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The start of
race reminded me of a Grand Opening. There was music, drinks, and lots of paparazzi. There was an electricity in air.
The race had over 50,000 runners. Some were noticeably bigger and faster than I. Some had obviously prepared better than me. Some even seemed better equipped than me with headphones, expensive running shoes, and fashionable athletic attire.
Likewise, close to one million businesses will be started in any given year. Some of those businesses are bigger and faster than others. Some of them are better prepared than their peers. Some of these start-ups are even better equipped than other new businesses with high-tech offices, well-trained staff, and plenty of cash reserves in bank.
As race started, I was initially disappointed that pace was so slow. The first quarter of a mile we walked. Slowly, we picked up pace into a slow jog. Finally, after first mile, we were able to hit our stride. Even than, pace of run was sporadic as went up and down hills, around slower runners, and stopped for water periodically.
Starting a business is same way. Very rarely do our actual sales in first months or first year match our revenue forecasts. Too often small business owners are far too optimistic about "pace" of their start-up. They don't anticipate peaks and valleys. They don't expect to have to maneuver around their competitors. They don't imagine that they will run low on cash and have to acquire additional financial resources to keep business running.
It wasn't until end of fourth mile that I began to gain confidence that I was going to finish race. No matter what, I knew that I could survive final two miles. I had momentum. I had settled into a comfortable stride that I felt I could maintain to finish.
It wasn't until end of third year of my business that I felt that we had survived worst. Research on small businesses has shown that average such business doesn't show a profit until third year. The majority of small businesses fail to make it to their fifth year.
I was nearing finish line. A number of other runners have stopped running and were now walking and even stumbling to finish. They were determined to finish race no matter what.
They reminded me of so many small businesses that I have witnessed. Tired, stumbling, their resources almost entirely drained. I often times wonder what drives these people towards such pain and suffering? Why not stop? Why not ask for help?
At last I crossed finish line. I was filled with mixed emotions. I was ecstatic about finishing my first Peachtree Race. I was proud of fact that all of my training and preparation had paid off. I was overwhelmed by standing ovation runners receive from huge crowd assembled at end of race.
I was also worried. Worried that this was just first of many races and I needed to improve my training and my skills in order to improve my time. I was also fearful that this might be last race I finish as aging process begins to take its toll.
Three days later I was back on streets training for next race.
The fifth year of my business, we finally achieved our sales projection. Once again, I remember having mixed emotions. I was euphoric over achieving our sales goal. We had an office party and celebrated. I was proud of business we had built and people who made it possible. There was no standing ovation but look of achievement in eyes of our employees gave me that same goofy feeling.
I was also worried. Worried that this was just first time we had achieved our annual sales goal and that we needed to continue to grow business and improve our ways if we were to remain competitive in market. I was also fearful that we did not have financial and intellectual capital to continue to prosper.
The next day I opened up office just as I had each working day previous five years. Just another race…
Tim Fulton is a nationally recognized small business consultant and management trainer. He is also a very popular public speaker. Tim can be reached at timfulton@hotmail.com.
