Many people try to start businesses. And there are those who try
to climb mountains. There appears to be connections for the people who
are passionate about both [see Ten Steps to the Top]. The ones who are
good at both say that learning the skills to do one can help with the
other.
Ascending the summit of entrepreneurial success doesn't
necessarily happen in the classroom. Though huddling for studies at the
Entrepreneurial Studies Program at UNC Kenan-Flagler provides a good
base camp.
After a notable career, Randy Myer, Professor of the
Practice of Strategy and Entrepreneurship, decided to return to the
business school of his alma mater nine years ago to share his
entrepreneurial experiences. His students give him high marks for his
thoughtful teaching of Entrepreneurial Marketing and Business Plan
Analysis. What they might not realize is his coaching in the classroom
of key lessons learned have roots built on a very solid and rugged
foundation through his passion for mountain climbing.
"Months of
training in order to climb Mount McKinley and Aconcagua with a carefully
selected team reinforced my desire for independence and to have control
of my own destiny, " stated Randy Myer. "So I left partnership at Booz
Allen Hamilton to start my own company."
Having reached the
figurative summit of making partner at a leading consulting firm, he,
like many driven business leaders, was already looking for the next
summit to climb. "Going into high altitudes reinforced my desire to be
an entrepreneur. Climbing required drive, motivation, individual energy,
and quick decision making."
While at Harvard Business School,
Myer caught the bug for climbing from his class mate from Banff Alberta,
who eagerly taught him the ropes during visits to neighboring New
Hampshire. Then, while at Booz Allen, Myer would catch a long weekend
here and there to try new challenges such as ice climbing. While he
found consulting to be very intellectually challenging, he viewed
mountain ascension as a very strict physical challenge that required
months of training with a single minded goal to get to the top often an
entire year later.
Similarly, entrepreneurs are goal oriented and
must have high energy to summit the journey. Unlike being a consultant
or working at a large corporation, "in starting one's own company, it's
more about the quality of ideas, operational effectiveness, building a
team - networking. You don't have to be book smart to start your own
business - or to be a successful mountaineer - you need to be goal
oriented."
Myer ascended Mount McKinley, Aconcagua, Rainer, and
Kilimanjaro, each requiring a full year of preparation, all while
working at Booz Allen. He would book the tallest hotel while on
business travel so that he could awake before sunrise to run the
stairwells with whatever work materials and books from his hotel room,
bible and magazines, could fit into his back pack to simulate his ninety
pound mountain pack.
After leaving Booz and inspired from
mountain climbing, Myer dug into his entrepreneurial adventure with
vigor and founded Best Friends Pet Care, which he grew into a national
chain of high-quality pet services facilities. Raising initial $3
million seed capital to launch his idea, he completed three additional
rounds of successful financings and built it into a $30 million chain
with over 55 U.S. locations. He sold his interest in the company in the
mid-1990s to outside investors.
People who are passionate about
climbing will be passionate about training and putting in as much effort
as they can. This passion is very similar to entrepreneurs starting a
business, poring in almost every non sleeping hour into their start up,
while visioning future success. An entrepreneur feels pressure from
investors, customers, employees, and family. Accountability in climbing
is to your team, financial sponsors.
"Major climbs have three
phases that are not unlike starting a new business. The first phase,
planning, is quite similar in both," states Myer. "The second phase, the
actual journey is much the same although the climb gets harder as you
get higher which is probably the reverse for starting a business."
Finally,
there is the third phase, reaching the summit, which has some of the
same characteristics of a successful exit. For most climbers, the
excitement is in the journey as it is for entrepreneurs. "But the
outside world often measures you by the third level - did you reach the
summit or have a successful exit," explains Myer, "We love the journey
much more. But people that ask about climbing or my startup seem to
focus mostly on the end result. "
Both the downhill ascension in
mountain climbing and the integration post exit associated with a
venture that has been acquired can be anti-climatic and surprisingly
challenging. True mountaineers and entrepreneurs trudge through this
post phase as quickly as possible in order to start the cycle over,
earning the "serial" descriptor.
Are entrepreneurs risk takers or
just highly driven folks? Those who do not climb probably think risk
first and drive second. For Myer, "the risk does not really enter my
mind - like bungee jumping there is thrill to it, but if you think risk
first, you would probably never jump. I always assume the risk is one I
understand or can manage."
When the group leader told the team
that conditions would force them not to attain the summit, Myer
reflected, "Did I want to turn back on McKinley? Absolutely not. But I
did not argue with our leader. That is the hardest part for me -
managing the drive to excel - to get to the top."
A recent
inspiring guest speaker to Myer's students was Brenda Berg, founder of
Scandinavian Child, exclusive North American distributor of unique
children's products headquartered in Raleigh, and an avid 'rock jock'
whose license plate reads "CLIMBING".
One student asked how Berg
managed the fear of starting a business. She explained, "I am a rock
climber. I like to scare myself. Fear is a way of life when you start
and run your own business. If you can't handle fear, starting a business
is not for you."
Reaching new levels in business is very much
like climbing. Berg explained, "There are times when you have to put all
of your focus on one giant leap - trusting yourself, your gear, and
your partner to make sure that it happens, or that they catch you on the
way down. Moreover, if it doesn't work, you have to get back on the
rock and try it again, or the fear will take over and paralyze you."
She
finished answering the fear question by explaining that as an
entrepreneur, she "lives with fear every day. Fear is a good driver when
channeled positively, especially as a leader."
Like Myer, Berg
started climbing during school and planned her life around her studies
and work with her passion for this adventure. "There was nothing
practical about it - it was all all-encompassing - like having a second
career." Similarly, starting and running a business is easily like
working two jobs, in time, energy, and focus.
"For years I did
nothing other than school, work, and climb all over the country, plus
Mexico and New Zealand." Like Myer, she would often travel five days a
week for work as a management consultant, then detour to rigorous
climbing locations. She then climbed for the weekend before heading off
on her next business trip.
Looking back, Berg states, "I can see
that I succeeded in climbing for many of the same reasons that I am able
to start and run a business - I enjoy the challenge!" Climbing gave her
lessons in leadership. "In times of crisis, I learned that I can be
calm and in charge. This gives me added confidence in my work."
"Climbing
is a great way to learn your strengths and weaknesses. It is all about
facing your fears head on," Berg concluded by giving climbing credit for
having a positive impact on her starting and running a business. "If
you really have a passion for climbing, it means that you are up for a
challenge. Taking that challenge and applying it to starting a business
is a great next step."
For some climbers, the quest is a family
affair, with the goal of tackling the seven summits - the highest peaks
of the seven continents. For John Spivey, founder of Gardens of the
Carolinas, a full service design/build landscape firm, has ascended
Mount Kilimanjaro, Elbrus and Aconcagua with his grown son and they are
planning now for Denali in Spring, 2010. "Climbing the seven summits
with my son has become a unifying aspect for us." While his son trains
on the mountains in Boulder, CO Spivey regularly runs or treks, complete
with weighted pack, at Umstead.
An entrepreneur at heart, Spivey
registered for incorporation of his business the first work day after
his graduation from NCSU, where he played on the soccer team, as Myer
did also at UNC. He remains very active in the day to day activities of
his design/build landscaping business which has benefited from his
passion for mountaineering. "In climbing, I must plan for the
unexpected. My approach to gear, food and route are crucial. This sort
of planning has stimulated a more complete approach to my business
planning."
Another local climber who has begun his quest to
conquer the seven summits, is Zachary Maurides, who works as a product
quality analyst at eprocurement leader SciQuest, and also continues to
run the two thriving businesses he founded while at Duke. While on full
scholarship to play football, Maurides was awarded the Markets and
Management Entrepreneurship Award and was on both the Academic All ACC
and ACC Honor Roll.
While a student at Duke, Maurides reached the
top of Mount Kilimanjaro. In August of this year, he will attempt to
summit Elbrus. Like Spivey, he and his father would like to ascend all
seven summits and make it a family tradition. He is currently getting in
at least one strenuous workout a day such as climbing the stairs of
Duke stadium with a fully weighted pack as well as one light workout of a
long walk of over 3 miles.
