Learning from today’s failures in order to achieve tomorrow’s success
Lisa Morton once said “Some say I'm an overnight
success. Well, that was a very long night that lasted about 10 years.” Her
point is well made and recurring throughout time due to a fact, which all
successful people know. All success is predicated by a much longer period of
trying, failing, trying and trying until the stars a-line and success happens.
In my own career, I have worked with 3 start ups thus
far and can say with a degree of certainty that Dublin’s startup scene is
currently one of the most vibrant, youthful and committed in the world today!
As with elsewhere, the formula for success is still elusive and first time
entrepreneurs seem to have a consistent expectation for success. I personally
think it’s admirable but from experience know that the high failure rate is
down to many things, which are covered in some of my prior posts. What is as
important as the environmental and constituent elements of a new business is
the expectations of the entrepreneur and how they go about putting it all
together.
Here are some points I have noticed in my own career
to date, which bear merit to the new business entrepreneur setting out on the
road to success.
Expect to succeed in business, not in your
business! Contextualise your mindset with a high
fault tolerance knowing that whilst you expect your business to succeed, it is
likely to fail on your first try as an entrepreneur. This does not mean
you should fail in business. Segregate your career as an entrepreneur from your
new business and be prepared to start again. Accept failure as part of the
company lifecycle, which will drive your career as a business owner. By doing
so, you can be less burdened by the ability to fail, thus focus on the path
ahead to success.
Flexibility is key, assertiveness is its
vehicle! They say ‘keep an open mind, but don’t let your
brain fall out.’ The entrepreneur should remain mentally flexible and open
to comments, suggestions and criticisms. They should vet them for positive
intent on behalf of the sender and deal with them assertively even if it’s
negatively intended. To assert oneself positively even in a negative situation
is to establish a stronger position based on one’s interests rather than the
position they hold. A conversation that starts off as negative, can with an
assertive reaction by the entrepreneur finish very positively a couple of
minutes later.
Manage your work life balance -
Work hard, stay committed and do what you need to for your business.
However, there is a limit that needs to be respected. Keep a tight reign on
your time as overworked and exhausted can put you out of business as quickly as
anything else, especially when your own judgement and performance becomes
impaired by fatigue.
Start with the end in mind -
It’s too easy to have a great idea, start a business and get lost in the
reasons why things can’t be done, cope with them and come out the far side a
different person with a business you never wanted at the beginning of your
journey to success. Success does come with a price but don’t prepay for it with
a lack of consideration for things normally associated with larger companies
like organisational structure, leadership practice, process management,
documentation of work practices and company culture. IF you intend to have a
business success with a hierarchical company culture, then match that intent
with an appropriate business idea and plan. Don’t expect to succeed in a
startup that requires a team effort from founders, employees and interns
building services or developing specialist products that require expert
knowledge using a dictatorial leadership style, chain communication practice
and a wish for a “command ‘n control” hierarchical company culture. Match your
“style” with you business plan as if you do not, the secondary issues that
arise from this mismatch are likely over time to destroy your business before
it really begins.
From idea to vision to practice to culture
- people come first! - A start up of any kind is more likely
to succeed if Founders surround themselves with like minded people. There is
synergy with 3 Founders and 6 Employees all being givers and collaborators
gelling in a near unconscious way to form the nebulous adhocracy company
culture before they even write a single operational policy document. Deceiving
any one of those people who are not like you into “becoming you” is an act of
arrogance that will ultimately lead to compatibility problems. Given the
profound impact employees and founders alike have on the potential of a new
business, such an issue can lead to disaster if left unchecked.
There is no exhaustive list for becoming a successful
entrepreneur. Many “feel” their way through a process of “on the job” learning
as they go to become successful and in many cases are blessed with good luck to
help them on their way! What is clear though is that those who learn from the
mistakes of others, clearly understand who they are, what they want and how
they are going to get it will stand a higher chance of success than those who
are unclear in these areas. As the old saying goes “give a man a fish and he
feeds his family for a day, show a man how to fish and he feeds his family for
life”. With entrepreneurship, the trade craft can be learnt without drowning in
the process. Do you agree? Leave a comment today...
Sources/Credits:
Credits:
Lisa Morton for here quote from http://www.brainyquote.com/quotes/keywords/overnight_success.html
| http://www.brainyquote.com/quotes/keywords/overnight_success.html#EBuTrwVeB7l1pE0c.99
