Apr 262012
 
Share

push beyond

Want Extraordinary Results?  Push Beyond.

Achieving extraordinary results is not the domain of those who are not willing to leave their comfort zone; it is the territory of those who are willing to push beyond.

This means that just at the moment you feel like you cannot take any more, you need to reach deep inside and push beyond the pain you are feeling, assuming you can do so without causing any permanent damage.  Let me emphasize that qualification:  assuming you can do so without causing any permanent damage.

What does this mean in practicality?  Well, I do a lot of consulting and coaching in both business and in the sports world (particularly soccer), so I need to differentiate between those two worlds.  In the business world, pushing beyond typically means doing things that you’re not necessarily comfortable with, for example, making sales calls.  In the sports world, it usually means that just when you think that you cannot do any more (reps, distance, practice, etc.), you’ve usually arrived at the point where you’re in a position to learn and make true gains.  In both worlds, this must be done in the context of preserving both your physical and mental health.  Furthermore, you must learn to take responsibility for knowing yourself and recognizing when “a push beyond” may actually cause you serious and potentially permanent damage.  There’s often a fine line between making extraordinary gains and causing irreparable damage.  Top achievers learn to walk that line very carefully.

So why do I bring up this concept of pushing beyond?  In my own experience and in my observation of those whom I train and advise, it is only those who are willing to push the limits that truly accomplish extraordinary things.  Think about it.  If you are someone who is comfortable with just doing the minimum or doing what everyone else is willing to do, how can you expect to achieve extraordinary results?  By definition, anything that is extraordinary is not ordinary!  It cannot be achieved by ordinary means, except with a big dose of luck.  If you’re a high achiever, or aspire to be one, you cannot be content to let luck play too big a part in your success.  Rather, you must learn to take control of your own destiny, commit yourself to achieving the challenging goals you set, then be willing to push beyond when pain, fatigue and other issues such as fear of failure get in your way.  You have to commit to yourself that you will do whatever it takes, within reason, to make your goals a reality.

In soccer there’s a term you hear used frequently called “work rate”.  You’ll hear coaches and announcers say, “Her (or his) work rate is excellent”.  This means that the player is putting in a significant effort.  He or she is not standing around hoping that good things will happen.  Rather, they are being proactive and working hard to create opportunities for themselves and for their teammates and limit opportunities for the opposing team.  In other words, they are doing what they can to take control of their own destiny, in that game or practice, and by extension, in their career and their lives.  The same holds true in business.  A person’s work rate can have a profound effect on the ultimate success they achieve.  Granted, luck will always play some part, but the achiever does everything they can, in their power, to achieve the goals and results they are seeking.  This includes pushing beyond when things get tough.

How is your work rate?  Do you push beyond when the going gets tough?  Take an honest look at how you approach the endeavors that are important to you.  Make adjustments as necessary and I’m confident that you will begin to see results that are more in line with what you are hoping to achieve.

I look forward to your thoughts.  Please leave a comment (“response”) below or in the upper right corner of this post.

Paul Morin

paul@companyfounder.com

www.companyfounder.com

Don’t miss an issue of Company Founder! Subscribe today.  It’s free.  It’s private.  It’s practical information for entrepreneurs and leaders interested in taking it to the next level.

Go to the right-hand navigation bar near the top of the page, enter your email and click subscribe.  We respect your privacy and will not sell your email address.  Note:  once you subscribe, if the confirmation email doesn’t arrive, check your spam filter.  It usually makes it through, but sometimes those pesky spam filters don’t know what’s good..

Share
Jun 232011
 
Share

Don’t Fear Making Mistakes

Don’t fear making mistakes; fear not making enough of them. Let’s consider two scenarios: 1.) The person who hardly ever makes mistakes; 2.) The person who makes A LOT of mistakes, but is careful to learn from them each time. Who do you think will accomplish more in their chosen endeavor (and in life in general)?

In my experience, chances are very high that the person who is willing to make mistakes, but also very careful to learn from each one, is likely to accomplish significantly more than the person who is not willing to make mistakes. Let’s look at a simple scenario to understand why this is so.