"Starting your own business involves a
lot of risk," says Maurides, "and I think this appetite for risk is
what allows me to think I can conquer these seven mountains." Stepping
back, he reflects, "I also think that climbing a mountain, like any
other difficult task, helps to give a person perspective on their life.
It makes the day to day struggle of starting and growing a business seem
small."
Maurides served last year as teaching assistant for a
public speaking class in which many Duke student athletes were enrolled.
"Zach is simply an amazing guy with a go and compete mindset," stated
Kip Frey of Intersouth Partners and the professor of this course. "I
often tell executives who work for me - you must own the problem - how
are you going to solve? Zach gets this philosophy - he is no nonsense,
no excuses."
"My advice would be to decide you are going to do it
and make a promise to yourself, and other people if necessary. I find
that from there my pride will push me to finish the task. The last thing
I want is to tell all those people how I backed out," explains Maurides
to those who are considering preparing for mountaineering. He adds,
"It's the same thing with starting a business, decide you are going to
do it, then find a way."
Spivey goes on to advise aspiring
mountaineers, "Do your research, talk to people that have been on the
mountain, train hard, and hold true to the motto 'the summit is an
option, base camp is mandatory'."
Berg stated she was a planner
and tended to take on that role with her climbing friends in organizing
their weekend excursions. New entrepreneurs are often advised by those
who have walked in their shoes, "If you fail to plan, you plan to fail."
Being a successful entrepreneur takes planning and all the key
ingredients laid out in the "Ten Steps to Reach the Top".
Spivey
concludes by stating the positive impact climbing has had on running his
business, "One learns perseverance and commitment to a well laid plan
can be rewarding. However, sometimes things uncontrollably end
differently and you must find solace, knowing you gave your best
effort."
[Side Bar]
Ten Steps to reach the Top: Can leadership on the mountain translate into business success? How, when and why do mountaineers go on to be successful entrepreneurs? Is it important to have reached the literal summit or is it the preparation and the journey that give rise to proven leaders?
Ten Steps to reach the Top: Can leadership on the mountain translate into business success? How, when and why do mountaineers go on to be successful entrepreneurs? Is it important to have reached the literal summit or is it the preparation and the journey that give rise to proven leaders?
1. Visioning. Includes the recognition that a powerful
vision is compelling. It energizes the visionary and enables them to
excite others to participate. The group dream.
2. Choosing the
right team mates. Ones that fill the team from a critical skill set and
personality standpoint. A quality group that supports the common vision,
provides needed feedback, and implicitly trusts one another.
3.
Committing to the goals and strategies. Need to fully commit and
understand what it's going to take. Decide if team wants to attempt a
"first route" - to traverse where no one else has yet set foot. Akin to a
breakthrough invention.
4. Understanding what constitutes truly
reaching the summit. Agreement amongst key stakeholders - the team -
each step along the way - when to turn back? What is the difference
between a 'successful exit' and 'failure'? Successful serial
entrepreneurs and mountaineers know to focus on enjoying journey.
5.
Developing the action plans and understanding the rules of the road.
Relates to knowing 'how things have been done'. Don't reinvent where
it's not necessary. Must have explicit plan - route, camps, back up
camps, how you will communicate, financing. Leverage best practices. Be
able to be specific and tactical to reap resulting success.
6.
Being correctly resourced. You need to have enough provisioning to
weather the most treacherous and unexpected of wintry conditions. Have
the right staff at base camp to keep foundation solid.
7. Getting sponsors/advocates. Relates to investors, supporters, and more.
8.
Avoiding dangerous ideas, people or routes; but knowing when to take.
Don't do unethical things. Avoid toxic people. Be flexible and respond
to the right opportunities. Know when to innovate/take risk and when to
follow.
9. Understanding the power of the press. Getting positive
coverage will help you get support for your next summit, helps you
develop a reputation, can help you bring attention to another cause you
care about, can open up other doors of opportunity.
10. Knowing
when the time is right to make the ascension. Season, weather,
politically, personal life. Are all the stars aligned to maximize
likelihood for success?