Valuable Lesson for Small Business Owners

We Owe Jamie Dimon for teaching Entrepreneurs and Small Business Owners a Valuable Lesson (and every other CEO as well)

Are you a small business owner or an entrepreneur? Are you the CEO of a midsized or larger company? We all really owe a big thank you to one of the most successful Wall Street CEO’s, Jamie Dimon, the current chairman, president and chief executive of JPMorga Chase. No, this is not a roast of Jamie Dimon. It is not a skewering of Jamie Dimon article about what may or may not have taken place, or what he knew or did not know about his business. It is the opposite. We owe you one, Jamie.

Everyone who runs a business or a company should personally thank Jamie Dimon. For those who do not know, last Thursday, Dimon announced to various analysts, essentially to the world that his bank had lost $2 billion, yes a ‘b’, by taking a wrong and ‘stupid’ (his words) bet with a hedging strategy utilizing credit derivatives. (Excuse me but how do you actually ‘bet’ with a hedging strategy?)

The market punished the stock of JPMorga Chase on Friday and Monday, essentially taking $20 billion in market value off the table, out of the house, gone. Forgive me if this topic is not your typical area of interest. It will be in a moment. You may find billions and credit derivatives to be of absolutely no interest to you. Fully appreciate your view. Here is why this is so valuable. So important, we must pay attention as business owners and leaders of our businesses.

All of us who run our companies need to remember to do one thing every single day. If you are only able to do one single thing – do this and only this one thing.

Do what we are good at doing, do what we are great at doing!

Just do that one thing and you will soar to the top in your field and run a most successful business. It is when we stray off track. It is when we stop listening to the advice of others and think we are the one who needs to give advice and not receive it.

It is then we are ready to fail. You think it is not true? You think this is not about you and your company? Take a look at your vision statement for your business. Read your mission statement for your business. Is this what you and anyone who works with you, or for you is spending their time and efforts on? If not, maybe you need to rework your vision statement and mission statement. Or is it possible you and your company have strayed? You are off track. The business is involved in other businesses and other areas which are off the mark.

Do what we are good at doing, do what we are great at doing!

If you feel you must have these other items done and it is not what you or your business does best – there is a single answer in one word – outsource. This is the solution for your excuses.

Get your business back on track. Just do the one thing you are great at. Contact Mitch Tublin today, to bring your business back to the one thing you do great, at info@thementorguy.com.