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specialists in enhancement and management of human performance |
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Venture capital firms look at over half a million proposals annually, and fund about 2,000. Of these, only about 600 become successful firms. These statistics reflected in other funding sources. The SBA only funds about 5% of applicants. Garage.com, a group of "angel" investors focused on Internet and software startups, only funded 17 of the first 8,000 proposals they received. The number of business ideas that are stillborn can't be guessed at. Many things impact your chances of success. You may be aware of some, you may have some terrific assets you are unaware of, and I hope you are as lucky as you'd like. Unfortunately, it's the things you don't even know that you don't know about that may kill your dream. It may happen quickly or not, but it'll likely be painful. You needn't go into battle half-cocked when you can insure your success. During the Apollo program, NASA people got complacent, arrogant and lax. This was understandable: they had been achieving miraculous results in a spectacularly short time. They didn't continue to do what they had done to get them where they had gotten. Their trademark meticulousness dissipated. Quality wasn't scrupulously attended to, mechanisms weren't scrutinized, and procedures were bypassed for the sake of expediency. A capsule burned, with three valued astronauts trapped inside. The nation and NASA were devastated. The space program nearly ended there. More than almost any other organization in the world, NASA leaves nothing to chance, and they are able to achieve unimaginable results! If you dream of starting a successful new venture, wouldn't you want similarly spectacular results? This second article on entrepreneurial success will address more of the traits, attitudes, and habits of entrepreneurs, gleaned from many years of research and consulting with business people.
Are you adaptable to changing conditions? Change is the only certainty in the world. Successful people uncover opportunities in times of change, crisis and chaos. Are you good at innovating? Are you resourceful and flexible? Nothing will go as planned, and if you can't be responsive when the circumstances demand it, you'll be out of business soon. Even NASA's programs have experienced unforeseen setbacks, but they adjusted their plans and kept going. Do you judge your results as unworthy of mention, no matter how much you achieve? Or do you delude yourself by thinking small things mean certain success (which never materializes)? Either extreme will sabotage your progress. Look to your results: your track record is the real test of your abilities. Can you make critical distinctions about what deserves attention? Some business people focus on the unproductive activities, watch the wrong indicators, chase pointless opportunities. What REALLY delivers profit, makes the difference you want, with the right target market? What are the right questions that must be answered that will insure your success? Do you like to make your own decisions? Do others turn to you for help in making decisions? Can you make good decisions under pressure? Entrepreneurship is not a world of committees and staff assistance. You are it--for better or for worse! Whether you're sick, well, out of town, on vacation or at the movies you make the hard choices. One of the major reasons for business failure is poor decisions. And procrastination is the main obstacle to good decision-making. In a successful business, important decisions are made on a daily basis, not put off. Do you get things done on time? If not, you're probably disorganized. Good organizational skills and time management are crucial to business success. By the way, the penalty for mistakes is simple: it's failure! Are you willing to take calculated risks? Do you know how to measure risk? There are no guarantees in business startups. Business is full of risk, and successful businesses are built with boldness, not on a mountain of wild risks. You must be comfortable with a certain amount of risk, but not addicted to risk. Mitigate or reduce your risks to acceptable levels, where you can. If you gamble big, know everything you can, your contingencies, and choose to risk.
Are you continuously learning from everything, and at every step? Many new MBA's thinks they know it all (many experienced business person, too). Especially learn from your failures, breakdowns and disappointments! Can you take advice from others? Nobody knows it all and nobody has the time or money to make every mistake on their own. Being open to the wisdom and experience of others is the hallmark of a leader. People who listen, pay attention, think and learn spend more time doing what works, and less time doing what doesn't. Do you plan ahead? Can you think your goals through in accurate detail? Practical, detailed plans increase the likelihood of business success. Can shift your focus from the big picture to the small details and back? Many business failures come from getting stuck in one perspective. Account for rapid change, problems, fast- or no growth, market variations: if you can plan for and plan your way out of the worst-case, you'll see few real problems, and cope well with those that do occur. NASA was given a tremendous goal when JFK promised the US would land a man on the moon in a matter of a few years. A detailed series of projects were required at many levels of the endeavor, and nothing was left to chance. Even the Gemini program was not envisioned at the outset, but it became an obvious intermediary step. NASA produced miracles because they knew the big picture, planned meticulously, and attended to every detail. A subsequent installment will address additional practical issues. (Go to Part 3 of this article.) (Go to Part 1 of this article.)
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"The main difference between being an entrepreneur and
unemployed is your imagination." -- Unknown