To round out our ‘Learning from BAM Failure’ series, we circle back around to what helps you succeed. We asked the same BAM practitioners who shared failure stories to also share what kept their businesses from going under completely.
We asked: If you had to give the top two or three reasons for your overall business success, what factors would you share?
Here is a rundown of their combined responses in a Top 8 list of ‘What Went Right’
1. Build a wider network and community
Mentioned in some form by almost all the practitioners we asked, top of the list is creating a robust network around the business and its owners. These BAMers said that forging strong partnerships and building a community of mentors/supporters was key. Avoiding isolation is vital.
Having world class partners has been essential.
As an owner, share the challenges you face with your board, investors, mentors, etc. Tell the truth, early and often.
Surround yourself with counsel. Stay attached to God and his people either through a church/agency or personal mentor or coach.
I’ve succeeded because I’ve had a spouse that has stood by me through thick and thin, not to mention a relationship with my business partner built on tremendous trust and respect. It’s also been important to have mentors and coaches walking closely with us.
A success factor for me has been being well networked in the wider business community as well as the BAM community nationally.
Integration with the local University has been essential. Strong relationships with key professors has allowed us to get first picks on some of the best students who come to do internships with us and eventually become junior staff members.