As a business consultant, I constantly hear stories, read advice, and see comments focused on worries, concerns, and caution. While thinking through strategies and carefully planning your approach are important, the fuel that brings an idea to life are passion and positivity.
Skill, experience, training, analytics, and all the other technical aspects of running a business are important, yes. But, without the passion and positivity, will you have the drive to push through when problems arise? Will you have the perseverance to keep going when it feels hard? The desire and persistence to succeed come from something you have to find within yourself.
When the “going gets tough,” it can sometimes feel overwhelming. That’s when you need to tap into your “why”—your reason for running this business in the first place. What do you love about it? Why is it important for this pursuit to be successful? What is your driver? Maybe your product or service helps people and it feels good to know that you’re making a difference. Or maybe your company brings people together and that is fulfilling for you. Whatever it is, that is the fuel you need to succeed.
If you need a little boost finding your passion and positivity (some days are harder than others), here are some reminders to keep you on track:
Stop focusing on the negative. Positive thinking is vital. To really have a good chance at success, one needs a balance between reality, paranoia, action, and positive thinking.
Positive thinking does not necessarily mean avoiding or ignoring negatives. Instead, it involves making the most of the potentially bad situations, trying to see the best in other people, and viewing yourself and your abilities in a positive light.
Create a positive culture. Say please, thank you, and demonstrate you care about people. Show support with praise and encouragement.
Remember that operating a small business is a process. Recognize you will make mistakes. Your goal must be to develop, test, measure, and adapt rather than give up after the first or second problem. Because there will be problems. Regularly. Therefore, businesses not only need to have alternatives at the ready, but the processes to adapt must be in place as well.
Stay grounded. Encourage open communication, a sense of realism, and focus on problem solving. Be sure to constantly assess your situation. Develop expert support and, when appropriate, have discussions with outside and inside colleagues. There are always ways to improve. So, be open to new ideas and suggestions.
Be flexible. Because the market changes, and your customers’ lifestyles change by the nano-second, you need to be able to pivot. By “expecting” that your market can change from year to year, you are being proactive in your thinking, and can create flexible plans to adapt to these changes.
Put yourself in others’ shoes. There is extensive research supporting the idea that people don’t change unless they believe in it. So, when given the opportunity to argue your case, try to emphasize the benefits for the other party. It is well proven that tactics like collaboration, trust, and listening work better in decision-making than dictating, lecturing, and proclaiming false expertise. Think of things from their perspective.
Understand your goals, resources, and risk. In particular, really understand your market analysis, competition, how and why your company is different, and why customers should care. Are you focused on long-term growth or quick profits? While testing alternatives is a great strategy, ensure that you are focused on priorities that you can execute and that will have the most potential.
Have fun. Finding ways to incorporate fun helps you tap into your passion and positivity. It can also reduce stress, boost morale, and fosters positivity.
Passion and positivity are great drivers of success. When you enjoy doing something, the effort you put into it feels more fulfilling. And while you may not be passionate about doing inventory, knowing it benefits the overall business may make the less-fun tasks more bearable. It’s all about mindset. So, set your worries aside, keep your passion and positivity at the forefront, continue working hard, and trust that you’re headed for greatness.
Dr. Bert Shlensky, president of Startup Connection, prides himself on his ability to define what is unique about each and every business. He works closely with individuals to develop a personalized approach that targets specific areas of concern and offers solutions based on his 40+ years of experience. His team of experts will address your particular needs while working to save you time and money.
What is success? It’s abstract, really. For some, it could be money and status. For others, it’s finding happiness. In business, we tend to measure success starting with profit.
In talking to entrepreneurs, I am always fascinated with the different perspectives of success. In general, they believe their ideas are incredible and the obstacles they need to overcome are constraints like finance, resources, marketing, and competition.
I argue that their potential barriers are actually achieving excellence in developing and executing great programs. Why do I think this? Well, 90% of new businesses fail withing five years, and that includes IPOs and venture capital efforts.
Consequently, there are several issues that need to be addressed in order for entrepreneurs to reach their full potential. When an entrepreneur thinks about starting a business, there are two distinct concepts that pop up time and again: Passion and Reality. These are both critical to success.
