Are You Ready to Climb?
The mountain always looks daunting as you begin to climb, but the payoff for your perserverance is reaching the summit. Growing a company takes this same perseverence year after year. Value is created by making it to the summit hundreds of times overcoming different operational challenges.
Starting a new company or beginning a new career will usually feel like a sprint for the first few months. Learning comes on the fly and mistakes have to be made, only then will the right systems begin to develop. Once those first months are finished your marathon begins. This starts the true test.
In the first year your company will be fresh and exciting, friends and family likely have stepped up with necessary startup capital, but going into the second year the excitement will have dissipated. Now it is your time to dig deep and push forward on your trek. People will begin to doubt, and you will doubt yourself somedays. "Why did I think this plan or idea would work? will be one thought that plagues the brain. Then you wake up the next day refocus and continue the climb. This is why having correct people on your team becomes mandatory. 50 percent of new businesses fail before 5 years in Canada. I believe most times this is a people problem. Also going back to perserverance again, how much are you willing to risk and lose to create the winning product. 0 credit rating, eating at McDonalds instead of Earls, or staying at Econo Lodge instead of the nice Hilton Hotel downtown. These are minor sacrifices for the longterm growth of the business.
Jerrod and I started the marketing firm Crownsmen Partners and soon realized advertising is a cut throat industry with fierce competition....but we believe in our product and that we can outlast the competitors. If you last over 5 years, doing that alone, half your competitors will be no more. This will allow your company to start establishing a moat, high barriers of entry into your industry, and development of proprietary products and technology (I will expand more on these subjects later). This begins the true creation of value, most importantly being cash. In the first 5 years cash should be treated as your bloodline.
What are some incredible obstacles your company has overcome by perserverence? How about you personally? These victories should be remembered and celebrated.
Now time to begin preparing for the next day of the trek.
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