When it comes to launching or growing a business there is so much more to think about then speed. After all you are not competing in a race. Unless your idea is the next Facebook or Uber you are unlikely to have overnight success. But does it matter if you don’t? Sometimes patience is a virtue. Working your business slowly and to a plan can mean the difference between success and failure.
Ask yourself do you want to be the tortoise or the hare of the business world?
Entrepreneur and Boffix CEO Miles Dobson and long term friend James Sheppard competed in the Cowes Torquay Powerboat Race in August and they won. So how did they do this? Did they win the race purely because they were the fastest? Obviously Powerboat Racing is linked to speed but without preparation, good team work, agility and a plan of action, speed wouldn’t count for anything. In Powerboat racing focusing primarily on speed can result in a crash or death.
Marathon runners need to run at a steady pace in order to reach the finish line. They prepare and rigorously train in advance of a race to ensure that they have the fitness, stamina and timing needed. During their preparation they put into practice their plan of action, which enables them to make the right moves at the right time. They visualise what is ahead and know when to increase or decrease their speed to fit the course. Runners that don’t focus on endurance can result in burn out, loss of energy or getting injured.
A sportsman, unlike a businessman, cannot deviate from the course or track that they are running but they can work with their surroundings and body to fit the needs of the race. An entrepreneur on the other hand does have the ability to change their direction and speed as their business demands. In fact they have complete control on which way they want to go. It’s not about getting there quickly, it’s about understanding where they want to go and doing it at the right pace so not to fall along the way.
By giving themselves time to research the market properly and develop a plan of action, they can understand their aim, their customer base and whether their business idea is viable. They can stop, think and redirect if necessary to get the full potential out of their business idea.
Miles said about his powerboat race “Flat calm but still many breakdowns enabled us to win. It goes to show that preparation, dialling back the performance envelope, and seeking out consistency will deliver success in the long run. Business is not a sprint but a marathon”
In business by not setting a decent pace the businessman can run out of energy, time and money resulting in bankruptcy. So easy does it, remember Rome wasn’t built in a day. In the case of the tortoise and the hare it was slow and steady that won the race.