Monday, December 20, 2004

You gotta believe . . .

The true test of an entrepreneur is her ability to believe. Every rags to riches story of a successful venture has phrases like “against all odds,” “when others had failed,” etc. Every thing out there is telling us the deck is stacked against us. 8 out 10 companies don’t see their 5th year anniversary. And yet, every year millions of people start businesses . . .

And to make matters worse, we are wet behind the ears. Most entrepreneurs aren't veterans in their own fields. A recent survey of Inc. 500 companies revealed that 40 percent of their founders had no experience in their particular industry before starting their business, with 33 percent of the founders unemployed at the time they launched their venture.

So, the big secret is you have to believe. You have to believe you have something of value to offer your clients. You have to believe it will work. You have to believe it is worth the struggles and sacrifices. When you stop believing, you are done.

I used to have a business partner who would go into a client meeting and promise the moon. I would bite my tongue and stare at him in disbelief. Afterwards, I would argue, “We can’t do that.” “Why not?” was always his reply. Why not indeed? We always managed to somehow deliver whatever he promised, and he always believed. He believed we could do it, and somehow we did.

There’s a theory that Perceived Success Breeds Success. That theory starts at home. Obviously, there are many other aspects that go into creating a successful business, but you gotta believe. . . .

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