Let’s say you are an entrepreneur and you are launching a new product. As a good entrepreneur, you have developed the product because you saw an unmet need in the market and validated your perception by talking to potential buyers and even receiving substantial orders in advance of the release. In fact, the pre-launch orders were so substantial that you decide, for the time-being at least, not to seek other channels of distribution or pursue other potential customers for your new product. You feel comfortable with the $2,000,000 million in first year sales due to pre-launch orders and don’t want to risk going after other potential markets/customers that are not a “sure thing”. In other words, you’d prefer not to make a mistake and decide you are satisfied with the results of your initial foray.

Across town is another entrepreneur, a competitor of yours, in fact, who has developed a similar product. It only does about 80% of what your product does, but that competitor is confident that it is the “80% that matters” and that it will not limit the ultimate success of the product. Because the product does not have all the bells and whistles that yours does, your competitor only achieves $500,000 of pre-launch sales. Not satisfied with this, your competitor aggressively begins to explore alternative markets, uses, and distribution channels for the product. At first she finds little success, spending several months with very little to show for her incessant efforts. In the fourth month post-launch the competitor hits “pay-dirt” and strikes a relationship with a then little-known (in America, at least) Asian distributor of similar products. The relationship yields first year sales of $4.25 million, with strong profit margins, despite the distribution cost, as it turns out the Japanese demand is through the roof, permitting higher prices. The exchange rate also helps your competitor out.

So, in the end, your competitor achieves more than double your first year sales on a similar, competing product. What happened here? First, your competitor was not content with the pre-launch sales achieved, whereas you were. Second, for a wide variety of reasons, potentially including having a strong enough level of self-confidence to not be daunted by the prospect of encountering a bunch of “failure” before success, your competitor pressed on in looking for alternative markets and sales channels. Finally, your competitor viewed every “mistake” as an opportunity to learn and a step in the direction of their ultimate goal of maximizing sales and profitability of the newly launched product.

This situation repeats itself endlessly in the business world and in all other endeavors. Certain “players” become content with their achievements very quickly, long before achieving their ultimate potential. They become comfortable. They become afraid to make mistakes. Their ego is not strong enough to take any hits. They like their position as it is and they like the recognition they are receiving, so they don’t want to risk making mistakes and damaging their self-perception and the positive opinion others may have of them.

On the other hand, there are players who experiment endlessly, enjoying their successes, learning from their “failures,” but never completely content that they have achieved all that they can. They see mistakes and “failures” as opportunities to learn, not as a hit to their sense of self-worth. They learn to make as many mistakes as possible, as quickly as possible, so they can achieve their goals more rapidly and not stagnate. They understand the importance of making incremental progress and make smaller mistakes where possible — mistakes that will not “kill the company”. They’re not indiscriminate risk-takers betting the farm at every chance they get. Rather, they take a constant series of incremental risks, in order to learn, gaining whatever insights they can from each mistake, and then moving on. They do not dwell on mistakes.

Do you fear making mistakes, or do you see them as an opportunity to advance toward your ultimate objective(s)?

I look forward to your thoughts and comments.

Paul Morin
paul@CompanyFounder.com
www.CompanyFounder.com.

Share
Jun 202011
 
Share

Where Does Greatness Come From?

Let’s focus in on human greatness here, as there are a lot of types of greatness in the world. So, where does human greatness come from? No one knows exactly, but I will give you some ideas of the steps to get there, based on my in-depth study of over 250 of the all-time great historical figures in a variety of fields, as well as my interviews and conversations with a large sample of contemporary greats, in fields ranging from entrepreneurship, to the military, to science, sports and many others.

The first and most important lesson is that generally speaking, people are not “born great,” simply knowing from the very start that they are gifted in a certain area and that they will become one of the “greats” in that area. As previously discussed, as much as there’s a great deal of folklore and exaggerated stories out there to that effect, most human beings do not become great at something from one minute to the next, without a huge, concerted and inspired effort. The common wisdom now is that it takes roughly 10,000 hours of deliberate practice to move from beginner to expert in a particular endeavor. That does not necessarily make you “great” of course, but usually, if done correctly, it will at least get you to “expert” status. You will know more and be better at your chosen endeavor than the vast majority of the remainder of the human population.

