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How Short-Term Suffering in Startups Leads To Their Long-Term Success

How Short-Term Suffering in Startups Leads To Their Long-Term Success

It would appear that anyone with a laptop and an Internet connection is launching a startup. I am not going to lie to you there is a romance behind building a successful company. Unfortunately, there is a great deal of work that must be done in private before you can celebrate your wins in public.

Not only is the journey ahead of you epic but 90% of startups fail, according to Neil Patel, co-founder of Crazy Egg. Why? Because… you waited too long to launch, you hired poorly, or you simply lost focus.

Until recently, I have been a serial failure as an entrepreneur. I lacked the understanding of how the short-term pain bleeds into long-term success. I have discussed these issues with a few entrepreneurs, and I have listed some of the mile markers they encountered on their journey to building a successful company:

1. The product is important to the business, but the company culture is more important.

Mike McDerment, CEO of FreshBooks, explains the company invests a great deal of energy into creating a company culture that is supportive and collaborative.

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It’s in the DNA of FreshBookers to go to great lengths to execute extraordinary experiences every day for our customers and for each other. – Mike McDerment, CEO of FreshBooks,

The single most important commodity for a company is to hire for cultural fit; hiring people who share the company’s core values.

2. You are working hard to succeed, but first you have to fail before you can triumph.

Failure is a valuable tool for the entrepreneur. And without forensic analysis failure is nothing more than… defeat! So you must schedule the time to give serious thought to the question “Why didn’t it work out?” Once you start fleshing out this question higher-order learning and growth begin.

At the end of your analysis you must have clear ideas about why it failed, and what you will do differently next time.

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3. You are solving problems, but you must create better strategies to solve the more difficult issues.

Todd Barrish, President of Indicate Media, practices four problem-solving strategies:

  • Step 1: Thoroughly identify the problem and the cause of the problem.
  • Step 2: Discuss solutions. This includes potentially reframing the conversation.
  • Step 3: Assign responsibility of the solution. Who is going to manage moving things forward?
  • Step 4: Set a measurement of the solution, so you know when and whether the problem was solved.

4. You are taking risks but the risks must be intelligent so that they can feed the innovation.

Todd Barrish, President of Indicate Media explains that innovation is the backbone of any successful startup.

Barrish sites the launch of his company as a prime example of how innovation has allowed Indicate Media to thrive. Todd continues to explain that the secret sauce to building brand credibility and securing new business is centered on his ability to take intelligent risks against established norms.

5. You are focused on your vision, but you are failing to recognize when to adapt to the market.

No marketplace is immune from change, and if your startup is to succeed, then you must change with the market. But it’s not enough to match course with the market – to experience gain you have to stay ahead of the change. This is why it becomes important to understand the difference between what Andy Grove, author of Only The Paranoid Survive, refers to as recognizing the difference between signal and noise.

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6. You are creating products better than your competitor, but you must make the product better for your customer.

You must constantly be engaged in conversations around making better products. And I am not just saying to make the product better than your competitors but it must be better than what you have done before. Sometimes it might be a minor change that could be implemented in a few hours, other times the implementation could take months, even years to fully realize.

7. You are settings goals for your company, but they must be D.U.M.B. goals.

  • Dream-driven: Let’s start with building a big dream, stay away from the safe dream.
  • Uplifting: Your goals should have a prerequisite of being positive. Your goals should inspire you to accomplish them.
  • Method-friendly: You need to build methods of obtaining your goals. Your focus should be on building habits that move you closer to achieving your goals.
  • Behavior-triggered: When you set a goal, you need to create triggers that remind you to keep chasing them.

8. You’re focusing on the work ahead but to succeed you must build the appropriate skills.

At the beginning of most new projects, you will lack key skills that are critical to the success of the project. Understanding this issue is critical and will condition you to focus on those skills.

Once you have identified the skill to master, you must not only create a set of habits, but you must also have a provocative ”why” is the skill important. This strategy will place you in the proper mindset to keep you growing the new skill.

9. You have mentally prepared yourself to deal with the stress of a startup, but you have not changed your mind.

“There is nothing more powerful than a changed mind,” explains motivational speaker Les Brown.

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It’s your disempowering story that you are not good enough that keep you from achieving you true potential. By changing your mindset to believe with certainty in your potential, you give yourself permission to take massive action, which gets you those amazing results, you have been dreaming of.

10. There are times when you’re about to give up, but you have to focus on why this thing is important to you.

To be honest, don’t ever think about giving up. If something doesn’t work out, thinking of a new way to make it work and move on. You must be determined to get through the bad times. If need be, get your team together, outlined the situation, until you come up with a plan to fix it.

11. You do a great deal of talking but for you to understand what is needed you need to shut-up and listen.

Great leaders are great listeners. It’s not your job to dominate the room with your rhetoric. Your job is to listen because the most effective strategy to get people’s attention is for you to give them your attention.

12. You are the boss but to be successful you need to be a leader.

Leaders are not the boss. Leaders develop the gift for getting others to operate at their peak performance. And what might those gifts look like:

  • Listening to your team and addressing suggestions, concerns, and personal issues.
  • Coaching your team to raise their performance to a higher standard.
  • Allowing every team member the opportunity to voice their ideas.

Take the opportunity to listen and you will create an environment where they can unleash their full potential.

Featured photo credit: Unsplash/Volkan Olmez via unsplash.com

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Last Updated on June 13, 2019

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

Knowledge is power, and you’re going to need a lot of it if you’re going to be able to steer your business to success.

Without further ado, let’s take a look at the 15 best entrepreneurs books to get inspirations about success and grow your business.

1. Think and Grow Rich by Napoleon Hill

    This book has been dubbed the Granddaddy of All Motivational Literature, and it was actually the first book that gave a prescription of what it takes to be a winner.

