He’s a comedian by trade, but don’t let Red Foxx fool you: his character was a negative model for positive entrepreneurship. If you’re a fan of the ’reverse effect', check out these teachings.
A dingy red truck chock full of junk collected from the streets of South Central L.A. A sensible son wanting to expand his horizons against the indignant wishes of his crotchety old ‘pops’. Sure, not exactly the trappings of a successful business partnership, yet somehow watching every comedic episode instilled more and more business sense into my 10 year young brain pan.
Although I’ve never (successfully) collected and recycled one ton of metal or sold antiques out of a home-based shop, you should understand the insights Fred G. Sanford and his faithful son offer into the world of mid-1970’s commerce is about as pragmatic as it comes. It was that pragmatism that taught me the multidimensional business acumen I enjoy today. Here’s what he taught me about entrepreneurship.
Get rich quick schemes backfire every time
As comical and nonsensical as Fred was, he’s best known for portraying an irascible conspirator that would do anything for that quick buck. Although at age 10 it made little sense why Mr. Sanford was incessant on finding ways to get rich, his actions forty years ago have played out in such fashions as Ponzi schemes, MLMs that fail miserably and insider trading shams that bilk honest investors out of fair stock pricing.
When your entrepreneurial mindset continually zones in on the ‘right now’, you’re effectively robbing yourself of more lucrative gains in the future. Besides, schemes are illegal (and Fred knew this – it was part of the comedic ‘hook’), or at least highly unethical.
Greed is the Sword of Damocles
If you recall, Lamont and Fred were ‘chintzy’ with cash and possessions. Whereas Fred wouldn’t come off a dollar to buy aspirin unless it was dire and would probably have participated in online gambling in Canada should he still be alive today, Lamont wanted to sell everything well past its worth. In many situations, that greed lent itself to missed deals (such as selling his property to a Chinese businessman for more than its valuation, only to have an elder balk on the deal) and numerous arguments. Starting to sound like your partnership? Don’t feel alone – it plagues thousands just like you.
We go into some form of entrepreneurship for profits; I get that. What becomes problematic is losing focus of the real American dream – leaving a legacy behind for our children to follow or at least appreciate. Calculate what you and your family really need to live on, plan frugally for emergencies and always have a respectable amount of reserve funds should an opportunity to branch out arise. Perform all deals with fair and equitable connotations instead of worrying about pulling one over on the other guy.
Inventory control is integral
The Sanford’s had no viable method of tracking inventory; unloading your truck and pricing items according to their perceived value without checking them into an inventory control system is the cardinal no-no we learned in business economics class. Lacking any formal means of enumerating your goods, whether virtual or physical, could lead to very angry consumers or arguments when your supplier collects their Net 30 invoice payment.
Never surplus goods you cannot immediately sell off should your business hit murky waters. If you cannot perform marketing tasks for fifty clients in one given month, offer excess clientele to similar businesses in exchange for the same consideration in the future (just disclose this to clients beforehand).
It may not have been the most sensible way to learn entrepreneurship, but it worked. Along the way, I’ve learned many great things in small doses from businessmen that took five minutes to lend their advice. To the new (or refined) entrepreneur, I leave you with this: if you wouldn’t buy into the idea, never expect customers to.
