Entrepreneurial Vision

Every Entrepreneuer Lives off Their Vision

Archive for the month “November, 2012”

Why you need to Fail More

For some odd reason failing at anything has been discouraged in our culture for some time. We are only allowed to succeed and it has to be on our first attempt. Thankfully though this generation has started to acknowledge the benefits of temporary failure. Let me be clear, failing is good for one simple reason; if you are failing more then you are trying more. If you are failing are then you are trying hard. If you try enough you will eventually succeed.

Each attempt is like a seed that is planted. When your goal is not met that seed will grow to yield wisdom and with enough attempts you will have such an abundance you will have to give it away. Eventually all those who have fed off your experience will trust you. After you have you have failed enough all that will be left is to succeed. Your success will be attributed to those that you feed, including yourself.

My metaphor is not to be taken lightly. History highlights few successes but is built upon the countless failures of many. Here are entrepreneurial visionaries who have had more than their fair share of failures.

Colonel Sanders of KFC                                                                                                                                                                                                                                                                                                                                                                                                                                                      Here is a man who ate failure for failure for breakfast, rejection for lunch, and a bucket of his secret recipe for dinner. According to grasshopper.com the Colonel pitched his product to over 1000 restaurants and carried the secret recipe in his car.

Walt Disney                                                                                                                                                                                                                                                                                                                                                                                                                         Believe it or not Mr. Disney’s company was over $4 million in debt in the 1930’s. He failed time after time always managing to mess something up. It wasn’t until his company released “Snow White and the Seven Dwarfs” could he manage to pull his company out of bankruptcy. After that he quickly rose to the top becoming a visionary to this very day.

Andrew Sieg                                                                                                                                                                                                                                                                                                                                                                                                                           That’s right, even I have a few failure notches under my belt. I started a business fraternity (Alpha Kappa Psi) on my college campus. As president I managed to keep it running for about a year before running it straight into the ground. The next week I started a social fraternity (Sigma Pi). After two years of hard work this fraternity is the newest and quickest growing fraternity at the University of Louisville. Failing was one of the best things I have ever done.

It doesn’t matter if you are starting anything from an accounting firm to a zoo. You need to fail. Every single day. Until you pitch your idea to 1000 customer like Sanders I don’t want to hear you complain about how much cold calling you’ve done. Eventually you will succeed. Every single day. How have you failed and what have you learned?

Network with me! Comment, share, and follow.

Advertisements

Think Like an Entrepreneurial Visionary to Inspire Employees

Everyday top team members are needlessly lost. Why? Not a single person at work gave them a convincing reason why they should be there.  It didn’t matter how much money they were banking or how big their corner office was. What they wanted deep down was to be a part of something bigger than themselves. Many of these lost employees (and maybe a few of yours) went to work for an entrepreneur. A good entrepreneur knows how to communicate a vision that leaves all who hear in awe. He or she will convince a top executive to leave their job for something as simple as an idea on a napkin. People will risk their entire financial fortunes to be a part of the vision the entrepreneur has created.  If you learn to take on an entrepreneurial mindset, you too will inspire your organization from the bottom up.

Give your employees a sense of ownership- This is an absolutely essential component to engaging and inspiring employees. Many entrepreneurs have nothing but an idea. They convince valuable people they want in their company that the idea will work and whoever works for them can have a piece of the success from the idea. Many people who have gone on too long without a pay raise or are underemployed can become very attracted to this. The most common example of ownership in a company is stock options. I love stock options because workers will put their heart and soul into something they truly own. If you can offer your employees equity options proactively promote the option anyway you can. When your workers own equity, they will have a true sense of ownership which will inspire a sense of loyalty you have never seen.

Reward all ideas, good and bad. This is a fantastic way to create a culture of innovation. Most ideas fail but remember quality comes from quantity. What is important is to encourage the process of ideation just as much as the value of any ideas. Schedule regular time to allow employees to participate in small group brainstorming sessions. Give them different problems to solve related to their work so that they can have a sense of ownership in the solutions. If a group comes up with an idea that may add value, delegate them the authority to ensure it gets implemented. Have them give you regular update on the progress. Google follows this by allowing employees to spend 20% of their work time on projects of their choosing. Since the 20% rule was established, it has produced 50% of Google’s products.

Remind employees how they are making the world a better place. People don’t just want a paycheck; they want to make a difference. Create and communicate a vision of what your product does for your customer. The more mundane your offerings appear to be the more important this is. For Instance, if you sell payroll services you might get a testimony from the business manager who can now go home on time every Friday and play with her kids because her payroll is now handled by your business. This is something that should be nested in your vision and mission statement. To really get the ball rolling check out this article I wrote on creating a dynamic vision statement.

As you begin to implement these practices, remember visionaries are made not born. Read this informative article by David Frick which goes into examples of entrepreneurial visionaries and the character traits they displayed. After everything is said and done the most important trait for an entrepreneurial visionary is persistence. It doesn’t matter how many times you fall, only how many time you are willing to get up. How do you inspire people you work with?

 

 

Post Navigation

%d bloggers like this: