Last week I attended a meet-up about success and failure, followed by a BBQ. Well, I can’t tell you much about the BBQ, but the first part of the meet up was amazing. The problem with the BBQ? I was so caught up chatting with people that I didn’t have a chance to eat (not that the food was not good).
It was not the first time I attended a discussion about success and failure. I actually helped organize a couple of them in the past. However, this was the first time the event had a moderator and that made a huge difference.
Three amazing entrepreneurs, each with businesses in different stages, shared their experiences on how and why they failed, how they managed to get up and continue, and how they have now managed to succeed.
But the best part was the networking event. Talking with all these amazing people who attended and to see what we have in common, how we can help one another, and just get to know them. I am always motivated by the energy of the people who are willing to keep on going and never give up when they believe in something.
Here are my main takeaways when it comes to success and failure:
- Focus: nothing can be achieved without the right focus. We all tend to get distracted and overwhelmed by the details, so try to eliminate diversions and allow yourself to create.
- Planning. I am a planner, so this one comes easier to me. However, a lot of entrepreneurs, especially young ones, just go and do without looking at the big picture and preparing for the next steps. A great product is not enough, as we all know. You need a great marketing strategy, business model, and sales strategy, as well, to succeed.
- The Right Investor. You would think that just getting the investment you need to kick-off your business would be enough. Well, it is not. Why? Besides the money, you also need the right guidance and mentorship to help you define the steps you need to undertake, the sequence of actions, your market and customer, and so on. Another important factor to consider is the percentage of your company you give to an investor. If you give too big of a percentage to an investor, such as 50 percent, you perhaps will not put as much effort into it as you would if it were solely yours. You will not feel as motivated, because you will earn less of the profits. I am sure this depends on the person, though.
- Passion. I don’t know about you, but I need to be passionate about what I do in order to dedicate myself 100 percent to that project. I see the same in my clients. I choose to work only with these types of people. The ones who choose to do it because they really believe in it and not because it will make them rich. They believe life is better because of their product or service.
In conclusion, stay focused, plan everything, choose the right investor, and above all, make sure you are passionate about what you are doing.