Plenty of fortunes are being made today by growing companies at e-speed — the blinding pace of the Internet economy — but at what potential cost?
It is very important that we always evaluate our motives and measure our potential loss compared to our potential gain. If things are not done for the right reasons, you’ll get nothing but trouble for your efforts.
People have many reasons for wanting to grow a company at e-speed. Some primarily want to go down in history for making a name for themselves, some are looking to get rich quick, and still others are trying to be a good steward of their money.
So what’s the right answer? Consider this:
There have always been people who have wanted to make a name for themselves in history, such as Alexander the Great, Napoleon Bonaparte and Adolf Hitler. All died a miserable and lonely death regardless of what they conquered in life.
Some business people of our time, including Henry Ford, Walt Disney and Andrew Carnegie, have a name that is equated with success, but what price did each of them pay?
In get-rich-quick schemes, everything tends to be built on sand. There is hardly ever a solid foundation, as all energies are put toward the accumulation of wealth. Other important factors that play into the success of the company, including employees, product or service and customers, become secondary, which can ultimately lead to disaster. It’s important to think of the potential outcome in advance, because you may not get a second chance.
We are told to be good stewards of our money. This reminds me of the parable of the talents: A man going on a journey called his servants and entrusted some of his wealth to them. To one, he gave five talents of money, to another, two talents, and to the last servant, one talent, each according to his ability. He then went on his journey.
The man who received five talents went at once and put his money to work and gained five more. The one with two talents gained two more. But the man who received one talent went off, dug a hole in the ground and hid his master’s money. When the master returned, he generously rewarded the first two for their faithfulness.
However, the last servant, who was afraid to risk his master’s money and buried it in a hole, was forced to return it to his master. This shows we are not to be lazy with our talents and should make the best use of them.
I feel growing a company today at e-speed is fine if it is done with the right intentions. Here are five steps to ensure success when growing a company at e-speed:
Think of the customer first. Create a demand by offering a superior product or service. You will build loyalty, and success is sure to follow. The customer is the foundation of your business.
Think of your investors. It is important to be good stewards of your money. Your reputation is everything. When you stay true to you word, you can always go back for more.
Think of your employees. When you have a great team of people, it will allow you to achieve your goals.
Think of family. Quite often, family members can be affected the most. Don’t wait until it’s too late and you grow apart to put a value on them and the relationships you have.
Think of yourself last.
This is a sure recipe for success, even at e-speed. The rules might have changed, but the principles are still the same.
Fred Koury ([email protected]) is president and CEO of SBN.