It was November 2021, I knew I would reach retirement age in 18 months’ time. In anticipation of launching my own business development business, I compiled 2 lists.
The first was a list of the various things I had to do to get the business model in order. (I like to call that “my horse”). It included things like becoming fully compliant in registering the business with CIPC, getting a Tax clearance certificate and BBBEE affidavit.
It also involved doing a self-assessment of where the business was; what gaps existed and what actions I needed to prioritize to move the horse forward significantly.
The list ran to two pages, and I am happy to report I achieved 90% of that list. You may wonder about the remaining 10%. I certainly did. But I think these fell into the following categories: – Fanciful; would like to if possible and simply overreach on my part. The lesson? Visit such a list often; be relentless and methodical and finally, let all activities undertaken move you towards your Why
The second list, ah, now that was a different matter. If the first list was about the process of “building a healthy and strong horse”, the second was about how I would grow into a more resilient, courageous and entrepreneurial version of myself. (The jockey)
I can reflect that I have mostly had my foot on the “accelerator” rather than the “brake” in terms of personal growth as an entrepreneur. (Mostly moving forward, with occasional bouts of anxiety; distraction and self-doubt)
Although it was a shorter list, it demanded quite a bit of introspection, clear honesty; grit and embracing an attitude of “ever -be- learning”. This may sound a little fluffy and you may wonder how necessary is this focus on the jockey? After all, aren’t these “soft skills”? What place do they have in creating a viable business?
I would argue that these so-called soft skills are vital and essential to your growth. Research demonstrates that a high percentage of small business fails in the first ten years. (Over 90%). Further, when the factors contributing to the business failing were researched, roughly 30% could be attributed to an unhealthy business model (a weak horse) but 70% had to do with the entrepreneur themselves. (An unfit jockey)
Only you can determine which areas of growth you should commit to. It helps, however, to consider some key attributes and characteristics.
The Harvard Business School reflects these ten characteristics: –
- Curiosity
- Willingness to Experiment
- Adaptability
- Decisiveness
- Self-Awareness
- Risk Tolerance
- Comfort with Failure
- Persistence
- Innovative Thinking
- Long-Term Focus
Curiosity
Curiosity is an attribute we can and should grow in. May of the greatest products we enjoy today arose because someone was curious to explore the question, “what else is there?” “The important thing is not to stop questioning. Curiosity has its own reason for existing” is a famous quote by Albert Einstein that connects curiosity with wonder. I like that! Let your journey include a great dose of childlike wonder.
Willingness to Experiment
This is connected to curiosity. Growing curious about real life problems (like rampant unemployment; devastating shack fires and frustrating traffic jams) can lead to interesting solutions. Will all of them work? No, but in order to find that “lightbulb that works”, are you willing to experiment 10,000 times like Thomas Edison? Who knows what stewing on the problem a little longer may unlock.
Adaptability
In the recent rugby match between the Springboks and France, a red card meant that the team would play for 40 minutes with 14 players. A distinct disadvantage to a top tier rugby nation with 15 players! Yet the Boks adjusted, adapted and ultimately beat their opponents convincingly. The lesson? Business cycles and speed bumps will collaborate to throw serious curveballs at you. Can you, like the Boks, size up the challenges, put your head down and adapt quickly?
Decisiveness
“Indecision is the thief of opportunity” -Jim Rohn.
All of us will have opportunities come our way. The challenge is are we looking for them; cultivating and watering them….so that you may take them further? One of the factors impacting on taking opportunities is saying “yes” more than no, not now or it scares me too much. Decisiveness is courageous but not unreasonably risky. As Charles Gordon, an author and friend would say, you make your choices and then your choices make you!
Self-Awareness
“Self-awareness gives you the capacity to learn from your mistakes as well as your successes. It enables you to keep growing”. Lawrence Bossidy
This is such a critical characteristic. Do you place equal value on the mistakes you make as on your successes? Are you asking questions of your actions and decisions to clarify what you have learnt and to underscore what you will do differently? Do you celebrate your mistakes?
The place best known for explicitly celebrating mistakes as a learning opportunity in a public setting is the Musuem of Failure in Sweden. The museum has hosted pop-up exhibitions globally (including Los Angeles and New York), features a collection of over 100 failed products and innovations from major companies like Google, Apple, and Microsoft. The goal of the museum is to demonstrate that failure is an essential part of innovation and the learning process, encouraging people to take risks and not fear potential setback