The Business of Unprecedented Change

We are living in a time of unprecedented change. And this means that each of us is also faced with unprecedented opportunity.

The dictionary defines unprecedented as "without previous instance; never before known or experienced; unparalleled." Our current experience - a collective swimming in unchartered waters - was brought about as technological advancements, which continue to occur at lightning speed, met and coupled with the new economy. Additionally, for many entrepreneurs, industry specific factors may also be at play.

I have been talking to business owners about these unprecedented times and I am finding that smart entrepreneurs know that keeping their eyes open to the emerging trends in our culture, our communities, and our industries is critical. In fact, this is the perfect time to ask ourselves what unprecedented changes and opportunities are facing me and my business. Here is how some smart and savvy professionals answered this question. As someone fascinated with the concept of emerging trends, I would love to hear your answer.

Dr. Ralph Bourjolly is an Optometric Physician in Pompano Beach, Florida. Dr. Ralph saw an unprecedented opportunity when a technological advancement allowed him to incorporate a digital camera that takes pictures of a patient's retina, into his practice. He is now able to take clear pictures of a retina without dilating the patient's eyes and email the photographs to a retina specialist, saving time and raising the standard of care.

Jay Ghanem, of Auto Tech and Body in Pompano Beach, Florida is an entrepreneur with a unique ability to sense industry changes and opportunities. Jay is currently working on ways to power cars with waste cooking oil. And, he recently became a distributor of Xenon headlights. These lights can be installed in any car, reducing energy consumption while significantly improving visibility.

Massage therapist Marie-Josee Berard of the Infant Massage Institute says that an emerging trend in her industry is using massage during pregnancy to avoid colic and other common problems. Amazingly, Marie-Josee is able to use massage to help mothers take care of their babies while the babies are still in the womb.

According to Michael J. Maynes, a Financial Advisor and Certified Financial Planner, "the financial services industry is going through a pruning process and this trend will probably continue so that broker dealers with poor balance sheets and high risk portfolios will be acquired and stronger firms with less debt and lower portfolio risk will gain market share." Mike has found that the current economic mess has caused his role to evolve so that he has become more of a helper, assisting people in developing or revising their budgets and managing their finances after a layoff.

Danielle Zimmerman of Abi's Place, a school that specializes in teaching children with moderate to severe developmental disabilities, says that recent cuts in Medicaid funding and school budget cuts have provided her with a unique opportunity. Because Abi's Place is a 503© they are able to raise funds with creative fundraising events and provide the services that her students need.

The bottom line is this. If you are a dentist, you need to be taking digital x-rays. If you are a psychotherapist, you need to expand your tool box beyond Woody Allen style long-term therapy. It's that simple. Those who are able to turn their challenges into opportunities will weather the economic storm.

Co-Preneur Advice

Q: What's the best way to partner up with my spouse? I'm starting a real estate company and I want my husband, who will soon get his real estate license, to be a part of it. Would it be best, financially, to work as a team with him doing sales and me doing listings or have him as an assistant? How should we define our business roles?

A: Co-preneurship is one of my favorite topics. I find the combination of entrepreneurship and the marriage relationship fascinating. And, I am a co-preneur myself.

According to the U.S. Census Bureau's 2002 Economic Census more than 3.6 million businesses in the U.S. are run by co-preneurs, husband-wife entrepreneurial teams. Certainly, no single model fits all of them. Some are part of a revolution that is pioneering a new model of marital and business equality. For others, their business is an extension of a traditional marriage where mom is behind the scenes and dad runs the show. The recent growth in co-preneurship has been attributed to a wide variety of causes, everything from new franchise availability to the high cost of child care.

For many co-preneurial couples no part of life is separate from the others; your financial, spiritual, professional and family lives are intertwined. As such, copreneurs face some unusual challenges, and reap some magnificent rewards.

As a result of both my work with co-preneurs and my personal experience as one - building my own business (AFriendlyDivorce.com) with my husband, David - I have come to see that there are no easy answers. What works for some will be disaster for others. However, some key concepts are essential to making co-preneurship work. Here are my top six tips for working with your spouse.

1. Be patient. It’s necessary to learn to work together. So, when you start a new business, be prepared for a learning curve. It takes time to establish the right working relationship and pace. So whatever you decide today may not be what you are following tomorrow. Starting your new venture will involve trial and error. So don't get discouraged.

2. Find and define your shared vision and values. Shared vision and values are necessary for success. It’s important that co-preneurs agree on the purpose of their business; is it a way of life or a way to earn an income? You will be making business decisions based on your priorities and values.

3. Divide the work. The more distinction you have in your tasks and job descriptions, the better. For many couples, dividing tasks according to ability, not gender stereotypes, is difficult. But this is what often works best. As with all business partnerships, co-preneurship will work best if you and your husband possess different skill sets. Your husband is a very unusual man if he is willing to be called your "assistant." That is a loaded title that raises a red flag. If this is the route that you decide to go I think he should be called the "administrator" or the CFO instead.

4. Communicate. Find out how your husband really feels. Have you considered how this endeavor will effect your marriage? Take about it. Write about it.

5. Fight fair. Hear each other out. Keep all arguments focused on the current dispute instead of reverting back to old hurts and squabbles. And, when you disagree, give yourselves a cooling-off period before making the final decision.

6. Put the saver, not the spender, in charge of money, finances and budgets. The spender may go kicking and screaming, but this is almost always the best business policy.

Co-preneurship can destroy a marriage. So, before you take the plunge, honestly assess your situation. If you regularly struggle with control issues in your marriage, running a business together is not a great idea.

Remember, there is no getting away from your co-worker when you are married to him. You already know whether you and your husband operate as a team or as two individuals who happen to share a space and a future.

Two Sides To Every Story

Q: How do you deal with an employee who doesn't get along with the rest of the staff? There are seven women working in close proximity. One woman refuses to take her lunch break with the others. She will not talk to them either. This attitude makes the six other employees uncomfortable. What ideas do you have to alleviate this problem?

Read my answer, my newest contribution to Entrepreneur.com at
http://www.entrepreneur.com/ask/answer12870.html