“I coulda had class. I coulda been a contender. I coulda been somebody, instead of a bum, which is what I am…” line by Terry Malloy (Marlon Brando) from the movie “On the Waterfront”
I am lucky; every day, I get the chance to meet bright, enthusiastic young entrepreneurs just beginning their journey as well as those who have mastered the art of being a business owner and are enjoying the fruits of their labors. Whether they are just starting out and are driven by the hope of success or reflecting on their accomplishments, whether they are young or mature (I hate old), they all share one common trait – – they never let excuses hold them back. Every obstacle is only a challenge; every failure a learning experience. Unlike Terry, they never lamented over what could have been; they made their way and remained focused on what they wanted. So, a valid question is why do I wax nostalgic at this point? Like most ideas I share, the roots are in the commonality of my experience.
Many of us who offer guidance to entrepreneurs try to be as practical as possible. We all create lists of dos and don’ts. I am guilty of this as well; my blogs include the Top 10 Points of Focus for Success as well as the 10 Reasons Why Startups Fail. We believe that making it simple and formulaic somehow makes it easier to comprehend and perhaps spurs a reader to action. But as one of my favorite clients used to say, “Says easy; does hard.”
So in keeping with this, simple is better approach, I offer the following for your consideration. Most accept the theory (I know I do) that most problems can be solved with a combination of three resources – – time, money and people. We can always use more of each to help us through the day, but I am discouraged when I see entrepreneurs falling back on the lack of resources as an excuse. Just some examples.
I met with a startup tech company that was looking to raise money. Table stakes here are developing a Minimum Viable Product (MVP). They apparently had the capability and resources at hand to achieve this milestone but were so focused on the “raise” they did not take the time to take this important first step. Needless to say, their timeline to raise funds (if they ever do) is now much longer. Their view; investors just don’t get it. If I only had the time…
Entrepreneurs at all stages can always use additional money. When the topic comes up, I am sometimes amazed at the responses when I ask two simple questions: how much do you need and what for? Believe me, I have heard more than one lament as to how fussy or ignorant potential investors are for asking. Really?
Mature businesses often do not take the time to recruit/develop the next generation of managers, and then are shocked when they try to exit and potential buyers shy away. I hear how potential buyers just “don’t appreciate the value I have created.”
So if this sounds familiar, I suggest you take a deep dive and find out what is really preventing you from getting to the next level. We all know that with additional time and money we could have “been something,” but isn’t the real question, “How come so many others are?”