This was the headline of an advert in yesterday’s Financial Times, it was placed by the Qatar Foundation (www.qf.org.qa – unlocking human potential). It summed up wonderfully what I have been recommending to ambitious entrepreneurs on a mission to build a business. All too often individuals fail to create space to think, instead they embark on a crusade of activity with no direction – they fail to think it through. This can be extremely dangerous as chasing around like the proverbial headless chicken quite commonly leads to making decisions later regretted. Here is some fantastic wisdom for those of you running a business (its taken directly from the advert – it’s really powerful and very thought-provoking)
Few things possess more Power than a Thought
Because a Thought has the potential to become something significant. To solve something meaningful. And to inspire us to achieve great things.
What makes a Thought so powerful is that it can be created by anybody. At anytime. From anywhere.
That’s why Thinking should be encouraged and nurtured in all its forms. No matter how small. Or how impossibly grand.
Because wherever Thinking happens, Big ideas follow. Minds become enlightened. Knowledge grows. And people discover new ways to unlock their potential.
So start Thinking
Innovation is driven by the power of creative thought, experience shows that it is in those quite moments of contemplation that breakthroughs occur – a new product idea, new market or solution to an existing problem. It worked for Archimedes when he got in the bath (Eureka) and Isaac Newton when he was sitting beneath an apple tree contemplating the universe.
Thinking is the precursor for strategy development and innovation. Balancing thinking with doing can deliver quantum shifts in performance – it also delivers clarity, one that so many entrepreneurs claim they lack for their business.
So what are the ingredients of a high growth business or gazelle as they are commonly referred to? This is a question that I must be asked at least twice a week. As both a founder of several and adviser to loads I am still learning every day. As an obsessive researcher of their behavior, tactics and strategies, one conclusion is gazelles are not just the stereotypical university high technology spin –out, they are also well established organisations from mature sectors – with fire in their belly.
So how do entrepreneurs unearth the Gazelle spot for their business? This is the point at which rapid growth ensues, new markets open up, customers display a strong desire to buy and value is created for both the founder and stakeholders. For the economy they become job generators and employers of skilled individuals. The challenge is there are only a small proportion of these businesses, nationally and globally – why? because its really hard to grow a business, get the right people on board pointing in the same direction, raise and manage finance….the list goes. This G-spot takes time to find, as one member of the High Growth Foundation® muttered the other night – it has taken me 10 years to become an overnight success – or as Malcolm Gladwell puts it 10,000 hours of effort and practice are needed to become an expert at anything.
Lots of entrepreneurs talk a good game but many fail to cope with the roller coaster ride that so often accompanies growth – the high and the lows can be quite debilitating and at times the problems just “do your head in”. Having a resilient and positive mindset able to cope with uncertainty and unforeseen challenges is an ability too few have. High growth will usually equate to high risk (that’s why banks are scared stiff of high growth entrepreneurs), embracing fear and having the courage to see through immediate and longer term challenges is a skill high growth entrepreneurs have honed.
The Entrepreneurial G-Spot is a complex framework involving an eclectic mix of business, commercial and emotional components. Put very simply it’s the fusion of a sound business model with propositions and service that carry a market place edge – disciplined doers not talkers execute the plan to achieve the vision and everyone knows their role. The active ingredient is brilliant leadership, more specifically a culture of ambition underpinned by mental toughness and an ability to cope. All too often it’s the latter that is missing, so many entrepreneurs fail to truly realise their potential, they run out of steam and to put it frankly cant be bothered with the hassle.
You’re a long time dead, get stuck in, have a go, fail fast move on, get your head in gear and unlock the potential of your business. Only practice and iteration makes perfect!
This morning I experienced a great example of public sector entrepreneurship. We recently moved to Salford Quays next to Media City (new location of the BBC) – one of the key attractions was to be close to the digital expertise located in the area and indeed the Media department of Salford University. Why? can any business overlook the benefits this new digital age will bring?
All well and good, however business growth only takes place when conversations and personal relationships gather momentum, trust is built and mutual respect results. Critical non essentials such as courtesy, humility and just caring are so often overlooked in the teaching in business schools and the books they encourage us to read.
Back to the point, having been in our new office for only 1 week a call came into us from Salford City Council – Matthew Lynn, one of the Economic Development Officers. Can I come in and talk to you about how we can help? Firstly, I was astounded that they knew we were coming and secondly, today a meeting with Matthew clearly demonstrated:
– Customer focus
– An interest in what we do
– An explanation of what services the Council can offer
– The introductions they can make to partners
– Details of networking opportunities
– Opportunities to work together (win-win)
I was left with an overwhelming sense of entrepreneurial flair and what I call living in the “Customers World”. Top stuff, I was inspired to see that both an individual and the Council had a genuine interest in us. The start of a great relationship (I hope) – who said the public sector is not entrepreneurial!
Entrepreneurial high growth leaders can extract an enormous amount of insight from the great man himself, Charles Darwin. The ability to embrace change is such a vital ingredient to the recipe for accelerated performance. Growing a company can sometimes feel like a fight for survival and there is so much evidence to suggest that those who adapt and change come out the other end fitter, stronger and more competitive.
This week I having been ranting on about the importance of nurturing better leadership skills. Companies will grow and create more jobs only when their founders fine tune their ability to build a strong team based ethos. Growing a business requires the essentials of both personal and business change, the former being the precursor to developing a thriving and winning environment. The requirement of the individual to embrace with confidence new situations and challenges is key.
On the theme of developing more ambitious leaders, this week marks a very important landmark for the High Growth Foundation. We are taking 18 entrepreneurs to Silicon Valley to see how businesses such as LinkedIn and Google grew to the size they are – global superstars whose leaders truly embraced the the power of change. My mate and highly distinguished journalist Michael Taylor will be out there with the group – reporting on what he’s observing the best do. Hopefully these insights will help not only the delegates but also other members of the Foundation and our broader community to nudge their bar of ambition to a higher level.