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Success in business is . . .
June 9, 2014 | By Neil Ducoff | 4 Comments
We dream about it. We fight for it. We put everything on the line for it. But what exactly is this thing called “success”? Success is often referred to as a destination, but if that is correct, how does one know if he or she has arrived? There aren’t any quantitative measurements that define success. There isn’t a GPS destination called success. And if success is so amazing, why are there people happy as could be that are barely getting by, while others have all the trappings of success and are miserable?
Business success is the ultimate enigma simply because you never know if it has truly been achieved. If you believe you have achieved success, there is always uncertainty as to its sustainability. A few miscalculations, distractions or bad decisions and your “success” can disappear in a heartbeat.
But yet, we want it, which begs the question: if business success is so abstract and fleeting, why do we pursue it with such passion and tenacity? We pursue it because succeeding in business is about pursuing your full potential. Wealth, money and profit are merely the indicators and rewards of success. Leading a company to success is a test of character. It is a test of your ability to master business disciplines, exercise good judgment and take calculated risks. It is a test of your ability to surround yourself with the right talent, build a dynamic culture and lead it all to an extraordinary destination that is your vision.
Here are my no-compromise leadership perspectives on success:
- It’s your success: You will never understand the true meaning of success if you’re trying to be someone else’s version of success. Success is something innately personal. It’s an insatiable internal craving to achieve your full potential…not someone else’s. Yes, you may need encouragement along the way, but the internal drive to achieve success is yours and yours alone.
- Capacity to overcome: Achieving success in business is a long-distance marathon. There will be setbacks, cash-flow crises, betrayals, dumb decisions and nasty things the universe will throw at you. Inevitably, you will get knocked to the ground and feel beaten more than once. But you must continue on, always getting up and pressing onward. You must and will learn from your mistakes, as they will make you wiser.
- Capacity to share: Business success isn’t about using people to get what you want. That’s a dictatorship where people perform out of fear. Business success is about people, fairness and integrity. It’s about leading a company by serving those you lead. Simply put, it’s about sharing success – not owning it. People will fight for what they believe in…and that means people deserve a stake in the outcome. Hitting a goal is a collective “WooHoo.” Getting a win is a collective “WooHoo.” Achieving gains in critical numbers and hitting a goal must be a celebration for all…triggering a team bonus.
- Capacity to find balance: One of the most difficult aspects of business success is finding balance between business and personal. If it’s all business all the time, personal and family will be compromised. Likewise, if you devote too much time to personal and family, your business will be neglected and compromised. Companies do not run on autopilot. Even with a highly competent leadership team, a company needs its leader. Finding balance demands that you establish your own definition and criteria of success. When writing Steve Jobs’ biography, author Walter Isaacson asked Jobs why he was so willing to allow him unprecedented access and editorial freedom in the book. Jobs responded, “I want my kids to know me. I wasn’t always there for them, and wanted them to know why and understand what I did.”
- Capacity for risk: You cannot succeed in business without taking risks. In many ways, business success is about you betting on your ability to take the right risks. If you have a low capacity for risk taking, you must adjust your definition of success accordingly. You cannot achieve extraordinary success by taking ordinary risks. And when taking risks are far and few between, leaders and companies become complacent and lethargic. Business success is about taking incremental risks, and every now and then…taking a big, hairy, audacious risk.
- Capacity to transition: Business success means the ability for a business to adapt and grow to market conditions and to seize opportunities. It also means that leaders must adapt and grow in concert with the companies they lead. For example, leading a company that is two or three times the size of your present company requires new and more refined leadership thinking and behavior. It also requires the leader to let go of certain tasks and responsibilities in order to take on new ones. That’s how a company endures long term. The very worst things a leader can do are not evolving and maturing as a leader. That’s when the company gets stuck on the leader’s timeline and slows down as the leader ages. Companies have a life span that far exceeds that of its leader.
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