By Grace W. Ueng
What can entrepreneurs learn from mountain climbers? That’s the question Grace Ueng tackled in a North Carolina State University seminar based on her publication “Resolute Ventures: Ascending the Summit…How Mountaineering Prepares for Entrepreneurial Success“.
“In my research of those who have successfully reached the top, I realized that there are many corollaries between successful entrepreneurial ventures and summit ascension,” said Ueng. “By thoughtfully reflecting through each of these steps, you can increase your chances to bring your vision to reality.”
Can leadership on the mountain translate into business success? How, when and why do mountaineers go on to be successful entrepreneurs? Is it important to have reached the literal summit or is it the preparation and the journey that give rise to proven leaders?
For Part One, see: Two Steps to Ascending the Summit
Here’s Part Two of Ueng’s outline of ascending the ten steps:
Step 3: Committing to goals and strategies: The team needs to fully commit and understand what it’s going to take. They need to decide if team wants to attempt a “first route” — to traverse where no one else has yet set foot. It’s akin to a breakthrough innovation.
You must give it your all to achieve what has never been achieved.
When starting a venture, there is a point of no return. All your life savings and often more (in the form of second mortgages and credit card debt) are tied up in this venture that you must see through to reach the top. While the sweat equity, savings, and opportunity cost you have poured into your venture make it practical to forge ahead to completion to reap a return, money is not necessarily the key driver. True entrepreneurs want to will each milestone to completion so that their innovation reaches the hands of the intended audience in order to make a difference. Those who attempt a “first route” also possess a trail blazing mentality innate in their blood.
The management team needs to be in agreement what the end goal is and the strategies to get there. Summit teams can be literally tethered at the hip in order to successfully ascend. Founding teams are figuratively tethered at the hip as well.
Why are entrepreneurs more often than not serial even when they could retire many times over with their one success? It’s the drive to create, build, and grow toward an end goal.
Hiring people and making promises and the stress of payroll when the product date slips and customers are awaiting can keep one working with little time to sleep. Ascending the summit requires complete efficiency of energy in every step taken to preserve minimum sleep time and the fixed resources in the pack on your back.
Just as an entrepreneurial mantra is “DROOM – don’t run out of money “, life provisions on a treacherous summit are critical to maintain and use with the strictest of conservation.
Understand that it will take every ounce of energy you can muster to battle the rough winds and unexpected mishaps in order to summit. Experiencing adversity builds character.
Successful entrepreneurs, like mountaineers who summit, will follow their adventure to its end goal.
Step 4: Understanding the true goal: Agreement among key stakeholders — the team — each step along the way. When to turn back? What is the difference between a “successful exit” and failure? Successful serial entrepreneurs and mountaineers know to focus on enjoying the journey.
In one of my ventures over a decade ago, the management team wasn’t getting along so well, so the CEO hired a facilitator who gave us Myers Briggs prework, took us offsite, and had us step way back to discuss our life goals. If we could be anyone/have any career, what would we be? I stated that I wanted to be a pop star – an Amy Grant or Tina Turner.
These sets of exercises were to help each of us understand each other better. We had been so stressed in working in a very fast moving category within a venture backed environment, we needed to step back plot our personality types to determine how this variety could coexist. Our CEO’s goal was to have positive friction that would make 1+1 = 3 instead of -3.
It was an eye opening experience….I remember on the way out, in the parking lot, telling the executive that I liked the least, that I now knew how best to work with him going forward. We remain good friends to this day.
One client whose management team had already one successful venture under their belt did careful research before starting their next. They spent a good year conducting a series of 60 customer interviews to figure out exactly what problem needed to be solved.
As the founder/CEO recruits, he or she needs to set the vision and rally the team around it which will ultimately lead to a successful exit. The most successful CEOs I’ve witnessed do a lot of listening and empowering. They trust their people enough to allow them to make mistakes. They instill confidence that they will support them along the way. These leaders will dare to take a risk that can lead to the upside that can constitute success.
I’ve also heard seasoned CEOs say time and time again to focus on the journey, after all, life is short. Make the most of the ride and grow from the bumps along the way. Learn and grow from adversity. Have fun along the way – do what you love, and the rest will follow.
About the Author
A noted author, consultant, speaker, and teacher, Ms. Ueng is the founder and CEO of Savvy Marketing Group, a leading consulting firm, headquartered in Research Triangle Park, NC offering Resolute Ventures and Chief and Crew for Hire services. She and her team work closely with new ventures within Fortune 500 companies as well as later stage ventures maximize their chances for success.
Southeast Venture Conference, February 29 – March 1, 2012 at the Ritz Carlton in Tysons Corner, VA – Where Smart Money Meets Smart People.
www.seventure.org
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