Believe it or not, launching a startup is the easy part. The real work comes in turning it into a sustainable business.
Of course our passion gets us through the tough times (and wine doesn’t hurt either), but after a while every entrepreneur has to face whether or not this idea of hers can truly become profitable. Even social enterprises that set out to change the world need revenue. When sales don’t go the way you hoped, business starts booming and then suddenly falls flat or you seem to be getting chump change but can’t secure that big contract, what do you do?
MONEY. It’s your best friend and worst enemy. How do you factor profit into every decision that you make?
Ed “Skip” McLaughlin will tell you plainly the purpose is profit. He ought to know. McLaughlin is the founder & CEO of Blue Sunsets LLC, a real estate and angel investment firm based in Darien, Conn. He also founded and served as chairman & CEO of United Systems Integrators Corporation, a corporate real estate outsourcing firm, sold to Johnson Controls in 2005.
In 2001, he earned Entrepreneur of the Year honors from Ernst & Young, and USI was named to the Inc. 500 list of America’s fastest growing companies. A member of the Board of Governors for Tufts Medical Center, McLaughlin founded its David E. Wazer Breast Cancer Research Fund and he is on the Board of Trustees of the College of the Holy Cross.
This month Forbes magazine praised McLaughlin and his new book, “The Purpose is Profit,” adding their agreement that, “Certainly, profitably alone is not business success, but business success without profit is hard to imagine.” So back to that pesky question, How do you factor profit into every decision that you make?
Next Thursday, Sept. 8 at 12 p.m. (EST), McLaughlin will tell you how in a live teleconference with members of Lioness to talk about how he accomplished his successes and how you can also factor profit into your decision-making. Do you have a burning business business question you’d like McLaughlin’s advice on? Send your question to us at email@example.com and we’ll have him answer it live on the call.
To join us on the call or have access to its replay so you can listen at your own convenience, click here to sign up and we’ll send you an immediate email with the call details and pass codes.
ROCK the day!
– Dawn and Natasha