Posts

6 Reasons Why Your Vision May be Failing (And What to Do About It)

by Chris Cloud

Since there are many excellent articles on Vision Casting out there, I have decided to come at this from a different angle. My question is: Where is a vision likely to fall off the rails? I’d argue that most individuals, and most organizations, are not guided by a clear vision.

I have been a part of a few organizations that nailed it, and a few that could have achieved so much more if they had a clear vision and steered towards it. I’ve also consulted with dozens of companies regarding their brand and strategy, and inevitably vision comes up as one of the most powerful elements of growth and impact.

Without a vision, the people perish. – Proverbs 29:18

Here are some simple observations on where a vision commonly goes off the rails, and what to do about it. Note: I believe a clear vision is just as transformative, and sadly, just as rare for an individual as it is for a group or organization. So even if you aren’t leading a company, this is for you.

Where do Visions Fail?

Lack of Clarity: “What exactly is our vision?” It’s either too complicated, or it’s too ambiguous. Keep it simple enough for a 4th grader to understand. Poor vision: “we’re going to be big and successful one day”. What does that even mean? Strong vision, “We’re going to put all of the world’s information online.” (Google’s vision). It’s clear. It’s stupid simple, though it’s not easy by any stretch. It’s ambitious, almost pretentious, but it’s compelling. It conjures up visceral imagery. The old explorers were great at this. For example, Ernest Shackleton’s vision was, “To accomplish the first crossing of the Antarctic continent.”  Read more

Get Started Growing: Maximizing Startup Success

AND THE AWARD GOES TO...

Our goal is to provide the BAM Community with the best content and resources available. As we head into summer we are highlighting various articles and resources which have stood out in the past 6 months. Below is the “Editor’s Pick” for January to July 2017.

Please enjoy and thanks for following!

by Stu Minshew

On the theme of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Previously we’ve covered ‘breaking through your growth ceiling’ for an established business. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 1: Get Started Growing

Starting and growing a business is a calling from the Lord. If you ask anyone who has done it, they will tell you how exhilarating it can be, but also how it sometimes seems overwhelming and impossible. The truth is that it doesn’t have to be this way. Yes, it always requires hustle and flexibility, but taking a few simple actions can equip you to overcome obstacles to starting and growing your business to a level of sustainability.

During this series, we will explore these steps, but before we get to those, we need to discuss a few foundational points.

Foundational Point 1: Startups & Small Businesses Have Different Needs

In 2016, The Bureau of Labor in the United States shows that about 50% of businesses make it five years, while only about 30% make it past the ten year mark. If this is the reality, then starting a business doesn’t look like such a good idea.  Read more

The Postmortem of a Failure: How to Evaluate & Even Avoid Failure

by Colleene Isaacs

“Why did I fail? I did it by the book. I listened to my advisors. I corrected course based on what others recommended…”

“The business was a good idea, the timing was probably just off…”

“I knew I was in God’s will. He would provide and make it successful. How could I go wrong with Him on my side? I can’t figure out what happened…”

Does any of this sound familiar? Has this, or a variation of this, narrative been your own?

If this has been your own experience, how do you begin to dissect and understand what happened?

The Standard Reasons for Failure?

Most business experts can easily recite the top five to seven reasons for business failure. However, the reality is… the reasons for failure in any particular business cannot be summarily reduced to a quick list.

The manner in which we think about our failures is flawed, because we are flawed. Failure is multi-faceted, and complex, just like the humans who craft the scenarios in which failure thrives.  Read more

8 Counterintuitive Benefits of Failure: A Personal Story

by Chris Cloud

I’ve had many failures in my life. One of them was in business. I was partner in a healthcare related startup that launched right before the Great Recession in the U.S. We were trying to do something radical, and the market wasn’t ready. But the truth is, neither were we as company leaders. We did some things well, but we made a lot of mistakes because of our lack of experience. These circumstances eventually caused the young seedling company to go out of business.

Bottom line: we failed. I failed.

Here’s a little bit of what I’ve learned through that particular failure as I’ve reflected on it over the years.

I’m writing from a place of weakness, as I’ve made many mistakes in the way I have responded to failure – but I’ve also seen the fruit and growth that can come as a result. Before I share the 8 counterintuitive benefits of failure, here are 7 more harmful ways I have responded to failure.  Read more

We’re Only Human After All: Growing Through Failure

We take our humanity to work everyday. One day, we might fail to meet a deadline or misunderstand a client. Another day, failure might bring unrecoverable loss, the closing of a department, losing your largest account, or even filing for bankruptcy.

As failure looks us straight in the eye, we have a choice to make about how we respond. In these moments of hardship we can choose denial, blame, resentment, unforgiveness… Or we can chose to bravely take responsibility for our decisions and the impact on those around us. We can allow God to deepen our character through the roughest of circumstances.

Character Growth Spurts

No one wakes up in the morning and says, “I hope I fail today” – rather we hope not to! Yet failure, whether big or small, is part of our human existence. Indeed, it is through times of failure that our characters get a growth spurt. Hopefully, we get enough of these growth spurts early in life before the stakes get too high!

