60. Saving money, hard work and dedication

Dear Jan,

I know that company. These are entrepreneurs par excellence. I have worked with them. (Thanks to your introduction!). You can hardly imagine a better partner. These are people who put 100% into their business. They are innovative, but they still have both feet on the ground. As an entrepreneur, you obviously need to put a lot of effort into securing the future of your business. Sometimes I notice CEOs of big companies have other interests, i.e. how they can earn as much money as quickly as possible, even at the expense of the company of which they are CEO. With regard to the continuity of my company, I focus on three (for me) fundamental aspects.The first is that the profit I make today I see as a reinforcement of my company and thus it provides a safer future. I also know that I do not make a profit every year. So I save money and I build a buffer. And that buffer has helped us many times when the going got tough. In addition, I never invest money that I did not earn first. I will never borrow money for a new project because I think this is too dangerous. Taking such a risk would jeopardize the continuity of our business.

Secondly, I am busy with the implementation of innovations and improvements to existing processes. I also start many new projects, and I make sure I am in close contact with my clients, colleagues, suppliers and our temps. So I know what is happening and what the daily challenges of my colleagues are. Most of the innovations and new projects fail. But so far a few have always turned out to be very successful and have taken our business to a higher level. The biggest challenge is to determine which ideas will eventually lead to success and which will not. I am still not able to predict this, so I start up many projects to make sure that I will have one or two successes. That is hard work. One thing I have learned over the years is that success is not so much in the project, but in the devotion you can give the project. The more commitment, the greater the chance of success.

Thirdly, I focus on the core activity of my business. And I will not let myself be distracted by anything or anyone. Great opportunities are constantly arising and people are always trying to persuade me to invest in something which is not part of my business. I do not do this, because I know I will not be able to give time to a different business and I know that I need all my time and dedication to keep my own business up and running. This gives me peace of mind, because there are less distractions. Saying no is easy once you know what you are focused on, and what your goal is.

In short, my “formula for success” is pretty simple and maybe a little boring. Save money for hard times, innovation and entrepreneurship through hard work and only do what we are good at and no “adventures” into other business sectors.

Best regards,
Gerard