Had my first meeting with a new client this morning! She is starting a new business while keeping her current job. I could tell she had a lot of passion for her new company and seemed genuinely enthusiastic and excited. Much to my surprise, she had saved money for this new venture and was financially prepared to survive a year until it started turning a profit.
One of my first questions was, “Why are you keeping your current job?” Her answer was, “With a new business failure rate of 85% I didn’t want to lose my security blanket”. My next question was, “What are you going to do if this business fails?” Her answer, “I will learn from my mistakes and perhaps try again in the future”.
I explained that when starting a business, failure is not an option. The only thing you can possibly learn from a failure is what not to do; you don’t learn what to do. Success is the only true learning experience.
What other business owners do and don’t do is their business. Their success or failure rate has no reflection on what you as a business owner will achieve. Failure is not a prerequisite for success.
The rest of the meeting we talked about success, and what it meant to her. I wanted to know her definition of the word success.
From our meeting this morning we will complete a strategic focus plan in the next few weeks and define small “success steps” that will lead us toward her vision. The action items we identify and implement will all be measurable over a relatively short time period.
This is a good lesson for all business owners to learn. If we take our goals and prioritize them and then develop an action plan that is broken down into “small success steps”, the chances of successfully reaching that goal is increased many fold.
Being in a hurry to achieve a goal is a dangerous mindset that I find in too many small businesses. Many necessary steps are left out and the foundation is not strong enough to see the completed building (desired goal).
My challenge is for you to take one goal and break it down into short, achievable “success steps”. Work on this process every day in the time allotted, don’t skip a step, and reward yourself every time a small success step is completed. It will change your attitude as well as your process for growing a very profitable and sustainable business.
Losers visualize the penalties of failure. Winners visualize the rewards of success. Dr. Rob Gilbert
Nick J. Petra CFP Winners also invest $60/year and subscribe to www.onebizcentral.com