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Episode 1308:
Dr. Jeff Cornwall provides a comprehensive guide to thoughtful business growth through his "bottom-up" forecasting approach, emphasizing the importance of planning and financial discipline for entrepreneurs. By sharing the journey of his daughter and son-in-law's business, Harpeth Painting, Cornwall illustrates how to determine the necessary size and financial targets of a business to support personal and family goals, advocating for a balance between entrepreneurial pursuits and personal life.
Quotes to ponder:
"The single biggest cause of business failure is success."
"Rather than growing the business simply because you can, know how big you need it to be to meet your short and long-term needs."
"Life is short. There is more to life than running a business."
Episode references:
“Discovery-Driven Planning" by Rita McGrath and Ian McMillan in HBR, 1995: https://hbr.org/1995/07/discovery-driven-planning
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