An entrepreneur is not necessarily a manager
In the world of business, there are many entrepreneurs, people with ideas and ambition, but too few managers to keep the shop open. In our case, we had the opportunity to expand from one to eight stores after being in the business for hardly over half a year. My associate reacted as an entrepreneur: just do it!, but I held back.
Things turn, and people turn too
I thought that I had a good instant estimate of situations and people, but I need to admit that many people that failed me at first, after a while functioned much better. Also, some undertakings once go well, but the next time they don't. In both cases, this means you should try your luck multiple times, and you have a certain degree of liberty to try different plans, because any plan will go to the turn of tide anyway.
There is such a thing as a free lunch
Against the cliché, there are actually continuously, and almost literally, free lunches. I recently read an article of an ice cream seller that had a family of for asking for three ice creams, clearly because they were short on money. He asked the oldest child what he'd like to have, for free. This is what you instinctively do, within limits and mostly unrequested, but the human force is strong. It also goes the other way around: some people offer you support, like helping a hand or bringing in customers, and ask nothing in return.
There is no other management than people management
Any managerial step always needs to take into account the reaction of the personnel, and needs to build on a responsible attitude towards the employees.
Wages need to be precisely calculated, and paid in time. Nobody should get privileges, and everybody needs feedback and a thanks. Also, your staff doesn't work for the money alone, it's their identity and you need to honour this, but you will get loyalty in return.
Tools are cheap
In you business, you need capital goods: computers, fridges, etc. Those things are cheap compared to staff cost, and they can make life easier for everyone. It is understandable that even if Apple products cost twice the price, investors are happy with them because by paying a bit more at first, you get larger productivity returns. So don't think to much about investing, it's necessary and wise. However, take good care of your investments, because anything will be done to break them - voluntarily or not. People that don't appreciate the durability of goods will not respect the durability of your business either. Also, you should invest, but you should make wise - productive - investments. A lot of money gets thrown out of the window on useless goods and that is of course only a loss.
There is no such thing as the state and the market
As an entrepreneur, you work within an economic area that is created by the state, and you are tied by regulation to the will of the politicians. However, as much as they control you, they also help you, and it goes the other way around as well. Because business owners have a lot of contacts and their opinion matters in the next election. It is, in short, a symbiosis, with on the one hand elections and on the other hand sales, but the creation of success in both is a shared process.
It is fun
If you check your hourly wage as an entrepreneur or manager, you will easily get depressed. However, you don't, because it's a game and you can't nor want to get out of it. Yet those people that do not have this aim for perfection and criticism will probably fail, because constant adaptation is of utmost importance. If you see that something works, including your staff feeling good and safe in their private life, it is wonderful. They don't always thank you for this, but you can tell it to yourself.
Capital matters
This is perhaps the sad part of the story: any business can succeed if you have an infinite time horizon to find the right success formula. Money buys you this time, so the rich get richer. It is one of the reasons why I am in favour of a partial universal basic income to launch more initiatives.
