The best advice to a small business owner or for that matter a large business owner is to never stop thinking how to delight your customer, not to satisfy your customer but to delight your customer. When you wake up in the morning, start thinking about it, during the day think about it, at night think about it, and then dream about it. No company has ever failed that had millions of delighted customers and to start with you get them one at a time. There is no substitute for hard work. The best time you are ever going to have is when it starts out just you and it would be great if it grows into a wonderful, great, profitable company but you are never going to be happier and more satisfied than you are in the first year or so getting your business going because you do every single thing, you sweep up everyone goes home, you’re the first one in, you plug in the coffee pot so when people come in they have hot coffee and they get straight to work. Work through lunch, and set an example for them, but there is no substitute for hard work; people say luck, yes, but the harder you work the luckier you get. My advice to a small business owner as an entrepreneur would be not to be discouraged if the business you end up with is not the one you started out to pursue because so often you encounter failures, and the important piece is to learn from each of those very quickly and pivot and move on to an idea that works.
Of course, you have to be close to your products, close to your customers, and think about them, that’s the most important, but don’t forget to think about your business, what your plans are, what you want to do next, how to take your business to the next level, again think about being in your business but think about your business as well. My best advice is to really work hard to try and clarify what your purpose is, and be able to articulate it and be able to communicate it in a simple sentence. And the reason that is important is as you bring people into your company, I think the most important question you ask them is why you are here. Why do you want to join this company? And if you hear that purpose back, if you hear that passion around that purpose, it makes everything a whole lot easier. Any skill can be learned or taught, but passion cannot. Being an entrepreneur can be a rollercoaster ride and at times you will have great days, you will have not-so-great days, and you may even from time to time have an awful day, but you have
“they’re producing something special”
Companies that do well at some level, even though it may not be written down on a piece of paper, need to have kind of a clear strategy of why they are different, of why they are adding value, of why they’re producing something special that customers need that they are not getting now. So, I think if there is a clear sense of strategy then you can get all the people aligned around that, then you get a lot more power than if you are just scrambling and working harder and harder without that clear direction, so that’s my one piece of advice.
Questions:
Part 1: Comprehension
Watch and summarize the video thinking of who, what, when, where & why.
Part 2: True or False Questions
a) True or false – Warren Buffet believes it is important to satisfy our customers. T/F
b) True or False – Employees should work through their lunch. T/F
c) True or False – A business can be different from the one we started out with. T/F
d) True or False – It’s important to know why your company is different from the others. T/F
Part 4: Dictation
a) Fill in the blanks (0:25 - 0:31 minutes) No ________________________________________________time.
b) Fill in the blanks (1:48 - 1:53 minutes) Again, _____________________________________________ well.
c) Fill in the blanks (2:21 - 2:27 minutes) Any________________________________________________ cannot.
Part 5: Talking Points
Part 6: Role play Scenarios
Scenario 1: Customer Delight
One student will be the small business owner, and another a dissatisfied customer. The customer will express their dissatisfaction, and you can use phrases like "I'm sorry for the inconvenience, how can I make it up to you?" or "Let me see if there's anything else I can do to make your experience better" to improve their experience and make them happy.
Scenario 2: Hard Work
Roleplay a small business owner and an employee. The employee is not working as hard as they should be, and the small business owner needs to motivate them to work harder. The small business owner can use phrases such as "I appreciate your work, but we need to put in extra effort to succeed" or "I'm working hard and I hope you can join me in doing the same."
Scenario 3: Communicating Purpose
Roleplay a small business owner interviewing a potential employee. The business owner should convey the company's purpose and values, using phrases like "Our aim is to satisfy customers and make a positive community impact" or "We prioritize hard work, passion, and a clear direction. Do these align with your values?"
Part 7: Writing Activity
Write about a time you were a customer or served a customer and there was a problem. How was the issue resolved and what happened?
Part 8: Critical Thinking - Business Skills
Objective: Work in groups and create a short presentation outlining the top 5 business skills that a business owner needs so that their business will be successful.
After the presentations hold a Q&A session and then reach a consensus on the best 5.
Answers:
Part 1: Comprehension
Goldman Sachs a financial company from America created this video and it’s most likely being used as a promotional tool for the company. The video has famous guest speakers from the business world giving advice on how small business entrepreneurs can be successful. The speakers include Jack Dorsey from Twitter and finance expert Warren buffet and they are giving advice to a group of graduates from LaGuardia Community College in New York. Some of the advice includes “there is no substitute for hard work” and “companies need to have a clear strategy”. I think that these experts all have some affiliation with Goldman Sachs so they are helping them with a business course they are operating.
Part 2: True or False
A: False B: False C: True D: True
Part 3: Guess the meaning of unknown vocabulary or phrases
a) "There is no substitute for hard work" Answer: I think no substitute for hard work means that achieving something through hard work and effort will bring great satisfaction because in the listening the speaker talks about putting in the effort to do jobs that are difficult like, getting the coffee ready, and working during lunch, and states that this will make the owner happy.
b) "Pursue" Answer: I think to pursue means to follow a path or route to achieve something because the speaker talks about how a business might be different from the one we set out to build.
c) "Roller-coaster ride" Answer: In my opinion rollercoaster ride means that there will be many ups and downs when owning a small business because in the video the speaker proposes that as an entrepreneur there can be good days, bad days, and even awful days.
d) "Scrambling" Answer: I think scrambling means to struggle through daily tasks without a clear direction because in the video the speaker talks about the need for a clear strategy and that just hard work is useless.
Part 4: Dictation
a) Fill in the blanks (0:25 - 0:31 minutes) No company has ever failed that had millions of delighted customers and to start with you get them one at a time.
b) Fill in the blanks (1:48 - 1:53 minutes) Again, think about being in your business but think about your business as well.
c) Fill in the blanks (2:21 - 2:27 minutes) Any skill can be learned or taught, but passion cannot.
Part 7: Writing (example)
If my best friend, Jae Min, who's an engineer at a big company, asked me for advice on handling stress, I would tell him to take care of himself by doing things he enjoys, like hobbies or relaxation exercises. It's also important to manage time wisely, set realistic goals, and make a to-do list. Jae Min should aim for a good balance between work and personal life, which means setting boundaries and not working too much overtime. Eating well, exercising regularly, and getting enough sleep are essential for reducing stress. If he ever feels overwhelmed, I'd advise him to talk to friends, family, or even a professional for support. Mindfulness and relaxation techniques like yoga or short breaks during the day can also help. Plus, it's okay not to be perfect, and Jae Min should try to focus on the positive things in his life and work. Stress can be challenging, but with the right strategies and support, it can be managed.