So if it’s relatively clear what it typically takes to become an expert in a field, is it also clear what it takes to achieve “greatness” in a particular endeavor or field? Unfortunately, not really. In my experience as an advisor and coach and in my research, I have found a wide variety of paths to greatness. That’s good news and bad news, as the saying goes. It’s good news, since even if you are not or have not been on a particular path, it doesn’t, de facto, mean that you cannot become great in your chosen field or endeavor. It’s bad news because it doesn’t give us one well-defined path to zoom in on in an effort to achieve greatness. That being said, in my experience and my research, I have found some common threads of the path to greatness. I will lay out those commonalities in the form of a ten-step process to become great at anything. There are no guarantees, of course, as most of the hard work rests on your shoulders, but by using this approach, in my opinion, you will maximize the probability that you can become “one of the greats” in your endeavor.

The first step is to identify the area of greatness that you are pursuing. You should be as specific as you can, given that the more nebulous you leave it, the more difficult you will find it to make focused efforts toward achieving your goal in the steps that follow.

The second step is to uncover the key requirements to become great in your chosen endeavor. The four main approaches you will pursue in uncovering these requirements will be the following:

a. Go directly to the “horse’s mouth”. That is, you should contact one or several people who have already done what you’re trying to do – become great in your field – and ask them how they did it. Try to get as many specifics as possible.

b. Talk to one or several coaches in that domain. These could also be referred to as subject matter experts (SMEs) or maybe even SMEs with a bit extra, as they have chosen to be coaches and thus are likely oriented toward understanding how to maximize performance in your particular endeavor.

c. Read books by experts in the field. Reading appeals to some folks and does not appeal to others. There are also many books on tape now, which you can listen to when you are driving or exercising. If you are more oriented toward learning from video, you should also be able to find plenty of resources in that medium.

d. Watch true professionals in action. If what you’re trying to become great at is a sport, watch as many events as you can, but don’t just watch as a fan or casual observer; watch as a student of the game. Likewise, if your focus is in business or another area, become a curious student of all that happens in your field.

The third step is to take stock of your natural abilities. Take a look at your physical and mental attributes. Don’t judge yourself or determine whether these attributes are good or bad at this point, just take stock. Are you exceptionally tall? Are you great with numbers? Etc.

The fourth step is to look at your strengths and weaknesses relative to what you’ve determined that it takes to be great in your chosen endeavor. You’ll want to go into great depth here, as understanding where your weaknesses are, for example, will allow you to structure your practice in a way that helps you to optimize your use of time and accelerate your road to greatness.

The fifth step is to focus in on your “why”? That is, why do you want to become great at this endeavor? What is it that’s driving you? Is it a “strong why”? In other words, do you think it is sufficiently strong to drive you to put in and maintain the extraordinary effort and concentration level that will be required to become great?

The sixth step is to set goals for yourself. You will want to set short-, medium- and long-term goals that take into account the requirements to become great, as well as the specific areas you’ve determined where you need to make improvements. Monitor progress toward your goals and make sure that you set a timeline for completion of each goal.

The seventh step is to constantly reinforce your belief that you can attain the goals that you’ve set for yourself to become great in your endeavor. This belief will be reinforced regularly if you have set your goals in a way that they are achievable on an incremental basis. Allow yourself to achieve small victories along the way, as this will nurture your belief. As with the later step of maintaining calm, you will also want to use positive self-talk and visualizations in this step.

The eighth step is to develop a detailed preparation schedule that is oriented toward reaching your goals and achieving greatness. Regardless of what your endeavor is, you may want to work with a coach or other qualified third party to ensure that your preparation schedule makes sense in terms of getting you to where you want to be without burning you out in the meantime.

The ninth step is to make sure that you have in place a calming mantra and approach for when you get into stressful situations on the road to achieving your goals. If you are trying to become great at anything, no matter what the field, it is inevitable that you will encounter some, maybe even a huge amount of stress along the way. You need an approach to deal with fear and stress and keep progressing toward greatness. That approach will likely involve extensive use of positive self-talk and visualization.

The tenth step is to constantly work on and nourish your will to succeed and concentrate. In fact, based on my experience and research, this may be the most important step and factor in your success. There are very few exceptions among the historical and contemporary greats that did not have to exercise enormous power of will and concentration, usually on many, many occasions. Becoming an expert is challenging enough. Becoming great is another whole level and it almost always requires many instances of calling on massive willpower to overcome the inevitable obstacles that lie in the path to greatness.

