What are the key factors to determine the success of failure? If the failure is the most common outcome, how can you manage it well? There would not be a single answer but I believe that living up to your own value leads to a good ending regardless of success or failure. Here is my thought.
- Setting a clear goal – I often hear that young ambitious entrepreneurs say that their goal is the success in their venture. Setting a success as a goal is one of the most common mistakes. Success is the binary way of concluding your outcome and you find yourself otherwise in most of the cases. Why people have a tendency to set a success as their goal? I think it is because of the lack of understanding of the value they want to pursue in their venture. Starting a new venture is the continuous endeavor to create a new value in the society. Google’s mission statement is “to organize the world’s information and make it universally accessible and useful” and most of the successful start-ups have their own. I believe that the clear goal is must to have for a company to be successful.
- Making an intentional choice – It is very difficult for us to take nothing for granted. The environment surrounding you have a strong influence on your decision. There are many things that look subtle in the beginning but have big consequences in the future. As an architect of a company, entrepreneurs should make a very intentional choice based on the value they are pursuing. I met an interesting lady a couple of weeks ago. She told me that she does not want to have a baby and married with a guy who understands it. It is very intentional decision to live her life in the way she wish. The intentional choice allows her to live up to her value.
- Managing expectation – As you communicate with investors, employees, or any related parties, you are setting their expectation by anchoring the target. If you set too high, they will expect more. Expectation is the tool that you need to play to motivate others under resource constraint environment. Masayoshi Son, one of the most successful founders in Japan, once mentioned in an interview, you need to set your target slightly higher than what people believe you can achieve. This will drive your venture to achieve higher than you do otherwise.
- Going beyond expectation – The impression you give to the others will completely different if you go beyond their expectation. It is not easy to go beyond expectation especially when the expectation is high. How can you go beyond that? I think that you should have your own philosophy, the way you think you should handle a certain situation instead of you have to. The founder of Dinr returned the money to investor when he closes his start-up. I think that he followed his philosophy and did it because he thought he should do so.