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By Holly A. Magister, CPA, CFP®

2009 was brutal for everyone.  During my more than twenty-five years of practice working with entrepreneurs, I have never witnessed more chaos in the marketplace.  Never.

Clients, vendors, employees and other resources that once were reliable relationships, a "known quantity" so to speak, have made moves that no one would have predicted.  So, here you are...the entrepreneur without a roadmap.  What is one to do?
 
I believe that as an entrepreneur you must apply four principles as you navigate these troubled waters...Find Courage, Draw from your Resources, Eliminate the Unnecessary, and Look for the Humor.  Without doubt, looking for the humor may be the hardest principle to apply because nothing appears to be very funny at this point.  We will get to that principle, however today's blog is intended to highlight the first principle—Courage.
 
In one of my recent blogs, I shared my belief that it is critical to Make No Assumptions.  The first principal "Finding Courage" is necessary if you plan to "Make No Assumptions".  Not all entrepreneurs are capable of making no assumptions and frankly the real winners are the ones who have enormous amounts of courage!
 
What does courage look like?  In my travels, I have found numerous courageous entrepreneurs.  They know they must be brutally honest with people they love.  Sometimes they must remove an employee that simply is not (and has not been) productive.  Often they truly love that employee.  I hear comments like "This is really tough, he is my son's best friend since grade school...We all went to their daughter's wedding."   But the truth is this employee is not cutting it and has become the bad apple in the barrel.  You know who they are.  You do not have to think about it for even a minute. Nonetheless, that bad apple is spoiling your barrel!

Courageous Entrepreneurs also know they are the driver of their business.  It was their dream and their vision that drove them to start the business and it their passion that drives them to navigate these troubled waters today.  They know they must follow their gut about clients, vendors, employees, and their other resources as they move forward.  Yes, the input from others is important.  However, the courageous entrepreneur knows deep down inside the people whom are valuable to them and their business.
 
One of my mentors was diagnosed with brain cancer in December 2008, just as the recession began.  He went through a very difficult surgery and continued to work with me and many others literally to his last days.  His final words to me were “you have nothing to fear”.  Can you even imagine saying this to others when you are battling for your own life?  Through those words he taught me so much about courage.  Only three months post-surgery, he wrote the following note and I want to share it with you: "Find the resources, make the time, come dressed to play, and be ready to win.  If a fifty-six-year-old guy with a brain tumor thinks it's important enough to dress up and come play, you should just come to see if I can still throw the ball."  He is the epitome of courage and is to this day one of my most precious resources!
 
I will cover principal number two...Draw from your Resources...on my next blog.  Until then, I know you will be courageous in those troubled waters.