Worcester Business Journal

wbjournal.com | January 9. 2017 | Worcester Business Journal 27 10 T H I NG S I know about... L e g a l w e e d By Michelle Drolet Michelle Drolet is CEO of Towerwall, a data security services provider in Fram- ingham. You may reach her at michelled@towerwall. com. K N O W H O W Harnessing the entrepreneurial spirit T he Entrepreneurial Spirit – That (not so) little itch that compels you in your career to do more, do it differently or do it by yourself. As time goes by, the drive grows more intense, and you decide to launch a startup. People ask, "Are you crazy? That's risky!" Undaunted, you imagine the possibilities. The freedom! The fulfillment! But many startups fail before they really get started. In building a sus- tainable business, mitigating risk is paramount. We found ourselves in this position nearly three years ago when we each made the deci- sion to leave the security of a steady job to turn over a new leaf and start something new in Green Leaf Construction. Now with the days of working around a dining room table in the rear-view mirror, we offer some things for aspiring entre- preneurs to consider. Start with a business plan. It's empowering to recognize that you can do it your way. But it goes way beyond establishing a budget and identifying customers. Get existential! Ask your- self hard questions to find the root of your entrepreneurial spirit. This will uncover your broader vision and mis- sion. Why do you want to leave a good job? Why will customers hire you over the competition? Understanding the why will aid in answering the what and how questions. What are your ser- vice offerings? What is your go-to- market strategy? How will you execute it? How will you attract employees? If you're not scared yet, keep reading, this is where it gets fun. You get to buy stuff and hire people! Cool! But wait, you have money, right? Because the things needed to operate a business – equipment, insurance, busi- ness partners and employees – cost lots of it. So, before you take that leap of faith, make sure you know where your seed money is coming from. Next, it's time to get in front of potential customers. Lots and lots of them have a need for your service offering. Then make your pitch! Explain how you will deliver better/ faster/cheaper than the competition or why potential customers will pre- fer your company. Start with your network and existing relationships. Ask for referrals. Remember that people buy from people that they like and trust. When you've earned the trust of some customers and landed a few sales, the only thing left to do is per- form and then measure that performance. There is no sub- stitute for good performance. Build your culture on it. Make commitments and live up to them. Every. Single. Time. That's how you earn a rock- solid reputation. Excellent performance is the best busi- ness development and sales continuance plan you can put into action. It will truly be the beginning of your next sales cycle. With some luck, at year's end, you'll have generated enough sales and performed well enough to make a profit. Most likely, you will have worked harder and longer than ever before, tapping all the knowledge and resources you could get your hands on. Your reward ... taxes! There's no getting around them, so plan accord- ingly. Then decide how, and how much of what's left, to reinvest in the company. T he new year is a time for reor- ganizing closets, pantry shelves, and – maybe – your company. Perhaps your company had a recent merger or acquisition. Or a reshuffling of sorts is needed for myriad other reasons. A reorganiza- tion executed correctly can hold value for a company and put it on the path to a brighter 2017. Be on the lookout for signs reorganization is needed. According to ManagementHelp.org, these reasons may include high-employee turnover; employees complaining they are reporting to more than one boss; employees complaining their responsibilities run the gamut in terms of tasks; employees who do not have enough work to do or recurring problems in a particular division or department. "It is not always problems that provoke the need for reorganizing," the website states. "For example, if the organization has been conducting strategic planning and produced new goals, these goals may require the organization to reorganize." Know people only care about how they are directly impacted. "Change management is as much about strate- gy as it is about communication. So communicate clearly, and communi- cate often … until you are blue in the face," writes Nur-e Rahman Nichols at Forbes.com. Once you address the gorilla in the room, she says, you can begin assigning change champions to put your strategy to work. Don't clock out too soon, says Stephen Heidari-Robinson, Suzanne Heywood and Barry Edmonstone- West at HBR.org. "In M&A situations … detailed information becomes available only relatively late in the process," the article states. "A McKinsey survey in 2014 confirmed … this is the hardest part of the reor- ganization to get right." Circle back and ensure that understanding of strengths and weaknesses, assumed synergies and other factors don't need fine tuning. BY SUSAN SHALHOUB Special to the Worcester Business Journal 10 1: R e o r g a n i z a t i o n W W 10) Adult use A key legislative issue for both opponents and supporters. Only those 21 and over can legally consume, possess and grow marijuana. Some legislators are advocating for a higher age limit. 9) Possession Massachusetts residents can now legally possess up to 10 ounces of marijuana in their primary residence. 8) Growing Massachusetts residents can legally grow their own plants within limits: 6 plants per individual and up to 12 plants per household. 7) No smoking allowed. Users cannot consume marijuana in public places such as bars, restaurants, parks or anywhere on the street. 6) Some gray zones Despite legalization, selling marijuana outside of a registered marijuana dispensary remains a crime punishable by up to two years of imprisonment and up to a $5,000 fine. 5) Closed for business Although adult-use recreational marijuana has been legalized in Massachusetts since Dec. 15, stores will most likely not open until 2019. 4) Office matters Employers have the right to terminate employees who show up to work under the influence. 3) Best policy For concerned business owners, treat employee use of pot the same as you'd treat alcohol or other substance abuse. 2) Gifting Adults can legally give the gift of bud or a seedling, but it still remains illegal to sell it. 1) Rule of thumb Follow rules that apply to alcohol, and you should be in compliance; especially as it pertains to driving under the influence, which also applies to marijuana use. (From left) Andy McBeth, Liz Mason and Tom Dube are the founders of Green Leaf Construction in Leominster. BY ANDY McBETH, LIZ MASON and TOM DUBE Special to the Worcester Business Journal W

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