The Wall Street Journal ran an article recently on high growth leadership…how they often underestimate the problems they end up facing. “Even the most realistic leaders underestimates the difficulties in building a business,” the article said.
So true. And a good thing. Were it not for our inability (or not knowing what we don’t know) to fully assess the difficulty of establishing a new business, we might never try to launch one at all. The same thing might be said about starting a family.
Here’s how a few successful high growth leaders overcame the problems they initially failed to recognise:
Having a clear strategy…
According to the article, a design group in St. Louis is building its customer base by sticking to its “gold standard” of providing only in-depth, high-end, intensively researched design work, despite the demand for cheaper services. Staying on track with the company’s corporate U.S.P. (which is “selling good ideas”) has been at least partly responsible for their substantial growth while others are failing.
Being and remain flexible…
There is only one situation in which successful leaders will abandon a strategy: when customers won’t buy it. You’ve got to resist the temptation to be everything for everyone…but when the thing you are doing isn’t desired by anyone, change plans.
Maintaining a realistic view…
In making plans, successful businesspeople are honest with themselves and conservative in their expectations. They won’t believe that business economics have changed, for example, simply because some dot-comers have told them so.
Behaving ethically…
“Bad behaviour has a way of catching up with a business,” the article stated.
Having a robust network…
Accomplished high growth leaders have an impressive network and turn to them in times of need.
Maintaining a global perspective…
Going international has been a recipe for disaster for many companies in the past. But with the advent of Internet marketing, it’s entirely within reach.
Being able to deal with technology…
You may not like technological change…but if your customers want it, you have to live with it.
Having a passion for the job…
“Not much can surpass the single-minded drive of an entrepreneur in solving a problem.”