Date archives "July 2009"

No Man is an Island

Life is never a static journey. It is constantly in motion, a state of flux, with all of us experiencing a series of highs and lows. There are definitely periods when we appear to plateau and get stuck in any one particular state. I find human psychology absolutely fascinating. If  it is possible to put a little time and effort into understanding why they behave or act the way they do, or why others act or behave in a certain way, you open up a realm of infinite possibilities. If we remain islands and cut ourselves off from everyone else, this isolation distorts our image of the real world.

“No man is an island, entire of itself; every man is a piece of the continent, a part of the main..” John Donnne

Even though this phrase from the the poem is nearly 500 years old, there is  a truth in the phrase that transcends time when you truly make an effort to understand what the author was saying. When you relate this phrase to entrepreneurship, you ultimately end up at the topic of teams and partnership. Going at something alone, may appear to be the best short term strategy, it is not however the optimal long term one. We have to understand that to achieve great things, we must be willing to partner with others, with complementing skill sets to achieve something extraordinary.

Getting partnerships right is usually not an easy step. It requires both individuals to get to know why they are collaborating on this opportunity. They must share core values and be extremely passionate about what they do. There will always be an element of risk when you partner with someone. People behave very differently when working in isolation and as a team. Mistakes will be made, yet, at the same time these are necessary mistakes that need to made in order for one to move forward.

How Much Longer Can You Hold On?

If you ever talk to an entrepreneur who has experienced success….”perseverance” is bound to come up in the conversation in some form or other. It seems that without having the ability to stand your ground and fight for what you believe in, it is just that much harder than we believe it to be. To really get this point across, I recommend you watch the movie “Flash of Genius”. I will not give away the plot or ending of the movie,  but it is all about sticking to what you believe in, no matter what the circumstances, and seeing it to the end. It is true that sacrifices have to be made with some hurting in the worst possible ways, this will also prompt people to ask you to let it go. I know many individuals who launched companies, and when they did not see traction in the first couple of quarters, they packed up their bags and went back to whatever they had been doing before. Admittedly, in some cases the sacrifices were too much for them, but in other cases they just did not have the ability to hang in there till they reached whatever they were heading for.

I may sound as if I mean that making sacrifices is a trivial matter. It is clearly not my intention to do so. I understand that different individuals have varying degrees of responsibilities and priorities in their lives. I also accept that we make decisions in accordance with our value structure. However, once we start on the entrepreneurship path, one of the best pieces of advice that I could give would be, start as early as possible!  This is the only time when the major sacrifice that you have to make, your time (a non-existent social life is a close second) is possible. At this point of life, you  also have the capability and will power to hold on for a much longer period of time. Easier said than done I know! An attractive salary package on the cards is a tempting alternative offer, given that you may also be on the receiving end of family or peer pressure, specially in regard to putting off your plans for later. I would agree with your peers and family,  particularly if one does not know the direction you want to take . However, if you have managed to discover something you are passionate about, and have a vision for it,there cannot ever be a better time to start, than the present.

When you do start, plan for the long haul. Over night business success are as rare as lottery wins. Most of us have to slog for years on end before we see results. During this period, we will experience our share of highs and lows. It will eventually all come down to just how badly you want to succeed, and realize your true potential. When you know the answer to that….you will always want to hold on for as long as it takes to win.

Thoughts on Competition

An inherent advantage of a small business is it’s agility and flexibility in the competitive landscape. Having limited  bureaucracy and rapidly deployable assets, a small business can become a huge thorn in the side of larger competition. I believe most of us are aware of this fact, yet, how many small business owners actually take advantage of their size? An issue I faced myself was that most small business want to become big businesses very quickly. We take courses on strategic management, read books on complicated working models and do our best to imitate the strategies that seem to have worked so well for the larger players. I followed this thinking for quite sometime until one of my mentors sat me down and told me how much time and resources I was burning attempting to play a duplication strategy.

