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Posted by Kevin Kelly at 05:09 PM
In the final part of his series on learning from entrepreneurs, Douglas Dalby reveals in The Sunday Times why errors can be good for business in the long run
WHEN the Galway-based motivational speaker Kevin Kelly stands up to give a spiel to company executives on attitudes to failure, he is fond of using an anecdote about Larry Page, the co-founder of Google.
A colleague informed Page that she had made an error costing the company millions of dollars. Instead of blowing his top, he apparently replied: “I’m so glad you made this mistake because I want to run a company where we are moving too quickly and doing too much, not being too cautious and doing too little. If we don’t have any of these mistakes, we’re just not taking enough risk.”
Kelly believes being prepared to fail is a prerequisite for anyone starting something new. “Ego is the biggest obstacle to success,” he said. “You have to be able to look stupid to the crowd if you want to have the chance of succeeding.
“The reason I subscribe to the Google philosophy is that until a company facilitates failure in the workplace, it will never truly tap into its full potential.”
The latest Global Entrepreneurship Monitor figures for Ireland cited fear of failure as the single biggest obstacle to an individual’s willingness to start up a business. The survey showed this fear is more pronounced in Ireland than in much less entrepreneurial countries.
A 2003 government-commissioned study on small-business failure in Ireland found that up to 41% of start-ups had indeed failed within five years, the majority of them within the first three years. This happens for a variety of reasons, such as internal deficiencies in management structure or because of external factors outside of the firm’s control, such as declining markets, inflation, interest-rate spikes, poor cash-flow and late payment.
“The greatest challenges for small Irish firms include the tightness of the labour market and wage pressure, rising input costs, in-ternal management weaknesses across a host of areas and the ever-present ‘one-person’ problems of paperwork, regulatory and taxation compliance,” wrote Fitzpatrick Associates, the authors of the report.
Des Fahey, the chief executive of the Dublin Business Innovation Centre, argues that society and individuals should stop regarding failure as something to be ashamed of. “A lot of people cannot separate themselves or their feeling of worth from their jobs and if these individuals start companies that fail or are made redundant they will for ever feel the scar,” he said.
“This shouldn’t be the case. If you have tried your best and failed, so be it. After all, many times businesses fail due to factors outside their control. There is no room for shame unless you have done something improper.”
Fahey argues that although business failure does not attract the same stigma now as 10 years ago, there is still considerable room for improvement in social attitudes to risk. However, he believes that when it comes to raising money for a second or third venture, an individual will be judged on what he or she has learnt because of past failures.
“I never have a problem backing someone who has failed in a business — it will depend on the person and the business proposition,” he said. “The only way to learn to run a business is to go and do it. There is no substitute for the steep learning curve of experience, which can entail tough financial decisions and even the trauma of having to sack people.”
Eibhlin Curley, the assistant chief executive of the Dublin City Enterprise Board, advises entrepreneurs to “fail fast and learn quick”.
“The ability of the entrepreneur to adapt to the changing business environment or change strategy is essential to success,” she said. “The entrepreneur needs to read situations with potential buyers so that if one approach is not working then they can take a different tack.”
The experts agree there is no shame in changing direction entirely when they recognise Plan A is not working. In fact, real failure is often the result of blind adherence to an original concept when it is evident the company has hit a brick wall.
“The key thing about failure is not continuing with something that plainly is not working,” Kelly said. “Insanity is when you do the same thing over and over again that is causing you problems, instead of adapting and changing. Unless you are willing to admit mistakes, you can expect the same result — failure.”
Excerpt from Sunday Times November 26, 2006
Posted by Kevin Kelly at 10:02 AM
Who was the last person you helped to achieve their dreams?
Who will be the next?
Be aware that the universe works perfectly - the more you give out, the more you will receive in all aspects of your life.
The path to your dreams may be, by walking the path with another.
Posted by Kevin Kelly at 02:32 PM
"All that is necessary for the triumph of evil, is that good men do nothing."
Edmund Burke
Posted by Kevin Kelly at 02:57 PM
I'm so glad you made this mistake," he said.
"Because I want to run a company where we are moving too quickly, and doing too much, not being too cautious and doing too little. If we don't have any of these mistakes, we're just not taking enough risk," he continued.
Larry Page after one of his work colleagues informed him that she had just made an error that cost Google several million dollars.
What is your company culture like?
Is failure vilified or glorified?
In your own personal life, do you accept that every failure is bringing you closer to your dreams?
As Samuel Beckett said "Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better."
Posted by Kevin Kelly at 08:48 AM
People truly love to be appreciated. A simple thank you delivered from the heart can do wonders for motivation levels.
A recent survey of over 3,000 British public and private sector managers by online learning provider SkillSoft, found that one of the biggest cause of stress was feeling undervalued (39 per cent). Can you imagine what effect that an expression of gratitude from their bosses would have done for them?
Why do people find it hard to say thanks?
Very simply – insecurity/ fear.
