By Grace W. Ueng
Can leadership on a mountaineering adventure translate into business success? How, when and why do mountaineers go on to be successful entrepreneurs? Is it important to have reached the literal summit or is it the preparation and the journey that give rise to proven leaders? Grace Ueng, Founder and CEO of Savvy Marketing Group discussed how leadership on the mountain can be translated into business success in a seminar at North Carolina State University.
“Summit ascenders have many similarities to entrepreneurs,” said Ueng. “They generate the energetic vision that excites others to join, know how to choose the right teammates, commit to goals and strategies, and pursue an action plan. Like summit ascenders, entrepreneurs need to get correct resources and investors, avoid danger, make good use of media, and choose the right time to ascend.”
The seminar was based on her publication “Resolute Ventures: Ascending the Summit…How Mountaineering Prepares for Entrepreneurial Success“. The topic was inspired by Ueng’s research of entrepreneurs who succeeded in ascending the seven summits and in their businesses as well. “In my research of those who have successfully reached the top, I realized that there are many corollaries between successful entrepreneurial ventures and summit ascension,” said Ueng. “By thoughtfully reflecting through each of these steps, you can increase your chances to bring your vision to reality.”
This is part three of a multiple part series. For part one, see: The first two steps to ascending the summit.
For part two, see: Ascending the summit: steps three and four
Here are steps five and six.
The seven summits of mountineering
Step 5: Developing the action plan: Relates to knowing “how things have been done.” Don’t reinvent where it’s not necessary. Mountain ascenders must have an explicit plan — e.g. route, camps, backup camps, how you will communicate, and financing.
Leverage best practices. Be able to be specific and tactical to reap resulting success.
One of the most important traits of a successful entrepreneur is the willingness and eagerness to learn from others. Especially those who have traversed the path that they are about to set foot. Since time is of essence due to competition or the threat of running out of money, seeking advice from the experienced is always a wise move.
Entrepreneurs are often too tight fisted to spend money on counsel and run out of time and money by learning on their own and failing the first few tries. I have met many entrepreneurs who in their quest to gain only free advice don’t get the right counsel and run out of time, so their grand vision is not realized.
Another mistake entrepreneurs make is to ready, shoot, and aim and not have a plan of attack. While timely decision making is critical, making decisions without enough thought and linking back to an overall plan can be deadly. If you fail to plan, you plan to fail. Have the flexibility to modify if you go off course – but overall know where your compass is taking you.
Entrepreneurs must be practical - while needing to be visionary, you have to be realistic too.
Our clients often want to learn from Best Practices – so they can optimize their outcomes. Why reinvent the wheel? There is no time! One trait of a strong executive is knowing how to leverage outside advisors to help them reach the summit.
Step 6: Getting correct resources: You need to have enough provisioning to weather the most treacherous and unexpected of wintry conditions. Have the right staff at base camp to keep the foundation solid.
You cannot do it alone – you must have the right partners, tools, and provisions…otherwise you could GO INTO THIN AIR.
Too often entrepreneurs want 100% of the ownership pie. If the pie remains raw, however, their ownership stake becomes 100% of 0.
Ventures always take more energy and financial resources than ever imagined. Build in mini checkpoints and provision your rations wisely. If you do raise outside capital, raise a bit more than you think you will need as marketing for funding can be a full time job and distracting to the real full time job. Start resourcing early for reaching the top!
Hiring the right people to have on the team is absolutely critical. Bad hires can cost the success of a venture just as the wrong teammate can keep a group from reaching the top. As mentioned earlier, keen intuition in hiring is a talent successful entrepreneurs possess.
The ideal situation is to have key players on your team that have “been there, done that” with you in prior ventures. But this is not always possible. Sometimes team mates get burnt out and need a break before ascending again. Having the right mix of “fire in the belly” and experienced know-how is critical. A strong foundation is essential to providing the cornerstone for success.
Remember also that with few exceptions, you get what you pay for with your in-house team as well as external resources. Hire teammates and engage outside partners that have the same passion for success that you do.
Based on Resolute Adventures: Ascending the Summit….How Mountaineering Prepares for Entrepreneurial Success
About the Author
A noted author, consultant, speaker, and teacher, Ms. Ueng is the founder and CEO of Savvy Marketing Group, a leading consulting firm, headquartered in Research Triangle Park, NC offering Resolute VenturesTM and Chief and Crew for HireTM services. She and her team work closely with new ventures within Fortune 500 companies as well as later stage ventures maximize their chances for success.
Read her blog: Resolute Adventures . Follow on Twitter
Join hundreds of Marketing Professionals and Internet Execs at Atlanta’s premier Digital event – Digital Summit 2012
www.digitalsummit.com
Related Stories:
- Ascending the Summit: the final two steps
- Ascending the summit: you need the right supporters and investors
- Ascending the Summit, steps three and four
- Two steps to Ascending the Summit
- It isn’t the idea, it’s the team that wins, says venture capitalist
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