No matter how great the talents or the efforts, some things take time. You cannot make a baby in a month by getting 9 women pregnant. -Warren Buffet
I saw this quote and it made me laugh… I invest the better part of my life at this point working with companies and people that are interested in growth and the biggest stumbling block for pretty much all of them is effort over time. The patience to allow parts and pieces of your operation is paramount in any growth plan. It actually made me realize the similarity between growing a business and having a child. Both involve various stages. Both involve patience. Both have celebrations as well as pain…
Stage 1: Conception. Ahhhhhh conception. With a baby, this is all the fun and fireworks! Feelings of closeness exist between the soon to be parents. Anything and everything is possible!
In much the same way, the conception of a business is that idea that pops into your head. The one that ‘can’t miss’. It is the one you draw logos for. It is the idea that you dream of the millions that it can make you. The possibilities are endless! You discuss things like catchy company names, best case simulations and web domains. Whoever you pull into your circle becomes your closest allies as they help you develop the idea. Its euphoric.
Pitfalls at stage 1: Each stage is wrought with danger, the conception stage is no different. The majority of ‘ideas’ never get past this stage sadly. As soon as you start to tell people about it, naysayers will come out of the woodwork telling you every reason it can’t work. Where will you get the money? You don’t know enough about that business? How will you withstand the first signs of negativity toward your fledgling venture? Surround yourself with the right team, and you will be able to move on to stage 2.
Stage 2: Birth. All that euphoria soon enough turns into pain, blaming and screaming. Everyone realizes how hard this is going to be. Money is needed. Time is needed. Specialists are needed. And above all, effort is needed. This process is exhausting. The mother is put through hell while the rest of the family is watching and waiting helplessly. Sometimes it goes quickly, others (especially for a new mother) can go painfully slowly. But in the end, you get one of the greatest gifts you will ever receive. A life that you created.
Business growth sounds eerily similar. After the initial idea stage wears off, the real work begins. The founders must build a plan. Reality sets in. Hours are needed. Dollars will have to be spent if it is to get beyond this point. The work of starting growth goes beyond naming it and showing where it will end up!
Pitfalls of the birth: The difficulty of building the plan and starting the real work leaves many executives, managers and entrepreneurs on the sidelines. Doing your existing work while at the same time pushing on an idea that may or may not pan out is a tall order. This is where your ‘why’ has to come in. Why is this growth important? What difference is it going to make for your target customers? Or for your company? Or for you? The pain can be great, but it will be gone in the blink of an eye with the right help and reason to keep pushing.
Stage 3: The Infant. You have an amazing creation in the palm of your hands. It is beautiful. It even has your eyes. But it also is helpless and completely dependent on you for life itself. The baby is the pride of your existence as you gush over it, take thousands of pictures and amaze at the gurgling sounds coming out of his or her mouth.
Your business is in the same boat. It is official, amazing… and helpless. You have to do everything for it. You are the accounting department, sales department, finance department and human resources. People admire your new venture as they toil away at their old jobs. But on the inside, you are asking yourself ‘what have I gotten myself into!’ Sleep is overrated. But… It is real. You are now a business owner. You can make things happen. You are in control. It is time to make things happen!
Pitfalls of the infancy stage: It is easy to take your eye off of what is important in this phase. You will be easily distracted by other opportunities or even by the ones in front of you that aren’t that important. Push yourself to remain focused on generating revenue. At this stage, a lack of revenue is the quickest death. Your wallet will run dry before you know it.
You made it through the first struggle. You have a cute new concept with a little revenue starting to come in. People remind you what a great idea you have as you show it to the world. A lot of sleepless night though
Toddler. The terrible twos are called that for a reason… It feels like you need 3 of you to keep up with the little monster that is your business. You would hire help, but that’s expensive. Every time you turn around something is going wrong. You also realize how much you dislike the word NO as everyone seems to be telling you you can’t this or no money
School age. Enlist the help of others. IT still all comes down to you though
High school. Your company is somewhat running itself. Driving.
College. Your first attempt at running itself. You take vacations. Some require you to take back over (come home). Some are off and running.
Marriage. Acquisition.