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There are four stages of entrepreneurial business growth: wonder, blunder, thunder, and plunder. Each stage has its own opportunities and challenges. And each stage brings with it the need for one or more attorneys as a member of the entrepreneur’s advisory team.
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Entrepreneurship is exciting. I am an attorney, but I am also an entrepreneur. Brown & Streza fosters innovation and other entrepreneurial behaviors. We speak entrepreneur because we are entrepreneurs.
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Entrepreneurship is not just an opportunity to innovate. It is an opportunity to serve. I enjoy the occasional stroll around the office, considering the lives touched directly and indirectly by the decisions I make every day. It is a lofty responsibility. But it is also a tremendous privilege. I have created, and continue to create, rewarding employment opportunities for staff – serving and impacting both the staff and their broader families. I also serve clients in areas that are deeply personal to them. I am a part of something bigger than myself – something truly special.
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There are four phases of entrepreneurial development: the Wonder Stage, in which the entrepreneur postulates what could be or should be; the Blunder Stage, in which the entrepreneur, having taken the plunge, gets a “real-world” business education; the Thunder Stage, during which the entrepreneur strikes a rhythm and begins a growth pattern; and the Plunder Stage, the time during which the entrepreneur needs to innovate once again, taking the business to the next level, starting an entirely new business, cashing in by selling to a third party or the employees, or transitioning the business to the children.
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Wonder – “What if” . . . or . . . “There Must Be a Better Way”
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The entrepreneur, driven by creative energy, wonders whether their craft could be done better. Better customer care. Better processes. More innovation. The Wonder Phase is filled with excitement about the opportunities that lie ahead.
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The attorney can play a key role in setting expectations. Attorneys are trained to be forward-thinking – to identify key issues early enough to avoid challenges, capitalize on opportunities, and prevent costly mistakes.
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Blunder – Baptism by Fire: If Running a Business Were Easy, Everyone Would Do It
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What did I get myself into? Payroll. Employees. Accounts receivable. Insurance. Quarterly tax estimates. When do I finally get to build my dream?
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The second phase of entrepreneurial development is the Blunder Phase. It seems a common assumption that most wealthy business owners just got lucky. Maybe they were in the right place at the right time. Maybe they inherited their seed capital. Maybe they just knew the right people. Few entrepreneurs would suggest luck had nothing to do with their success. In fact, entrepreneurs tend to be a rather humble bunch, often attributing much of their success to luck.
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Thunder – “This business just might work”
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The third phase is the Thunder Phase. This is often the most exciting part of the ride for the entrepreneur. The Thunder Phase begins with a sense that the business is improving. Revenues and profits are up. Systems are working more smoothly. The entrepreneur has widespread credibility in their industry. Maybe this business is going to make it after all!
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Entrepreneurs tend to have a massive growth in confidence as they progress through the Thunder Phase. They have proven to themselves and to others that their ideas do indeed have merit.
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Plunder – “I’ve made it. What’s next?”
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For the extremely successful entrepreneur, this stage can be a major turning point. Is it time to take the company to the next level? What is the next level? How do we get there?
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Most entrepreneurs will begin the Plunder Phase by changing personal spending habits. They may buy a bigger home. Or perhaps they buy more luxury items, travel more, or purchase bigger, faster, or more sophisticated toys.
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Please stay safe and healthy,
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pmsoldano@family-enterpriseusa.com
712 H Street NE Suite 1330
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About Family Enterprise USA
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
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Have questions or would like more information about becoming a Member or donating? Please contact John Gugliada at jgugliada@family-enterpriseusa.com.
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Family Enterprise USA Sponsors
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