Developing the Entrepreneurial Spirit
I have always enjoyed creating business opportunities. Whenever I see an area that screams for a business to fill the void, I start one. Starting a new business accomplishes a number of things for me. Everyone has to have an income stream and these ventures allow me and my family to live the life we desire. And the end result, or product that is created, is something designed to help the customer or give them something they want. So, everybody wins.
There is a philosophical aspect to starting and operating a business that is centered on the strength and sincerity of the company's moral code. Is it managed by straightforward, honorable people? Does it create added value for its customers at a fair price? I have always attempted to give my customers and business associates the highest-quality products and services and at a fair price. When you closely examine the subject of our cover feature this month, Southwest Airlines, you will notice that it has always served the customer with a reasonably priced product that is chosen by travelers from coast to coast. Its recent re-entry into the Denver market has proven that. It has quickly built its business back to anticipated levels and expects to move even further ahead within the next few years.
Southwest knows its limitations and its strengths and the company's management uses both effectively. It expects a great deal from its employees but it also expects them to enjoy their workday. Its human resources department places a great deal of importance on the quality of humor when hiring new employees. From the boardroom to the cockpit, it was important to the corporate structure and the 'founding fathers' of the company to make sure that the employee base actually enjoy their workday with the company.
This managerial attitude has served Southwest well. It has flown the U.S. public for more than 35 years and has shown a profit every year since 1973. That kind of success just doesn't happen by accident. It's not a fluke. The entrepreneurship center at the Miami University of Ohio studies this unique business attitude. It tells its students that "entrepreneurship is the process of identifying, developing, and bringing a vision to life. The vision may be an innovative idea, an opportunity, or simply a better way of doing something. The end result of this process is the creation of a new venture, formed under conditions of risk and considerable uncertainty." That's what makes it exciting. Creating something noteworthy that will generate a cash flow while offering customers something they need or want. It's visionary; it's creative. It goes way beyond business. It's like painting a picture; entrepreneurship, if done correctly, is an art form.
Enjoy the story of Southwest Airlines and its CEO, Gary Kelly, in this month's issue, but, even more, determine how you can create your own business structure or improve the one you have already. The U.S. is one of the few nations on Earth that allows people to dream and succeed. Begin planning your dream today.
Originally published in James Dicks: Buy*Sell*Hold magazine.