Passion was best described by Steve Jobs when he said, “Because the people who are crazy enough to think they can change the world are the ones who do.”
Reality is understanding the problems, limitations, and constraints associated with any undertaking. As Thomas Edison said, “A vision without execution is hallucination.” Passion is what gives us the drive to overcome these obstacles. It is the excitement and energy that drive a start-up. It is crucial to balance these two concepts if you want to execute a successful business.
You also need more than a good idea—they’re a dime a dozen. Your best friend might have the next million-dollar App idea. Ideas are great as they are the true engines of innovation. However, an entrepreneur needs to determine whether they can execute the idea and, ultimately, make enough sales to earn a profit. New businesses frequently fail because small (yet critical) issues are overlooked.
Here are some recommendations to help increase potential:
Plan smartly. Think of planning as a long arduous test with lots of work, incorrect assumptions, and missing analysis. For example, 2022 financial markets haveclearly made prior economic and financial assumptions in any plan highly uncertain. The solution is to make plans simple, flexible, and solely for the entrepreneur and not outside parties. It should be a guide, not a fixed template.
Keep plans current and active. A business plan is not a document to be stored on a shelf; it should establish parameters and be developed, tested, and continuously revised. Even with a “perfect” business plan, there will be hiccups and failures along the way.
Learn from failures. This is a critical component of the ongoing planning process.
Focus on passion. This will keep you going through the failures. Additionally, a successful business plan should express why you think the business is a good idea and why it will succeed. If you need to dress it up in a suit and tie to show to investors, do that later. A business plan should be YOUR vision.
Set realistic goals. While time frames, levels, and processes can vary, you need a plan to show profitability: the when and the how. You may do what you do for a number of reasons (passion, fun, fulfillment), but at the end of the day, a business needs to make money if it’s going to last. Make sure that you set your passion aside for a moment and make sure you’re on the path to profitability. What resources do you have and need? Many entrepreneurs follow guides related to large venture capital ideas while most small businesses earn less than $1 million per year. Be pragmatic in these matters.
Take risks. This is a critical part of every entrepreneurial win. Frankly, I think we all need more of it. We tend to think of risk as a taboo concept and it’s really not—once you understand it. In order to benefit from risk, you need to define what risk is to you. Some people view risk as the potential for harm or hazard (think bungee jumping). I view risk as an uncertain circumstance in which one manages to maximize the gains. But, how do accomplish this?
Utilize analytics. More analytics in sports is creating opportunities to assess strengths/weaknesses and create new winning strategies. It has enabled athletes to take more three-point shots, hit more home runs, longer golf drives, and score more touchdowns. More knowledge = more informed decision = less risk.
Consider value and probability. These should inform your goals and processes. For example, winning the lottery has an extremely high reward, but also has low probability. Purchasing investment bonds has lower return than buying stocks, but the risk and volatility of buying stocks is higher.
Be flexible. There are a lot of moving pieces involved in a business plan. And curve balls are inevitable as our world is constantly changing.
Remember it’s an ongoing process. It takes time, dedication, and consistent effort. Peloton, which was one of the hottest companies in the country, recently experienced over a 25% decline in sales. So, we need to constantly compare goals, risk, and the potential of alternatives.
Listen to your gut. Sometimes you just have to go for it. We tend to overthink things or let fear stop us from challenging the status quo. But, if your intuition is telling you something, it’s usually worth listening.
Just as there is no single definition of success, there isn’t a certain path to achieve it either. But, you can set yourself up to increase your chances by creating clear goals and understand the risk, the rewards, and the importance of developing a smart business plan. And don’t forget your passion—the reason you started your business in the first place. Success isn’t fun if you’re not enjoying what you’re doing.
Dr. Bert Shlensky, president of Startup Connection, prides himself on his ability to define what is unique about each and every business. He works closely with individuals to develop a personalized approach that targets specific areas of concern and offers solutions based on his 40+ years of experience. His expert team will address your particular needs while working to save you time and money.