We’ll go into each of these steps in much more detail, but this summary gives you an idea of the path you need to follow to move from beginner to expert, and then, if your “why,” your belief and your willpower are strong enough, on to greatness.

I look forward to your thoughts, comments and questions.

Paul Morin
paul@CompanyFounder.com
www.CompanyFounder.com.

Share
Jun 132011
 
Share

Self-Doubt:  Your Best Friend or Your Worst Enemy

As an entrepreneur or anyone trying to achieve something, self-doubt can be your best friend or your worst enemy.

In my coaching, consulting and my own entrepreneurial endeavors over the last 30 years, I have noticed that while some people seem to have unflappable self-confidence, most seem to vacillate between self-confidence and self-doubt. By the way, I’ve also noticed that when you dig below the surface even just a bit on those who seemingly have “unflappable self-confidence,” they too have plenty of self-doubt, often times much more than everyone else. They just have well developed mechanisms for hiding their doubts from the rest of the world.

As it turns out, self-confidence and self-doubt are two sides of the same coin. Self-doubt and wanting more are an important part of the built-in mechanism that has allowed human beings to adapt and evolve over time. Self-doubt is also what fuels us to try harder and to learn more, so that we can feel that desired mental state of self-confidence, even if just briefly and periodically.

In the end, it’s really only possible to overcome self-doubt with action. You need to do something, overcome your fears and achieve something you never thought possible. That will do wonders for your self-confidence. You know how the story goes though: after a brief period of satisfaction with your accomplishment, you will likely then start to experience self-doubt again and feel the need to push on and accomplish more. If handled well, it’s what is often referred to as a “virtuous cycle.” If not handled correctly, it is likely to devolve into its evil cousin, the “vicious cycle.” Let me explain.

So let’s say you’re experiencing a serious bout of self-doubt. You’re in a funk, as the saying goes. You’re wondering if you’ll ever do anything successfully. Ask yourself a couple of questions: Am I a perfectionist? Am I always setting goals for myself that I have no possibility of attaining in the allotted timeframe? I see it all the time in the people and companies to which I coach and consult. They set impossible goals then wonder why they don’t reach them. I’ve certainly been guilty of it myself as well.

Here’s the key: set incremental goals that will allow you to reach your ultimate goal(s). Allow yourself to be successful along the journey to achieving your major goals. Will you still experience self-doubt along the way? Yes. But use it to your advantage. Use it to fuel your desire and give you energy to practice enough and correctly. Use it to motivate you to set incremental goals that will allow you to have successes and believe that you can reach your bigger goals. Use it to give you the determination you need to chart your own course to accomplishing your goals.

Don’t set yourself up for failure and constant self-doubt by setting impossible goals. Allow yourself to succeed incrementally along the way and you will be shocked how much better your results are, how much happier you feel and how much you enjoy those moments of self-confidence, even it they come and go as part of the virtuous cycle you’ve created.

I look forward to your thoughts and comments.

Paul Morin
paul@CompanyFounder.com
www.CompanyFounder.com.

Share
May 122011
 
Share

As An Entrepreneur, Your Number One Job Is To Believe

I was talking with an old friend of mine today regarding his experience founding and building the leading business in a market segment he pioneered in Brazil, first in São Paulo, then throughout the country. Actually, I was interviewing him to get his insights for a book I am writing regarding peak performance and what it takes to achieve “greatness”.

During our discussion, he told me a very interesting story that illustrates the importance of believing that what you’re doing will work, will be successful, beyond a shadow of a doubt. The story starts with him moving to Brazil from Philadelphia after finishing school and wanting to continue his run as an entrepreneur. Before coming to Philadelphia for school, he had been a successful entrepreneur in the entertainment space in Paris. But now, here he was, moving to yet another country, recently married to a Brazilian woman and trying to figure out what business he could start that would be successful in Brazil. At the time, he barely spoke a word of Portuguese, which was going to make it very interesting as he tried to persuade prospective customers.

