Learnings from institute B: One month does not make a brand
At institute B we help develop entrepreneurs and their business expressions: their entrepreneurial ventures. Working with 7 start-ups is an up and down business. On any given day you balance great news and bad news. One company gets great news, another deals with failure.
It is our job as partners in the incubator to share our past experiences so that the CEOs can make decisions in a clearer state of mind. Making decisions based in a frazzled, emotional state can lead to further disappointment. Mentors can help smooth out the rocky emotional road of start-up life.
On the other side of the coin, entrepreneurs and stakeholders can get excited about a great month or event that pushes the company over certain hurdles. This can include a key financing or strategic customer acquisition. This ‘high’ can cloud your judgment as much as disappointing news can and optimism can easily inflate to become invincibility.
If there is one thing I learned at institute B, it is that one month does not make a company, a brand, or a CEO’s tenure. Whether one is dealing with a high or a low, some fundamental operating behaviours and values must remain. Here are a few lessons in dealing with emotional events.
The first is to remain authentic to you brand promise. Do not let reactions to highs or lows impact the way you relate authentically to your community of suppliers, employees, and customers. Understand your brand’s value system and live consistently within these values.
The second is generosity. When things are going well it is much easier to be generous. It is when things are tough when it becomes more important. Generosity does not require an outlay of money. It can be active listening; there is much generosity in having your community experience being heard. Abundance will come if you begin with generosity.
The third is adaptability. Reacting quickly can confuse your community and negatively impact your relationships. Adaptability is not knee-jerk reactions to things that happen. Adaptability means adjusting behaviours to take on new opportunities based on a consistent relationship with your community of stakeholders. Your company has a commitment to values and adapting to new opportunities must remain consistent with your values, vision, and mission.
Life as an entrepreneur in a start-up means dealing with good days and bad days. Remember that one month does not make a brand. Understanding yourselves, your companies’ values, and living authentically will go a long way to having your experiencing more great days than down days.
Written by: Darrell Kopke, Skool Principal