by Fred Stuvek Jr. | Nov 13, 2019
Success is a number of things done consistently well, across the spectrum. Failure is the antithesis, with the reasons for failure caused by any one or a combination of the following:
1. Staying in your Comfort Zone – We place a high value on winning above all else; many equate the thought of failing with losing. Consequently, a mind-set of “never fail, never lose” is adopted, which is a flawed line of thinking. Your commitment to succeed must be stronger than your fear of failure, otherwise you never try, which in itself is a failure since you are not doing anything and will never realize your full potential.
2. Lack of Belief – A passionate belief in what you are doing and confidence in your ability are essential. The absence of either one of these two ingredients will ultimately catch up with you. Your strength of conviction and belief in yourself will imbue you with confidence to face whatever is put in front of you.
3. Lack of Competence – Your ability directly translates to your skill set. If do not have the requisite training or background you will lack confidence, have low self-esteem, and continually be on the defensive. Ensure you are a good fit for what you are doing, play to your strengths, and develop a distinct set of competencies which enhance your prospects for continued success.
4. Lack of Perseverance – Nothing good comes easily or quickly. You have to work for it, stay with it, and never give up. It is imperative for you to have the conviction, determination, and will to weather the bad times in order to reach your goals.
5. Lack of Character – Character counts; it matters. Individuals with a negative attitude and fatalistic views do not imbue confidence. Holding others accountable but never accepting responsibility is unfair to those on the team. Intolerance and lack of empathy to those around you affects teamwork and morale. Holding others to one set of standards, while compromising those same standards through your actions, undermines your personal authority.
6. Lack of Discipline – Discipline relates directly to self-control, which must be practiced in order to be disciplined. It means continually adhering to the highest standards of conduct and business practice, avoiding shortcuts and temptations to do otherwise. You face problems head-on and do not procrastinate, understanding you have to put in the time, make sacrifices along the way, and exhibit a strong work ethic.
7. Lack of Focus – There needs to be continuing attention and focus on strategy, process, and implementation, including metrics and timeline. You need to be cognizant of direction, warning signs, and make course adjustments as necessary. Avoid devoting an inordinate amount of time to distractions which do not contribute to your personal and professional goals.
8. Business Partners – Most of the problems in business are people related. Great care should be taken when putting together a team to ensure you have the right balance of talent with good chemistry. Just as importantly, make sure who you hire is who they say they are and has accomplished that which is being touted.
9. Lack of Resources – This is usually finance related, pertaining to the inability to raise funds or the depletion of funds. Close attention must be paid to cash flow and trends, ensuring that reserves are put aside, and most importantly, that plans are realistic and attainable.
10. Poor Planning and Execution – When a business is in peril or fails, poor planning and execution are always central contributors. An aggressive plan with bad management and poor communication is usually fatal. Poor leadership combined with arrogance usually results in an inability, even unwillingness, to accept feedback, which later manifests itself in an avalanche of hidden problems. A lack of clear goals and little to no accountability jeopardize your ability to track and determine progress toward objectives, metrics, and timelines.
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by Fred Stuvek Jr. | Nov 6, 2019
What is worse than failing? One answer is, “Never trying and never knowing.” That is even worse than failure, as you will one day sit back, reflect, and wonder, “What if?” You may even regret it and say, “If I had it to do all over again, I would have given it a shot.” The lesson here is to avoid making a decision for the wrong reasons, chief among them being the fear of failure.
“There is only one way to avoid criticism: do nothing, say nothing, and be nothing.” Those were Aristotle’s comments concerning criticism. You can just as easily substitute the word “failure” for “criticism,” as the only way you will avoid failure is to do nothing.
One needs to be prepared to accept that failure is part of life. You are not along in this regard and are not being singled out by forces intent on wreaking havoc. If you are living your life based on a fear of failure, you are doing yourself a great disservice.
There is no way to avoid failure; life is a series of wins and losses, ups and downs. However, steps can be taken to reduce the failures and mitigate the impact. You can emerge stronger, wiser, and better equipped for the next challenge if you maintain the right mind-set and take the right approach.
An important part of dealing with failure is to accept failure for what it is, learn from it, adapt, and grow. As Winston Churchill so eloquently stated “Success is the ability to move from one failure to another with no loss of enthusiasm.”
You will assuredly be faced with adversity and experience failure, both professionally and personally. How one responds to these circumstances not only reveals character but builds character. When faced with difficult circumstances, there are a number of things that you can do to weather the storm. However, first you need to be cognizant of the ten reasons for failure, which I will address in my next blog.
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by Fred Stuvek Jr. | Aug 28, 2019
Goals are achieved with commitment – not just interest – in doing something. Goals require unyielding resolve, self-control, and passionate belief in your vision. You must be 100 per cent committed, otherwise you will sabotage yourself along the way.
