This is a continuation of my LinkedIn Blog Series examining Jim Collins’ book “Good to Great” which examines why some public companies become great while others remain just good. It’s a GREAT read and I highly recommend you pick up your copy from Amazon TODAY! To review my previous posts in the series, see below:
- My LinkedIn Blog Series: “Good to Great” by Jim Collins (Intro)
- My LinkedIn Blog Series “Good to Great”: Are you a Level 5 Leader?
- My LinkedIn Blog Series “Good to Great”: Who’s on your company bus to greatness?
The next topic Jim tackles is one that I think every entrepreneur can relate to and is a daily struggle for us all—-how do you keep the faith of believing in your business while at the same time confronting the realities of your business situation? Confronting the business realities of our situation makes us feel as if we lack faith that our business will succeed. Not confronting business realities are a recipe for failure.
It’s a hard dance that we all must dance as entrepreneurs, balancing faith and facts, and this is why I encourage you all to think about it like this: You have a carton of eggs. You know from experience and faith that each egg contains a yolk. Well, let’s say one day you go into your fridge and you see that instead of a dozen eggs, you have 11. You STILL have faith that yolks are in the remaining eggs but the REALITY is that you have 1 less egg—-that’s a fact. An interesting analogy but the point is still the same—faith and facts can exist and must exist at the same time when building a business.
This concept goes back to an important concept Jim points out in the earlier part of the book and that is that you have to have the RIGHT people on your company’s bus to greatness—people who are competent in their skill but more importantly have the right character to let you know what the realities of the business are before it’s too late. Let me be perfectly clear: Confronting facts does not equal lack of faith when you are building a business. For example, I have faith that a woman will be President of the United States in my lifetime. Although I have this faith, I don’t sit back and only wish for a female President. I work hard every day to identify and support rising women leaders and educate others about the advantages of a female President. I have faith—but I also understand the obstacles and realities of a political environment that is somewhat hesitant to elect a female President (why—that’s a whole other blog post).
Discussion Question: Wall Street is more “fact” centered than “faith” centered. Think about how investors get weazy whenever there is even a slight dip in the market, not understanding that long term patience is what is needed to obtain valuable returns. However, entrepreneurs are more “faith” centered and, to their detriment, ignore facts. How do YOU as an entrepreneur reconcile the seemingly competing forces?
Attorney Dar’shun Kendrick is the owner of Kendrick Law Practice, LLC, a boutique business law firm in Decatur, GA focused on keeping growing Georgia business owners “IN business and OUT of Court” through a variety of customized business and legal services. She has an M.B.A. as well as serves in the Georgia House of Representatives.