by what you get, you make a life by what you give." The written plan can also help you attract the kind of employees you need. When you can show another person your plan and how they will fit into it, you have a good chance of winning them as an employee.

Topic for discussion: Together, write several mission statements for businesses you might want to start. (Examples: "to provide my customers with fast, healthy food made from the freshest ingredients available;" "to 'do it right the first time' and deliver ahead of the customer's expectation;" "to design with distinction.")

4. A written plan is never complete because business evolves continually. Just as Rosen & Chadick have changed through the years, all businesses change. The written plan is really a continuing process.

For further study on Writing a Business Plan, go to the other resources within this website.