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Things My Father Taught Me

As you read these words, I am in San Francisco for my father's funeral. Longtime readers of this newsletter know that I'm not one for revealing too many personal things -- I often cringe at what's shared in online posts and blogs. TMI: too much information.

But for this week, I wanted to share a few things that my father, Carl Lustic, taught me about being in business. My dad owned Lustic TV in Akron, Ohio for 57 years, which was the first independent television sales and service company in the area. He introduced the wonders of TV -- small black-and-white images on sets housed in oak or mahogany cabinets -- to thousands of Akronites. Later, in the 1960s, he brought the marvels of color TV to many more, enabling them to join the millions of Americans who gathered on Sunday evenings to watch the animated NBC peacock unfurl its colorful tail and the start of the Walt Disney program with its fireworks, followed by the western series, Bonanza. At the peak of the television boom, his business encompassed five stores and dozens of employees, from Akron to West Virginia.

As soloists, we are shaped by the entrepreneurial role models in our lives. Here are three things Carl Lustic, my father, taught me during his 88 years on the planet:

1. Embrace the new.
Carl loved science and technology, and I think he was pleasantly surprised that his daughter ended up with the "geek" gene in the family. I saw him investigate and adopt new technologies as they came to market, always ready to stay one step ahead of the competition in order to serve his customers. Born in 1919, he witnessed a remarkable trajectory of technological development in his lifetime, and I think he was disappointed that the Internet hadn't come along sooner so he could have tapped into its power. Tried-and-true methods had their place, however, if they continued to offer value.

2. Persist.
Like every independent business owner, Carl faced his share of challenges. He knew that what mattered most was persisting in the face of crisis -- particularly cash flow. A favorite story was the time the bank manager came to assess his business before giving him a loan, money that was sorely needed to bridge the gap before payment for current orders came in. Carl stacked up more than a dozen empty TV cartons along the walls of the store and the bank manager assumed they were filled with unsold inventory. The banker never asked, Carl never told, and he got the funds to keep the business afloat for the few months until he could pay off the loan. I don't know if I'd have the guts to do the same in my business, but his motto was: To win the race you have to stay in it.

3. Enjoy the ride.
Carl worked hard but knew how to play hard, too. He had a close group of friends who were also in business. One colleague had a family with children whose ages matched my brothers and mine, and our combined families shared countless camping and boating trips, cookouts, and outdoor fun. Each month, my parents took part in a regular group of four or five couples who gathered at one of their homes for "Club," which featured some card-playing but mostly laughter and conversation -- a ritual they continued to enjoy for nearly two decades. "The business" was always on Carl's mind, but he also knew the importance of R&R.

Did my father's lessons and inspiration rub off? Since all three of his children are self-employed, I'd say "Yes." Some lessons I absorbed by direct example, others I learned through his mistakes. And this week I discovered that whomever your entrepreneurial role models may be, treasure them -- for they may be gone sooner than you think.

-- Terri Lonier
Founder, WorkingSolo.com

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Next Week:
Best Marketing: Quit Sabotaging Yourself