Passion is a critical element of successful entrepreneurship…I talk about it everywhere I go. In speeches or in class, I tell my students that you must have passion for what you do. What happens when passion becomes a problem?

Over the past several weeks, I have been obsessed. I am having a problem putting work aside. I have so many ideas in my head that just have to complete, I can’t focus on anything else. I am not even sleeping well (when I do get to bed) and when I am home, I am not really home. The problem is I love what I am doing! I am so excited about it I have thrown myself way out of balance. The good thing is, I know it and can fix it.

I am taking the afternoon off to take my daughters shopping and – get this - I might even take the weekend off! I decided that tasks that feel so urgent now will just have to go undone. I’ve met my outside responsibilities and all that is left is my internal driver to contend with - I can shut her up! I’ll just keep my little notebook with me and write down ideas and to-dos when they hit me and move on. I am officially letting go…at least for a while.

What do you do to let go? Do you do it often enough?

When asked what the biggest lesson I learned about managing people in an entrepreneurial company, my standard answer is “Hire Slow, Fire Fast.” Too often, entrepreneurial companies don’t hire until a resource is absolutely needed and then scramble to get someone in quickly to meet a customer or project demand. Likewise, when someone is not performing, it can often take too the entrepreneur long to get rid of them. I came across an article in Business Week a week ago which gave me reason to adjust my thoughts on this matter. Let me explain.

The article, Fear of Firing, cites the growing challenges of companies in firing employees for fear of a lawsuit. Many business owners I talk with don’t even give it a thought – I’ll treat my employees so well they would never dream of suing me. Dream on. It isn’t about you, it is about what people can get. Even a lawsuit that has no basis can cost you money. Is there any way to prevent it? Outside of being able to predict a litigious personality in a job candidate without discrimination, it is tough. But you can increase your chances of success by making sure you have the right HR processes in place. This includes job descriptions, performance reviews, and a policy manual. Seem like overkill for a small company? Hardly. Think of it as cheap insurance.

For more information about this, and other topics that pertain to growing a sustainable business, join us for our “Boot in the Butt” Camp™: Grow! teleseminar starting next Tuesday, May 1. There are still spots left so sign up now!

I just returned this evening from Chicago and the annual Pet Food Forum. There, I moderated a panel on recall and traceability, which turned out to be quite a hot topic among attendees given the events of the last several weeks. In discussing the issues, several of the tips that surfaced struck me as relevant for any business.

1. Never rat out your customer. The distributor who imported the questionable products from China, ChemNutra, distributed a public letter,. that is also on their website, saying they “are appalled and distressed that Menu Foods took so long to recall its products…” While how they feel may be justified, putting it in a public letter and passing it out at the industry conference seems a little…well…risky. After all, would you want to work with a supplier that was ready to turn on you when the going gets tough? There is an ongoing investigation in which ChemNutra has likely been or will be involved, so do they not think the truth, whatever it is, will come out? I don’t know about you, but I would rather work with a partner that doesn’t publicly point fingers at me when the stuff hits the fan. In this case, I think silence or a discreet one-on-one campaign aimed at current and prospective customers may have been a more prident choice.

2. Do the right thing by your customer regardless of cost. The major pet food companies that were impacted whom I personally spoke with, Iams and Nutro, seem to be doing whatever they can for the consumer to take responsibility for this catastrophe without regard for the enormous potential price tag. I suspect the others with brand names on the line are doing the same. And they should. Even though this unfortunate event was outside their control, stepping up and owning their relationship with their customers is simply the right thing to do for the long-haul.

Southwest Airlines is the same way. Someone at their corporate office relayed that when a flight experiences a major delay for weather, the airline sends a note to the impacted travelers. They don’t have to – it wasn’t their fault – but they empathize with their customers and go that extra step. THAT type of behavior is what brings customers back.
A recently published book, Firms of Endearment: How World-Class Companies Profit from Passion and Purpose, talks about these behaviors as they are exhibited by the companies they’ve studied. They prove that creating value for all your stakeholders – employees, customers, partners (suppliers), investors, and society is the only path to long-term competitive advantage and financial success.

