In a recent episode of Lion People Global’s “End Game: Growth Solutions Masterclass”, Larry Gould, CEO of the Big Word, offered valuable insights into the importance of choices in business and personal life. A seasoned entrepreneur, Larry shared his thoughts on how making the right choices can transform language service companies and help individuals overcome challenges in their professional lives.
Larry began the conversation by highlighting the lack of emphasis on choices in education and society. “People have preferred choices for their children, for their workers, for their wives, husbands, partners, whatever. They have their preferred choices, which they often impose onto other people,” he said. This observation rings true for business owners in the language services industry, who may feel pressured to follow traditional paths or make decisions based on external expectations.
Larry went on to encourage listeners to consider the choices available to them, particularly if they feel unhappy or unfulfilled in their business. “If you are miserable in the business at the moment, you’re going to have to think about how you’re not going to be miserable. You can choose not to be miserable. I totally promise it,” he asserted.
The language services industry has seen a significant influx of startups entering the market. Larry applauded this trend but also noted the lack of support for these ventures once they are established. He expressed sadness at the number of business owners who seem to be unaware of the choices they have in shaping their ventures.
To address this issue, Larry urged business owners to ask themselves important questions about their current situation and the choices available to them. This may include considering management changes, forming partnerships, or even selling the business. “Your whole life, or my life, is all about asking a question about myself, asking what choices I have, and then I feel kind of calmer,” he explained.
For language service companies, understanding the power of choice can lead to better decision-making and improved business strategies. “Choice is the key word. Because if you’re not doing well, then you’ve probably not made the right choice in the way you’re actually working,” Larry pointed out.
In conclusion, embracing the power of choice can be transformative for language service businesses and individuals alike. As Larry emphasised, “Choices, it’s a – if you realise you’ve got them, it’s like having a drug, a fix. You’ve got them. I promise you. You’ve all got choices.” Acknowledging and exploring these choices can lead to more satisfying and successful professional experiences in the language services industry.
If you want to know more about this area, visit Lion People Global’s website where you can watch back our M&A Talks series of videos and fill out a questionnaire that entitles you to one hour’s free consultation on getting a LSP or language tech business ready for sale.