The Most Important Common Denominator
When people talk about Small Business they usually reference success stories. We hear tales of overnight billionaires, large company profits and a lifestyle of the rich and famous. However, what about the ones who did not make it? The business owners who started out with a dream, but ended up ruining themselves financially and emotionally. It is the uncomfortable part of entrepreneurship and business ownership that most people don’t want to think about, much less talk about.
While there certainly are great entrepreneurial success stories, why do so many businesses fail to make it? Is it a simple case of bad luck, a down market, a lack of access to capital? Certainly timing, luck, and money are part of the equation, but there is something often overlooked. Partners. As in the resources you go to when something is outside of your technical expertise.
I’ve met many owners that are technicians with the highest degree of craftsmanship, but know nothing about running the “business” side of the house. Watching owners try to be something they are not is one of the most painful things to do. Why, because most owners are not wired to wear multiple hats. The result often ends in wasted time, lost revenue, unhappy owners and an unsuccessful business.
At 3G, we believe that if you surround yourself with the right Graduate Level subject matter experts, your chances for lasting success will significantly increase. No single person is the ONE best resource for everything. In our view, one of the most important common denominators among successful owners is an integral understanding that they need outside help to accomplish their business goals. Seeking out those partnerships can make the difference in whether business owners find that success or not.
Essentially, you don’t have to go at it alone. Teaming up will save you a life of stress and pain as you can focus on the things you do well. Businesses that open themselves up to “the right partnerships” will more often complement the entrepreneur’s skill sets and decrease their chances of failure.