If you are like most entrepreneurs, you have BIG plans. The success journey can be a long one and you are eager to take that first step. The question is…which one should it be? Like a toddler who is taking those first tentative steps, some will be met with words of encouragement and applause and others many have you landing on your backside with a thud. Either way, if you don’t pull yourself up and step forward, you will never get anywhere.Continue reading
Often when I am speaking with an audience or sharing ideas with leaders and entrepreneurs, I hear a question that starts like this: “How did you get people to give you a chance to …”
It’s a recurring theme. We want to lead. We want to grow. We want to make a a difference. So, how do we get people to give us a chance to do it? In 2010, I had the opportunity to share ideas with the Society of Women Engineers. We we focused on the 5 C’s that build success. One of those C’s is Community. Here is what happens when you get involved in your community and volunteer.Continue reading
In literature, as in legend, there have been many great quests. One in particular that has captured imaginations, for over two thousand years, is the search for a simple cup used in a great tale of transformation. Yes, The Quest for The Holy Grail.
While my quest is not one of such mythical proportion, as I sat pondering how to share my plans with you, the legend of The Holy Grail leapt to mind.
I am, together with a valued group of friends, looking to acquire a controlling interest in a very particular company. Our search and the legendary quest have more than a few things in common. In both cases they combine Innovation, Leadership, and Growth to create Lasting Value. These are my personal passions. There is nothing like the feeling you get when you discover something with true potential and then do what it takes to Make It Great.
What’s been happening?
This year, I have been working with a small team of friends and advisors to search out really cool deals. We’ve found some great ones, but not the right one. Not yet.
Along the way, I have gotten much more active in connecting to friends old and new via a range of social media tools.
Morris asked –
“Joan, what do you think about expanding this search and inviting your social media network to participate? You could literally ask for help crowd-sourcing this acquisition search.”
And that’s how it started. So, here I am asking if you will help me locate the company I would like to lead next. If so, then what follows are some of the criteria we find necessary to successfully recognize our “grail” when we find it. Ready? OK. Lets discuss a little detail around what this company is, and perhaps even more importantly, what it is not. An ideal company will be one where we can combine Innovation, Leadership, and Growth to create Lasting Value.
Innovation in my book is doing something in a new way to make life better for the people who matter most to us – in this case employees, customers, investors, and strategic partners. It is a company with a product or service that can transform an industry or niche. For example, my friend Amilya Antonetti changed the way we look at soap in her quest to save the life of her son and now she is on a quest to help other entrepreneurs ask the right questions, get the right information and the things they need to succeed.
Criteria #1: A product oriented company that will transform its market by creating new value through a better way of doing something(s).
Unlikely Fits: Singing pop bottles, Presidential Pet Rocks, the corner store, or the next great social media tool. While there may be lots of investors looking for these, I am not one of them.
A great idea only gets you so far before it needs more. In this case more is the ability to see the future direction of the company’s journey and to predict and obtain what it will need along the way. Many a great new company has lost crucial momentum when the leader that led the way for the first stage of the journey is not ready for the next stage of that steep uphill path, which many entrepreneurs forecast and yet few would want to travel alone.
The prize we seek on this quest will have a founder and a team that is looking for a new guide as they begin the climb to revenues and profitability so that everyone, employees, customers, investors and strategic partners alike, benefit from the next stage in the company’s growth.
Criteria #2: A dedicated team in search of experienced leadership and resources to help them successfully move along the growth path.
- If ALL YOU NEED IS MONEY so that you can continue along the path you are already on.
- If your goal is to maintain the status quo.
- If, as the owner, you are not interested in passing the baton to the next runner in the growth relay.
The company must have solid growth potential and demonstrate how it could scale to provide a more than reasonable return to the investors.
Growth curves come in all shapes and sizes. There’s the steady incremental growth of a mature business, the graceful leaps of the Gazelles, and the inevitable ‘Hockey Stick” that appears over and over at every venture conference I have ever attended. Yet, in the real world, it’s not the pretty charts and pictures that matter, it’s the foundational elements that make a transformational company stand out. Some Gazelles grow to be great companies, while others rapidly run out of steam after the initial burst of growth. Hockey Stick Growth Curves can be ‘the big pay day’ or they can simply be a sign of a business in danger of snapping under the pressure of too much, too fast.
Criteria #3: The best true indicators of growth potential are not charts and graphs, but rather how does the company (or product) provide a solution that is usable by a large number of people and BETTER than substitutes (or lack thereof)?
- One more “me too” solution in an already overcrowded market.
- A terrific solution for a very small customer base (since these rarely can scale.)
- Product or services that are not designed to fill a genuine customer need (since customers must ultimately be willing to pay and karma is important to me).
- A ‘great idea’ that has not ever been built, tested, or sold to ANYONE (since I’d like it to already have at least one customer).
And in the end, building a great company is more than just creating a widget, jobs, or shareholder value.
Criteria #4: It’s creating something to believe in, and be proud of, for the people who matter most to us (employees, customers, investors and strategic partners).
- Products or services you would be embarrassed to discuss with your parents.
- Products or services that add no value to or potentially even harm the community, the environment, or others (since that just isn’t who I am).
- Any product or service that makes promises it cannot keep (since that certainly isn’t me either).
So that’s my list. Have YOU seen this company?
Of course, there are at least two BIG differences between my quest and the search for The Grail of legend. One, I know that I’m going to find what I am seeking, and Two, this is more than a personal journey, it is also an experiment in the power of social media. So, if you’ve seen this company please let me know. You can always leave me a note here, on my blog or, if you want to keep it confidential, you can also contact me by clicking here.
As long as we are on the subject, if you happen to be looking for a company too, just let me know what YOU are searching for and I’ll be happy to pass along what I may find for you along the way. Unlike the fabled Holy Grail, there is more than just one great opportunity out there.
Thanks for stopping by. Stay Tuned…
P.S. One of the best parts of this journey is connecting, engaging, and being inspired by fellow entrepreneurs. On Thursday, November 12th in Phoenix Arizona I will be doing just that at AZEC09. Who knows maybe I will see YOU there and we can chat.