    Napoleon Hill draws from the stories of millionaires like Henry Ford, Andrew Carnegie, and Thomas Edison to illustrate the principles he put forth.

    Get the book here!

    2. The Lean Startup by Eric Reis

      A lot of startups end up failing, but many of these failures are actually avoidable. The Lean Startup provides a different approach that is now being adopted all over the world and changing the way that companies are developed and products are being launched.

      In The Lean Startup, Eric Reis describes what is required for a company to penetrate the fog of uncertainty in order to discover a path to a sustainable and successful business.

      Get the book here!

      3. The E-Myth Revisited by Michael E. Gerber

        In a revised edition of the 150,000-copy bestseller, The E-Myth, Michael Gerber refutes some of the myths that surround starting your own business and shows just how commonplace assumptions can end up getting in the way of being able to run a successful business.

        Gerber succeeds in walking the reader through the steps that occur in the life of a business, from infancy, through the pains of growing as an adolescent, to the perspective of the mature entrepreneur.

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        Get the book here!

        4. Rework by Jason Fried

          Most of the business books that you get today will give you the same advice: draft a business plan, study the competition, look for investors, and all that.

          However, Rework shows you a more effective, easier and faster means of succeeding when running a business. By reading it, you’ll be able to know why some plans are harmful, why you don’t really need to get investors, and why you’re better of shutting out your competition.

          Get the book here!

          5. How to Win Friends and Influence People by Dale Carnegie

            This is one of the most successful motivational books in history, selling well over 15 million copies since it was released in 1936. The book is timeless, and it appeals to businesses, self-help startups, and general readers.

            Carnegie believes that a lot of successes come from an ability to communicate rather than having brilliant insights. In his book, he teaches how to value others and make them feel appreciated and loved.

            Get the book here!

            6. Outliers: The Story of Success by Malcolm Gladwell

              Through this amazing book, Malcolm Gladwell is able to take the reader on an intellectual journey through the world of ‘outliers’. He asks the question of what truly differentiates high-achievers.

              His answer to this question is that we tend to pay too much attention to what successful people are like, and less attention to where they are actually from.

              Get the book here!

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              7. Rich Dad, Poor Dad by Robert T. Kiyosaki

                This is the best personal finance book ever written. It tells the story of Kiyosaki and his two fathers; his real father, and that of his best friend (his rich dad), as well as how the two men helped him shape his opinions on money and investing.

                It refutes the myth that you need to earn high to become rich, and it distinguishes between working for money and having money work for you.

                Get the book here!

                8. The Ascent of Money: The Financial History of the World by Niall Ferguson

                  Niall Ferguson, in this book, follows the money to tell the story behind the evolution of the word’s financial system, from the beginning way back in ancient Mesopotamia to the latest occurrences in what he had dubbed Planet Finance.

                  Fergusson also reveals financial history as the backstory behind our very own history, with an argument that the evolution of debt and credit is as significant as the history of technological innovation and the rise of civilization.

                  Get the book here!

                  9. Liar’s Poker by Michael Lewis

                    Michael Lewis landed a job at Salomon Brothers after getting out of the London School of Economics and Princeton within three years, he had risen to the rank of bond salesman, making millions for the firm and cashing out steadily.

                    Liar’s Poker is the amalgamation of these years — a look behind the scenes at one of the most turbulent times in American business. His book is Lewis’s account of an era where greed and gluttony were the order of the day.

                    Get the book here!

                    10. Drive: The Surprising Truth about What Motivates Us by Michael H. Pink

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                      A lot of people see money as the best motivator. Michael pink says it’s a mistake.

                      In this provocative book, he asserts that the secret to high performance anywhere is the need to direct our lives, to learn and create, and to do better by our world and ourselves.

                      Get the book here!

                      11. Getting Things Done: The Art of Stress-Free Productivity by David Allen

                        Outdated methods don’t work in today’s world. In this book, Allen shares some awesome methods for stress-free performance that he has shared with thousands of people all over the world.

                        His premise? That productivity is proportional to your ability to relax.

                        Get the book here!

                        12. The 7 Habits of Highly Effective People by Stephen R. Covey

                          In this book, Stephen Covey presents a holistic approach for overcoming both professional and personal issues. With insights and anecdotes, Covey presents a way to live with integrity fairness, service and dignity.

                          Get the book here!

                          13. The 4-Hour Workweek: Escape the 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss

                            In this book, Ferriss dishes on the tips he has learned from studying the New Rich, a subculture of people who did away with the deferred life plan and mastered time and mobility to developed luxury lifestyles for themselves.

                            If you’re looking to make your way in this revolutionary new world, this here is your compass.

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                            Get the book here!

                            14. Delivering Happiness: A Path to Profits, Passion, and Purpose by Tony Hsieh

                              The CEO of Zappos shows how a unique kind of corporate identity can help deliver a huge difference in the way results are being achieved — by creating a company that values and delivers happiness.

                              Get the book here!

                              15. Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way by Richard Branson

                                From Virgin Atlantic Airways, Virgin Records and V2 to Virgin Cola, Virgin Megastores and a wide array of other companies, Richard Branson is the rockstar billionaire that a lot of us want to be.

                                Branson, however, did business by following a simple philosophy:

                                “Oh, screw it, let’s do it”

                                Losing My Virginity is an unusual, borderline outrageous autobiography of one of the greatest business geniuses in the world. Branson and his friends named their business “Virgin” because that was what they were — virgins at the game.

                                Since then, he’s written his success rules, creating a global business that has no headquarters, no management structure no corporate identity as it were.

                                Get the book here!

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                                Featured photo credit: rawpixel via unsplash.com

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