How to be 99% Successful in your New Venture

How to be 99% Successful in your New Venture

Mel Rosenberg

SCROLL DOWN TO READ ON LAPTOPS

Imagine you have a great idea, a partner and a clear vision and analysis of the problem you want to solve   – So how do you feel about the chances for creating a business that will make millions? Hopefully you’re completely confident that you will succeed. Good. That’s the spirit of entrepreneurship.

As it turns out, however, in the real world very few startups do succeed financially. How few? Well, some kind folks will tell you ten percent, but less generous people like me will tell you that that the chances of commercial success are 1% at best.

So how do you turn that one percent success into 99% success?

All you have to do is pretend you’re a tennis player.

You’re a really talented tennis player, you work hard and have been climbing the ranks for years. Then you get that most coveted invite to compete in the men’s or women’s singles at Wimbledon. A great success, right? You bet. You are one of the top 128 players in the world! Yay! But here’s the rub. How many of you and your peers are going to end up LOSING at Wimbledon? Let’s see, in the first round there are 64 winners and 64 losers. Then add another 32 losers in the second round. Of course there is an easier way to do the math. You are all destined to lose in one of the rounds, except for one player, the winner. 127 losers and one winner. So your chance of winning Wimbledon is 1 in 128, which is a little under one percent.

But ‘hold on’ I hear you say. Isn’t playing at Wimbledon a huge success in its own right? Of course it is. But you have to define it as such.

Merriam Webster dictionary has two definitions for success. One relates to wealth and fame.

Attaining wealth and making a name for ourselves? That is the extrinsic one-percent- success that all entrepreneurs crave and rightly so. I have been part of an exit and yes, it was one of the most exciting moments of my life. But it is extremely rare. So rare that there is no road map. That kind of success depends on many external factors that we cannot teach predict or control.  Extrinsic reasons for not succeeding? We might be face competition we don’t even know exists, unexpected changes in the market, global warming, global health, the price of oil. There are so many examples and I’m sure that you can make an even longer list. 

But here is another definition in the dictionary for success: achieving a desired outcome

That is the intrinsic definition the one that I would like to discuss with you.

So, let’s put aside for just one moment the coveted outcome of making millions of dollars and concentrate on the outcomes you can desire and achieve along the way. On the startup level, my experience suggests that one such goal might be creating an awesome product that answers the needs, the pain of your potential customers and community. An outstanding service that makes life easier and better for the people you serve and binds them to you. Business models, pitches, investment all have their role, but they won’t help you if you’re not providing an awesome product that answers answer the need you are addressing. Sometimes you can bootstrap all the way to your first product, and if you ask me, if you can, you should.

Secondly there is the personal outcome. Startups are a great place to grow as a professional and as a person, and to develop all those skills you can’t learn in a university. Mastering legal contracts and negotiations, technological platforms, personal skills such as public speaking and networking, perseverance, resilience, there is a long list and you can set your personal goals. You don’t have to tell your supporters that your skills are developing faster than the startup is. If they are smart, they will know that and even expect it.After all smart investors put money in you more than in the product.

When we do focus on our journey and measure ourselves every step of the way against our desired goals, we can take pride in the value we have created. Our project. Our growth. That’s the 99% success. To achieve the extra 1% we also need the pixie dust – when that value turns into something valuable.

But here’s the ironic thing that I wanted to share with you. Ironically enough, that coveted rare second kind of success, tends to happen when you keep your eye on the ball.

Just like tennis. Because as any really good player will tell you, you can’t play your best game while you’re thinking about the end of the match, the prize money, your speech, the fame. And yes, it’s difficult to be focusing on each point, every single serve and volley, to leave your disappointment or excitement for later. When your desirable outcome is playing your best game, and you do, you end up with satisfaction and fulfilment. And the crazy thing is, you increase your chances of winning too.