Business Love, Student Debt, and “Guardrailing” Your Business

An Argument for Not Falling in Love with Your Business

Many entrepreneurs are compelled to start their business because they want to “do what they love”. So much so, it’s almost a guaranteed assumption that, if you opt out of the security and protection of a traditional career, you “must” be in love and passionate about what you do.

But, is turning what you love into a business a smart move?

According to some entrepreneurs, including Diana Nelson, who is the head of Carlson, (a “Minnesota-based enterprise that runs businesses, mostly in travel and hospitality, across 150 countries”) if you want to create a business that will stand the test of time, then it’s important not to fall in love with it.

Nelson’s grandfather, Curtis L. Carlson, who founded the eponymous company, taught her this lesson at an early age. Each week, Curtis Carlson would sit his family down at brunches and share his knowledge about running a successful business, including that nostalgia has no place in a company.

While it’s easy to want to let your emotions guide a business, giving in to the temptation can make a business volatile and hard-headed, which makes it impossible to give consumers what they really want and need. By keeping your business separate from your personal life, which might mean doing something different than monetizing your passion (but not necessarily), you can help your business be as sustainable as it is successful.

Most importantly, show up to work with a clear head so that you can make decisions that aren’t influenced by simply how you feel.

How Much will Small Business Owners with Student Debt Benefit from Elizabeth Warren’s New Plan?

Senator Elizabeth Warren, one of the contenders for presidential nomination in 2020, has generated a lot of buzz of late with her proposal to “wipe out” student debt across America, which would be upwards of $640 billion (and counting). While the plan sounds like an answered prayer to many Americans struggling to keep their heads above water with monthly loan payments, the skeptics wonder who will actually benefit the most - and whether the plan is feasible at all.

If the plan were to be put into action (and that’s a big if), there are plenty of reasons why small business owners could potentially benefit the most.

Why?

Well, according to the most recent reports from Urban Institute and Brookings Institute, Warren’s plan would mostly benefit “middle and upper-middle class earners”, which is where many small business owners live in terms of income. What’s interesting about the proposed debt-forgiveness plan is that the total amount eligible to be forgiven per person is $50,000. And, if an individual earns more than $100,00 then the benefits would decrease - the more you earn, the less that is forgiven.

Which, for many Americans, makes sense.

The benefits of the plan would go away altogether for any household earning more than $250,000 annually.

Why Having Strict Boundaries for Your Business Could be Essential for Its Success (+ Proof)

While many entrepreneurs get into business with “the sky’s the limit” type of mentality, there are several successful businesses that prove that having strict boundaries can actually be a powerful catalyst for success. Not only do strict guidelines keep your brand identity clear and your business niched, but they help you answer questions along the way, eliminating potential stress and avoiding missteps.

Hu Kitchen, which was founded by Jordan Brown, Jessica Karp, and Jason Karp, is a great example.

Setting strict business boundaries, or “guardrails” as they refer to them, allowed Hu to be focused from the beginning, never wavering on who they were or what they did. And, because the trio lived by their guardrails (in their case, gluten-free and paleo eating), Hu had the advantage of conveying a level of authenticity that is often difficult for new businesses to create.

In an interview published on entrepreneur.com, Jessica Karp said that, while ”maintaining our standards is always a challenge, because we're so meticulous about it,” having these strict guidelines is exactly what formed the entire business ethos at Hu. As such, they work hard to “never compromise on our guardrails”.

Hu, which creates chocolate and baked goods that are vegan, paleo, and free from gluten and sugar, continues to be successful because its identity is so strong. Now stocked in Whole Foods across the country, Hu is continuing to expand its product line, but, as you guessed, without conceding any of its principles.

And their commitment is attracting major attention from investors, including Tim Ferris, who participated in Hu’s first series A round last year.