I just got this very amazing post in my email from a good friend of mine Marcin at gofund capital –I know I suffer from this from time to time as an entrepreneur for sure!!:
- business partner
- staff member
- marketing plan
At any given moment there are literally 100 different projects or initiatives that you can start working on. The question is… which ones will you actually finish?
If you’re a start-up or a business experiencing exponential growth your answer better be “whatever helps generate revenue today”.
I’ve seen several brilliant “starts” die because the entrepreneurs were constantly focused on implementing “exciting” new ideas or bringing on new team members all while still figuring out the business AND expending lots of time, money, and energy along the way.
The real challenge for most growing companies is executing the “finish”.
Too many businesses recently have forgotten this simple truth. Easy money has allowed many companies to raise capital at higher and higher valuations without much regard for pesky things like profitability.
This has allowed several bad habits to multiply in the business community:
- There are too many managers and not enough people with their sleeves rolled up
- There are too much theory and discussion and not enough testing and application
- There is too much focus on branding and not enough focus on actual sales
- There are too many internal meetings and not enough client-facing interactions
You see…starting something new is sexy. It can be glamorous and exciting and there is almost always a “honeymoon” period where people temporarily cut some slack and suspend judgment.
Eventually, though reality sets in, the music stops, and funds dry up for the businesses that are great at “starting” as everyone involved (employees, investors, etc.) eventually expect a return on their time or money. This is why the only companies that make it over the long term need to constantly create real value and deliver products and services that people actually want.
Whether you’re running a small business of one or are managing a team of 20 and still growing the key to your continued success and growth is being very selective in what new “starts” you embark on within your business. If the new “initiative” or “partnership” doesn’t exponentially increase your existing business; it’s likely not worth doing. No amount of time or capital investment will change this. Investing money and time will only delay the inevitable and suck precious resources from what does work.
Anyone can start something. Few people finish strong.
To Your Success,
Marcin Drozdz is the Managing Director of GoFund Capital Partners. An entrepreneur at heart Marcin began his professional career rising through the ranks in the private capital markets in Canada. Marcin has since helped build out several companies including a limited partnership focused on commercial real estate acquisitions, a financial services firm, and an alternative business funding group. Marcin and his team now primarily work with professionals and business owners that are looking for capital or strategic solutions to fund their growth or exit.