“God grant me the serenity to accept the things I cannot change,
The courage to change the things I can
And the wisdom to know the difference “ – The Serenity Prayer
I have had the chance to reflect on some articles about a recent survey conducted by The Alternative Board. The survey appears to be pretty robust. They question some 500 entrepreneurs on very relevant topics. My purpose here is not at all to take issue with the survey (I think it is great), but to focus more on my view as to what an entrepreneur can really learn and change based on these findings.
One principal finding of those surveyed appears to be that 60% would have raised more money. While this sounds great, I have met only a handful of entrepreneurs (there are 4 leaf clovers) who have had the chance to raise more money but turned it down.
Another major finding is that 40% would have spent more time. Now, I have been around entrepreneurs for 40+ years and when a bio break is a scheduled event, I am not sure how you accomplish this (unless someone comes up with a way to get more than 24 hours out of a day.) I think for now we are all stuck with this model, so I’m not sure what can be learned to this point.
Let’s focus on what we “geeky accountants” call controllable costs. The number one place entrepreneurs say they would have spent more time (and money) is sales and marketing. Bingo! In the plans I review, I often see a significant underestimation as to what it takes to get customers to see, understand and buy a product or service. The world is a crowded place and you need the dollars and a solid strategy to get (at least) your “15 minutes of fame.”
A final major finding: A total of 42% of those surveyed would have sought out better coaches and mentors. There is a lot written on the preponderance of male entrepreneurs and I think it is in our DNA to figure it out for ourselves. Yes, that old image of not stopping to ask for driving directions when lost (thank you GPS) is alive and well. My female clients have always been more collaborative and, I think, more effective in getting solutions to problems by involving others. Just understanding that good help is worth its weight in gold is a great first step. There are so many knowledgeable resources today it is almost foolish not to take advantage of at least some of them.
So, what lessons can we learn from these findings? I think the key takeaway is to take the opportunity to learn from those who have gone before us and work on understanding what we can and cannot change and adjust our approach to make sure we are doing our best to take our businesses to the next level.