He found a partner with a similar background and a similar set of advantages and disadvantages, the most important of which were not knowing the language and having no idea how to build a business in the Brazilian setting. In case you’re not familiar, Brazil has been ranked as one of the most difficult places in the world to start a business, largely due to the massive bureaucracy and red tape involved. To complicate matters even more, the business he and his partner decided to start was in the healthcare space and had more than a tangential connection with doing business with government entities – yet more red tape. Another big challenge was that they were trying to bring a model that had been successful in the United States, but had no track record in Brazil. I guess you could say they really had the “deck stacked against them”. Despite this fact, based on their previous performance as successful entrepreneurs, they were able to attract startup capital and they did get their business going.

In order to be successful, given what they were learning about how business worked in Brazil, my friend relatively quickly realized that he would have to establish a distribution arrangement with one of the successful industrial families of Brazil that would be able to open doors for him. So, with his relatively weak, but steadily improving Portuguese, my friend began to contact families that were in businesses that could make sense. He made a lot of calls and heard “no” more times than he cares to admit, but due to his perseverance and belief in what he was doing, he pushed on. Finally, after about a year of denials and what at times felt like a hopeless battle, he met with a well known family that had a very strong distribution business with national reach. He gave his pitch and fortunately, after some hemming and hawing, it was accepted. To this day, six years later, even though his company has grown significantly in the meantime, this is my friend’s most important distributor and has been a tremendous ally in opening some important doors.

So now we get to the part about why, as an entrepreneur, believing, even when it seems no one else does, is your most important job. My friend was talking with this distributor the other day, in his now close to perfect Portuguese, and they were reminiscing about old times. The distributor was telling him that when they first met, he really understood very little about the niche my friend was going after and specifically what he was trying to do. BUT, he said, “I could see that you believed very strongly in what you were doing – your passion and belief came through in the way you communicated your ideas. So I took a chance. I really bet on you and the strength of your belief.” This is an example of where the strength of your belief in what you’re doing can make or break the success of your endeavor, whatever that endeavor may be, in your business or the rest of your life. Your belief comes through in everything you do and if it’s strong enough, is obvious to everyone with whom you interact.

The story has a very happy ending, as the niche my friend pioneered is now taking off in Brazil and my friend and his partner stand to do very well as a result, as due to their perseverance and belief, they are now positioned in front of the wave, as the number one provider in that space.

I look forward to your comments. Do you have an example where your belief or that of someone you know was the deciding factor in the success of a business or other endeavor?

Paul Morin
paul@companyfounder.com
www.companyfounder.com.

Share
May 102011
 
Share

Your Will To Succeed

The Most Important Character Trait As An Entrepreneur

In my consulting and coaching practice, I have the good fortune to interact with a lot of top entrepreneurs, CEOs and athletes. I’m in a particularly intense period of such interaction right now, as I’m in the thick of research for a book I’m writing on peak performance and what it takes to be “great” at anything.

My coaching, research and consulting look at many factors that impact peak performance on an individual and organizational level. Even though we look at a wide range of factors, there is one factor that always stands out in successful individuals and organizations: the will to succeed. Given the complexities of talking about this factor as it relates to teams and organizations, I will focus here on the will to succeed on an individual level.

In talking and working with top performers in business and sports, we cover a wide range of factors including: natural ability, clear goals, preparation, belief and the will to succeed, among many others. I see a wide range of variability on all but the will to succeed. In peak performers, almost invariably, when we look at their will to succeed and talk to them about it, its importance comes out as a “10” on a scale of 1-10. When you take a closer look, it’s relatively easy to see why.

First of all, we all start out with different levels of natural ability. In reality, it’s something that’s beyond our control. As the saying goes, “you’re born with it, or you’re not”. Secondly, some people are extremely goal driven, while others are not. Next, some people are fanatical about preparation, while others tend to do the minimum to get by, and yes, this is even true among top performers in many disciplines. In terms of belief, it’s true, most peak performers do have a strong belief that they can be great at what they do, however this belief is something that usually develops over time, with each successive milestone reached.

The will to succeed, on the other hand, is a different sort of animal. While it’s true that many people that have a strong will to succeed seem to be “born with it,” the majority appear to pick it up from environmental factors, often in the early and formative years of life. In my case, for example, I grew up in a very competitive household, mainly with adults. I was not an “only child”, but my siblings are much older than me, so I spent most of my childhood with adults. I observed what they did and how they competed, and from a very early age, even though I was a child, I wanted to and I believed that I could beat them. When I was wrong in certain disciplines, mental or physical, I worked as hard as I could – I studied and trained as much as necessary, in order to beat them, despite the difference in years.

