FAIL FAIRE: THE MISTAKES PEOPLE MAKE - SERIES 1 ~ EP.3: DON’T DREAM ALONE, LEVERAGE!

‘Give me a lever long enough and a place to stand and I could move the whole world.’ ~ Archimedes

Building and running a successful startup is challenging. It demands tenacity, focus, passion, patience, perseverance, planning, and promotion. However, that's not all. The truth is, you cannot do it alone. To quote Scott Rigsby, “If you can accomplish your dream alone, then you are not dreaming big enough.” When alone, you lack leverage. You have to rely solely on your knowledge, experience, money, and resources. This is the lengthy, arduous path to building a business. Eventually, your resources run out, leading to discouragement and the possibility of quitting. I learned the hard way that starting a business solo, without leaning on the support of others, was a recipe for spectacular failure!

Here are the mistakes I made:

Mistake #1: I failed to leverage Other People’s Experience (OPE): I did not seek out a mentor, not because there was a shortage of mentors, but because I thought I knew everything about business. I believed I was too smart for anyone to advise me otherwise. This was a case of unconscious incompetence. The failure of my business could have been avoided if I had someone walking by my side, listening to me, advising me, and holding me accountable.

Mistake #2: I neglected to leverage Other People’s Time (OPT): I did not assemble the right team, making three critical mistakes. Firstly, I didn't define specific roles required for the business. Secondly, I failed to consider recruiting team members based on their skills and competency. Lastly, I didn't allocate time to train, mentor, and supervise my team. The consequences of these three mistakes resulted in a dysfunctional, unmotivated, and unproductive team.

Mistake #3: I overlooked the potential of leveraging Other People’s Ideas (OPI): Despite being a member of powerful network groups, I failed to identify key contacts with significant influence. If I had effectively harnessed the power of networks, perhaps my business wouldn't have failed.

Mistake #4: I didn't explore the option of leveraging Other People’s Work (OPW): Despite knowing that business operations involve multifaceted practices beyond my expertise, I didn't consider outsourcing key components from experts. If I had considered outsourcing or delegating, my business might have survived.

Mistake #5: I failed to leverage Other People’s Systems (OPS): Influential figures like Tim Berners-Lee, Vinton Cerf, Robert Kahn, Bill Gates, Paul Allen, Mark Zuckerberg, Jack Dorsey, Richard Stallman, Steve Jobs, Steve Wozniak, Reid Hoffman, among others, have played pivotal roles in shaping the world of technology. They significantly contributed to the development of computers, the internet, operating systems, social media, and software. Had I optimally used these systems and tools for fast communications, quick calculations, and rapid decisions, I could have accessed instant information and achieved speedy results.

Mistake #6: I didn't leverage Other People’s Money (OPM): I relied on my savings to start a business due to my ignorance about using investors to help build and grow my business. If I had utilized external funding, I might have been more accountable and focused on achieving a prudent Return on Investment.

Over the past three years, I've learned that when the combined force of mentors, teams, networks, outsourcing, delegation, systems, tools, and funding is applied to a strong, long lever, miracles can happen in minutes.

Here are the lessons learned:

Lesson #1: Everybody needs a mentor. Mentors have tackled the mountain before you, knowing the terrain, challenges, and pitfalls. They provide guidance on what to do and, more importantly, what NOT to do. Getting a mentor is a shortcut to avoiding lost time and money in correcting rookie mistakes. Mentors also know shortcuts, time-savers, and little tricks.

Lesson #2: Acquiring the right team helps achieve more, faster, and easier. A good team helps spot blind spots, fills in skill set gaps, and can be strong where you're weak. As a team, you can achieve more. A relay team runs faster than an individual runner. If you want speed, you need a team.

Lesson #3: You need the power of a network. Within that network, key contacts control huge networks of people and have the "make it happen" power. A large network increases the probability of finding these key contacts.

Lesson #4: Delegation and outsourcing help concentrate on tasks that matter most, enhancing efficiency, effectiveness, and competitiveness. They allow focusing on core functions, tapping into specialized skills, achieving cost savings, and adapting to changing business dynamics.

Lesson #5: Computers, the internet, operating systems, social media, and software are tools of wealth, fostering efficiency, innovation, global connectivity, and cost-effective business operations. Leveraging these tools effectively positions you to capitalize on opportunities for growing a profitable business.

Lesson #6: External funding helps manage risk, accelerate growth, preserve equity, leverage expertise, and seize opportunities. It offers advantages in tax benefits, market perception, and efficiency gains.

Leveraging OPE, OPT, OPI, OPW, OPS, and OPM can turn challenges into opportunities and pave the way for entrepreneurial success.