You cannot give what you haven’t got! Thus to be able to thank someone, you must first be able to appreciate yourself.
Some would argue in management circles – ‘no it is not that, I don’t want them to get too carried away with themselves.’
What is this? - Again an expression of insecurity. If you were content in your own performance, you wouldn’t be afraid of your subordinates excelling in theres.
People work for more than the paycheck – that we know, and certainly part of their motivation is to be affirmed and recognised in their job.
So exercise your own personal demons and begin to appreciate today!
Posted by Kevin Kelly at 09:22 AM
Even more proof that positivity works coming your way from a study published in the journal
Cohen's study shows that people who report positive emotions are less likely to catch colds and also less likely to report symptoms when they do get sick. This held true regardless of their levels of optimism, extraversion, purpose and self-esteem, and of their age, race, gender, education, body mass or prestudy immunity to the virus.
Posted by Kevin Kelly at 02:24 PM
After the overwhelming response to my latest appearance on tv discussing this topic, I decided to record my thoughts.
Parenting - without doubt one of the most challenging jobs in the world, yet one for which no qualification is required!
After having the privilege of working with both thousands of parents and students, here are a few tips based on my observations.
1. Develop yourself.
As children invariably choose to do what you do, as opposed to follow what you say, who you are as a person tends to transfer to the child. After working with students for a few times, you normally have a good insight into the parent’s personality.
So for example, at the parent’s night, the first one up after the session to affirm and enthuse about the content, is the bubbly student’s parent or parents. On the other hand you could always expect a no show from the disruptive child’s parents.
I read once that eighty per cent of a child’s personality is formed by the age of five – this puts the parenting challenge into context.
So develop yourself - the more you develop your self esteem, and happiness levels, the more this positive energy will transfer to the child.
2. Give them attention – quality attention.
Attention is the drug we all work off – quality attention works even better.
If time is at a premium in your life, when the opportunity arises use it not for shopping but for quality.
Many parents out of guilt have decided to give children everything they want on a conveyor belt. Based on working with thousands of students, this is a very risky strategy. Why? Because many children today are challenged by even the smallest of life’s troubles – a minor inconvenience in our eyes can be a drama for them. Why? Because instant gratification is the norm, they can’t understand the process behinds life’s tribulations. A child who is used of having to work and incur a minimum of inconvenience and pain to get what they want in life, is likely to be more equipped to deal with other life challenges that one where everything is served a la carte.
So instead of presents, share your presence with them.
Quality attention will give them the confidence and energy to survive and thrive in the real world.
3. Allow them to dream – but not your dreams!
Too often, parents have told me that they want to give their children everything they hadn’t. They proceed to give me a wish list of occupations and hobbies that “would work” for their children.
Unfortunately children will never have any great conviction chasing other people’s dreams but without doubt have the capacity to follow their own.
Anyone that dares to dream, that engages in life, will find that they end up in a place they recognise as better than their starting point – thus it may not be the goal they recorded on a piece of paper, but the process will very simply bring them to a better place. Thus the dream has worked. Get them dreaming today.
Enjoy the process, you are shaping tomorrow’s world.
Posted by Kevin Kelly at 09:46 AM
I believe that when you are doing what you love with a focus on contribution ie making a positive impact on those that cross your path, you will experience provision and abundance on the journey.
On many occassions throughout my life, when I had absolutely no idea how I was going to pay the bills, something turned up, to help me overcome the challenge.
This being so, I was delighted but not surprised, to hear the following story from my friend.
"Megan's finances were sparse. She mailed forty euro to her sister Elaine who was setting out for a holiday in Europe. The only challenge was she was going on this holiday too and her generous gift had now left her penniless. Nonetheless she was buoyed by her belief in abundance and balanced by her understanding that in life "what is...is."
Elaine very much appreciated the gift.
Within five days, Megan was to be rewarded for her generosity. Out of the blue, she received three unexpected gifts - one hundred euro followed by another hundred euro and finally fifty euro from three different people.
She hadn't requested help but the universe had provided yet again."
Believe and a life time of Abundance and Provision awaits.
Posted by Kevin Kelly at 09:35 AM
Perspiration, not inspiration appears to be the winning formula of top achievers according to Fortune magazine in their lead article "What it takes to be great."
There is no evidence of high level performance without experience or practice.
.....even the most accomplished people need around ten years of hard work before coming world class, a pattern so well established, researchers call it the ten year rule.
In the context of making your practice more perfect, there are five important tips which include focusing on continuous improvement in all tasks, becoming conscious in the task, soliciting feedback, continually building mental models of your situation, and finally taking regular, not occasional practice.
As the Irish proverb goes, making a beginning is a half of the work, so get working consciously today!
Posted by Kevin Kelly at 09:19 AM
What was the winning strategy behind deciding to buy a house or car?
Would we get the same results if we used the same "thought technology" in the context of our dreams?
Find out on my latest podcast.
Posted by Kevin Kelly at 12:03 PM