Other peoples’ inner drive to succeed comes from other factors. Perhaps, for example, as is so often the case, a person may grow up seeing what other people have and wanting to be more like them. When I say seeing what people “have,” I’m not necessarily referring to material things. Sometimes we see that other people have the lives we think we want, whether those lives include a lot of wealth, or an apparently happy family, or an apparently rewarding job – whatever it may be. In my coaching work, I often see that people are driven by trying to obtain the lives that other people have. Although this is often misleading, which people only realize once they obtain those things or “that life” that they had been envying, nonetheless, it can be a great source of motivation, drive and willpower.

Then there’s that inner drive that cannot be simply explained by childhood rivalries or by trying to keep up with the Joneses. That harder to explain drive and will to succeed may in fact be the most powerful of all. Where does it come from? I don’t have a great answer for you. For the religious, it comes from a God, that is whichever God they worship. For the non-religious, it comes from some inexplicable source, perhaps from some unknown drive within the human species to continue to evolve and improve constantly.

Regardless of where you may believe the will to succeed comes from, in my experience, it is the single most consistent and powerful factor in all peak performers in all areas of endeavor, including entrepreneurship. Cultivate your will to succeed. Make sure you focus on endeavors where your will to succeed, to compete, and to be at your best is alive and well. If you don’t feel such willpower in what you are doing, ask yourself why. Should you be doing something else? Or is it simply that you need to be more focused so that you can fully engage your will to succeed? Be honest with yourself and realize that without a strong will to succeed in any particular endeavor, your odds of achieving “greatness” are severely diminished, as you simply will not have the strength to overcome the inevitable roadblocks and challenges you will face.

I look forward to hearing your thoughts and comments. Do you agree that the will to succeed is the single most important factor on the road to greatness in any endeavor?

Paul Morin
paul@companyfounder.com
www.companyfounder.com.

Share
Mar 292011
 
Share

For those of you who are poker players and entrepreneurs, you may get a feeling in your gut that this headline is accurate; if you don’t let’s see if I can convince you otherwise. For those of you who are not poker players, in particular tournament poker players, I will try to lay out the analogy in very clear terms and define any special poker words or phrases, to see if I can convince you as well.

I thought it would be fun and instructive to develop this analogy, as after my family and friends, poker and entrepreneurship are two of the things I love most in life, and I’ve been doing both since well before my 10th birthday. My story with poker started sitting on my Dad’s knee as a kid, watching him play and more often than not, win, at various types and levels of poker games in our dining room. It was there that I learned so much about human behavior, and specifically about how logic, emotion and luck all play very important roles in the success of all poker players … and entrepreneurs.

Ok, so let’s set the scene for how being an entrepreneur, especially a startup entrepreneur is very much like playing in large poker tournaments. I will use No-Limit Texas Holdem poker as the example, since this is the game that has become the most popular in recent years, given the meteoric rise of such events as the World Series of Poker. So, imagine that you have entered a large poker tournament, either online or a live in-person event. You paid $10,000 to enter the tournament. For sake of argument, let’s say there are 2,000 players, so that would be 200 tables of 10 players each. In order to win the tournament, you need to be the last player standing. Do you like those odds? But at a minimum, of course, you’d like to at least make the final table so you can get some “TV time”. Besides the TV time, reaching the final table in such an event would mean that you’d bring home several hundred thousand dollars, at a minimum, which wouldn’t be bad given your $10,000 entry fee.

Now that the scene is set, let’s talk some specifics. It depends on the particular tournament, but you don’t usually start with the same number of chips as your buy-in amount. In other words, in this particular example, you wouldn’t necessarily start with $10,000 in chips; you may start with $1,500. It doesn’t really matter, as long as everyone starts with the same amount and the “blinds” structure reflects the starting chip amount. What are “blinds”? These are the blind bets you are forced to make each time around the table. With $1,500 in starting chips, the usual starting blind structure is 10/20. This means that each time the dealer button comes around the table, you will be forced to bet the “blind” amount, first the “small blind” ($10, in this case), then the “big blind” ($20, in this case), so in total you’ll be forced to be $10 + $20 = $30 each time around the table. This doesn’t seem like much at the beginning, but the blinds steadily increase, usually every 15 minutes or half hour. This is done so that people can’t just sit there and not get involved in the action and simply wait forever for a huge hand to come. It is designed to keep the game moving; otherwise tournaments could last an intolerable amount of time and would be very boring.

