4 Ways to Fight Failure
The following is a guest post by Michael Myers (@MichaelMyers) the founder of the Cruces blog. Michael is a Business Model Architect who helps businesses utilize Social Media, the Mobile Internet and the iPhone as business tools. He is also a mentor and great friend. This is his contribution to #FAILweek. Enjoy.
At the end of 2006, I agreed to open an office for an agency based out of NY. I had been wooed away from my current employer and had big aspirations of doing very well quickly. Unfortunately, I was quickly underwhelmed by the response the market gave me. Even though I had a very robust network, they knew me as a leader of professional services and not as a marketing person. Within three short months, they had pulled the plug on the entire endeavor and I was left to live off of what I had in savings and my 401k. Things were not good. At times like this it is pretty easy to point your finger and blame. I blamed them and they blamed me. Never got heated, just a huge disappointment for all involved. Why did this endeavor fail?
- Know yourself. You may invision yourself as the skilled pitchman but guess what. Just like tech, you either have the knack or you don't. I can sell (and do sell) but my strength is in closing the sale. Not generating the lead. That is a specific skill set and one that should be rewarded as much as anything else. Make sure your skills match the need before beginning. If it's not a match; find someone to help you.
- Know your network. Your network may be filled with highly skilled, influential people. Do those people have the authority to make a financial decision? If not; there is a strong chance they won't be able to get you the contract. (See point 1 if there is any confusion.)
- Make sure that everyone involved understands the risks and timeline with which success will be measured. I felt as though I was doing well having closed 3 deals in the first three months. The principals expectation was to boil the ocean in one month.
- Have your parachute ready. I was so sure that this would succeed, I didn't have the finances prepared for failure. The CFO side of you should expect to fail and the CEO side of you will not accept failure.
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