If our identity is in our work, rather than Christ, success will go to our heads, and failure will go to our hearts. – Tim Keller

God is passionate about our sanctification. He uses work spaces to cultivate people to be more like Himself. The workplace can be a place of character development if we allow our hearts to receive the instruction. Failure, more than just about anything else, can grow hardy, rock-solid character and deeper trust in God – if we allow it to.  Read more

How Not to Do It: Two Failure Stories and What They Teach Us

Seasoned business leaders are typically no strangers to failure, it is not only the greenest of green BAMers who experience failure. For each superstar company in the world, there are burial grounds of companies that just didn’t work or that limped along without profit for far too long.

However, there are some common denominators among companies that succeed or fail – and their experiences can teach us something: often it is how not to do it!

Lucy’s Story

Lucy lived in a city where she had connections with many non-profits. She wanted to branch out and do business as mission but didn’t quite know how to get going. A non-profit presented a business opportunity, one that, as it turned out, was too good to be true. Under researched, unadvised, and unsustainable, Lucy fell headlong into a bad deal.

An NGO said they would produce soy milk, made possible through a grant, and give the fresh soy milk to Lucy’s new company to sell in the local community. Excited to begin her BAM dreams, Lucy jumped in and signed a three year contract with the NGO, secured a lease for an office space and hired three local staff to get the business started.  Read more

5 Mistakes I Made in My Business and What I Learned From Them

by Evan Keller

We entrepreneurs thrive on an inner fountain of optimism and courage. While these God-given virtues help us scale astounding heights, they also set us up for catastrophic falls. How so?

We simultaneously and unwittingly possess the ominous dark sides of these strengths we so prize. A healthy optimism can morph into a false sense of invincibility, and taking big risks can yield triumphs – or collapses equally as grand.

In my over-optimism about people (thus extending unwarranted trust), I took these five unwise risks early in my business career:

1) Bad choice of business partner

I took on a business partner I hardly knew who made me angry every single day as I did 95% of the work.

2) Compromise on the fine print

When the fine print of a contract with a national company made me uneasy, I went ahead and signed it after their local representative assuaged my concerns in writing. When he broke his promise, I was stuck in a contract that cost me thousands of dollars while providing no benefit to my company.  Read more

Learning from BAM Failure: Failure is Not the Enemy

by Chris Cloud

We’ve been focused on ‘maximizing BAM success factors‘ recently on The BAM Review blog. However, we believe that ‘utilizing BAM failure’ is just as important – we can learn a lot about success from failure. Business consultant and guest author Chris Cloud introduces this new series on Learning from BAM Failure.

Failure is Not the Enemy

If there’s one thing we know, it’s that we’re going to fail at something.

There’s massive, catastrophic failure, and then there’s micro-failure. People fail classes, fail at sports, fail at dating relationships. There’s ministry failure. There’s failure to live up to our values.

Failure might be small, like a bad kick of the ball when the net was wide open, or it might be as big as going out of business. Sometimes business relationships fail. Sometimes a product launch fails, or your great idea never gets off the ground. Failure is all around us, and it’s definitely a part of life.

There’s a tendency, especially in business, to think of failure as the enemy.

But what if we looked at failure a different way? What if saw it as a necessary element of the growth process?

Choose Your Failure-related Goal

Facebook’s motto during their early days was “move fast and break things.”

As a startup, they knew they had to innovate quickly, and a necessary component of rapid innovation is a high likelihood of failure. They knew they were going to break things. But even when things broke, they knew they didn’t want to be paralyzed by failure, or the fear of failure. They wanted to get up quickly when they hit the dirt, wanted to learn from it, and keep moving onto the next thing.

I’ve been a lifelong snowboarder. As I’ve got ready to hit the slopes around the world, I’ve often overheard beginners brag to each other. They’ll say something like, “I went out yesterday and didn’t fall even once!”

Some people’s goal is not to fall.  Read more

It Starts With You: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 2: Success Starts With You

Why would a series on starting and growing your business begin with a whole post dedicated to you? A good product or service is all it takes, right? While it is important to have a good product or service, the most important factor in the success or failure of your business is YOU.

Most businesses don’t fail because of poor products or fierce competition. They fail when finances are mismanaged, passion is lacking, and expectations are unrealistic. By starting with an in-depth look at yourself – including your passions, strengths, weaknesses, expectations, and financial literacy – you can take the critical first steps to launching a successful business.

Identify and Test Your Assumptions

We all have an idea of what our successful business will look like in the future. At this point, that picture might be a little blurry if your business is only a concept. However, getting a clearer picture of that vision is important for your success. It is going to provide you with a general target for how you grow your business.  Read more

Get Started Growing: Maximizing Startup Success

by Stu Minshew

On the theme of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Previously we’ve covered ‘breaking through your growth ceiling’ for an established business. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 1: Get Started Growing

Starting and growing a business is a calling from the Lord. If you ask anyone who has done it, they will tell you how exhilarating it can be, but also how it sometimes seems overwhelming and impossible. The truth is that it doesn’t have to be this way. Yes, it always requires hustle and flexibility, but taking a few simple actions can equip you to overcome obstacles to starting and growing your business to a level of sustainability.

During this series, we will explore these steps, but before we get to those, we need to discuss a few foundational points.

Foundational Point 1: Startups & Small Businesses Have Different Needs

In 2016, The Bureau of Labor in the United States shows that about 50% of businesses make it five years, while only about 30% make it past the ten year mark. If this is the reality, then starting a business doesn’t look like such a good idea.  Read more