So now that you understand that you will not be able to sit there and wait to participate until you have a pair of Aces, let’s talk about what this means in practicality. Well, it can mean different things to different people, depending on their nature and how much the entry fee means to them. It is not uncommon at the beginning of a large tournament to see many people go “all-in” (bet all their chips) almost without regard to what cards they have in their hand. This is crazy, right? Well, yes and no. It’s crazy because they’re risking their entire entry fee right away, without having been able to play for a while and receive other information that may be helpful to them. It’s not crazy because, as most veteran tournament players will attest, you typically need to get some early momentum in order to have any chance of winning or reaching the final table. I’d say it would be less crazy if, in the example above, they didn’t go all-in “almost without regard to what cards they have in their hand”, but with a very strong starting hand. As veterans, they know they will have to suffer some “all-in moments” at some point during the tournament, so the philosophy could be, “I may as well suffer them with a great starting hand, regardless of when I get it in the tournament”.

This is an interesting juncture to start bringing the analogy back to entrepreneurship. First, do you think it’s realistic that most entrepreneurs starting up today will need to invest $10,000 or more to get their businesses off the ground? While there are exceptions, of course, I’d say the answer is definitely yes. Some great businesses have been started for less, but on average, it takes more than that to get a business off the ground. Second, is it accurate to say that although you may not be physically sitting at a table with your competitors when you start a business, you will have competition, and in most markets, that competition will be very intense? Third, do you believe that among the various competitors you’ll be up against, there will be “aggressive players”, “loose players”, “tight players”, and every variation in between? Finally, do you believe that some people “show up to the tournament” to win and others show up just for the entertainment of being there? Is this not also true with entrepreneurship that some people are there to make as much money as they possibly can, to “win”, and others are there for different reasons – they may like to make some money, but that may also not be their primary motivation?

So how do we use these ideas to help us in our own quest as entrepreneurs? First, I’d say that you must realize that logic, emotion, and yes, luck, will play a role in your success as an entrepreneur. Just as with poker, you must do everything you can, to “get your money in good,” but you must also realize that luck will play a certain part in your success in a particular initiative. The good news in entrepreneurship is that, unlike in tournament poker, your success is not binary — you’re not either in or out, but rather you have the chance to get back up, dust yourself off and try again. And that you MUST do to be successful as an entrepreneur. Second, realize that if you are by nature very conservative, sometimes you may need to “change gears” and step outside your comfort zone to be successful as an entrepreneur. In poker, if you become too predictable, you’re dead.

The same can be said for many aspects of entrepreneurship. You must be willing to get “outside the box” you’ve created for yourself and do so without fear. Finally, and perhaps most importantly, realize that you are being “blinded off” in entrepreneurship as in tournament poker. You constantly have to make blind bets and you cannot sit there and do nothing. In entrepreneurship, these “blind bets” come in the form of all those little and not-so-little recurring and non-recurring expenses you’re paying to “be in business”, non of which benefit you unless you’re willing to make your move and take a chance at “winning the tournament”. I’m not advocating that you go all in right away, in fact I think it’s a good idea to get as much other useful information as you can before making your “all-in move”, but I implore you to not just sit there and watch everyone else play the game. If you do, you will have wasted your time and “entry fee” unnecessarily. If you had the motivation to get started in your business, then you have what it takes to succeed, but you must have confidence in yourself, be an active player and not wait for success to come to you.

I’d be interested to hear your thoughts. Please enter your comments below or by clicking on “Responses” on the top right corner of this post.

Paul Morin
paul@companyfounder.com.

Share
Dec 152010
 
Share

Little strokes fell great oaks.
_______________
Benjamin Franklin

Many times, entrepreneurs, particularly those that are embarking on their first venture, think that they have to hit a “home run” in a short period of time in order to be successful. As time goes by, you realize through experience and observation that the true key to success in entrepreneurship, as in many types of endeavors, is to consistently hit singles and doubles (to continue with the baseball “home run” metaphor). You can and should savor the home runs when they come along, but you should not try to hit one every time at bat.
.

Share