| Almost by definition entrepreneurs make
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| | boring. People who are emotionally tough
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| their mark on the world. Building a
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| | are always saying, "There's got to be a
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| company that grows and prospers is all
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| | way." Business is not life-threatening;
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| about taking the intangible thread of an
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| | it's ego-threatening. And the people who
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| idea and spinning it into something real
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| | are willing to risk their ego are
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| and enduring. John Hamm, 40, managing
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| | emotionally tough.
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| director of operations at Internet
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| | A key point: Leaders mostly get tested on
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| Capital Group (ICG), is an expert at
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| | emotional toughness. You can farm out
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| scouting for and developing the personal
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| | intellectual problems to your team, your
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| traits that can mean the difference
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| | advisory board, or your board of
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| between a breakthrough business that
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| | directors. But you can't subcontract
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| succeeds and an interesting idea that
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| | emotional toughness. I don't mean the
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| goes nowhere. ICG, the high-profile B2B
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| | emotional toughness of Patton being a
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| holding company based in Wayne,
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| | hard-ass. Toughness also means taking
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| Pennsylvania, has invested more than $2
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| | care of people. It means being skilled
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| billion in 80 e-commerce startups,
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| | enough to deal with people and their
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| including Breakaway Solutions Inc.,
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| | emotions and realizing that the business
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| eCredit.com Inc., and VerticalNet Inc.
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| | is creating as big of an emotional roller
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| ICG's stock-market fortunes have been as
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| | coaster for everyone else as it is
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| volatile as those of the whole Internet
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| | creating for you. Real leaders aren't
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| sector. The company went public in 1999
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| | afraid to say, "Hey, you guys are scared.
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| at $6 per share, soared to more than $200
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| | I'm scared too." Are You a Learning
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| per share, and then crashed back to $24.
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| | Machine? To succeed as a leader, you have
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| But it's not Hamm's job to understand the
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| | to be a learning machine. You have to let
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| shifting moods on Wall Street. His job is
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| | the environment and your team inform you.
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| to test the mettle of the entrepreneurs
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| | At the same time, you also need to have a
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| whose companies ICG may invest in. A
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| | balance between being open to ideas and
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| former CEO himself (of Whistle
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| | pushing forward in the face of
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| Communications, which was acquired by IBM
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| | skepticism. There's one extreme, where
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| in June 1999), Hamm has interviewed
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| | lots of people offer lots of different
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| scores of aspiring CEOs in order to
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| | opinions, and the leader winds up utterly
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| assess their ability to make their mark.
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| | confused about what to do next. Then
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| Here, he shares his criteria for
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| | there's the other extreme, where
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| determining whether a would-be
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| | entrepreneurs think that they know it
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| entrepreneur has what it takes to
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| | all, and don't allow themselves to be
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| succeed. Do you? What Are You Committed
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| | informed and do a course correction. The
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| To? People don't try any of the stuff
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| | best entrepreneurs have a strong vision
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| that they read about in Fast Company
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| | but allow that vision to be affected by
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| unless they are committed to their work.
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| | other great points of view. I'm
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| But there's a skill to getting deeper
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| | interested in people who are committed to
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| into what people are committed to.
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| | an outcome -- and not attached to the
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| Everybody is committed to something. And
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| | ways and means.
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| track records can tell you a lot more
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| | Are You Courageous? Do you have the
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| about what people are really committed
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| | courage to change course, to stay
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| to, as opposed to what they think they're
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| | committed to the outcome, and to do
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| committed to. What are the nuances of
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| | things differently than you anticipated
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| your commitment? What exactly are you
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| | doing them? Are you courageous enough to
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| willing to risk for that commitment? Are
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| | change the whole plan if you find a
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| you more committed to the friends you
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| | better way? When I look at people's
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| made in business school than you are to
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| | commitment, I really want to know what
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| your business plan? If it came right down
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| | endgame they're committed to. I've seen
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| to it, would you sell those guys out if
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| | people who are committed to doing it
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| you thought that they might be going in a
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| | their way. That doesn't particularly
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| different direction than you are? At the
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| | impress me. What are they courageous
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| end of the day, you have to do a forced
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| | about? Are they courageous about making
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| ranking of your commitments. For example,
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| | the right call? Are they courageous about
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| I'm often asked to go back to being a
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| | being wrong? It actually takes a lot of
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| CEO. One thing that keeps me from doing
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| | courage to stand up and say, "Hey, the
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| that is that I'm not more committed to
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| | first plan was a bust, guys." If you
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| business than I am to my children.
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| | can't do that, then your ego is in the
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| Working 24 hours a day for the next two
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| | way of your courage.
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| years could be right for someone else,
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| | Are You Unwilling to Fail? There's a lot
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| but that's just not where I am.
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| | of lore around the words "failure is not
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| What Mark Are You Trying to Make? Even
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| | an option." That's just a cute phrase.
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| more important is the question "On behalf
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| | The meaningful way to think about it is,
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| of what are you trying to make your
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| | "We said that we were going to make this
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| mark?" I ask that a lot, and it startles
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| | work, damn it, so how?" If you let
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| people. People don't want to say, "On
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| | yourself think "if'' too much, then
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| behalf of my ego. I want to be a big
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| | you'll create a lot of energy around "if
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| shot. I want some publicity. I want to be
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| | we make it." And when leaders acknowledge
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| a big deal." Actually, those are all okay
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| | failure, they drag a lot of attention
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| answers. But I want to know the real
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| | away from the "how." A colleague of mine
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| answer. So when people talk about making
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| | once said that he didn't want any of his
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| their mark, I say, "Great, what mark do
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| | employees to worry about "failing
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| you want to make? What would it look
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| | elegantly." When I hear an "elegant
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| like? What would it be on behalf of?" And
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| | failure" conversation, I know that people
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| I want really thoughtful answers to those
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| | are already trying to make their failure
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| questions. I don't care as much about the
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| | look better -- trying not to get too much
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| content of the answer as I do about the
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| | mud on their face, to fall gracefully
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| authenticity of it. I'll decide later if
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| | onstage.
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| it's the right content for the deal at
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| | Most true entrepreneurs believe, "We're
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| hand. But if it's not thoughtful, if it's
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| | going to win, and if we don't, I don't
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| not deep, then the content almost doesn't
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| | care." It could be ugly. They could fail
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| matter.
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| | miserably. But failure is so
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| Are You Tough Enough? An entrepreneur
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| | uninteresting to them that they don't
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| needs to have an emotional maturity and
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| | really care if it's pretty or ugly. Their
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| toughness. Any hard project is guaranteed
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| | idea is, "We're going to make it. And
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| to stir up a wide range of emotions.
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| | we're going to focus on the how. That
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| Take, for example, running out of money
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| | road's blocked? Let's find another one."
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| just when your team needs you to keep the
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| | When you absolutely have to land that
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| faith. On the one hand, you're scared to
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| | plane, there will be a runway -- even if
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| death. On the other hand, you have to
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| | you can't see it sometimes. And based on
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| keep a stiff upper lip. I also look for a
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| | my experience, if you have a highly
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| balance of optimism and grounded reality.
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| | committed team with a great idea, 99 out
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| Optimism without grounded reality is a
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| | of 100 times they will find a runway. It
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| dream.
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| | might not be perfect asphalt, but that
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| Grounded reality without optimism is
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| | plane is going to land.
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