Failism: The Art of Strategic Evolution

Resourcefulness. [ri-sawrs-fuhl-ness] Adj.

An ability to deal skillfully and promptly with new situations and difficulties.*

Resourcefulness. The single most important trait employed by entrepreneurs.

Actively soliciting customer insight, adapting to circumstance, recognizing opportunity and seizing advantages.

A focus on iterative product development and creative problem solving.

Understanding that plans will invariably need to be adjusted and deftly modifying continuously whilst maintaining strategic vision and business goals. Aiming to release early to gain immediate public feedback, iterating reactively and letting true market needs dictate evolution of product.

Entrepreneurs must embrace failure as the process of progression.

Failism. [Feyl-ism] Verb.

A philosophy espousing the benefits to be found in failure. A culture that embraces mistakes as necessary for progression and encourages entrepreneurs to strive for failure early and effectively through ongoing evaluation, constant adaptation and perseverance.**

Inherent risk lies in extremism of the philosophy; entrepreneurs are right to remain critical before careful examination and qualification of information collected. Careful diligence must be executed before reaction. Thorough evaluation methods should be employed and all information qualified before decisions rendered.

A company, product, service or individual will never find universal approval. In the receipt of every critique it is imperative to put oneself in the very position of the person delivering the insight. Ensure that feedback is in fact reflective of majority opinion and not isolated to one segment or category.

Magnanority. [Mayg-na-nawr-i-tee] Noun, Adj.

Minorities with an exaggerated presence, audience or brand.**

Entrepreneurs must beware the potential tyranny of vocal minorities. Ensure feedback sources are varied and gathered from across target product audience verticals and categories.

Successful starts ups are led by individuals committed to continuous evolution but who are also confident in their own vision and interpretation of gathered outside insight.

Failist. [Feyl-ist] Noun.

Possessed of the critical spirit necessary for rapid prototyping; assertively recognizing failures and efficiently adapting new approaches whilst maintaining confidence in their own authority and assertions.**

It is important for entrepreneurs to remain mindful that those outside of the company will, for the large part, be ignorant to internal strategy, future initiatives or resource limitations.

Solicit, record, evaluate, apply. Repeat.

Remain focused on larger objectives, but flexible in the approach.

*[Caveat: The definitions used in this post are of the author’s design and are certainly not meant to be taken as a literal dictionary reference.]
**[Caveat: The terms defined are the new, proposed phrases offered by the author.]

Gumption: The Necessity of Ego and a Proposal for Tempered Vanity

 

Gumption. [guhmp-shuhn] noun

The desire to pursue and the unfaltering confidence in the ability to achieve. An unwavering belief in personal capability and the assertiveness to flaunt it.*

Gumption. It’s the stuff old movie heroes and heroines were made of. It’s the reason we circumvented the globe, pioneered the west and walked on the moon.

An attitude that assumes risk, latches onto potential and overcomes failure.

Gumption is the bare necessity for an early stage start up.

Coupled with a desire to be the best it is the very essence of ego that is crucial to success. Not a fear of failure, but a disdain for it. Not completely unflappable but held by a passion strong enough to prevail in any circumstance. Not convinced of their capacity to do it all on their own, but possessed of an astuteness to surround themselves with the right people. Not naïve enough to think themselves absolutely unique, but propelled by the threat of constant competition and the thought of rising above. Not focused on what they do know but rather what they should learn.

It’s inspired leadership that exudes confident direction and beguiles followship. The inflated ego is a necessary component of transformational start ups.

Paradoxically, ego is also the downfall for many.

An innate desire to be the best is sometimes crippling when success is slow-coming and the ego isn’t nourished through reinforcement of achievement. The same drive that so hungrily pushes forward is also typically hungry for reassurance, regardless of its belief in its self, it seeks outwardly praise and recognition of the accomplishments being made. The same mind that is convinced of its own heroic abilities can still be paralyzed by jealousy or disappointment in lack of accolades.  The lamentable other side of the required ego.

Structured Narcissism. [struhk-cherd] [nahr-suh-siz-em] adj. noun.

An inhibited belief it ones own ability but void of need for other’s recognition. A tempered vanity; a desire to be seen as the best, but primarily to one’s self.**

Conscious of the perils to be found in pursuing admiration, entrepreneurs must strive to be cognizant of their vanity and find fulfillment in pride of their own accomplishment. Work to eradicate the need of audience and instead focus on the value of the pursuit itself.

We are very much in need of new Magellans with the gumption to push forward into the unknown, but an entrepreneur armed with Atticus Finch humility and authentic value-driven ideas and notions has the potential to go much farther and yield higher impact. Entrepreneurs armed with confidence but also, acute self awareness.

*[Caveat: The definitions used in this post are of the author’s design and are certainly not meant to be taken as a literal dictionary reference.]
**[Caveat: The terms defined are the new, proposed phrases offered by the author.]