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Business Ideas: 3 Business Lessons From Truett Cathy
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Today we're going to look at how a young entrepreneur who had difficulty keeping up in class and didn't believe in himself changed his life and became one of the wealthiest men in North America. this is the story of S. Truett Cathy from Chick-fil-A and the top 3 lessons that you can learn from his success.
"I realized I could do anything if I wanted it badly enough.' - S. Truett Cathy
To learn more check out my list of Truett Cathy articles at:
http://www.evancarmichael.com/Famous-Entrepreneurs/6484/summary.php or http://community.telustalksbusiness.com/blogs/talk_business/2011/03/28/how-to-lead-build-a-culture-and-prioritize-like-s-truett-cathy-billionaire-restaurateur
Action Item #1: Lead from the Front
After a particularly rough year in 1974 where inflation rates rose unexpectedly, Chick-fil-A was hit hard in the pocketbook. They had to spend more money on advertising to attract people into the restaurants. Not wanting his operators to lose their shirts, Cathy decided that he would cover the unexpected increase in costs. He took the hit so they wouldn't have to.
According to Cathy: "I didn't take a salary that year because I didn't want our employees to take pay cuts. I struggled with this but I was determined not to lose sleep over it...Too many CEOs are leaving sinking ships. They should be the last ones to leave the company. If some people are losing money, everyone should lose money, not just the stockholders."
Action Item #2: Build a Culture
Cathy doesn't believe that businesses should be open seven days per week. He built a culture around working hard for six days and then having a day off to spend with your family and for your spiritual well-being. As a result he attracts people who believe in that culture and strengthen it.
According to Cathy: "Why do we close on Sunday? Well, it started back in 1946 when I opened my first restaurant... After the first week, I determined that if it took seven days a week to make a living, I should be in some other business... We find closing on Sunday attracts those people who give attention to spiritual growth and are family oriented... The fact that we have Sunday closing helps attract quality employees."
Action Item #3: Keep Your Priorities in Order
When Cathy was 38 years old, he was diagnosed with colon cancer. He thought his life as he knew it was over. It wasn't, but the experience did force Cathy to re-examine his principles.
According to Cathy: "I think I'd like to be remembered as one who kept my priorities in the right order. We live in a changing world, but we need to be reminded that the important things will not change if we keep our priorities in proper order."
Are you leading from the front? Do you have your priorities in order? What part of S. Truett Cathy's message impacted you the most? As always, I'd love to hear your thoughts if you leave a comment below!
*** Music by Calikokat: http://www.youtube.com/user/calikokat1