One of my mentors once told me that the highs and lows in
early stage ventures can be tremendous. The
mentor I speak of experienced startups from the level of CEO of an operational
company with significant backing. Just
imagine his perspective if his experience would have been with an earlier stage
venture. Of course, he left the
stability of an executive level position at a large hotel company to pursue a
startup back in the late 90’s. Regardless,
his perspective and his point are worth considering.
In my fifteen years of experience in the world of early
stage companies, I have learned that celebration of even the smallest successes
can help overcome the lows mentioned by my mentor. So much of what we do on a daily basis may
not lead to any meaningful result. For
example, only a small percentage of the people we as entrepreneurs talk to on a
daily basis may be able to bring us money.
At a conference recently, an entrepreneur who has launched many
successful consumer products mentioned that he had to talk to 800 people to get
20 or more to invest in his latest venture.
In the early stages of a company, your learning curve is incredibly steep
and your opportunities are quite volatile.
The deal you thought would save your company this month may disappear overnight. The partner who was going to help you triple your
revenue in six months may stop returning your calls. To someone who is used to solid, trackable
progress, this instability could be devastating.
It has been my experience that readjusting your concept of
success is necessary in order to stay positive and survive in an early stage
venture. Celebrating the smallest wins, such
as connecting with a key decision maker on LinkedIn or getting an email
returned from an executive at a large potential client, will help you stay
positive, happy and healthy. I go
through weeks where a single returned phone call could be a reason to jump
around my office in excitement. Again, a
considerable percentage of time, that phone call may not lead me to the deal I
was seeking. However, having 10
connections with people like the person who returned my call could lead to much
bigger success. The key is to get
excited and stay excited.
In a small company, everyone’s excitement and enthusiasm
matters. In a company with 5 people,
each person has 20% impact on the success of the company. You could argue that some people have a
bigger impact than others, but that argument may lead you to underestimate the
impact of one negative person on the success of your company. Getting your team to celebrate every small win
could help everyone to feel and stay excited.
You and your team will need this energy to overcome the many hurdles you
will experience on your entrepreneurial journey.
Now, some people may say they have no time to celebrate
every win. My idea of celebrating is not
stopping all productive activities and throwing a party. Save those celebrations for the big
moments. My version of celebration is
more like sitting back in your chair for a few minutes, smiling, and enjoying
the feeling of just having accomplished something. When I say celebrate, I am talking about
embracing the powerful, positive feelings you receive from success, even if
only for a few minutes.
Often times as entrepreneurs we are chasing big dreams. The goals we look to accomplish may not have been attained before. All entrepreneurs experience roadblocks and setbacks. Don’t let Hollywood make you think otherwise. In my experience, those teams that find ways to keep celebrating stay happier and healthier than those that focus only on celebrating major successes. Staying in the game is the best way to be successful as an entrepreneur. Staying happy and healthy is the best way to stay in the game.
Celebrate next time you get through to someone you have been
pursuing. Celebrate every time you get a
sale. Celebrate when you reach a
critical technical milestone. Create an
environment of success, and success will find you!
