The Entrepreneur’s Corner

Patrick Henry said, “I have but one lamp by which my feet are guided, and that is the lamp of experience. I know of no way of judging of the future but by the past. A few years later, Einstein said, “Doing the same thing and expecting different results is insanity.”

These two bits of wisdom have guided me for decades. In the last few years, they have proved insufficient. Our world has changed. Cheap energy and currency exchange rates have allowed people on the other side of the world to effectively compete for our next door neighbor’s business.

Businesspeople are constantly on the lookout for ways to systematize our processes so we can achieve maximum efficiency, thereby lower our costs of operation to either offer our services at lower rates or better yet, increase our margins.

We determine our processes by agreeing to sets of assumptions. Assumptions we agree to after thorough examination of our competencies and market opportunities.

Once we establish these efficient processes we loathe changing them. It’s at this point that our agreed upon assumptions become “givens”. They become our culture. They become “the way we do things around here.”

Once solidified into the concrete of unconscious habit, we no longer regularly check to see if our assumptions are still valid. We all know the old adage that when we assume we make an ass of you and me. This truism relates to the unstated assumption. The conscious, shared assumption on the other hand is a powerful tool.

So, if you’re doing what you’ve always done and not getting the results you’ve gotten in the past, let me encourage you to reexamine your assumptions.

Bring then out in the open and ask yourself,

1. “What’s our business?”

2. “What do we do?”

3. “Who are our customers?”

4. “Do these people give us money?”

5. “For what?’

6. “Why?”

7. “What do they value?”

8. “Are we delivering value they want?”

I’ve a bunch more questions, but having your team candidly revisit the assumptions upon which you’ve based your business to see if they’re still relevant is a great way to come to grips with your current reality. Because in today’s business climate the definition of insanity may be doing the same thing and expecting the same results.

Gayle Turner, a member of Henrico Business Leaders, can be reached at .(JavaScript must be enabled to view this email address).
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Henrico promotional company changes name


Henrico-based brand merchandising company NewClients, Inc. has changed its name to Boost Promotional Branding.

The company is one of the nation's largest in the branded merchandise industry. Founded in 1981, its serves more than 5,000 clients – including many Fortune 500 companies – nationwide. > Read more.

Lidl competition offers shoppers chance to win NYC trip


Three Lidl shoppers will win trips to New York City to receive a first-look at the Esmara by Heidi Klum collection and attend an international runway event debuting the collection. The contest is open to residents of Virginia, North Carolina and South Carolina – the three states in which Lidl currently operates grocery stores. The chain opened two stores in Henrico County last month. > Read more.

Glen Allen advances in 14U Babe Ruth World Series


The Glen Allen Babe Ruth Baseball League 14-year-old all-star team advanced to the single-elimination round of the 14-year-old World Series, which the Glen Allen Youth Athletic Association is hosting at RF&P Stadium in Glen Allen. > Read more.

Earnhardt gives Redskins a ride


Dale Earnhardt Jr., driver of the Hendrick Motorsports No. 88, stopped at Richmond Raceway Aug. 8 in advance of the track’s NASCAR weekend in September. He was joined by five players from the Washington Redskins, who were in town for the team's training camp, which concluded Aug. 14. The day in Richmond gave Earnhardt and the Redskins players an opportunity to see how the athletes compete in their respective sports. > Read more.

READ Center a finalist for $25k grant


The READ Center is a top-200 cause finalist in State Farm’s Neighborhood Assist program, making it eligible to earn a $25,000 grant to support adult literacy in the Richmond region. The 40 organizations from across the nation with the most votes will win grants.

The READ Center, based in Henrico, provides classroom instruction and one-to-one tutoring to adults with very low literacy. > Read more.

Henrico Business Bulletin Board

August 2017
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