It is always incredible to see the training, skill, and excellence displayed at the Olympics. However, the passion, focus, and commitment are even more impressive. When working toward a goal, we want to see that our efforts are producing successful change. Yet, too often, the majority of our focus is centered on analytics, expertise, skill, profits, and science. Unfortunately, these tools sometimes ignore other critical requirements for successful change and better decision-making, such as: passion, focus, trust, effort, risk, and commitment.
These elements of successful change are frequently lower priorities because they are difficult to measure and make analysts uncomfortable. For example, decision makers frequently hate considering risk, despite the fact that it is present in almost every issue. Additionally, due to the high levels of uncertainty involved, we are often slow at measuring results in periods of rapid change like a pandemic, inflation, and new innovations.
Change is hard, even when it’s successful change, we are often hesitant to adapt.
As a business consultant, I constantly hear, read advice, and see comments focused on worries, concerns, caution, etc.—basically, all the old paradigms related to achieving business success. In my experience, more attention needs to be given to the areas that are difficult to measure. Some suggestions to accomplish this include:
Positive thinking is vital. A good chance at success requires a balance between reality, paranoia, action, and positive thinking. An interesting tactic is to focus more on how you succeed with some clients than fail with others.
Positive thinking does not necessarily mean avoiding or ignoring negatives. Instead, it involves making the most of the potentially bad situations, trying to see the best in other people, and viewing yourself and your abilities in a positive light.
Create a positive culture. Say please, thank you, and show that you care about people via praise and encouragement.
Accept that operating a small business is a process. Recognize that you will make mistakes. Your goal must be to develop, test, measure, and adapt rather than give up after the first or second problem.
Encourage open communication, a sense of realism, and focus on problem solving. Be sure to constantly assess your situation. Develop expert support and, when appropriate, have discussions with outside and inside colleagues.
Be prepared to pivot quickly. The market changes constantly and so do your customers’ lifestyles. So, you need to be able to shift along with it. By expecting that your market can change from year to year, you’re being proactive in your thinking, and can create flexible plans to adapt to these changes.
Know your sh*t, but be ready to listen. There is extensive research supporting the idea that people don’t change unless they believe in it.So, when given the opportunity to argue your case, try to emphasize the benefits for the other party. It’s well proven that tactics like collaboration, trust, and listening work better in decision making than dictating, lecturing, and proclaiming false expertise.
Develop, test, measure, and adapt. Many plans, forecasts, and proposals are done in a static format with one dimensional analysis and results. They’re usually flawed because we live in a more dynamic and interactive world. For example, branding, marketing, pricing, and operations all must be viewed as an integrated program rather than separate and isolated activities. Similarly, businesses need to have alternatives at the ready, as well as a process in place to adapt. Mistakes will occur, but remember, Steve Jobs got fired and Tom Edison tested thousands of light bulbs before succeeding.
Understand your goals, resources, and risk. In particular, really understand your market analysis, competition, how and why your company is different, and why customers should care. Are you focused on long-term growth or quick profits? While testing alternatives is a great strategy, ensure that you are focused on priorities that you can execute well and that will have the most potential.
Analytics is an incredible tool for improving progress, developing alternatives, and measuring outcomes. However, in order to achieve successful change, it needs to be supplemented with passion, effort, commitment, and focus. Without these, it’s much easier to throw in the towel when things get difficult. You may have been born with the innate skills necessary to win countless gold medals, but without the drive, determination, and dedication to go for it, those natural abilities may not reach their full potential. It’s the passion that pushes you to succeed.
Dr. Shlensky is a graduate of Sloan School of Management at M.I.T. He servedas the president of WestPoint Pepperell’s apparel fabrics business & President and CEO of Sure Fit Products. Having provided counseling to over 2,000 clients, he now focuses on working with select startups and small businesses.
When you want to stand out, reach out to Bert for the tools that will build your “sticky” brand. My focus is on understanding and analyzing your dilemmas and challenges, so your company becomes profitable faster.
Call (914) 632-6977 or email me at bshlensky@startupconnection.net. Don’t leave without signing up for our useful free eBook!
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