Small companies, due to their size, should not take on larger companies head-on. We have to be very selective of the competition we choose to attack, and more importantly, the strategy that we choose to deploy. The competition that you want to stay far away from are relatively established sized companies who are growing at a fast clip. Replicating their strategy or going after the same market makes it harder for you to stand out from the pack. Rather, pick more established larger players who are offering products or services in the same industry as yours, but, are not as focused. By launching targeted attacks on their space it is much more likely that you will begin to see results.

Frankly, I love competition! If someone tells me that their business has no competition, I am genuinely worried for them. The existence of competitors means that there are customers willing to pay for a particular product or service in the market. When you go about creating a market, you need a lot of cash and even more patience to wait it out. I much rather go after an established market, with a unique competitive advantage and ruffle some feathers. Easier said than done, I know….but, it sure beats trying to convince customers what your product or service is all about, and why they should choose you and use it.

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Where Are You Headed?

Start-ups as a whole, are in a state of constant flux during the first couple of years while they establish their footing. What may have been written and planned during the strategical phase has now been implemented to some extent, and feedback has brought about adjustments to customer and market needs and requirements. This is a perfectly natural progression for any start-up…however, the danger during all the permutations and adjustments is, that along the way there is a high probability that you may lose the initial direction.

To avoid this from happening, it is the responsibility of the founders of the business, to clearly articulate a vision for the business from the very start of the venture. The purpose of the vision is to help articulate the long term purpose of your business. It has to be simple, communicate effortlessly what your business is all about, and, where you want to go. It should not be linked to any monetary goals or aspirations, and most importantly, the vision has to be shared between all the members of your team.

Some examples are:

“We want to sell a variety of products on a daily basis to every living person on the earth” PepsiCo

“A computer on every desk and in every home.” Microsoft (This was the original one, it has since been changed to “Create experiences that combine the magic of software with the power of Internet services across a world of devices.”)

“To be a leading youth marketing agency connecting brands with the 15 – 25 demographic in Asia” Hatch Media (Portfolio Company)

Communications Between Team Members

I have been part of a number of start-up teams. Some of them were with close friends,  others with individuals that I had been introduced to. Over time, I have noticed that as relationships become deeper and stronger, each team member begins to tolerate the short comings of other team mates a lot more. Subconsciously we do not want to undermine our relationships, this is when productivity and results begin to slide. Being open and speaking up about your concerns with other team members is confrontational and not always pleasant. Most individuals, including myself, shy away from it because it is just so much easier to look the other way rather than being candid.

It is hence essential, from the onset, to establish ground rules, in which everyone is made to feel comfortable enough to talk about these issue’s without fear of damaging relationships. This is something the head of the team has to take responsibility for. In some cases, I have used a one on one feedback with all team mates, to be able to ultimately address key issues with the compiled results. This helps to have open and moderated discussions that can help clear the air on matters that may be impacting the entire team severely and negatively. Other tools, like 360 degree evaluations, are also very helpful in large group settings, where one on one feedback sessions become harder to manage.

If you are a new start-up, or thinking of creating one, have a strategy to keep the lines of communication always open between team members, this will pay significant dividends in the future.

The Difference Between Good and Great

I really enjoyed this video. I think it articulates the difference between good and great really well. In the world of entrepreneurship, as in most other aspects of life, the stars are always the ones who are able to achieve that extra something and make that last concentrated push when everyone else has given up. I sincerely believe that many people give up just when they are about to break the barrier that is holding them back. Tenacity is  a defining and valuable quality.

If only we knew  the threshold levels  we are supposed to break before we get through! Would knowing such a level motivate you to stay on a little longer ? Malcom Gladwell in his book Outliers, states that 10,000 hours seems to be a good measure. Just the thought of 10,000 hours helped motivate a lot of people to reassess their progress in their profession or skill set. When the intangible becomes tangible, we seem to be able to focus with a lot more clarity.

Look at yourselves and evaluate your current skill sets and the stage your business or career is at. Are you satisfied? If not, what are three goals you need to achieve to assist you in taking you to a higher level? How is each goal going to help in your personal development, and get you closer to that level of greatness? Start making the intangible … tangible today!