When I received the e-mail (OK – multiple e-mails!) promoting Steve Harrison’s National Publicity Summit, I thought it was just another scam. Honestly, I imagined the promises of national media coverage offered by The Summit were too good to be true. I was so wrong.

It took a couple e-mails with compelling testimonials to get me to sign on to the event and part with the healthy chunk of change required. The money-back guarantee – which I am sure no one has ever exercised – was what clinched it for me. What I thought may be a big risk I now see as an incredible investment.

What Steve offers through his Summit is the ability for you to be your own advocate. In this case, it is in front of the media. I had been struggling to determine the best way to promote my upcoming book. I felt strongly that if I could just get in front of the right people, I could personally sell them on the ideas and my unique approach. When this opportunity presented itself, I rationalized the significant investment as equivalent to what I would pay a good PR firm for a month’s retainer. And as is typical for an entrepreneur, I liked the idea of being able to control my message.

If you’re not willing to be the strongest and best advocate for your business – who will? It is hard to match an entrepreneur’s passion for their own venture. No matter what your offering is, your enthusiasm for it can be one of your best strategic sales weapons. Are you prepared and willing to use it?

“Put your oxygen mask on first before you help someone else with theirs.” What great advice. It struck me the other day when I heard this statement how much this applies to entrepreneurs. Put your oxygen mask on first – take care of yourself. Women especially have a hard time with this, but on a plane it could be life-saving advice. In your business, it is crucial as well and could save you and your business.

In interviewing Paul Silber for my book, he shared just how important taking care of his own needs were to building his business. He is the founder of InVitro Technologies which he recently sold to Celsis. In the first couple of years building his business, he did not take a vacation. Consequently, he came close to burning out. When he finally starting taking time for himself, he found that he came up with his best ideas – his biggest strategic ah-has – when he wasn’t working. So if you are always working, how can you come up with those killer thoughts that you need to propel your business?

If you don’t have your own oxygen mask on, you are not in a position to help someone else with theirs. If no one can breathe, your business dies.

It is a common myth that entrepreneurs are big risk takers. They like to drive fast, jump out of airplanes, and gamble. Although I do have a lead foot and I have jumped out of an airplane before, I can’t stand to gamble as I might as well be flushing my money down the toilet. It just isn’t entertaining to me. I would not say I was a big risk taker, although I do have a high tolerance for risk. I am not afraid to fail (and it happens all the time!), but I do take calculated risks. I believe this is more common among successful entrepreneurs than all-out wagering and a critical element for success in business.

When you take a calculated risk, you research alternatives and potential consequences and decide that the possible payoff is worth the down-side. From your perspective either a positive outcome is highly probably or, more likely, merits the price.

Asking people for help is one of those areas many feel is too risky to attempt. This is foolish. The only thing at risk when reaching out to others is that they will say ‘no.’ The down-side to that is merely ego – it might hurt your feelings or you might feel rejected or as if it is personal. My advice: get over it. If you don’t go for what you want or the help you need, the chances are slim that you will get it. People often ask me how I got so-and-so to help me with a task or project and my answer is always: “I just asked.” I don’t often publicize the other people that I asked who said no or didn’t respond. I lost nothing in attempt but gained the help I needed through persistence.

This idea of taking calculated risk taking was confirmed when I interviewed other entrepreneurs for my book. Mary Cantando took a risk when she cut off 70% of her revenues to target a niche market, but only after thorough research into that market. Paul Silber took a risk when he left a big company to start his own while his wife stayed home with their young children, but only after he confirmed that the need he was filling was real and that customers would pay to have the need met.

What risks have you taken to get your business off the ground? Who have you asked for help lately? Take the chance and don’t be afraid to fail because after all…if you’re not failing you’re not really reaching your full potential.

Check out my guest blog on business plans at Wendy Piersall’s eMomsAtHome blog. Wendy is a great resource for people starting a home-based business and offers a lot of tips on blogging. Check out her website!