There was a program available on Netflix instant streaming called Global Business People. Each episode profiled three individuals, mostly entrepreneurs and some top executives, who had reached the top of their industry or craft. For several weeks, I studied those profiled and an interesting pattern emerged. Not only is pain a prerequisite for entrepreneurial success, but extreme pain and in steady doses.
How far are you willing to go and what are you willing to give up?
The most amazing profile was that of Cathy Hughes. In the late 70s, Cathy was a lecturer in the communications department at Howard University. She later became the station manager of the university’s radio station. In 1979, she bought an AM radio station with her husband. The sky fell a year later when she and her husband split up and she lost her home.
I suspect this disaster would be enough for most of us to cry uncle, but Cathy moved into the studio with her young son and they slept on the floor in sleeping bags. The station remained in a financial hole for 7 years.
In today’s “lean” culture, how many of us would hold on to such a failure for 7 years?
As the station began moving into the black, Cathy took this as an opportunity to seek outside capital. She pitched to 32 loan officers. The first 31, all men, turned her down flat. One even had the audacity to ask if her husband was part of the business.
By the time Cathy delivered pitch number 32 to a female bank manager, she was on autopilot. Part way through the presentation, the bank manager agreed to give Cathy a loan. Instead of stopping to celebrate, Cathy continued with her presentation. Not to over sell but because she did not hear the news. The bank manager interrupted Cathy a second time to deliver the good news.
Today, Radio One has 53 stations with revenues in 2012 of over $400 million.
For those who think her son was deprived because of his mother’s obsession, that kid would later go off to UCLA and return home with an MBA. He helped take Radio One public in 1998.
The Rule, Not the Exception
Cathy’s case may sound extreme, but it is more of a rule than an exception. If space allowed, I could give dozens more examples. So, instead here are the distinct traits I noticed in most of the individuals profiled.
1. No plan B – For this group, plan B is a distraction to plan A. Exit strategy? Success. If they fail, they try all over again until they get it right.
2. A willingness to give up “shiny things” – Shiny things includes more than physical possessions, but also reputation and community standing. Can you imagine the embarrassment of losing your home in a business venture and having to explain this to friends, family and former colleagues? Then, explaining why you still believe in that business 7 years later?
3. An Obsession – We talked about this before in my article “What’s Luck Got to do With It?” but I cannot find a more suitable word to describe this group. In preparing for this article, I am more convinced than ever that obsession is a key ingredient to reach this level of success.
4. Delusional – …Until they hit it big of course. Then, we call them geniuses. These folks are willing to accept ridicule from those closest to them. Most people cannot endure this type of pain and simply dabble around the edges in order to remain acceptable to their peers. While others run from discomfort, they take it as a sign of a breakthrough.
Do you believe the above 4 traits are requirements to reach this level of achievement or is there an easier, less risky way?
How far would you go?
Godspeed and I look forward to seeing you in The Players Lounge.