My Biggest Mistake in My Business
May 1 will mark 40 years since I walked out the door at ITT Telecommunications in Raleigh, NC, and launched my own training and consulting business. I had just ended a 15-year career as an electrical engineer and was almost finished with a Ph.D. in organizational psychology.
The last five years had been hell, and I was determined that I would not create a business of my own that had similar issues. Having to deal with abusive executives, incompetent employees and unrealistic business targets had soured me on corporate life.
I should say that my first seven years were as near heaven as I expect to approach on earth, but Aerotron was a far cry from ITT. Aerotron had 150 employees and ITT had 1100. Aerotron was a big family, while ITT was a stereotypical silo complex housing turf-protecting managers whose only interest was maximizing their outcomes.
For that reason I worked only with contract help rather than hiring employees. And I am the poster child for Gerber’s e-myth entrepreneur. I worked in the business, not on it. I was happy doing my own thing.
Well, I am still the business. Jim Lewis is the Lewis Institute. The problem is, I’m 79 and there is very little value in the business assets. And nobody wants to buy an old dude with gray hair, a big belly, and loads of fond memories. Lesson learned: follow Gerber’s advice: work on your business to build something of lasting value.
