Business Corner
STRATEGIES & ANALYSIS
possession required by all generations
was a strategic vision. The chart on the
previous page, “Strategic Vision,” shows
that 100% of the first, 50% of the second, 80% of the third and 72% of the
fourth generation entrepreneurs said
that having a strategic vision was a
“must have” when starting a coatings or
paint business.
the need for a strong strategic vision
that is driven by energetic initiative
and persistence, which is all held in
place by ethical business practices. CW
See Chemark’s ad this month on page 42.
SUSTAINING A COATINGS BUSINESS
Five key drivers were identified to sustain a coatings business. Of the five drivers identified that will sustain the business over the long-term, strategic vision
was overwhelmingly the number one element that dominated the survey’s
results at 85%, 85%, 82% and 95%, for
first, second, third and fourth generations respectively (See chart on previous
page, “Strategic Vision Sustains the
Business”).
TRAITS AN ENTREPRENEUR
MUST POSSESS TO SUSTAIN
AND RUN A COATINGS BUSINESS
Twenty traits were identified that an
entrepreneur must possess in order to
sustain and run a coatings business.
As important as it is to have a strong
and relentless strategic vision when
starting a coatings business, it is just
as important when running it continuously. In every generation surveyed,
all individuals considered strategic
vision along with initiative and persistence to be the second most important elements to running their respective companies successfully. However,
the number one element in sustaining
their companies was ethical behavior.
The overwhelming consensus of opinions agreed that without a solid foundation of ethical behavior, their businesses
could not prevail.
In the end, regardless of the size of
the company’s revenue as well as varying managerial generations, closely
held coatings companies hold fast to