Once you commit, you are accountable to yourself. Consider this a promise to yourself, something that cannot be broken. There will be others affected by what you do. Share your goals and plan with them, since this imbues a greater sense of accountability. These individuals should be supportive and trustworthy, avoid the doom-and-gloomers.
Be clear on what you want to do and what is needed to achieve your goals. If you do not have the requisite skills or tools to reach your goals, gain an understanding of what you need to do to acquire them. Anticipate the obstacles you may encounter and how you will deal with them. This makes you better prepared and less likely to be derailed. You cannot anticipate everything. There will be surprises so condition yourself to find a way around it. Recognize the effort and sacrifices you will have to make, understanding that nothing worthwhile comes easy, and anything that comes easily is usually not long lasting.
In the military and in sports, one of the common denominators is a routine or process associated with everything that is done. These are actions and processes in place that all serve to reinforce the plans to reach an ultimate goal. You should also adopt a regimen with the right habits that all serve to reinforce the plan to reach your ultimate goal. This training and routine instill the right mind-set to optimize your prospects since they are interconnected. Train your mind and the body will follow since it is your mind-set above all, that provides the will and the shoulders of Atlas for the heavy lifting.
The commitment you are making takes time and effort. Be cognizant of those activities and demands that divert you from your plan. Keep distractions to a minimum, understanding that you will have to learn to say “No” as there is nothing more valuable than your time. When you encounter an obstacle, instead of saying “I don’t know what to do,” say “I will figure this out”. Be open minded and understand that oftentimes it is not having the answer but knowing where to find it that will provide the solution.
As you commit to yourself, keep the following in mind, and you will get there.
1. Commit fully – no half measures.
2. Be clear and define what you want to do.
3. Adopt a routine; establish good habits; be disciplined.
4. Put in the time for training and conditioning.
5. Be realistic, resourceful, and resilient.
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by Fred Stuvek Jr. | Jul 29, 2019
Strategy and implementation are inextricably linked. It is important to put together a plan on how the strategy will be implemented, as a poorly implemented strategy will compromise the results. The biggest mistakes a company makes when implementing a strategy are summarized below. These mistakes are listed in no particular order, as any one of them can be crippling to the business, with a combination of them proving fatal.
1. Lack of a coherent strategy – The offering and subsequent strategy must have a value proposition differentiating it from the competition. Once the decision is reached on the strategy, a plan needs to be defined and communicated within the organization with everyone’s interests and activities aligned.
2. Ignoring the Human Factor – A company can have the best strategy in the business, but without the right people, properly trained and incentivized, it will never realize its full potential. In today’s environment, with differences between companies and competitors often blurred, the human side of the equation is more important than ever.
3. Improper Communication – The plan should be conveyed in a clear and crisp manner. The employees should understand the larger goals of the company and the specific goals applicable to them, with a clear and unequivocal understanding of their role in achieving goals and the priority of these goals.
4. Lack of Accountability – Every activity associated with the plan must have someone accountable for completion of the task. Those responsible should be empowered in order to imbue ownership and accountability, with a system in place to ascertain goal status and completion. If no one owns it, no one is accountable.
5. Lack of Metrics – A plan must have a set of milestones or deadlines. These milestones need to be specific, with clear accountability. It is the accomplishment of these milestones that determines the success of a project and a business.
6. Lack of Review – A process must be in place to determine progress toward completion. This is accomplished through a series of reviews, the frequency of which is determined by the scope and time frame of the plan. By monitoring progress and assessing progress towards the plan the necessary adjustments can be made in a timely manner.
7. Incentives Not Aligned – Incentives should drive individual performance to achieve the success of the plan. These incentives should be objective versus subjective. The plan should include incentives for both short-term and long-term goals, all of which are aligned so that individual or divisional rewards cannot be realized at the expense of the company.
8. Poor Intelligence or Data – It is incumbent upon leadership to ensure they have as much valid data as possible when making a decision. When assessing data or input, one needs to be measured in drawing conclusions and strive to validate the data as much as possible. Different people may characterize situations in different ways due to an inherent or organizational bias.
9. Strategy Conflicts with Finance – A strategy with incentive plans not properly aligned could result in internecine conflict. As an example, if a Divisional Plan is weighted more towards capturing market share while the overarching emphasis on a Corporate Level is profit, you will have contrarian views on which tactics to pursue.
10. Lack of Simplicity – As a company grows, takes on more offerings, adds personnel, creates new positions, and implements systems to manage growth, an unintended consequence is that business processes become more complicated. Advances in technology, designed to make things simpler, often add another layer of complexity with information transmitted to a host of individuals which can exacerbate the decision-making process. Review all processes, offerings, approvals, and communications with the intent to simplify and streamline as much as practical.
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